高知特 (CTSH) 2020 Q1 法說會逐字稿

Ladies and gentlemen, welcome to the Cognizant Technology Solutions First Quarter 2020 Earnings Conference Call. (Operator Instructions) And I will now turn the conference over to Katie Royce, Global Head of Investor Relations at Cognizant. Please go ahead.

女士們、先生們，歡迎參加 Cognizant Technology Solutions 2020 年第一季財報電話會議。 （操作說明）現在我將會議交給 Cognizant 全球投資者關係主管 Katie Royce，請開始。

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

謝謝大家，下午好。各位應該已經收到公司2020年第一季業績的獲利報告和投資者補充資料。如果您還沒有收到，可以造訪我們的網站cognizant.com取得。今天電話會議的發言人是執行長Brian Humphries和財務長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.

在開始之前，我想提醒各位，今天電話會議上的一些發言以及對各位提問的一些回答可能包含前瞻性陳述。這些陳述受到公司獲利報告和提交給美國證券交易委員會（SEC）的其他文件中所述的風險和不確定性的影響。

Additionally, during our call today, we will reference certain non-GAAP financial measures that we believe provide useful information 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.

此外，在今天的電話會議中，我們將提及一些我們認為對投資者有用的非GAAP財務指標。在適當情況下，非GAAP財務指標與相應的GAAP指標的調節表可在公司發布的盈利報告以及提交給美國證券交易委員會（SEC）的其他文件中找到。

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

接下來，我將把電話交給布萊恩漢弗萊斯。請開始吧，布萊恩。

Thank you, Katie, and good afternoon, everybody. Today, we have several topics to discuss with you as a follow-on to our April 9 business update. These include a review of our first quarter 2020 results, an update on COVID 19, a discussion on the Maze ransomware attack and an update on the strength of our balance sheet and liquidity and how we will react to the new demand environment.

謝謝凱蒂，大家下午好。今天，我們將就4月9日發布的業務更新進行後續討論，涉及幾個方面。這些面向包括：回顧2020年第一季業績、新冠疫情最新進展、Maze勒索軟體攻擊事件的討論，以及我們資產負債表和流動性狀況的最新情況，以及我們將如何應對新的市場需求環境。

Let's start with the first quarter results. Revenue grew 3.5% year-over-year in constant currency to $4.2 billion. This includes a 50 basis points impact from the exit of certain content services business. Non-GAAP EPS was $0.96, up 5% year-over-year. Karen will bring you through the details of the quarter.

我們先來看第一季業績。以固定匯率計算，營收年增3.5%，達到42億美元。這其中包含了因剝離部分內容服務業務而導致的50個基點的影響。非GAAP每股收益為0.96美元，較去年同期成長5%。接下來，Karen將為大家詳細介紹本季業績。

While today's call had a full agenda given COVID-19 and ransomware updates, I do want to start with some perspective on the commercial transformation program that we have been executing over the past year. I'm pleased to state that we've been making solid progress against this initiative, and I want to illustrate this progress with some data that we do not normally share. On a trailing 12-month basis, our win rate is up hundreds of basis points. First quarter total contracts awarded grew 30% plus year-over-year, with broad-based strength across all service lines, industries and geographies. This represents our best quarterly performance since 2017.

鑑於新冠疫情和勒索軟體的最新動態，今天的電話會議議程安排得滿滿噹噹，但我還是想先談談我們過去一年來一直在執行的商業轉型計劃。我很高興地宣布，我們在這項計劃上取得了穩步進展，我想用一些我們通常不會公開的數據來說明這些進展。過去12個月，我們的得標率提高了數百個基點。第一季授予的合約總數較去年同期成長超過30%，所有服務線、產業和地區都呈現全面強勁的成長動能。這是我們自2017年以來最好的季度業績。

Qualified pipeline growth was strong in Q1 and especially robust in larger deals, where we had solid double-digit qualified pipeline growth versus the prior year period. This momentum speaks to how well clients have embraced our strategy and have responded to our renewed sense of client centricity. It also speaks to how our teams have embraced our focus on growth. Notwithstanding the quarterly earnings backdrop that includes COVID-19 and ransomware, I do not want us to lose sight of these leading indicators that reflect Cognizant's growing competitiveness.

第一季合格銷售通路成長強勁，尤其是在大型交易中表現突出，與去年同期相比，合格銷售通路實現了兩位數的穩健成長。這一成長勢頭表明客戶對我們的策略給予了高度認可，並積極回應我們重新強調的以客戶為中心的理念。這也體現了我們團隊對成長的重視。儘管本季財報發佈時受到新冠疫情和勒索軟體攻擊的影響，但我仍然希望大家不要忽視這些反映 Cognizant 日益增強的競爭力的領先指標。

Turning now to COVID-19, which, as you know, is having a severe humanitarian and economic impact on society across the world. As we navigate this pandemic, our top priority remains the health and safety of our own associates whilst maintaining continuity of service for our clients. Our perspective is that COVID-19 is affecting the IT services industry on 2 dimensions: fulfillment and demand.

現在我們來談談新冠肺炎疫情。如您所知，疫情對全球社會造成了嚴重的人道主義和經濟影響。在應對這場疫情的過程中，我們始終將員工的健康和安全放在首位，同時努力確保為客戶提供持續的服務。我們認為，新冠肺炎疫情對IT服務業的影響體現在兩個方面：服務交付和需求。

Let's start with fulfillment. After a strong start to the first quarter, our revenue slowed meaningfully in March, reflecting the fulfillment challenges of shifting rapidly to a work-from-home environment across our delivery centers. These challenges include people, IT, security and client considerations. Thanks to the professionalism and diligence of our associates and the execution of our crisis management and business continuity plans, we were able to ensure continuity of service for the vast majority of our clients in March and early April.

我們先從訂單履行方面說起。第一季開局強勁，但3月營收明顯放緩，反映出我們配送中心迅速轉向居家辦公模式所帶來的訂單履行挑戰。這些挑戰涉及人員、IT、安全和客戶需求等面向。由於我們員工的專業和勤勉盡責，以及危機管理和業務連續性計劃的有效執行，我們得以在3月和4月初確保絕大多數客戶的服務不受影響。

As a testament to this, I have received numerous notes from clients recognizing the work of our teams. While this was a gargantuan task and there were some speed bumps along the way, I want to acknowledge our teams around the world who went the extra mile in testing circumstances to make this happen. I will return to fulfillment efforts in a moment when I cover the ransomware attack on our internal IT systems and in particular, its impact on our work-from-home enablement.

為了證明這一點，我收到了許多客戶的來信，他們對我們團隊的工作給予了肯定。雖然這是一項艱鉅的任務，而且過程中也遇到了一些阻礙，但我還是要感謝我們遍布全球的團隊，他們在各種考驗條件下都竭盡全力，最終實現了這一目標。稍後，我將在詳細介紹我們內部IT系統遭受的勒索軟體攻擊，特別是它對我們遠端辦公支援工作的影響時，再詳細討論交付工作。

The impact of the COVID-19 pandemic on demand is more multidimensional. While we are in a period of great uncertainty, as a company, we expect the economic and human impact will be felt by companies across the globe. While certain industries will be hit hardest, all industries will suffer. Smaller businesses and those with weak balance sheets and liquidity will be particularly impacted. The demand impact will be felt throughout 2020. And when a recovery materializes, certain markets such as the U.S. will rebound quicker.

新冠疫情對需求的影響是多方面的。儘管我們正處於充滿不確定性的時期，但作為一家公司，我們預期全球各地的企業都將感受到疫情帶來的經濟和人員影響。雖然某些行業受到的衝擊最大，但所有行業都將受到影響。小型企業以及資產負債表和流動性較弱的企業將尤其受到衝擊。需求受到的影響將持續到2020年底。而當經濟復甦到來時，某些市場（例如美國）的反彈速度將會更快。

As indicated on our April 9 update, we've seen some delays in cancellations of projects and discretionary spending and select request for furloughs, rate concessions and extended payment terms from our clients. While our outlook for 2020 has been meaningfully altered, we are nevertheless confident that we will weather the storm given our business mix. For example, since more than 60% of our business is in financial services and health care, we are less exposed to some of the hardest hit industries including travel, hospitality, retail and automotive.

正如我們在4月9日的更新中所述，我們注意到一些項目和可自由支配支出有所延遲，部分客戶也提出了暫時停工、價格優惠和延長付款期限的要求。儘管我們對2020年的展望已發生顯著變化，但鑑於我們多元化的業務組合，我們仍然有信心渡過難關。例如，由於我們超過60%的業務集中在金融服務和醫療保健領域，因此我們受衝擊最嚴重的行業（如旅遊、酒店、零售和汽車）的影響較小。

International markets, which tend to rebound more slowly, represent just 25% of our business. And we are primarily exposed to Global 2000 clients, which we believe will be more resilient than smaller companies. We also have great confidence in the strength of our balance sheet and liquidity. While we will be prudent in this uncertain economic backdrop, this confidence allows us, nonetheless, to invest in M&A to accelerate our strategy and bolster our capabilities. More on that later.

國際市場復甦速度往往較慢，僅占我們業務的25%。我們主要服務全球2000強客戶，我們相信這些客戶比規模較小的公司更具韌性。我們對自身的資產負債表和流動性也充滿信心。儘管在當前經濟情勢不明朗的情況下，我們將保持謹慎，但這份信心仍使我們能夠投資併購，以加速策略實施並增強自身實力。稍後我們將對此進行更詳細的闡述。

More broadly, the pandemic shock waves have spurred clients to accelerate their digital transformation. Clients are looking for ways to modernize their business, accelerate innovation, become more elastic and agile in the face of business uncertainty and generally, reimagining their businesses for the new normal. More major IT trends such as core modernization, data modernization and cloud adoption will accelerate. These secular trends play to our refined strategy and make it more relevant than ever. In short, while 2020 will be a challenging year given COVID-19, we are confident that our industry, geographic and customer segment mix, our balance sheet, our momentum and our digital imperatives and our growing competitiveness will allow us to compete well on a relative basis regardless of the macro environment.

更廣泛地說，疫情衝擊促使客戶加速數位轉型。客戶正在尋求實現業務現代化、加速創新、增強業務靈活性和敏捷性的方法，以應對商業環境的不確定性，並總體上重新構想業務模式以適應新常態。核心系統現代化、資料現代化和雲端採用等更多重要的IT趨勢將會加速發展。這些長期趨勢與我們精心製定的策略相契合，並使其比以往任何時候都更具現實意義。簡而言之，儘管2020年受新冠疫情影響充滿挑戰，但我們相信，憑藉我們在行業、地域和客戶群方面的多元化優勢、穩健的資產負債表、強勁的發展勢頭、數位化策略以及不斷提升的競爭力，無論宏觀環境如何，我們都能保持良好的競爭優勢。

Let's turn now to the Maze ransomware attack, which we announced in April. We responded immediately by mobilizing our entire leadership team, drawing on the expertise of our IT and security teams and bringing in leading cybersecurity experts to help us investigate and respond to the attack. We also contacted appropriate law enforcement agencies.

現在我們來談談四月公佈的Maze勒索軟體攻擊事件。我們立即採取應對措施，調動了所有領導團隊，充分利用IT和安全團隊的專業知識，並邀請頂尖的網路安全專家協助我們調查和應對此攻擊。我們也聯繫了相關的執法機構。

From the start, we decided to communicate forthrightly and transparently with our clients. In addition to hundreds of individual client calls conducted by our security organization, cybersecurity experts and our executive team, we held 2 client conference calls in April. Retaining client trust is of paramount importance. So we erred on the side of overcommunicating the details of what we knew and how we are working to contain and mitigate this incident. We proactively provided clients with Indicators of Compromise or so-called IoCs, namely forensic data, a company can use to identify potentially malicious activity and defend against attacks from external actors.

從一開始，我們就決定與客戶坦誠透明地溝通。除了我們的安全團隊、網路安全專家和管理團隊與客戶進行了數百次一對一的電話溝通外，我們還在四月召開了兩次客戶電話會議。維護客戶的信任至關重要。因此，我們盡可能詳細地告知客戶我們掌握的資訊以及我們正在採取哪些措施來控制和緩解事件的影響。我們主動向客戶提供入侵指標（IoC），即取證數據，企業可以利用這些數據來識別潛在的惡意活動並防禦來自外部攻擊者的攻擊。

Earlier this week, in our third conference call with clients, we confirmed the containment of the ransomware attack. While we are pleased to have reached this important milestone, the ransomware attack will nevertheless negatively impact our Q2 results for 2 reasons. First, the attack encrypted some of our internal systems, effectively defaming them. And we proactively took other systems off-line. This disruption included both select systems supporting our work-from-home enablement such as VDI and the provisioning of laptops that have been expected to further increase our work-from-home capabilities in April. Second, in the wake of the ransomware attack, some clients opted to suspend our access to their networks. Billing was therefore impacted for a period of time, yet the cost of staffing these projects remained on our books.

本週早些時候，在與客戶的第三次電話會議上，我們確認勒索軟體攻擊已被控制。雖然我們很高興達成這一重要里程碑，但這次勒索軟體攻擊仍將對我們的第二季業績產生負面影響，原因有二。首先，攻擊加密了我們的一些內部系統，導致這些系統嚴重受損。我們主動將其他一些系統下線。此次中斷影響到支援遠端辦公的特定係統，例如虛擬桌面基礎架構 (VDI) 系統，以及原計劃在四月進一步提升遠端辦公能力的筆記型電腦的部署。其次，在勒索軟體攻擊發生後，一些客戶選擇暫停我們對其網路的存取權限。因此，一段時間內我們的帳單受到影響，但這些項目的人員成本仍計入我們的帳目。

With the ransomware attack now contained, we've restored VDI and automated laptop provisioning. Further, with previously ordered equipment now physically in India and distribution constraints less restrictive per the latest state directives, we are now substantially work from home enabled. In addition, following the containment of the ransomware attack, we have meaningfully progressed in addressing the concerns of clients that have suspended our access to their networks. We expect to substantially complete this by the end of the month.

隨著勒索軟體攻擊得到控制，我們已恢復虛擬桌面基礎架構 (VDI) 和筆記型電腦自動配置功能。此外，由於先前訂購的設備已運抵印度，且根據最新的邦政府指令，分銷限制有所放寬，我們目前已基本實現遠距辦公。同時，在勒索軟體攻擊得到控制後，我們已在解決客戶暫停我們訪問其網路的問題方面取得了顯著進展。我們預計將在本月底前基本完成這項工作。

We expect the vast majority of revenue and margin impact from the ransomware attack to be in the second quarter. However, ongoing remediation cost will ensue through subsequent quarters. We will disclose this financial impact to you on a quarterly basis to ensure appropriate visibility.

我們預期勒索軟體攻擊對營收和利潤率的影響絕大部分將在第二季顯現。然而，後續幾季仍將產生持續的補救成本。我們將按季度向您揭露這些財務影響，以確保資訊透明。

Ransomware attacks are becoming all too frequent across industries. We are using this experience as an opportunity to refresh and strengthen our approach to security. We're already applying what we've learned to further harden and strengthen our security environments, and we are further leveraging our external security experts to help inform and guide our long-term security strategy. Cybersecurity will continue to be a top priority for us in the years ahead.

勒索軟體攻擊在各行各業日益頻繁。我們正以此為契機，更新並加強我們的安全策略。我們已將經驗教訓應用於進一步強化安全環境，並進一步借助外部安全專家的力量，為我們的長期安全策略提供資訊和指導。網路安全在未來幾年仍將是我們的首要任務。

As you'll recall, during our COVID-19 business update on April 9, we withdrew guidance for 2020. Before I pass the call to Karen, I want to draw your attention to the fact that we entered the year with cost assumptions built to support revenue growth acceleration. These assumptions no longer hold true in light of the fact that nobody can predict how long the current macro environment will persist. So we're faced with a great deal of uncertainty on many levels, including our own cost structure.

您可能還記得，在4月9日的COVID-19疫情業務更新會上，我們撤回了2020年的業績指引。在將電話轉給Karen之前，我想強調一點：我們年初制定的成本假設旨在支持收入成長加速。但鑑於目前宏觀環境的持續時間無法預測，這些假設已不再適用。因此，我們在許多方面都面臨著巨大的不確定性，包括我們自身的成本結構。

Having come through a challenging 2019 when promotions and salary increases were delayed, as a leadership team, we've decided to take a nuanced approach to 2020. We aim to invest in the business by protecting and developing digital skills, continuing to build out our commercial team and continuing to correct the employee pyramid by onboarding approximately 20,000 entry-level hires. Meanwhile, we aim to significantly decrease other costs, including corporate overhead, travel, marketing, relocations and noncommercial lateral hires.

經歷了充滿挑戰的2019年，晉升和加薪計畫都被推遲，作為領導團隊，我們決定在2020年採取更為審慎的策略。我們計劃透過保護和發展數位化技能來投資業務，繼續擴充我們的商業團隊，並透過招募約2萬名入門級員工來持續優化員工結構。同時，我們計劃大幅削減其他成本，包括公司管理費用、差旅費、行銷費用、搬遷費用以及非商業領域的橫向招聘費用。

Services companies habitually rely on so-called bench policies to rightsize their associate base to reflect market demand. Against today's COVID-19 backdrop, we feel that traditional industry bench policy do not adequately address the interest of impacted employees. Consequently, any employees impacted by demand/supply imbalances may benefit from extended medical coverage and exit packages through the end of the third quarter.

服務型公司通常依賴所謂的「人才儲備政策」來調整員工規模，以反映市場需求。在當前新冠疫情的背景下，我們認為傳統的產業人才儲備政策無法充分保障受影響員工的權益。因此，任何受供需失衡影響的員工都可能獲得延長的醫療保險和離職補償方案，直到第三季末。

Karen will now take you through the details of the quarter and provide updates on our balance sheet, liquidity and cost initiatives. After that, I'll return to provide some closing remarks before we take Q&A.

接下來，Karen 將為大家詳細介紹本季的業績，並就我們的資產負債表、流動性和成本控制措施提供最新資訊。之後，我將作總結發言，然後進入問答環節。

Thank you, Brian, and good afternoon, everyone. First quarter revenue of $4.2 billion grew 2.8% year-over-year or 3.5% in constant currency, including a negative 50 basis point impact from the exit of certain content-related services. We saw strong momentum across the business in January and February, with the initial impact of COVID, particularly on the fulfillment side, starting to impact the business in the middle of March.

謝謝布萊恩，大家下午好。第一季營收為42億美元，年增2.8%，以固定匯率計算成長3.5%，其中包括因部分內容相關服務退出而造成的50個基點的負面影響。 1月和2月，公司業務發展勢頭強勁，但新冠疫情的初步影響，尤其是在物流配送方面，從3月中旬開始顯現。

During the first quarter, we also took a fresh look at our definition of digital revenue and have better aligned it to our digital imperatives. Substantive changes to the definition include the addition of certain platform solutions and the removal of certain content services work. Based on this new definition, digital revenue as a percentage of total revenue was approximately 41% for the first quarter and grew by approximately 19% year-over-year.

第一季度，我們重新審視了數位收入的定義，並使其更好地契合我們的數位化策略。此定義的主要變更包括新增了部分平台解決方案，並剔除了部分內容服務。基於此新定義，第一季數位營收佔總營收的比例約為41%，較去年同期成長約19%。

Moving to the industry verticals, where all of the growth rates provided will be year-over-year in constant currency. Financial Services growth of 1.8% was driven by banking, including strong performance in Europe attributable to the Samlink deal and regional banks in North America. Weakness persisted across global accounts, particularly in capital markets and insurance.

接下來我們來看各產業細分市場，所有成長率均為固定匯率計算的年比數據。金融服務業成長1.8%，主要由銀行業推動，其中歐洲銀行業表現強勁，這得益於Samlink交易以及北美區域性銀行的良好表現。全球帳戶市場持續疲軟，尤其是資本市場和保險業。

Moving on to Healthcare, which grew 2.7%. Performance was led by strong double-digit growth in life sciences in Europe. Within our Healthcare vertical, revenue declined low single digits as the headwinds in North America we highlighted in 2019 continued to impact the business in Q1. However, contract signings in Healthcare were a meaningful contributor to the overall strength in bookings that Brian mentioned in his comments.

接下來是醫療保健業務，該業務成長了2.7%。歐洲生命科學領域強勁的兩位數成長是推動業績成長的主要因素。在醫療保健垂直領域，由於我們在2019年重點提到的北美市場不利因素在第一季持續影響業務，收入出現了個位數的下滑。然而，正如Brian在評論中提到的，醫療保健領域的合約簽署對整體預訂量的強勁增長做出了重要貢獻。

Products and Resources growth of 5.3% was driven by manufacturing, logistics and retail and consumer goods and partially offset by softness in travel and hospitality. Roughly 60% of this segment represents revenue within the travel and hospitality and retail and consumer goods industries, which have experienced the earliest impact of COVID-19 given restrictions in travel and lack of foot traffic within retailers.

產品與資源業務成長5.3%，主要由製造業、物流業以及零售及消費品產業推動，但部分被旅遊及旅館業的疲軟所抵銷。該業務板塊約60%的收入來自旅遊和酒店業以及零售和消費品行業，由於旅行限制和零售客流量減少，這兩個行業最早受到新冠疫情的影響。

Communications, Media and Technology grew 6.3%, led by strength in communications and media clients in North America, where momentum from late in 2019 continued driven by an increase in demand for services in core modernization and cloud transformation services. However, we expect this vertical to see a meaningful deceleration this year, particularly with entertainment clients exposed to studios, cable TV and theme parks. Although technology continued to outpace total company performance, growth decelerated due to a negative impact of $23 million from our decision to exit certain portions of our content services business. This impacted our CMT segment growth by approximately 390 basis points.

通訊、媒體和科技業務成長6.3%，主要得益於北美通訊和媒體客戶的強勁表現。自2019年底以來的成長動能得以延續，這主要得益於核心現代化和雲端轉型服務需求的成長。然而，我們預計今年該垂直領域的成長將顯著放緩，尤其是娛樂業的客戶，例如電影製片廠、有線電視和主題樂園。儘管科技業務的成長速度持續超過公司整體業績，但由於我們決定退出部分內容服務業務，導致2,300萬美元的負面影響，技術業務的成長有所放緩。這使得我們的通訊、媒體和科技業務板塊的成長下降了約390個基點。

Moving on to margins. In Q1, our GAAP operating margin and diluted EPS were 13.7% and $0.67, respectively. Adjusted operating margin, which excludes restructuring and COVID-related charges, was 15.1%. And our adjusted diluted EPS was $0.96. COVID-related charges were $6 million in the quarter, which included $5 million of the expected $25 million total related to the previously announced onetime salary adjustment in April that we gave to certain employees in India and the Philippines.

接下來是利潤率。第一季度，我們的GAAP營業利潤率和攤薄後每股收益分別為13.7%和0.67美元。剔除重組及新冠疫情相關費用後，調整後的營業利益率為15.1%。調整後的攤薄後每股收益為0.96美元。本季新冠疫情相關費用為600萬美元，其中包括先前宣布的4月份向印度和菲律賓部分員工發放的一次性薪資調整，預計總額為2500萬美元，而實際調整金額為500萬美元。

Our GAAP margin improved year-over-year given the India Defined Contribution accrual in Q1 of 2019. However, our adjusted operating margin, which excludes this impact in the prior year period, was down 90 basis points year-over-year as investments in sales hiring, higher incentive-based compensation as well as an approximately $30 million to $35 million COVID-related revenue impact in March resulting from fulfillment challenges caused by the rapid shift of our employee base to safely work from home. These increased costs were offset by savings from items such as lower T&E and the favorable movement in the rupee.

由於2019年第一季提列了印度固定繳款退休金計劃，我們的GAAP利潤率年增。然而，剔除上年同期該項影響後，我們的調整後營業利潤率同比下降90個基點，原因是銷售招聘方面的投資、更高的激勵性薪酬，以及3月份因員工迅速居家辦公導致的履約挑戰，造成約3000萬至3500萬美元的疫情相關收入損失。這些增加的成本被差旅費降低和盧比匯率走強等節省所抵消。

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 Q1, we incurred $35 million of charges as part of this plan. Based on the actions taken since the program inception, we have achieved over $250 million in annualized run rate savings. Additionally, as part of the Fit for Growth Plan, we continued the exit of a subset of our content services business, accounting for $11 million of the $35 million of charges in the quarter. We continue to expect the ramp-down of this work to occur over the next several quarters, with the majority of the work expected to be ramped down exiting 2020.

本季度，我們繼續推進“2020年成長優化計劃”，該計劃旨在優化成本結構，並為符合長期成長策略的投資提供資金。第一季度，我們為此計畫提列了3,500萬美元的費用。自計劃啟動以來，我們已實現超過2.5億美元的年度成本節約。此外，作為「成長優化計畫」的一部分，我們繼續剝離部分內容服務業務，這部分業務在本季度提列了3,500萬美元的費用，其中1,100萬美元為上述費用。我們預計這項工作將在未來幾季逐步完成，大部分工作預計將在2020年底前完成。

In total, our estimated revenue impact of $225 million to $255 million on an annualized basis is unchanged. In Q2, we expect a negative year-over-year impact to revenue of approximately $50 million. As a reminder, the content services business is within the Communications, Media and Technology segment.

整體而言，我們預計年度營收影響為 2.25 億美元至 2.55 億美元，與去年同期持平。第二季度，我們預計營收將年減約 5,000 萬美元。需要說明的是，內容服務業務隸屬於通訊、媒體和技術部門。

Now I would like to spend some time talking about how we are managing the business in light of an uncertain revenue trajectory and increased cost related to COVID and the ransomware incident. Entering 2020, we had certain demand and revenue assumptions to which we aligned our cost structure. The new reality of the demand environment and the anticipated costs associated with COVID-19 and remediating the ransomware attack required us to make further adjustments. Since the trajectory of recovery in demand remains uncertain, we must be prepared for various scenarios over the coming quarters and manage costs accordingly.

現在我想花點時間談談，鑑於收入前景不明朗以及新冠疫情和勒索軟體事件導致成本增加，我們是如何管理業務的。 2020年初，我們對需求和收入做出了一定的預期，並據此調整了成本結構。然而，需求環境的改變以及與新冠疫情和勒索軟體攻擊相關的預期成本，迫使我們做出進一步調整。由於需求復甦的軌跡仍然不明朗，我們必須為未來幾季可能出現的各種情況做好準備，並據此進行成本管理。

As a leadership team, we have spent the last several weeks discussing those scenarios and implementing action plans. In the near term, there will be other COVID-related costs, which we will continue to identify separately, including the remaining $20 million of the $25 million related to the onetime salary adjustment in April for certain employees in India and the Philippines, costs to establish work-from-home environments for employees.

作為領導團隊，我們過去幾週一直在討論這些情況並制定行動計劃。短期內，還會出現其他與新冠疫情相關的成本，我們將繼續單獨核算這些成本，包括4月份為印度和菲律賓部分員工一次性調整薪資所產生的2500萬美元中的剩餘2000萬美元，以及為員工搭建居家辦公環境的成本。

Additionally, part of planning as a leadership team is to contemplate the future workplace environment and be prepared to return our employees safely to this new reality. It is likely that there will be incremental costs in the near term as we prepare to exit the lockdown periods. These costs could include not only equipping certain employees to work from home on a more permanent basis but also retrofitting existing facilities to accommodate a lower density ratio amid new social distancing norms and other business continuity-related costs.

此外，作為領導團隊，規劃的一部分內容是思考未來的工作場所環境，並做好準備，確保員工能夠安全地重返工作崗位。隨著我們逐步解除封鎖，短期內可能會出現一些額外成本。這些成本不僅包括為部分員工配備居家辦公所需的設備，使其能夠長期居家辦公，還包括改造現有設施以適應新的社交距離規範下的低密度辦公環境，以及其他與業務連續性相關的成本。

As we think about mitigation efforts, our near-term focus is on, first, addressing variable cost. We are a people-based business, and employee-related costs, including compensation and benefits plus subcontractors, make up over 80% of our total cost structure. We are ratcheting down variable cost, both people and nonpeople-related costs, through actions such as reduced T&E, relocation, recruiting and immigration-related costs, reduced spend on events and marketing, prudently managing our subcontractor mix, deferring certain annual wage increases and promotion cycles. We are freezing lateral hiring across all functions. However, we will continue to move forward with our sales hiring plan and other key positions and honor all outstanding accepted offers, deferring the timing of our trainee start date in India to Q3 from Q2. However, this will continue to be dependent on lockdowns and school schedules across India.

在考慮緩解措施時，我們近期的重點首先是控制變動成本。我們是一家以人為本的企業，員工相關成本（包括薪資福利和分包商費用）佔總成本的80%以上。我們正在透過一系列措施逐步降低可變成本，包括人員相關成本和非人員相關成本，例如減少差旅費、搬遷費、招聘費和移民相關費用，減少活動和行銷支出，謹慎管理分包商組合，推遲部分年度工資增長和晉升週期。我們已凍結所有職能部門的橫向招募。但是，我們將繼續推進銷售招聘計劃和其他關鍵職位的招聘，並履行所有已接受的錄用通知，同時將印度培訓生的入職時間從第二季度推遲到第三季度。不過，這仍將取決於印度各地的封鎖措施和學校的開學安排。

Tightly managing utilization is another way that we will more closely align with a lower revenue trajectory. As you might imagine, we have seen a significant decline in voluntary attrition in recent weeks. This, when compounded by a reduction in demand, will naturally lead to utilization levels lower than what we believe is necessary to support the business in the near term. In this scenario, we will accelerate the further development of employees with skills aligned to our key digital imperatives, which we expect will align with client demand when an economic recovery emerges.

嚴格控制人員利用率是我們更好地適應較低營收成長趨勢的另一種途徑。正如您所料，近幾週來，員工自願離職率顯著下降。加之需求減少，人員利用率自然會低於我們認為短期內維持業務運作所需的水準。在這種情況下，我們將加快培養具備與我們關鍵數位化策略相符技能的員工，我們預計，隨著經濟復甦，這些技能將與客戶需求相契合。

At the same time, we are aware that there are likely to be employees who are or will become unutilized for whom we do not foresee those opportunities. As always, we are committed to treating these employees with fairness and dignity, which in the current environment will also include providing extended health and other financial benefits to ease their transition.

同時，我們也意識到，可能會有一些員工目前或將來無法發揮自身才能，我們預期他們也無法獲得相應的機會。我們將一如既往地公平、有尊嚴地對待這些員工，在當前情況下，我們還將提供額外的醫療和其他經濟福利，以幫助他們順利過渡。

Accordingly, between now and the end of the third quarter, we expect to incur additional realignment charges associated with these enhanced benefits. And we now expect net headcount to decline in 2020 versus 2019. The size and timing of these charges will unfold as the demand environment becomes clearer.

因此，從現在到第三季末，我們預計將產生與這些福利提升相關的額外調整費用。我們現在預計2020年的淨員工人數將比2019年下降。這些費用的規模和時間將隨著市場需求環境的明朗化而逐漸明朗。

It is also critical in this environment to continue to execute our Fit for Growth Plan, which thus far has not experienced any material delays from COVID. We still expect the majority of the actions to be complete by the middle of this year and result in gross savings of over $450 million in 2020 and annualized gross run rate savings of $500 million to $550 million in 2021. We continue to expect charges to be in the $150 million to $200 million range.

在此環境下，繼續執行我們的「適度成長計畫」至關重要。迄今為止，該計劃尚未因新冠疫情而受到任何實質延誤。我們仍預計大部分措施將於今年年中完成，並在2020年實現超過4.5億美元的毛節省，2021年年化毛節省額將達到5億至5.5億美元。我們仍預期相關費用將在1.5億至2億美元之間。

Now turning to the balance sheet. Our cash and short-term investments balance as of March 31 stood at $4.3 billion, up approximately $860 million from December 31. This balance now excludes the approximately $400 million of restricted deposits related to our tax dispute in India, which has been reclassified as long-term investments on our balance sheet.

現在來看資產負債表。截至3月31日，我們的現金及短期投資餘額為43億美元，較12月31日增加約8.6億美元。該餘額已不包括與我們在印度的稅務糾紛相關的約4億美元受限存款，這部分存款已重新歸類為資產負債表中的長期投資。

We further strengthened our financial flexibility by drawing down $1.74 billion on our revolving credit facility on March 23, 2020. This brought our outstanding debt balance to $2.5 billion. Additionally, we have paused our share repurchase activity as our focus will be on targeted M&A and preserving liquidity. 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.

2020年3月23日，我們提取了17.4億美元的循環信貸額度，進一步增強了財務彈性。這使我們的未償債務餘額降至25億美元。此外，我們已暫停股票回購活動，因為我們將專注於有針對性的併購和保持流動性。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所需的靈活性。

We generated $385 million of free cash flow in the quarter. DSO of 74 days improved 2 days year-over-year, reflecting improved collections from several large accounts. On a year-over-year basis, free cash flow also benefited from lower incentive-based compensation, which is paid out in the first quarter. In addition, restructuring charges resulted in approximately a $50 million cash outflow in the quarter, although this was mostly offset by onetime items as a result of certain favorable contract renegotiations.

本季我們創造了3.85億美元的自由現金流。應收帳款週轉天數（DSO）為74天，較去年同期改善2天，反映出幾位大客戶的收款情況有所改善。與去年同期相比，自由現金流也受惠於激勵性薪酬的減少，該部分薪酬在第一季支付。此外，重組費用導致本季度現金流出約5000萬美元，但部分由於某些有利的合約重新談判而產生的一次性項目基本上抵消了這一影響。

We do anticipate an increase in DSO for the remainder of 2020 as we have granted certain clients in significantly impacted industries extended payment terms for a short defined period. As we have seen in prior downturns, standing by our clients in times of trouble serves us well in protecting the overall partnership. At the same time, we are also reviewing our own vendor relationships, and we'll continue to pursue opportunities to drive both cost and cash flow efficiencies.

我們預計2020年剩餘時間的應收帳款週轉天數（DSO）將有所增加，因為我們已為部分受疫情嚴重影響行業的客戶提供了短期延長的付款期限。正如我們在以往經濟低迷時期所見，在客戶遇到困難時與他們站在一起，有助於我們維護整體合作關係。同時，我們也重新審視自身的供應商關係，並將繼續尋求提高成本和現金流效率的機會。

As we discussed during our business update call on April 9, given the limited visibility in our markets, we do not feel it is appropriate to offer either Q2 or full year 2020 guidance. While we are not able to predict with any certainty the length of disruption or depth of the economic impacts from COVID-19, we are operating the business with the following assumptions.

正如我們在4月9日的業務更新電話會議上所討論的，鑑於市場前景不明朗，我們認為目前不宜提供2020年第二季度或全年業績指引。雖然我們無法準確預測新冠疫情造成的經濟中斷持續時間和影響程度，但我們目前仍基於以下假設開展業務。

First, that the demand environment remains highly volatile and uncertain in the near term. We expect client focus in the near term to be on critical systems and infrastructure to enable their core operations. Discretionary projects or those without a quick payback, we expect, will be delayed. We see this significantly challenging in the second quarter but also the remainder of the year. We are currently planning for a slow transition back to normalcy and expect year-over-year challenges to continue, at least through Q1 2021. We expect the demand will be most impacted in travel, hospitality, retail, automotive, energy and media and entertainment, which are collectively just over 20% of total revenue. But we do also anticipate a broad slowdown across our other industries.

首先，短期內需求環境仍高度波動且充滿不確定性。我們預期客戶近期將專注於關鍵系統和基礎設施，以確保其核心營運。非必要項目或無法快速收回成本的項目，我們預計將會延長。我們認為這將在第二季以及今年剩餘時間帶來巨大挑戰。我們目前正在規劃逐步恢復正常運營，並預計同比挑戰至少會持續到2021年第一季。我們預計旅遊、飯店、零售、汽車、能源以及媒體和娛樂產業的需求將受到最大影響，這些產業合計佔總收入的20%以上。但我們也預計其他行業將普遍放緩。

As Brian mentioned, the ransomware attack in April negatively impacted our work-from-home enablement schedule. As a result of this ransomware attack, our Q2 revenue and margins will both be negatively impacted. While we anticipate that the revenue impact related to this issue will be largely resolved by the middle of the quarter, we do anticipate the revenue and corresponding margin impact to be in the range of $50 million to $70 million for the quarter.

正如布萊恩所提到的，四月的勒索軟體攻擊對我們的遠距辦公計畫造成了負面影響。受此影響，我們第二季的營收和利潤率都將受到不利影響。雖然我們預計與此問題相關的收入影響將在本季度中期基本解決，但我們預計本季營收和相應的利潤率損失將在5000萬美元至7000萬美元之間。

Additionally, we expect to incur certain legal, consulting and other costs associated with the investigation, service restoration and remediation of the breach. While we have restored the majority of our services and we are moving quickly to complete the investigation, it is likely that costs related to the ransomware attack will continue to negatively impact our financial results beyond Q2.

此外，我們預計還會產生與此安全漏洞的調查、服務恢復和補救相關的法律、諮詢及其他費用。雖然我們已恢復了大部分服務，並且正在加快調查進度，但與此勒索軟體攻擊相關的成本可能會在第二季度之後繼續對我們的財務業績產生負面影響。

While we have already begun taking action to address costs across the company, there is a lag on the timing of any savings from these actions. Therefore, we expect adjusted margins to decline sequentially and remain below the 16% to 17% range provided in our February guidance, which we have since withdrawn on a full year basis. We anticipate that our Q2 adjusted operating margin will be the lowest quarter of the year given the combined impact of COVID-19 and the ransomware attack.

儘管我們已開始採取措施控制公司各方面的成本，但這些措施帶來的成本節約需要時間才能顯現。因此，我們預計調整後的利潤率將環比下降，並低於我們2月份給出的16%至17%的全年預期（該預期我們已撤回）。鑑於新冠疫情和勒索軟體攻擊的雙重影響，我們預計第二季調整後的營業利潤率將是全年最低的。

So to wrap up, while COVID-19 and the ransomware attack will negatively impact our 2020 financial performance, we are very pleased with the progress we are making, not just with the cost alignment part of our Fit for Growth program, but also the continued progress we have made with hiring new sales resources and the traction we have seen in win rates and first quarter total contract signings. We look forward to providing you with further updates as the year progresses.

綜上所述，儘管新冠疫情和勒索軟體攻擊會對我們2020年的財務業績產生負面影響，但我們對目前取得的進展感到非常滿意，這不僅體現在我們「Fit for Growth」計畫的成本控制方面，也體現在我們持續招募新的銷售人員以及在成交率和第一季度合約總額方面取得的顯著成效。我們期待在今年後續的工作中向您提供更多最新資訊。

With that, I will turn the call back over to Brian to further discuss our recovery plan in a post-COVID world.

接下來，我將把電話轉回給布萊恩，讓他進一步討論我們在後疫情時代的復甦計畫。

Thank you, Karen. Let me wrap up by saying that Cognizant is built on financial strength and flexibility, unwavering client centricity that have earned us the enduring trust of clients and 290,000 talented associates who once again proved their grit, selflessness and determination in recent weeks.

謝謝你，凱倫。最後我想說，Cognizant 的發展根基在於雄厚的財務實力和靈活的營運模式，以及始終如一的客戶至上理念，這為我們贏得了客戶的長期信任，也為我們贏得了 29 萬名才華橫溢的員工，他們在最近幾週再次展現了他們的毅力、無私奉獻和堅定決心。

While 2020 will be a challenging year given COVID-19, we are confident that our industry, geographic and customer segment mix and our balance sheet, our momentum in the digital imperatives and our growing competitiveness will enable us to compete well on a relative basis, regardless of the macro environment. The post-COVID world will create new norms and hasten trends to highly mobile, virtual and personal world. We won't just be talking about teleworking but rather remote everything, from digital workflow to design to e-commerce, e-banking, education and telemedicine. Against this backdrop, our strategy to win in the digital battlegrounds of AI and analytics, digital engineering, cloud and IoT become more relevant than ever.

儘管2020年受新冠疫情影響充滿挑戰，但我們堅信，憑藉我們獨特的行業、地域和客戶群體結構、穩健的資產負債表、在數位轉型方面的強勁勢頭以及不斷提升的競爭力，無論宏觀環境如何變化，我們都能保持良好的競爭優勢。後疫情時代將催生新的常態，並加速向高度行動化、虛擬化和個人化的世界轉型。屆時，我們將不再僅限於遠距辦公，而是涵蓋從數位化工作流程到設計、電子商務、網路銀行、教育和遠距醫療等各方面的遠距化。在此背景下，我們在人工智慧與分析、數位工程、雲端運算和物聯網等數位化領域制勝的策略顯得格外重要。

We will continue to use M&A to accelerate the execution of our strategy. On Tuesday, we announced an agreement to acquire Collaborative Solutions, one of the world's largest Workday consultancies. With its rich expertise and leading position in the Workday ecosystem, Collaborative Solutions will expand our opportunity in cloud by establishing a new practice in this large, fast-growing market. The acquisition brings key skills to Cognizant and differentiates us in the market, especially against Indian pure-play competitors. The acquisition also complements the capabilities we've been building out in our Salesforce practice.

我們將繼續利用併購來加速策略的實施。週二，我們宣布達成協議，收購全球最大的Workday顧問公司之一—Collaborative Solutions。憑藉其在Workday生態系統中豐富的專業知識和領先地位，Collaborative Solutions將透過在這龐大且快速成長的市場中建立新的業務，拓展我們在雲端領域的機會。此次收購將為Cognizant帶來關鍵技能，並使我們脫穎而出，尤其是在與印度本土的純雲端服務競爭對手的較量中。此外，此次收購也與我們一直在建構的Salesforce業務能力形成互補。

We've come through a lot so far this year. Through this, we've always sustained our focus on our client centricity and our determination to execute our strategy. Our increased commercial momentum in the first quarter affirms that our strategy, our solution portfolio and our renewed vigor is resonating well with clients. While the COVID-19 and the recent ransomware attack has been a setback, I am confident that Cognizant will emerge strongly from these challenges.

今年以來，我們經歷了許多挑戰。在此過程中，我們始終堅持以客戶為中心，並堅定不移地執行我們的策略。第一季強勁的商業成長勢頭表明，我們的策略、解決方案組合以及重煥的活力都得到了客戶的認可。儘管新冠疫情和最近的勒索軟體攻擊給我們帶來了一些挫折，但我相信 Cognizant 一定能夠克服這些挑戰，重振旗鼓。

Of course, no one knows how long the pandemic will last, only that eventually will fade. Certainly, the business world will be quite different from what it is today. I've been here long enough at Cognizant to know that we will rise and surmount this challenge and come out the other side stronger. We'll keep our culture strong through this period. The spirit of teamwork and collaboration on the vast scale that I've seen from our associates during the crisis are, I believe, the direct result of our company's deep-seated and shared sense of purpose. Come what may, it's in our DNA to help our clients succeed.

當然，沒有人知道疫情會持續多久，只知道它終將消退。可以肯定的是，商業世界將與今天截然不同。我在高知特工作了足夠長的時間，深知我們能夠克服挑戰，變得更強大。我們將在此期間保持我們強大的企業文化。在危機期間，我看到同事們展現出的巨大團隊合作精神，我相信正是源自於我們公司根深蒂固的共同使命感。無論未來如何，幫助客戶取得成功已融入我們的基因。

And with that, operator, we can open the call for questions.

操作員，接下來我們可以開始提問環節了。

(Operator Instructions) The first question is coming from the line of Lisa Ellis with MoffettNathanson.

（操作員說明）第一個問題來自 Lisa Ellis 和 MoffettNathanson 的線路。

Good to hear your voices. Brian, thanks for the visibility on some of those sales metrics in the first quarter. You highlighted the 30% increase in total contracts awarded. You've made a number of changes to Cognizant's go-to-market model since you joined Cognizant. Can you highlight what changes have been making this difference or driving this early traction you're seeing? How far along are you on this journey? And are there particular service lines or project types where you're seeing particular traction at this point?

很高興聽到你們的分享。布萊恩，感謝你詳細介紹了第一季的一些銷售指標。你特別提到了合約總數增加了30%。自從你加入Cognizant以來，你對公司的市場推廣模式做了一些調整。你能否重點介紹哪些調整帶來了這些變化，或者說推動了你目前看到的早期成長？你們的改革進展如何？目前，在哪些服務領域或項目類型方面，你們看到了特別顯著的成長？

Yes, Lisa. So look, we made a significant amount of changes from a go-to-market point of view in the last year, but it really kicked in, in Q1 of this year because a lot of work was needed before we could actually determine how to best deploy this. And that includes a different sales compensation model, which shifted more compensation to variable comp away from fixed compensation. It included a resegmentation of clients into a RAD model, which is a sophisticated methodology to deploy resources against accounts that you are currently in, where you're trying to farm versus hunt new logos.

是的，麗莎。你看，去年我們在市場推廣方面做了很多調整，但真正見效是在今年第一季度，因為在確定如何最佳部署這些調整之前，我們需要做很多工作。這包括改變銷售薪酬模式，將固定薪酬更多地轉向浮動薪酬。此外，我們還將客戶重新劃分為 RAD 模型，這是一種複雜的資源配置方法，用於維護現有客戶關係，而不是尋找新客戶。

It also required us to build out extensive new relationships with partners who need to become very much part of our ecosystem. And on top of that, of course, we have been in the process of hiring 500 revenue-generating resources and/or supporting resources, which could include commercial pricers, lawyers, et cetera. And we're about 60% through that.

這也要求我們與合作夥伴建立廣泛的新關係，使他們成為我們生態系統的重要組成部分。此外，我們一直在招募500名創收人員和/或支援人員，其中包括商業定價員、律師等等。目前，這項工作已完成約60%。

But let's not overlook the fact as well, just the notion of getting the company back focused on growth, focused on client centricity and getting the vigor back into the company to tap into something that fundamentally is in our core DNA is very, very important. We've been doing that for a period of time now. We've also made some leadership changes. We've really tried to hone in on client centricity in the leadership team, starting with myself. And that's what I believe has led to the significant momentum we've had in the first quarter. And I would say even for some of our larger industries like insurance, banking, health care, that momentum has actually continued into the month of April, albeit not at the really robust strength that we saw in the first quarter.

但我們也不能忽視這樣一個事實：讓公司重新專注於成長，專注於以客戶為中心，並重振公司活力，挖掘我們DNA中固有的核心價值，這一點至關重要。我們已經為此努力了一段時間。我們也進行了一些領導階層調整。我們努力在領導團隊中貫徹以客戶為中心的理念，先從我自身做起。我相信，正是這些努力促成了我們在第一季取得的顯著成長動能。而且我認為，即使在保險、銀行、醫療保健等一些規模較大的行業，這種成長勢頭也延續到了四月份，儘管沒有第一季那麼強勁。

But the 33% growth in the first quarter is our strongest bookings since 2017. It was actually very broad-based across all industry segments, across North America as well as our international markets, which we term global growth markets. And then from a service line point of view, our digital business was up in excess of 50%, and digital operations and our third service line systems and technology also had robust growth.

但第一季33%的成長是我們自2017年以來最強勁的預訂量。事實上，這一成長涵蓋了所有產業領域，遍及北美以及我們稱之為全球成長市場的國際市場。從服務線來看，我們的數位業務成長超過50%，數位營運以及我們的第三項服務線——系統與技術——也實現了強勁成長。

And I really feel good, by the way, about our digital offerings. We have really strong capabilities now in cloud. You've seen us build out those capabilities with a series of acquisitions in the last year, 3 Salesforce Platinum partners; and more recently, this week, Collaborative Solutions, which is the establishment of a Workday practice in Cognizant. Salesforce and Workday tend to go hand in glove in clients that have embraced cloud, and we feel that a strong alignment behind companies that are growing 20%, 30% year-over-year is obviously very important for Cognizant's growth rate into the future as well.

順便說一句，我對我們的數位化產品和服務感到非常滿意。我們現在在雲端領域擁有非常強大的能力。過去一年，我們透過一系列收購不斷增強這些能力，其中包括三個 Salesforce 白金合作夥伴；而就在本週，我們收購了 Collaborative Solutions，並在 Cognizant 內部建立了 Workday 業務部門。對於已經擁抱雲端科技的客戶來說，Salesforce 和 Workday 往往是最佳搭檔。我們認為，對於那些年增長率達到 20% 到 30% 的公司而言，保持緊密的合作關係對於 Cognizant 未來的成長至關重要。

So I feel very, very good about our commercial momentum and the progress we're making. Now of course, then we're hit with COVID-19, which fundamentally changed the growth trajectory in the month of March. But we're going to deal with that. And as I said on the call, we are, from my perspective, as well positioned as anybody to deal with it given our business mix. And we'll come our stronger on the other side.

所以我對我們的商業發展動能和取得的進展感到非常滿意。當然，隨後我們遭遇了新冠疫情的衝擊，這從根本上改變了三月的成長軌跡。但我們會應對的。正如我在電話會議上所說，在我看來，鑑於我們的業務組合，我們有能力應對疫情，而且我們比任何人都更有優勢。疫情過後，我們會變得更強大。

Our next question is 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。

I was wondering if you could give us a little bit more color on the ransomware attack. Sort of when did it first appear. Was the takedown of the credit line related to that? And what sort of -- you talked about great awards in Q1. Has this slowed down that favorable TCV momentum?

我想請您詳細介紹一下勒索軟體攻擊的情況。例如，它是什麼時候出現的？信用額度被凍結是否與此有關？您之前提到第一季業績斐然，這次事件是否影響了總合約價值（TCV）的成長動能？

Ed, it's Brian. So the ransomware attack hit us prior to the work-from-home enablement. We saw what was happening. And as we were trying to shut it down, we were faced with, therefore, a ransomware attack. And we had 3 calls with clients, 2 in the month of April and then one last week and -- where we acknowledged containment.

艾德，我是布萊恩。勒索軟體攻擊發生在我們啟用居家辦公之前。我們當時就察覺到了。正當我們試圖關閉遠端辦公系統時，卻又遭遇了勒索軟體攻擊。我們與客戶進行了三次電話溝通，兩次是在四月份，一次是在上週——在這次溝通中，我們確認了攻擊已被控制。

The credit line or the line of credit drawdown had nothing to do with this. This simply gives us optionality. We already have a very strong balance sheet, as you know, strong collections, as Karen indicated, in the quarter. So frankly, it's nothing to do with ransomware.

信貸額度或信貸額度提取與此事無關。這只是給了我們更多的選擇。如您所知，我們的資產負債表已經非常穩健，而且正如凱倫在本季所指出的，收款情況也十分強勁。所以坦白說，這與勒索軟體沒有任何關係。

The TCV growth in Q1 was independent of ransomware. I don't believe ransomware had any meaningful impact on our business momentum. Certainly, we had an impact in the month of -- the latter part of April and early May as the ransomware attack had effectively disabled some of our internal systems that have been encrypted, which impacted some of our work-from-home enablements. And indeed, certain clients had opted just ahead of an abundance of caution to isolate themselves from our network.

第一季的總合約價值 (TCV) 成長與勒索軟體無關。我認為勒索軟體並未對我們的業務發展動能產生任何實質影響。當然，在四月下旬和五月初，我們確實受到了一些影響，因為勒索軟體攻擊有效地癱瘓了我們一些已加密的內部系統，這影響了我們的一些遠端辦公支援。事實上，出於謹慎考慮，一些客戶選擇將自己與我們的網路隔離。

But given we have contained the virus by working night and day candidly internally as well as working with leading cybersecurity partners, including Mandiant, and of course, the federal authorities, we are now in a better position. And clients on a daily basis are, again, freeing us up. So I think that will be felt from a revenue and margin point of view for the most part. The vast majority will be felt in Q2. Thereafter, I imagine we're well half of that.

但鑑於我們透過內部日夜不懈地坦誠工作，並與包括 Mandiant 在內的領先網路安全合作夥伴以及聯邦當局密切合作，成功控制了疫情，我們現在的處境要好得多。而且，客戶的日常需求也再次讓我們擺脫了困境。因此，我認為從收入和利潤率的角度來看，這在很大程度上會有所體現。絕大部分影響將在第二季顯現。此後，我估計我們會恢復到第二季的一半左右。

That said, we will continue to spend money in Q3, Q4 and beyond to further strengthen our security framework. So revenue and margin impact is more in Q2. Cost impact will continue a little bit through the rest of the year.

儘管如此，我們仍將在第三季、第四季及以後繼續投入資金，進一步加強我們的安全框架。因此，營收和利潤率受到的影響主要體現在第二季。成本方面的影響將在今年剩餘時間內持續存在。

But Ed, I think we handled the ransomware attack as well as one can in these circumstances. We chose to be very deliberately client-centric by having 3 client conference calls, by doing hundreds of client calls with the executive team and our security team and indeed Mandiant in the days throughout this period by being as forthright and transparent as we possibly could. And nobody wants to be dealt with a ransomware attack. I personally don't believe anybody is truly impervious to it, but the difference is how you manage it, and we try to manage it professionally and maturely.

但是艾德，我認為在目前的情況下，我們已經盡力妥善處理了這次勒索軟體攻擊。我們始終堅持以客戶為中心，為此召開了三次客戶電話會議，並在整個事件期間與高階主管團隊、安全團隊以及Mandiant公司進行了數百次溝通，盡可能做到坦誠透明。沒有人願意遭遇勒索軟體攻擊。我個人認為沒有人能真正免疫，關鍵在於如何應對，而我們努力以專業和成熟的方式處理此事。

Our next question is from the line of Bryan Bergin with Cowen.

我們的下一個問題來自 Bryan Bergin 和 Cowen 的問題。

I hope you're all doing well. I wanted to ask on client behavior, really, just what you're seeing over the last 2 weeks versus the spending appetite in early and mid-April. Any semblance of stabilization in any verticals yet? And can you just comment on the types of programs that are moving forward?

希望你們一切都好。我想問客戶行為方面的問題，特別是過去兩週的客戶消費狀況與四月初和四月中旬的消費意願相比有何變化。目前各垂直領域的消費是否已經出現穩定跡象？另外，能否簡單介紹一下正在推進的專案類型？

Bryan, I don't think there's any stabilization per se. Budgets, from my perspective, were being revised downwards throughout all industries. Certainly, some industries will be hit more than others.

布萊恩，我認為目前並沒有真正意義上的穩定。在我看來，各行各業的預算都在下調。當然，有些產業受到的衝擊會比其他產業更大。

I think digital remains a priority. Virtual work, virtual key -- virtual health care, education, banking, e-commerce, you name it, remains, of course, top of mind for people in today's environment. The shift to SaaS continues. Digital engineering continues, by definition, to fuel some of those capabilities. But I would say projects with short-term paybacks continue, but anything that is deemed discretionary is being delayed. We have seen some request for furloughs, rate concessions, et cetera, but not a meaningful amount.

我認為數位化仍然是重中之重。虛擬辦公室、虛擬鑰匙——虛擬醫療、教育、銀行、電子商務等等，當然仍然是當今人們最關注的領域。向SaaS的轉型仍在繼續。數位工程，顧名思義，也繼續為這些能力提供支援。但我認為，那些短期內就能見效的項目仍在進行，而任何被認為是可有可無的項目都被推遲了。我們看到了一些關於休假、降薪等等的請求，但數量並不多。

And I would say in the same vein, we are still seeing some pretty substantial opportunities out there, including captive opportunities. And as I referenced in my prepared remarks, pipeline shape on a qualified basis actually looked reasonably healthy as we exited Q1 and even now after the month of March.

同樣地，我認為我們仍然看到一些相當大的機遇，包括自用專案機會。正如我在準備好的發言稿中提到的，從合格專案的角度來看，第一季末以及三月之後，我們的專案儲備狀況實際上相當健康。

So we are being very opportunistic here. We are making sure we fine-tune our offerings to take advantage of the new norm that we're in today. We have work streams lined up behind that. And of course, we continue to push our digital imperatives, which are from my perspective firmly and squarely into the area of the market where growth will continue, if not accelerate, into the foreseeable future. And that includes data modernization and cloud applications, generally, including SaaS and indeed core modernization.

所以我們現在採取的是非常積極的策略。我們正在確保優化產品和服務，以適應當前的新常態。為此，我們已經制定了一系列工作流程。當然，我們也將持續推動數位轉型，在我看來，這些轉型將堅定地聚焦於未來一段時間成長將持續甚至加速的市場領域。這包括數據現代化和雲端應用（包括SaaS）以及核心系統現代化。

So we feel well positioned, but it's a particularly difficult environment to call at this moment in time. There's not a lot of visibility. And clients are, I think, obviously, being cautious.

所以我們覺得自己處於有利地位，但目前這個時期市場環境非常複雜，很難預測未來走勢。前景並不明朗。而且，我認為客戶顯然也比較謹慎。

The next question is from the line of Tien-Tsin Huang with JPMorgan.

下一個問題來自摩根大通的黃天進。

I have a follow-up and then a question. Just a follow-up to Lisa's question. Just on the sales signing success, are you seeing an uptick in sole-sourced deals given your investments in sales? Obviously, the win share is up against a bigger pipeline, but it sounds like maybe the sole-sourced piece could be up. Just curious on that. And then just it sounds like, Brian, your M&A appetite is still there. Should we expect a pause given everything going on? Or are you still pretty active with the M&A?

我還有一個後續問題。首先是針對Lisa的問題。關於銷售簽約的成功率，鑑於您在銷售方面的投入，您是否看到獨家採購交易增加？顯然，成交份額的提升是基於更大的潛在客戶群，但聽起來獨家採購交易的比例可能會上升。我只是對此感到好奇。另外，Brian，聽起來您對併購的興趣依然濃厚。鑑於目前的情況，我們是否應該預期您會暫停併購活動？或者您仍然非常積極地進行併購？

I don't think we see a lot of sole-sourced per se, but I will say we have seen some renewals where we've had the opportunity to renew without those contracts being up for bid or tender. And that's been on the basis of very strong delivery and strong client satisfaction, and frankly, a very strong executive engagement, which has been quite intentional over the last year. But as ever, clients are always looking to extract value for money. And of course, they also want to sleep well at night, so they want to work with partners who honor their commitments and deliver well.

我認為我們很少看到完全由供應商主導的合作，但確實有一些續約案例，這些合約無需公開招標即可續約。這得歸功於我們卓越的交付能力和客戶的高度滿意，坦白說，也離不開高階主管的積極參與——而這正是我們過去一年來一直努力的方向。但一如既往，客戶始終追求物有所值。當然，他們也希望安心無憂，因此他們希望與那些信守承諾、交付高品質的合作夥伴攜手共進。

I'm feeling good generally, however, about our momentum in the field and our competitive positioning. Our win rates are improving, as I said. Our contract bookings speak for themselves. If it was one vertical or one service line, I wouldn't quite be so adamant about this. But I genuine feel as though we've made tremendous progress in the last year.

總的來說，我對我們在該領域的發展勢頭和競爭地位感到樂觀。正如我所說，我們的勝率正在提高。我們的合約預訂量也足以說明一切。如果只是某個垂直領域或某個服務線，我可能不會如此肯定。但我真心覺得，過去一年我們有了巨大的進步。

From an M&A perspective, I'm fortunate to be blessed by a Board who are very supportive of the project we're undergoing. We have a clearly defined strategy. The M&A transactions that we have made in the last year have been against a defined strategy that was blessed by the Board last September. We will continue to obviously monitor collections and monitor our liquidity as well as our balance sheet, but we feel very comfortable in our current position. And I will say we will continue to conduct M&A transactions, albeit in a prudent manner. We want to conduct transactions that solely fits and are squarely aligned to our strategy and that we have confidence that we have the right leadership team in place to integrate them successfully.

從併購的角度來看，我非常幸運，董事會對我們正在進行的專案給予了大力支持。我們擁有清晰明確的戰略。過去一年我們進行的併購交易都是按照去年九月經董事會批准的既定策略進行的。我們當然會繼續密切關注收款情況、流動性以及資產負債表，但我們對目前的狀況感到非常滿意。我還要強調，我們將繼續進行併購交易，但會採取謹慎的方式。我們希望進行的交易完全符合我們的策略，我們有信心擁有合適的領導團隊來成功整合這些交易。

The next question is from the line of Keith Bachman with BMO.

下一個問題來自BMO的Keith Bachman。

And Brian, congratulations on a good March. It seems pretty clear in the absence of COVID that Cognizant was on a very good path for 2020. My question is I want to dig a little bit, at least around some context associated with margins over the next couple of quarters and what the puts and takes are. You mentioned that Cognizant is on a journey to invest, including the sales reps that you mentioned. Karen listed a number of things that were incremental -- sounds like incremental cost savings. And I just wondered if the way to think about the dollar amount of incremental cost savings associated with those new areas since the advent of COVID, just so if we can at least try to think about where the margins might be.

布萊恩，恭喜你三月業績優異。如果沒有新冠疫情，Cognizant 在 2020 年的發展勢頭顯然非常強勁。我想深入探討一下，至少了解未來幾季的利潤率以及相關的優缺點。你提到 Cognizant 正在進行投資，包括你提到的銷售代表。凱倫列舉了一些增量項目——聽起來像是成本節約的增量。我想知道，自新冠疫情爆發以來，這些新領域帶來的增量成本節約具體是多少美元，這樣我們至少可以試著估算一下利潤率的走勢。

And Karen, part B of that is, as you think about the malware situation, will those costs for remediation -- will those be non-GAAP out? In other words, would those be GAAP charges but would be taken out of the non-GAAP results? And that's it for me. Just any other comments, Brian, on how we should be thinking about margins for the next 2 quarters, in particular.

Karen，關於惡意軟體問題，第二部分是，你認為這些修復成本──這些成本會算是非GAAP費用嗎？換句話說，這些成本會算是GAAP費用，但會從非GAAP績效扣除嗎？我的問題就這些。 Brian，關於未來兩季的利潤率，你還有什麼要補充的嗎？

So Keith, I'll tee it off, and then maybe Karen can jump in. And it's okay, Karen. We're obviously not in the same location today. Keith, thank you, first of all. I do feel that we did have momentum that was building as we exited Q4. January and February were particularly strong. I felt, candidly, we were well on track to have a very strong quarter relative to Wall Street expectations. And then, of course, March arrived with COVID.

基思，我先開球，然後凱倫也許可以加入討論。沒關係，凱倫。我們今天顯然不在同一個地方。基思，首先謝謝你。我的確感覺我們在第四季末的時候勢頭正盛。一月和二月尤其強勁。坦白說，我覺得我們原本有望迎來一個遠超過華爾街預期的季度。然後，當然，三月新冠疫情來了。

As Karen will attest, the change in dynamics was relatively abrupt obviously because -- first and foremost, because of fulfillment, where in countries like India, we had 4 hours. We had obviously triggered a business continuity plan weeks ahead, but the ultimate decision to lock down India came with a 4-hour notice. So we -- like many services companies, I imagine, we're scrambling to fulfill work-for-home capabilities via encrypted desktops or laptops or remote VDI, et cetera.

正如凱倫可以作證的那樣，情況的變化顯然相當突然，原因首先在於執行速度。在印度這樣的國家，我們只有4小時的準備時間。雖然我們幾週前就啟動了業務連續性計劃，但最終決定封鎖印度時，我們只提前了4個小時接到通知。因此，我想，和許多服務公司一樣，我們正在爭分奪秒地透過加密的桌上型電腦或筆記型電腦、遠端虛擬桌面基礎架構（VDI）等方式，為員工提供居家辦公的能力。

So that hurt us from a fulfillment point of view. And as such, you have cost without the revenue. Similarly, that compounded itself in the first few weeks of -- the first week of May and the last few weeks of April when yet again, not only were we dealing with COVID, but then we had a ransomware attack that encrypted servers, which actually took out some of the work-from-home capabilities that we had enabled in the prior weeks and also slowed our ability to enable further work from home because of some of the systems and tools we would have used to automate and provisioned laptops were no longer functioning.

因此，從交付的角度來看，這給我們造成了損失。這樣一來，我們就有了成本卻沒有收入。同樣，這種情況在五月初和四月最後幾週進一步惡化。當時，我們不僅要應對新冠疫情，還遭遇了勒索軟體攻擊，伺服器被加密。這不僅使我們之前幾週啟用的一些遠端辦公功能失效，也減緩了我們進一步啟用遠端辦公的能力，因為我們用於自動化配置筆記型電腦的一些系統和工具已經無法運作。

So we had a perfect storm in which we still had costs without revenue. And on top of that, when you have clients who disconnect you from their network for a period of time until such time as you contain the malware, yet again, you want to keep those skill sets ready to reengage as soon as clients permit you to reengage.

所以，我們遭遇了一場完美的風暴，既有成本又沒有收入。更糟的是，當客戶因為惡意軟體問題而暫時斷開我們的網路連線時，我們還需要隨時準備好這些技能，以便在客戶允許我們重新提供服務時能夠立即恢復連線。

So I think what you'll find in Q2, we had the perfect storm of cost without revenue. And of course, then you have to adjust to reflect the demand/supply imbalance. And that is ultimately, I think, what will hurt our margins in the foreseeable future. And then, as Karen will tell you, of course, we want to protect skills like digital skills. And of course, therefore, we want to take out any so-called no-regrets costs to try to mitigate that. But Karen will give you a little bit more details.

所以我認為，第二季我們遭遇了成本高企而收入卻沒有成長的完美風暴。當然，我們還需要調整以應對供需失衡。我認為，這最終將影響我們未來一段時間的利潤率。正如凱倫會告訴你們的，我們當然希望保護數位技能等關鍵技能。因此，我們當然希望削減任何所謂的“無悔成本”，以盡量減輕這種影響。凱倫會提供更多細節。

Sure. Thanks, Brian, and thanks, Keith. In terms of the ransomware question that you asked, we will not be adjusting that out of our non-GAAP. So those costs will stay both in our GAAP and our non-GAAP margins as they continue through the rest of the year. We will, however, as we've done in the past with other similarly large unusual transactions, try to call those out on a quarterly basis if they're meaningful so that investors will see what that cost looks like.

好的。謝謝布萊恩，也謝謝基斯。關於您提到的勒索軟體問題，我們不會將其從非GAAP財務報表中剔除。因此，這些成本將持續計入我們的GAAP和非GAAP利潤率中，直到年底。但是，我們會像以往處理其他類似的大型異常交易一樣，如果這些交易金額較大，我們會盡量按季度披露，以便投資者了解具體成本。

And as Brian said on the margin side, obviously, there are a number of things that happen very quickly and where we can move to take cost or cost gets eliminated or doesn't happen such as T&E and Salesforce, which, like others, we started to see the benefits of in late March. Obviously, because people aren't physically at work at client sites, they're not relocating, and we don't have to worry about immigration and other things as people are moving around the country and so forth. And then as we mentioned in my prepared remarks, while we will continue to honor all of the outstanding offers that have been accepted, we have, for the most part, shut down much of our hiring. And so recruiting costs obviously go away along with that.

正如布萊恩在利潤率方面所說，顯然有很多事情發生得非常迅速，我們可以採取措施降低成本，或直接消除成本，例如差旅費和 Salesforce 的費用。和其他一些費用一樣，我們在三月下旬開始看到 Salesforce 帶來的好處。顯然，由於員工無需在客戶現場辦公，因此無需搬遷，我們也不必擔心移民和其他人員流動等問題。此外，正如我在事先準備好的演講稿中提到的，雖然我們將繼續履行所有已接受的錄用通知，但我們基本上已經停止了大部分招聘工作。因此，招募成本自然也隨之消失了。

But I think as we've talked about in this business, obviously, when there is a revenue slowdown, it depends what's the cost of that revenue as to what happens to your resources and your utilization rates. As Brian talked about with things that we think are short term such as we had with the fulfillment challenges with COVID late March, early April and then more recently with the ransomware, clearly, we want to hold on to those resources so that they can continue to deliver services to clients as that work comes back up. And we certainly want to make sure through this time that we protect our digital skills and use this opportunity to continue to enhance and develop digital skills across the company. But certainly, it is not unlikely that utilization will hit levels below where we think they should be to run the business for the foreseeable future. And then obviously, we'll have to make some adjustments and modify the headcount accordingly for the organization.

但正如我們在這個行業中討論過的，很明顯，當收入放緩時，資源和利用率的變動取決於收入的成本。正如布萊恩所說，對於我們認為是短期的挑戰，例如3月底4月初新冠疫情帶來的交付難題，以及最近的勒索軟體攻擊，我們顯然希望保留這些資源，以便在業務恢復後繼續為客戶提供服務。我們當然也希望確保在此期間保護我們的數位化技能，並利用這個機會繼續提升和發展全公司的數位化技能。但可以肯定的是，在可預見的未來，資源利用率很可能會低於我們認為維持業務正常運作所需的水準。屆時，我們顯然需要做出一些調整，並據此調整組織架構中的人員配置。

As we said, we don't expect to be in the margin range that we had previously guided to back in February. We do think margins will be below the 16% to 17% range for the year and for each of the quarters throughout the year. And we would expect the Q2, because of the issues with ransomware, will be the lowest quarter of the year.

正如我們之前所說，我們預期利潤率不會達到二月預測的水平。我們認為全年以及各季度的利潤率都將低於16%至17%的區間。而且，由於勒索軟體攻擊的影響，我們預計第二季將是全年業績最低的季度。

But we will remain on track with our Fit for Growth Plan. We have made good progress through the first quarter and had generated between Q4 and the first quarter of this year over $250 million of annual savings already, and we'll be on track for the $450 million as we go through the rest of the year to begin to set ourselves up as we move into 2021.

但我們會繼續按計劃推進「適度增長計劃」。第一季我們取得了良好進展，從第四季到今年第一季已經實現了超過2.5億美元的年度節約，隨著今年剩餘時間的推進，我們將有望實現4.5億美元的節約目標，為2021年做好準備。

I will say, Keith, just to conclude on this point, I felt as though very much the story was on track. The commercial momentum was starting to build. The Fit for Growth was well on track. And I would say then we suffered a micro event, which is our ransomware attack, which we have dealt with since. And then, of course, we're faced with a macro environment because of COVID-19.

最後我想說，基思，我覺得當時一切都在按計畫進行。商業勢頭開始增強。 「Fit for Growth」計畫進展順利。然後，我們遭遇了一次小規模事件，也就是勒索軟體攻擊，我們已經處理好了。當然，之後我們還面臨新冠疫情帶來的宏觀環境挑戰。

In the absence of those, I would say the story remains very much consistent with what we've been saying for the last year, which is differentiating between the cost versus an investment, trying to pivot the company back towards a growth story and making sure we have a refined strategy that we can invest behind and execute well to unlock more shareholder value creation. And that certainly will be the playbook we will go back to.

如果沒有這些因素，我認為目前的情況與我們過去一年來一直強調的重點基本一致，即區分成本和投資，努力使公司重回增長軌道，並確保我們擁有一個完善的戰略，能夠進行投資並有效執行，從而釋放更多股東價值。這無疑將是我們最終會回歸的策略。

And I'd like to think we'll come out of this storm well given the business mix, given our balance sheet, given our liquidity and with even a leaner cost structure given the environment we're going through in the meantime. Hopefully, we can continue the commercial momentum at least on a relative basis and then come out of this strongly.

鑑於我們的業務組合、資產負債表、流動性，以及考慮到我們目前所處的環境而進一步精簡的成本結構，我認為我們能夠順利度過這場風暴。希望我們至少能夠保持相對的商業成長勢頭，並最終強勢走出困境。

The next question is from the line of Rod Bourgeois with DeepDive Equity Research.

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

So the payer subsegment of your Healthcare vertical has been weak for a good while, while the life sciences subsegment has been strong. We actually entered 2020 thinking this was the first time in a while that you could be in a better place to grow the payer subsegment of your Healthcare vertical. So my question is looking beyond the immediate crisis on a more secular basis, are you starting to see opportunities for better relative growth in the payer subsegment or maybe you were seeing better opportunities and now COVID is making that murky? But I'd like to ask for any color on that, if you can.

所以，貴公司醫療保健業務的支付方細分市場已經疲軟了一段時間，而生命科學細分市場則表現強勁。事實上，我們在進入2020年時曾認為，這是多年來貴公司醫療保健業務支付方細分市場發展前景最好的一年。因此，我的問題是，從更長遠的角度來看，您是否開始看到支付方細分市場相對成長的機會？或者您之前就看到了更好的機會，但現在新冠疫情讓情況變得不明朗？如果您能就此提供一些見解，我將不勝感激。

Ron, look, we had an outstanding first quarter in Healthcare from a bookings point of view, triple-digit growth. And by the way, we also had growth into the month of April on a year-over-year basis as well. And I've been particularly pleased to see the breadth of wins we have seen in the payer area but also, frankly, even in the provider area. So it feels to me that we were starting to turn a quarter in Healthcare. And as you know, once we hit Q2, we will anniversary the tougher compares that we hit last year because of some of the consolidation in the industry.

羅恩，你看，從預訂量來看，我們在醫療保健領域的第一個季度表現出色，實現了三位數的成長。順便說一句，我們四月的年成長率也很高。我尤其高興地看到我們在支付方領域以及坦白說，在醫療服務提供者領域都取得了廣泛的成功。所以我覺得，我們在醫療保健領域的第一個季度已經開始步入正軌了。你也知道，一旦進入第二季度，由於產業整合，我們將面臨去年同期較為嚴峻的業績基數。

So we still have work to do, of course, to continue to sharpen our pencils on our strategy, but I feel as though we had made very good progress. We have a leadership team that's very engaged, and we seem to have growing momentum with our major clients.

當然，我們還有很多工作要做，需要繼續完善我們的策略，但我感覺我們已經取得了非常好的進展。我們的領導團隊非常投入，我們與主要客戶的合作勢頭也越來越強勁。

Okay. I think we'll take one more question.

好的，我想我們再回答最後一個問題。

That is from the line of James Faucette with Morgan Stanley.

這是詹姆斯·福塞特在摩根士丹利的一條線索。

This is Jonathan on for James. I want to ask about what you're seeing on work that's being canceled versus the type of work that's being deferred? Are you seeing a difference in that type of work? I know discretionary work is off the table. But can you help dimensionalize relative to your service lines what's been considered discretionary now?

我是喬納森，替詹姆斯問話。我想問您，您觀察到被取消的工作和被推遲的工作之間有什麼區別？您覺得這兩類工作有什麼不同嗎？我知道非必要工作目前不在考慮範圍內。但您能否根據您負責的服務項目，具體說明一下現在哪些工作被視為非必要工作？

Look, it's highly nuanced. It's client by client, but I would say things that have a long payback tend to be pushed out at this moment in time. Some change requests or anything that's so-called discretionary that's not being critical, it's certainly being pushed out.

你看，這其中有很多細微差別。具體情況因客戶而異，但我認為，那些需要較長時間才能見效的項目，目前往往會被推遲。一些變更請求，或任何所謂的非必要性事項，如果不是關鍵性的，肯定也會被推遲。

But we have seen good momentum, as I said, in our digital engineering business. We feel very good about our cloud momentum. And actually, we've had great receptivity to this week's announced acquisition of Collaborative Solutions. So I think it's back to the core element that the secular trends that have been in the market, from my perspective, will accelerate as clients try to have a much more agile, modern infrastructure and ultimately try to take advantage of the data that they have accumulated over the years to really try to have a much more modern perspective in terms of how they think about individuals. And I truly believe we're moving to a mobile, a virtual and a truly personal world on a go-forward basis.

正如我所說，我們的數位工程業務發展勢頭良好。我們對雲端運算業務的發展動能也感到非常樂觀。事實上，本周宣布收購 Collaborative Solutions 的消息也得到了市場的正面回應。因此，我認為關鍵在於，在我看來，市場上的長期趨勢將會加速發展，因為客戶希望建立更敏捷、更現代化的基礎設施，並最終利用他們多年累積的數據，以更現代化的視角看待個人。我堅信，未來我們將邁向一個行動化、虛擬化和真正個人化的世界。

Okay. I think with that, we're at the top of the hour. So I'd just like to thank you for joining. I know it was a complex earnings call because not only did we talk about Q1 results, we also touched upon the COVID-19 implications, the ransomware attack and how we've dealt with that and a little lens into the future.

好的。我想現在正好是整點。非常感謝各位的參與。我知道這次財報電話會議內容比較複雜，因為我們不僅討論了第一季度的業績，還談到了新冠疫情的影響、勒索軟體攻擊以及我們是如何應對的，並展望了未來。

I would just want to wrap up by saying the following things. I truly feel that we're more competitive than we have been, as evidenced by win rates, as evidenced by our pipeline growth, as evidenced by 33% bookings, our highest momentum since 2017. Yes, it is true that COVID brings a great deal of uncertainty, but I believe our business mix and indeed our growing competitiveness will help us on a relative basis come what may.

最後我想補充幾點。我真心覺得我們現在的競爭力比以往任何時候都強，這一點從成交率、銷售通路成長以及33%的預訂率（自2017年以來最高增速）都可以看出。誠然，新冠疫情帶來了許多不確定性，但我相信，無論未來如何，我們的業務組合以及不斷提升的競爭力都將幫助我們取得相對優勢。

Ransomware attack is regrettable. It is contained. I believe we managed it well. We've had good client feedback. We've been transparent. We were forthright. The impact is on revenue and margin primarily in Q2. There will be some residual costs that we will incur in Q3 and Q4 as we continue to harden and strengthen our security position, and that is an absolute no-regret spend.

勒索軟體攻擊令人遺憾，但已得到控制。我相信我們處理得當，並收到了良好的客戶回饋。我們始終保持透明和坦誠。這次攻擊主要對第二季度的收入和利潤率造成了影響。隨著我們持續加強安全防護，第三季和第四季將會產生一些後續成本，但這筆投入絕對物有所值。

Fundamentally, our strategy is sound. It resonates with clients, and you're seeing that show up now in our numbers. And last but not least, we're 100% focused on executing that strategy. And our client centricity is greater than ever, and we expect to accelerate out of the corner once we get through COVID-19.

從根本上講，我們的策略是合理的。它能引起客戶的共鳴，這也反映在我們的業績數據中。最後但同樣重要的是，我們正全力以赴地執行這項策略。我們比以往任何時候都更加以客戶為中心，我們預計，一旦疫情過去，我們將迅速走出困境。

So with that, I'd like to thank you for joining us.

最後，感謝各位的參與。

Thank you. This concludes today's Cognizant Technology Solutions First Quarter 2020 Earnings Conference Call. You may now disconnect.

謝謝。今天的 Cognizant Technology Solutions 2020 年第一季財報電話會議到此結束。您可以斷開連線了。