高知特 (CTSH) 2018 Q4 法說會逐字稿

Ladies and gentlemen, welcome to the Cognizant Fourth Quarter and Full Year 2018 Earnings Conference Call. (Operator Instructions)

女士們、先生們，歡迎參加 Cognizant 2018 年第四季及全年財報電話會議。（操作說明）

I would now like to turn the conference over to David Nelson, Vice President, Investor Relations and Treasurer at Cognizant. Please go ahead, sir.

現在我謹將會議交給 Cognizant 的投資人關係副總裁兼財務長 David Nelson。請繼續，先生。

Thank you, operator, and good morning, everyone. By now, you should have received a copy of the earnings release for the company's fourth quarter and full year 2018 results. If you have not, a copy is available on our website, cognizant.com. The speakers we have on today's call are Francisco D'Souza, Chief Executive Officer; and Karen McLoughlin, Chief Financial Officer.

謝謝接線員，大家早安。現在，您應該已經收到該公司 2018 年第四季和全年業績的獲利報告副本。如果您還沒有，可以從我們的網站 cognizant.com 上取得一份副本。今天參加電話會議的發言人有執行長弗朗西斯科·德索薩和財務長凱倫·麥克勞克林。

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。

I would now like to turn the call over to Francisco D'Souza. Please go ahead, Francisco.

現在我想把電話交給弗朗西斯科·德索薩。請繼續，弗朗西斯科。

Good morning, everyone, and thank you for joining us. This morning, Cognizant announced solid Q4 and full year 2018 results. We also announced, as you've seen, our plan to effect a smooth transition in our leadership team to take the company forward in the coming years. Having cofounded Cognizant, which celebrated its 25th anniversary less than 2 weeks ago, I've spent half my life here, and I've had the privilege of serving as CEO for the past 12 years.

各位早安，感謝各位的參與。今天上午，Cognizant公佈了2018年第四季和全年穩健的業績。正如您所看到的，我們也宣布了我們的計劃，即在領導團隊中實現平穩過渡，以帶領公司在未來幾年向前發展。我與人共同創立了 Cognizant 公司，該公司在不到兩週前慶祝了 25 週年。我人生的一半時間都在這裡度過，並且有幸在過去的 12 年裡擔任執行長。

Last year, in connection with the board's regular leadership assessment and succession planning processes, I informed my fellow board members that I was considering stepping down from my role as CEO sometime in 2019. As a board, we embarked upon a methodical search for my successor to ensure a fully thought through and orderly transition when the time came. Our announcement this morning is the result of that process.

去年，在董事會定期進行領導力評估和繼​​任計畫的過程中，我告知其他董事會成員，我正在考慮在 2019 年的某個時候卸任執行長一職。作為董事會，我們採取了有條不紊的方法來尋找我的繼任者，以確保在時機成熟時能夠進行深思熟慮且有序的過渡。我們今天早上發布的公告就是這一過程的結果。

I'm pleased that Mr. Brian Humphreys, who is the CEO of Vodafone Business and a member of Vodafone Group's Executive Committee, will be the new CEO of Cognizant effective April 1 of this year. Brian is a terrific executive, and I look forward to working with him closely to ensure the smoothest possible transition. I speak for all of my fellow directors in saying that Brian is a strong choice to lead Cognizant in its next phase of growth. I'll have more to say about Brian in a minute.

我很高興地宣布，沃達豐商業公司執行長兼沃達豐集團執行委員會成員布萊恩漢弗萊斯先生將於今年 4 月 1 日起擔任 Cognizant 的新任執行長。Brian是一位非常優秀的管理者，我期待與他密切合作，確保過渡盡可能順利。我代表所有董事同仁認為，布萊恩是帶領 Cognizant 進入下一個發展階段的強大人選。稍後我會再詳細說布萊恩的事。

Before I do, I want to take a moment to thank the entire global Cognizant team for the tremendous accomplishments of the past 25 years, and in particular, during my tenure as CEO. My thank yous need to begin with my long-time colleague and the President of Cognizant, Raj Mehta. Raj has been our president for the past 2.5 years and has provided Cognizant with his leadership, operational skills and passion for clients for more than 2 decades in a variety of operating roles. We are grateful to Raj for his countless contributions to the growth and success of Cognizant over the years. He's ready for a new challenge and has decided to step down from his role as president and to leave the company shortly after Brian arrives. On behalf of the board, I wish Raj well in his future endeavors.

在此之前，我想藉此機會感謝 Cognizant 全球團隊在過去 25 年裡的巨大成就，尤其是在我擔任 CEO 期間所做的貢獻。首先，我要感謝我的老同事兼 Cognizant 總裁 Raj Mehta。Raj 在過去的 2.5 年裡一直擔任我們的總裁，並且在過去 20 多年中，他憑藉其領導才能、營運技能和對客戶的熱情，在各種營運職位上為 Cognizant 做出了貢獻。我們衷心感謝 Raj 多年來為 Cognizant 的發展和成功做出的無數貢獻。他已準備好迎接新的挑戰，並決定在布萊恩到任後不久卸任總裁一職，離開公司。我謹代表董事會祝福拉傑在未來的事業中一切順利。

I'm proud of what our global team has worked with such skill and energy to build during my CEO tenure. Over the past dozen years, we've grown annual revenues from $1.4 billion to $16 billion, moving Cognizant into the Fortune 200. We scaled our talent base over that period from 39,000 to 282,000 associates. And since our IPO, we've increased the company's market value more than 400-fold, from less than $100 million to approximately $40 billion.

我為我的全球團隊在我擔任執行長期間，憑藉精湛的技能和飽滿的熱情所取得的成就感到自豪。在過去的十二年裡，我們的年收入從 14 億美元成長到 160 億美元，使 Cognizant 躋身財富 200 強。在此期間，我們的員工人數從 39,000 人增加到 282,000 人。自公司上市以來，公司市值成長了 400 多倍，從不到 1 億美元成長到約 400 億美元。

I'm especially proud of how we've served as a trusted partner and guide to our clients as they transition from one technology era to the next and as they transform their businesses to improve operational performance and generate new growth. And now with the mainstream adoption of digital at scale, we have invested significantly in the distinctive capability needed to set Cognizant up for its next stage of sustainable strong growth and value creation, as we outlined for many of you during our November Investor Day.

我特別感到自豪的是，我們一直是客戶值得信賴的合作夥伴和嚮導，幫助他們從一個科技時代過渡到下一個科技時代，並幫助他們轉型業務以提高營運績效和創造新的成長。如今，隨著數位化大規模普及，我們已投入巨資打造 Cognizant 所需的獨特能力，使其能夠進入下一個可持續強勁增長和價值創造的階段，正如我們在 11 月投資者日上向各位概述的那樣。

In fact, over the past several years, we've evolved nearly every aspect of our company: our domain knowledge, our services portfolio, our methodologies, our geographic footprint, global and local delivery, our leadership team and even our culture, to ensure that we can provide compelling value to clients and capture this market opportunity, which is larger than any we've seen before.

事實上，在過去的幾年裡，我們對公司的幾乎每個方面都進行了改進：我們的領域知識、服務組合、方法論、地理佈局、全球和本地交付、領導團隊，甚至我們的企業文化，以確保我們能夠為客戶提供令人信服的價值，並抓住這個比我們以前見過的任何市場機會都更大的市場機會。

We're gratified that others have recognized the strength of this foundation, as Fortune Magazine recently named us one of the world's most admired companies for the 11th year in a row. It's been an honor and a privilege to lead the best team in the industry as we've accomplished milestones that few others in the services business have been able to match. So on April 1, the time will be right for me to pass the baton to Brian, who has the experience, the drive and the commitment to execute on our growth agenda.

我們很高興看到其他人也認可了這一基礎的強大，《財富》雜誌最近連續第 11 年將我們評為全球最受尊敬的公司之一。能夠領導業界最優秀的團隊，並取得其他服務業公司難以企及的里程碑式成就，我深感榮幸。因此，4月1日，我將把接力棒交給布萊恩，他擁有執行我們成長計畫的經驗、動力和決心。

The board embarked on the search process with a view to our long-term future, knowing that the full transformative effect of the digital buildout on our clients, our company and the economy is still to come. We sought someone with a track record of success across multiple companies, industries, technology, geographies, roles and organizational cultures. Brian fits that bill. At Vodafone Business, for example, which had annual revenues of approximately $14 billion in fiscal 2018, Brian is responsible for the entire global portfolio, which consists of all B2B fixed and mobile customers as well as IoT, cloud hosting and security services. Brian has successfully run large-scale global technology businesses, and he has a focused and disciplined approach to execution and driving profitable growth.

董事會著眼於公司的長遠未來，啟動了遴選過程，因為他們知道數位化建設對我們的客戶、公司和經濟的全面變革影響尚未到來。我們尋找的是一位在多家公司、多個產業、多種技術、不同地理、不同職位和多種組織文化中都取得成功經驗的人才。布萊恩完全符合這個條件。例如，在沃達豐商業公司（2018 財年年收入約為 140 億美元），布萊恩負責整個全球業務組合，其中包括所有 B2B 固定和行動客戶以及物聯網、雲端託管和安全服務。Brian 曾成功經營大型全球科技企業，他在執行和推動獲利成長方面有著專注和嚴謹的態度。

Brian's first day as Cognizant's CEO will be April 1. Until then, I'll continue in my role as Vice Chairman and CEO. And once he is on board, I'll transition to the full-time role of Executive Vice Chairman to actively support Brian and to help him get off to a running start. When that transition concludes, I'll remain on the board as Vice Chairman. I'm fully committed to ensuring Brian's success and Cognizant's continued growth in my current and future roles.

Brian將於4月1日正式就任Cognizant執行長。在此之前，我將繼續擔任副董事長兼執行長一職。一旦他加入公司，我將轉任執行副董事長的全職職位，積極支持布萊恩，幫助他快速上手。過渡期結束後，我將繼續留在董事會擔任副主席。我將全力以赴，確保布萊恩取得成功，並推動 Cognizant 在目前和未來的工作中持續發展。

Turning to an update on our business. I'd like to run through a few Q4 and full year highlights, followed by guidance for 2019. And then I'll comment on the strategic plan we introduced nearly 3 months ago at Investor Day.

接下來報告一下我們公司的最新情況。我想先簡單回顧一下第四季和全年的一些亮點，然後再展望 2019 年的業績。然後，我將對我們近三個月前在投資者日上提出的策略計劃進行評論。

Starting with Q4. Revenue was $4.13 billion, within our guided range and up 8.8% year-over-year in constant currency. In the quarter, our digital revenue grew in the mid-20% range, well above company average, and is now over 30% of total revenue, reflecting our continuing shift to digital revenues. Our portfolio of digital services generated margins above the company average, and our non-GAAP EPS for the quarter was $1.13.

從第四季開始。營收為 41.3 億美元，符合預期範圍，以固定匯率計算年增 8.8%。本季度，我們的數位營收成長了 20% 左右，遠高於公司平均水平，目前已佔總營收的 30% 以上，這反映出我們持續轉型為數位營收。我們的數位服務組合產生的利潤率高於公司平均水平，本季非GAAP每股收益為1.13美元。

For the year as a whole, revenue grew 8.5% in constant currency to $16.13 billion. During the year, we diversified our revenue base and our client roster and invested significantly for growth. We instilled greater operating discipline across the company, further simplified the business and acquired 5 companies. And for the year, we returned $1.6 billion to shareholders through our capital return program.

全年營收以固定匯率計算成長 8.5%，達到 161.3 億美元。年內，我們實現了收入來源和客戶群的多元化，並進行了大量投資以促進成長。我們在公司內部推行了更嚴格的營運紀律，進一步簡化了業務，並收購了 5 家公司。今年，我們透過資本回報計畫向股東返還了 16 億美元。

Let's turn to guidance. For the full year, we expect revenue growth to be within a range of 7% to 9% in constant currency, which falls within the medium-term target we defined at the Investor Day. And for the first quarter of 2019, we expect revenue growth to be within a 7.5% to 8.5% range in constant currency.

讓我們來看看指導意見。我們預計全年營收成長率（以固定匯率計算）將在 7% 至 9% 之間，這符合我們在投資者日上設定的中期目標。我們預計 2019 年第一季營收成長率（以固定匯率計算）將介於 7.5% 至 8.5% 之間。

Turning to margins. As you'll recall from Investor Day, from here forward, we will include stock-based compensation expense and acquisition-related charges in our non-GAAP measure of operating margin. For 2019, our adjusted operating margin target will be approximately 19%.

轉向邊際效應。您可能還記得，在投資者日上，從現在開始，我們將把股票選擇權費用和收購相關費用計入我們的非GAAP營業利潤率指標中。2019 年，我們調整後的營業利潤率目標約為 19%。

I'd like to offer a few thoughts now on the demand environment. As we've referenced on prior calls, we are moving quickly to an era in which technology's role has shifted, from supporting the business to actually being the business. Clients are clearheaded about this dynamic and continues to see the business case for digital transformation as absolutely compelling, even against the backdrop of some global economic volatility. Our strategy for continuing to deliver disciplined and profitable growth, as outlined at the November Investor Day, responds directly to our clients' mandate for transformation.

現在我想就需求環境談幾點看法。正如我們在先前的電話會議中提到的，我們正在快速邁向一個技術角色轉變的時代，技術的角色從支援業務轉變為本身就是業務。客戶對這種動態有著清醒的認識，並且仍然認為數位轉型的商業理由絕對令人信服，即使在全球經濟出現一些波動的情況下也是如此。我們在 11 月投資者日上概述的持續穩健獲利成長策略，直接回應了客戶對轉型的訴求。

To help clients speed their journey to digital at scale, we're investing to build distinctive leadership in 6 advanced capabilities: interactive; artificial intelligence and analytics; intelligent process automation; platform solutions; core modernization; and digital engineering. These 6 capabilities are aligned to our 3 practice areas and play to our expertise and strong market positions. And all 6 areas offer ample headroom for growth. And when we combine our focused investment through these capabilities with targeted acquisitions as well as continued geographic expansion and industry diversification, we have our engine for delivering continued growth. The board and I kept this strategy front of mind during the CEO selection process we undertook, so we expect the strategy presented at the Investor Day to continue to direct Cognizant's approach to the market opportunity, shaped, of course, by Brian's perspective as he transitions into the CEO role.

為了幫助客戶加速實現大規模數位轉型，我們正在投資打造在以下 6 項先進能力方面的卓越領導地位：互動式；人工智慧和分析；智慧流程自動化；平台解決方案；核心現代化；以及數位工程。這 6 項能力與我們的 3 個業務領域一致，並發揮了我們的專業知識和強大的市場地位。這六個領域都提供了充足的成長空間。當我們把透過這些能力進行的重點投資與有針對性的收購以及持續的地域擴張和產業多元化結合起來時，我們就擁有了實現持續成長的引擎。在進行執行長遴選過程中，我和董事會始終牢記這一策略，因此我們預計在投資者日上提出的策略將繼續指導 Cognizant 把握市場機遇，當然，隨著 Brian 過渡到執行長的角色，這一策略也會受到他個人觀點的影響。

I want to close by saying how fortunate I am to lead a company of Cognizant's scale and stature, and how proud I am of the work our associates do every day across the globe. I look forward to continuing on the board and to ensuring a smooth transition. And I'm confident that Cognizant's best days are ahead.

最後，我想說，我非常榮幸能夠領導像 Cognizant 這樣規模和地位的公司，我為我們遍布全球的同事們每天所做的工作感到無比自豪。我期待繼續留在董事會，並確保平穩過渡。我相信 Cognizant 最好的日子還在後頭。

With that, I'll turn the call over to Karen, who will give you an update on both our operational and financial performance. Karen?

接下來，我將把電話交給凱倫，她將向大家報告我們的營運和財務表現。凱倫？

Thank you, Frank, and good morning, everyone. Q4 performance was solid, rounding out full year results, which were within our expectations and reflect continued execution of our strategy to drive sustainable revenue and earnings growth.

謝謝你，弗蘭克，大家早安。第四季業績穩健，為全年業績畫下了圓滿的句點。全年業績符合我們的預期，並反映了我們持續執行推動永續收入和獲利成長的策略。

Fourth quarter revenue of $4.13 billion was at the high end of our guided range and increased 7.9% year-over-year or 8.8% in constant currency. The adoption of the new revenue recognition standard had an $11 million positive impact to revenue in the quarter.

第四季營收為 41.3 億美元，處於我們預期範圍的高端，較去年同期成長 7.9%，以固定匯率計算成長 8.8%。採用新的收入確認準則對本季收入產生了 1,100 萬美元的正面影響。

Banking and Financial Services continued to see slower growth at 2.8% year-over-year in constant currency, driven by softness at a few of our largest banking clients. As we discussed back at our Investor Day in November, the pressure in our banking business has primarily been driven by some of our largest banking clients. 2 of our top 5 clients continue to show good growth going into 2019, while spend at the other 3 clients remains under pressure. Despite the continued pressure in these 3 accounts, the rest of our banking portfolio continues to grow nicely. And based on deals that we've already closed and our late-stage pipeline of deals, we do expect recovery in banking over the course of 2019. As I will discuss in a few moments, we have made significant progress in developing platforms and solutions for the European banking markets and expect to see accelerated growth in those markets in 2019.

受幾家最大銀行客戶業務疲軟的影響，銀行業和金融服務業以固定匯率計算年增 2.8%，成長速度持續放緩。正如我們在 11 月的投資者日上所討論的那樣，我們銀行業務的壓力主要來自我們的一些最大的銀行客戶。進入 2019 年，我們前 5 名客戶中有 2 名繼續保持良好的成長勢頭，而其他 3 名客戶的支出仍然面臨壓力。儘管這三個帳戶持續承壓，但我們銀行業務的其他部分仍繼續保持良好成長。根據我們已經完成的交易和我們後期進行的交易，我們預計銀行業將在 2019 年復甦。正如我稍後將要討論的，我們在為歐洲銀行業市場開發平台和解決方案方面取得了重大進展，並預計 2019 年這些市場將加速成長。

Moving on to Healthcare, which grew 7% year-over-year in constant currency. Growth with our Healthcare payer and provider clients, excluding the contribution from Bolder Healthcare, was impacted by the continued ramp down of an account in which we were a subcontractor to a third party and a temporary slowdown with several large clients involved in mergers, where the potential spending associated with integration work is not yet underway. We expect this to continue into Q1.

接下來是醫療保健產業，以固定匯率計算，該產業較去年同期成長 7%。除 Bolder Healthcare 的貢獻外，我們與醫療保健支付方和提供方客戶的成長受到以下因素的影響：我們作為第三方分包商的某個帳戶持續縮減規模；以及幾家大型客戶因合併而暫時放緩業務，因為與整合工作相關的潛在支出尚未開始。我們預計這種情況會持續到第一季。

As health care delivery is shifting from a fee-for-service to a value-based care model, we are seeing increased collaboration and partnerships across payers and providers, with the focus on effective consumer engagement with data-driven insights. So while we have seen periods of slower growth in health care, we believe that our investments in the industry have positioned us well to take advantage of this shift over the long term.

隨著醫療保健服務從按服務收費模式轉向基於價值的醫療模式轉變，我們看到支付方和提供方之間的合作與夥伴關係日益加強，重點是透過數據驅動的洞察力有效地與消費者互動。因此，儘管我們看到醫療保健行業經歷了成長放緩的時期，但我們相信，我們對該行業的投資已經使我們能夠長期利用這種轉變。

Products and Resources had another strong quarter, showing 15.4% growth year-over-year in constant currency. We were pleased with the good growth in both retail and manufacturing and logistics in Q4 in what is typically a seasonally weak quarter for those industries. Let me give you an example of work we are doing to help clients along their transformation journey in this segment.

產品與資源業務又迎來一個強勁的季度，以固定匯率計算年增 15.4%。第四季度零售、製造業和物流業通常都是淡季，但我們對這兩個行業的良好成長感到滿意。讓我舉個例子來說明我們在這個領域為幫助客戶完成轉型之旅所做的工作。

A leading U.S. fast food chain that pioneered the concept of the classic 1940s drive-through with the on-the-go convenience, is facing the challenge of digital technologies redefining the very concept of convenience. They needed to elevate the guest experience and increase operational efficiencies in order to stay competitive. Cognizant helped to develop an overall digital strategy, and the restaurant chain's first mobile app, including location finding, menu viewing, ordering and online payment, combined with kitchen, customer service and supply chain management tools. When the app was initially launched, purchasers saw an average of 12% increase in order value. It has now been deployed across all 2,000-plus franchise locations.

一家美國領先的快餐連鎖店，率先推出了 20 世紀 40 年代經典的免下車取餐概念，提供便捷的外帶服務，如今正面臨著數位技術重新定義「便捷」概念的挑戰。為了保持競爭力，他們需要提升賓客體驗並提高營運效率。Cognizant 協助制定了整體數位化策略，以及該連鎖餐廳的首款行動應用程序，其中包括位置查找、菜單查看、訂購和線上支付，並結合了廚房、客戶服務和供應鏈管理工具。該應用程式最初推出時，購買者的訂單價值平均增加了 12%。目前已在所有2000多家加盟店部署完畢。

Our Communications, Media and Technology segment had another strong quarter, with year-over-year growth of 20.1% in constant currency, driven by our technology clients. A recent client engagement in our Communications, Media and Technology segment tells our AI and analytics story. A major software company needed to achieve a higher percentage of subscription renewals for its software and services, reduce costly customer churn and drive additional sales. The client, however, lacked the central repository of information about past customer transactions, key decision-makers on accounts or product-related issues, in other words, the very details needed to expand sales and close more deals.

在科技客戶的推動下，我們的通訊、媒體和科技部門迎來了一個強勁的季度，以固定匯率計算年增 20.1%。最近，我們在通訊、媒體和技術領域的一個客戶案例，講述了我們的人工智慧和分析技術故事。一家大型軟體公司需要提高其軟體和服務的訂閱續訂率，減少代價高昂的客戶流失，並推動更多銷售。然而，該客戶缺乏有關過去客戶交易、帳戶或產品相關問題的關鍵決策者等資訊的中央儲存庫，換句話說，缺乏擴大銷售和達成更多交易所需的詳細資訊。

Our team partnered with the client, applying big data and machine learning to develop an automated cloud-based central data repository and predictive analytics that enabled the client to connect the dots of customer behavior across its entire product portfolio. Using machine learning and predictive analytics, the client is now able to predict customer churn with 80% accuracy, take proactive steps to retain high-risk, high-value customers and spot patterns to identify customers most receptive to cross-sell and upsell.

我們的團隊與客戶合作，運用大數據和機器學習技術，開發了一個自動化的基於雲端的中央資料儲存庫和預​​測分析系統，使客戶能夠將客戶行為在其整個產品組合中的各個環節連結起來。利用機器學習和預測分析，客戶現在能夠以 80% 的準確率預測客戶流失，採取積極措施留住高風險、高價值客戶，並發現模式以識別最容易接受交叉銷售和向上銷售的客戶。

Many of you may know that Cognizant was born in the data and analytics space, and we've been consolidating our position here over the last 25 years, so we've been at this for some time. And today, we are a top 3 leader in this market. This is just one example of our analytics and AI practice at work.

你們中的許多人可能知道，Cognizant 誕生於數據和分析領域，並且在過去 25 年裡，我們一直在鞏固我們在這一領域的地位，所以我們在這個領域已經耕耘了一段時間。如今，我們已躋身該市場前三名。這只是我們運用分析和人工智慧技術的一個例子。

Now moving on to geos. The Rest of World grew 4.7% year-over-year in constant currency. Results in Asia Pacific continued to be negatively impacted by the weakness in some of our larger banking clients. Europe grew 20.3% year-over-year in constant currency. Our investments, both organic and inorganic, have given us a solid footprint in Continental Europe, from which we expect continued strong growth.

接下來我們來談談地理。世界其他地區經濟以固定匯率計算年增4.7%。亞太地區的業績持續受到部分大型銀行客戶疲軟的負面影響。以固定匯率計算，歐洲經濟年增20.3%。我們的投資，無論是內生式投資還是外延式投資，都使我們在歐洲大陸站穩了腳跟，我們預計未來將持續強勁成長。

We've grown our geographic footprint organically by expanding our client roster, adding new delivery and operational centers and developing local talent in the markets we serve. Our organic growth has been accelerated with the ramp-up of a number of strategic client engagements in Benelux in banking and manufacturing, Nordics in energy and banking, France in banking and life sciences, Switzerland in life sciences, and Germany with life sciences and communication, media and technology. Acquisitions, such as Netcentric, Hedera, Zone and Mirabeau, have enhanced our digital leadership in the region and complemented our ability to service our clients across the entire range of their digital transformation.

我們透過擴大客戶群、增加新的交付和營運中心以及在我們服務的市場中培養本地人才，實現了地理覆蓋範圍的有機成長。我們在比荷盧經濟聯盟的銀行和製造業、北歐的能源和銀行業、法國的銀行和生命科學、瑞士的生命科學以及德國的生命科學、通訊、媒體和技術等領域，與眾多戰略客戶開展合作，從而加速了我們的有機成長。收購 Netcentric、Hedera、Zone 和 Mirabeau 等公司，增強了我們在該地區的數位化領導地位，並完善了我們為客戶提供全方位數位轉型服務的能力。

As I mentioned earlier, we have made significant progress developing platforms and solutions specifically for banking clients in Europe. These include solutions for core banking, credit operations, cloud transformation and digital transformation. These solutions, which require deep industry expertise and local presence, are expected to bring sizable revenue opportunities in the coming years.

正如我之前提到的，我們在開發專門面向歐洲銀行客戶的平台和解決方案方面取得了顯著進展。這些解決方案涵蓋核心銀行系統、信貸業務、雲端轉型和數位轉型等領域。這些解決方案需要深厚的行業專業知識和本地資源，預計將在未來幾年帶來可觀的收入機會。

As an example of core banking transformation, we've recently announced a partnership with 3 Finnish financial institutions: the Savings Bank Group, Oma Savings Bank Plc and POP Bank Group, to transform and operate the shared core banking platform based on Temenos T24 and Temenos Payment Hub, that will enable their digital transformation plans. More than 10% of Finnish banking deposits and loans will be managed by the new platform. This partnership will not only help support our acceleration of revenue growth, beginning in the second quarter, but over the longer term will provide expanded opportunities in other markets across Europe.

作為核心銀行轉型的一個例子，我們最近宣布與 3 家芬蘭金融機構：儲蓄銀行集團、Oma 儲蓄銀行和 POP 銀行集團建立合作夥伴關係，以改造和經營基於 Temenos T24 和 Temenos Payment Hub 的共享核心銀行平台，這將支持他們的數位轉型計畫。超過10%的芬蘭銀行存款和貸款將由這個新平台管理。這項合作不僅有助於我們從第二季開始加速營收成長，而且從長遠來看，還將為我們在歐洲其他市場提供更多機會。

An example of cloud transformation is our partnership with ABN AMRO clearing to cloud enable its global IT infrastructure and lay the foundation for digital transformation. Further, we have a good pipeline of similar opportunities as we enter 2019.

雲端轉型的一個例子是我們與荷蘭銀行清算公司合作，使其全球 IT 基礎設施實現雲端化，並為數位轉型奠定基礎。此外，進入 2019 年，我們還有一系列類似的好機會。

Shifting now to margins. Non-GAAP operating margin, which excludes stock-based compensation expense, acquisition-related expenses and realignment charges, was 19.5%. Non-GAAP EPS was $1.13, exceeding our guidance, primarily due to a lower non-GAAP tax rate.

現在轉向利潤率。不包括股權激勵費用、收購相關費用及重組費用的非GAAP營業利益率為19.5%。非GAAP每股收益為1.13美元，超過了我們的預期，主要原因是非GAAP稅率較低。

The Q4 GAAP tax rate of 20.6% was lower than our previous guidance of 31%, primarily due to net non-operating foreign exchange gains, driven by the appreciation of the Indian rupee and guidance regarding the GILTI provision of the tax reform act issued in the fourth quarter of 2018. This tax guidance led to a reversal of the incremental income tax expense accrued for this provision earlier in the year.

第四季 GAAP 稅率為 20.6%，低於我們先前 31% 的預期，這主要是由於淨非經營性外匯收益，而淨非經營性外匯收益又受到印度盧比升值以及 2018 年第四季度發布的稅收改革法案中 GILTI 條款相關指導的影響。該稅務指導導致今年稍早為此項準備金提列的增量所得稅費用被沖回。

For the full year 2018, revenue of $16.13 billion represented growth of 8.9% or 8.5% in constant currency. Non-GAAP operating margin was 20.7%, in line with our guidance of approximately 21%. And non-GAAP EPS was $4.57.

2018 年全年，營收為 161.3 億美元，年增 8.9%，以固定匯率計算成長 8.5%。非GAAP營業利益率為20.7%，與我們先前約21%的預期相符。非GAAP每股收益為4.57美元。

As we presented at our Investor Day in November, starting in 2019, we are revising our non-GAAP operating margin and EPS definitions. Going forward, our adjusted operating margin and EPS will no longer exclude stock-based compensation expense and acquisition-related expenses. When calculated under the new methodology, the full year 2018 adjusted operating margin was 18.1% and adjusted EPS was $4.02.

正如我們在 11 月的投資者日上所介紹的那樣，從 2019 年開始，我們將修訂我們的非 GAAP 營業利潤率和每股收益定義。未來，我們調整後的營業利潤率和每股盈餘將不再扣除股權激勵費用和收購相關費用。根據新方法計算，2018 年全年調整後的營業利潤率為 18.1%，調整後的每股盈餘為 4.02 美元。

Now turning to our other metrics. Consulting and technology services represented 58.2% of revenue; and outsourcing services, 41.8% of revenue for the quarter. Consulting and technology services grew 9.5% year-over-year, and outsourcing services revenue grew 5.6% from Q4 a year ago. Consulting growth benefited from the inclusion of several of our recent acquisitions, such as Softvision and ATG, and continued strong demand for digital solutions. Within outsourcing, we saw continued strength in Digital Operations, partially offset by the ramp down of the healthcare customer previously mentioned where we were serving as a subcontractor to a third party.

現在來看其他指標。諮詢和技術服務佔本季營收的 58.2%；外包服務佔本季營收的 41.8%。諮詢和技術服務年增 9.5%，外包服務收入較去年同期成長 5.6%。諮詢業務的成長得益於我們近期收購的幾家公司，例如 Softvision 和 ATG，以及對數位解決方案的持續強勁需求。在外包方面，數位營運業務持續強勁成長，但部分被先前提到的醫療保健客戶的業務縮減所抵消，我們之前是作為第三方分包商為該客戶提供服務。

During the fourth quarter, 37% of our revenue came from fixed price contracts, and transaction-based contracts were approximately 11% of total revenue in the quarter. We added 7 strategic customers in the quarter, defined as those with the potential to generate at least $5 million to $50 million or more in annual revenue. This brings our total number of strategic clients to 385.

第四季度，我們 37% 的收入來自固定價格合同，而基於交易的合約約佔該季度總收入的 11%。本季我們新增了 7 位策略客戶，這些客戶定義為有潛力每年產生至少 500 萬美元至 5,000 萬美元或更多收入的客戶。這使我們的策略客戶總數達到 385 家。

And now moving to an update on operations. In the fourth quarter, we continued to build on the operational improvements we've made in our business over the last 2 years, such as higher levels of utilization, improved pyramid structure, simplification of our business unit overhead structure and a more effective leverage of our corporate function spend.

接下來，我將報告一下營運情況。第四季度，我們繼續鞏固過去兩年在業務運營方面取得的進步，例如更高的利用率、改進的金字塔結構、簡化業務部門的管理費用結構以及更有效地利用公司職能支出。

Net of hedges, our Q4 margins also benefited from the depreciation of the Indian rupee versus a year ago by 120 basis points, which allowed us to continue investing for growth. The solid margin performance also allowed us to absorb the remaining wage increases and promotions in the quarter while achieving our full year non-GAAP operating margin target.

扣除對沖收益後，由於印度盧比較上年同期貶值 120 個基點，我們的第四季利潤率也受益匪淺，這使我們能夠繼續投資以實現成長。穩健的利潤率表現也使我們能夠在本季消化剩餘的薪資成長和晉升，同時實現全年非GAAP營業利潤率目標。

In 2019, we expect continued margin improvement to be underpinned by ongoing improvement in operational efficiency and discipline, a continued shift within our business to focus on higher-value services, improving profitability of our portfolio of large structured contracts and ongoing reassessment of less profitable opportunities that do not further our long-term strategic position.

2019 年，我們預期利潤率的持續提高將得益於營運效率和紀律的不斷提高、業務持續轉向專注於更高價值的服務、提高大型結構化合約組合的盈利能力，以及不斷重新評估那些不利於我們長期戰略地位的盈利能力較低的機會。

From a people and talent perspective, our annualized attrition rate at 19% declined over 300 basis points from Q3 but remains elevated. While we are pleased with the decline in the attrition rate, we continue to focus on our workforce strategy and overall management.

從人員和人才的角度來看，我們的年度員工流動率為 19%，比第三季下降了 300 多個百分點，但仍居高不下。雖然我們對員工流失率的下降感到滿意，但我們將繼續專注於我們的人力資源策略和整體管理。

Turning to our balance sheet, which remains very healthy. We finished the year with $4.5 billion of cash and short-term investments, down $545 million from December 31, 2017. Net of debt, this balance was down by $417 million from December 31, 2017. As a reminder, our cash balance includes restricted short-term investments of $423 million. These restricted amounts are related to the ongoing dispute with the India Income Tax Department.

接下來來看看我們的資產負債表，它依然非常健康。截至年底，我們持有現金和短期投資45億美元，比2017年12月31日減少了5.45億美元。扣除債務後，該餘額比 2017 年 12 月 31 日減少了 4.17 億美元。提醒各位，我們的現金餘額包括 4.23 億美元的受限短期投資。這些受限金額與目前與印度所得稅部門的糾紛有關。

We had strong cash generation in the quarter, with free cash flow of $606 million. On a full year basis, free cash flow of $2.2 billion as the ratio to net income was just over 1x.

本季我們現金流強勁，自由現金流達 6.06 億美元。全年自由現金流為 22 億美元，與淨收入比略高於 1 倍。

Our outstanding debt balance was $745 million at the end of the quarter, and there was no outstanding balance on the revolver. During the fourth quarter, we repurchased approximately 3.6 million shares, and our diluted share count decreased to 579 million shares for the quarter.

截至季末，我們的未償債務餘額為 7.45 億美元，循環信貸額度沒有未償餘額。第四季度，我們回購了約 360 萬股股票，當季稀釋後股票數量減少至 5.79 億股。

I would now like to comment on our outlook for Q1 and the full year 2019. For the full year 2019, we expect revenue to grow 7% to 9% in constant currency. Based on current exchange rates, this translates to growth of 6.3% to 8.3%, reflecting our assumption of a negative 70 basis points for foreign exchange.

現在我想談談我們對2019年第一季和全年的展望。我們預計 2019 年全年營收以固定匯率計算將成長 7% 至 9%。以當前匯率計算，這相當於成長 6.3% 至 8.3%，反映了我們假設外匯匯率為負 70 個基點。

For the first quarter of 2019, we expect to deliver revenue growth of 7.5% to 8.5% in constant currency. Based on current exchange rates, this translates to growth of 5.8% to 6.8%, reflecting or assumption of a negative 170 basis points for foreign exchange.

預計 2019 年第一季度，以固定匯率計算，營收將成長 7.5% 至 8.5%。以當前匯率計算，這相當於成長 5.8% 至 6.8%，反映或假設外匯匯率為負 170 個基點。

For the full year 2019, we expect adjusted operating margins under our revised definition to be approximately 19% and to deliver adjusted EPS of at least $4.40, a 10% increase versus 2018 on a like-for-like basis. This guidance anticipates the full year share count of approximately 578 million shares and a tax rate in the range of 24% to 26%. This tax rate range is consistent with our midterm expectations.

我們預計，根據修訂後的定義，2019 年全年調整後的營業利潤率約為 19%，調整後的每股收益至少為 4.40 美元，與 2018 年相比，按可比口徑計算增長 10%。該指導意見預計全年股份數量約為 5.78 億股，稅率在 24% 至 26% 之間。這稅率區間與我們的中期預期相符。

Guidance provided for our revised non-GAAP measure, adjusted EPS, excludes realignment charges and other unusual items, if any, net nonoperating foreign currency exchange gains and losses from the tax effects of the above adjustments. Our guidance also does not account for the impact from shifts in the regulatory environment, including areas such as immigration and tax.

我們修訂後的非GAAP指標（調整後每股盈餘）的指引不包括重組費用和其他特殊項目（如有），以及上述調整的稅務影響所產生的非經營性外匯損益淨額。我們的指導意見也沒有考慮到監管環境變化的影響，包括移民和稅收等領域。

We are committed to the more balanced approach to capital allocation that we outlined at our Investor Day last November. Beginning in 2019, we intend to utilize approximately 50% of global free cash flow annually for dividends and share repurchases. This should allow us to maintain a dividend payout ratio of about 20% and reduce our outstanding share count by approximately 1% annually. The board has declared a quarterly cash dividend of $0.20 per share for shareholders of record at the close of business on February 21. Additionally, 25% of our annual global free cash flow is intended to be used for acquisitions that enhance our longer-term strategy of enriching our digital capabilities, expanding our geographic footprint and enhancing our vertical expertise. In summary, our solid execution in 2018, along with continued investment in the business, has positioned us well to deliver another solid year of revenue and earnings growth in 2019.

我們致力於推行去年11月投資者日上提出的更平衡的資本配置方法。從 2019 年開始，我們計劃每年將全球自由現金流的約 50% 用於分紅和股票回購。這樣一來，我們就能維持約 20% 的股息支付率，並每年減少約 1% 的流通股數。董事會宣布，截至2月21日營業結束時登記在冊的股東將獲得每股0.20美元的季度現金股利。此外，我們計劃將年度全球自由現金流的 25% 用於收購，以增強我們的長期策略，即豐富我們的數位化能力、擴大我們的地域覆蓋範圍並增強我們的垂直領域專業知識。總而言之，我們在 2018 年的穩健執行，以及對業務的持續投資，使我們有信心在 2019 年實現又一個穩健的收入和利潤增長年。

Operator, we can open the call for questions.

接線員，我們可以開始接受提問了。

(Operator Instructions) Our first question comes from the line of Tien-Tsin Huang with JPMorgan.

（操作員說明）我們的第一個問題來自摩根大通的黃天進。

I want to say, Frank, congrats on a amazing run as CEO. Enjoyed working with you and interacting with you. So best wishes to you and Raj as well. I want to -- let's start with that, I guess, on the CEO transition plan. So Brian Humphries, you gave a lot of good detail there. What stood out for him to be chosen as CEO as an outsider? Can we infer that his international experience may be signals of greater global focus for Cognizant on top of carrying forward the plan you set up 3 months ago?

弗蘭克，我想說，祝賀你作為首席執行官取得瞭如此輝煌的成就。很高興能與您共事並與您交流。也祝你和拉傑一切順利。我想——我想，我們就從執行長過渡計畫開始吧。布萊恩漢弗萊斯，你提供了很多很好的細節。他身為局外人，究竟有哪些特質讓他脫穎而出，被選為執行長？我們是否可以推斷，他的國際經驗可能預示著 Cognizant 除了繼續推進您 3 個月前製定的計劃外，還將更加重視全球化發展？

Tien-Tsin, thanks a lot for the kind words. Yes. Look, I think that I'll say a couple of things. When we set out to think about my successor, the board conducted a thorough process. And what we were really focused on, Tien-Tsin, what's the strategy that we laid out for all of you at Investor Day as the sort of the core of what's going to take the company forward. And as we assessed our choices, Brian is just a solid choice. He is a well-regarded, highly regarded technology executive. He's got a great track record of success across multiple companies, industries, technologies, geographies, roles and organizational cultures. And I think with his global perspective, but also client focus, experience with transformational technologies, he is the right executive to execute on our strategy as digital continues to permeate and power every industry.

天心，非常感謝你的鼓勵和讚揚。是的。我想我該說幾句話。在考慮我的繼任者時，董事會進行了徹底的遴選過程。天心，我們真正關注的是我們在投資者日上向大家闡述的策略，可以說是公司前進的核心。在我們評估各種選擇時，布萊恩無疑是個穩健的選擇。他是一位備受尊敬、聲名卓著的科技業高階主管。他在多家公司、多個行業、多種技術、不同地理、不同職位和不同組織文化中都取得了巨大的成功。我認為，憑藉他的全球視野、以客戶為中心的理念以及在變革性技術方面的經驗，他是執行我們策略的合適人選，因為數位化將繼續滲透並推動各個行業的發展。

Got it, got it. So maybe if I could just add a quick outlook question. Just thinking about fiscal '19, the big differences here in how you might see growth shape up versus 2018. It looks like you're guiding the top end of the outlook to be pretty consistent with what you achieved in '18.

明白了，明白了。所以，我可以再問一個關於前景的問題嗎？僅考慮 2019 財年，與 2018 年相比，成長前景可能會有很大的不同。看起來你正在引導前景的高端與你在 2018 年取得的成就保持相當一致。

So I think that's fair, Tien-Tsin. if you remember back at Investor Day, right, we talked about that we thought near-term -- near to midterm growth would be in the 6% to 9% on an organic constant currency perspective. And that in the near term, we'd be at the lower end of that range. And as we continued to grow and add on more acquisitions, we would move up the range. So as we're seeing this year, we think it plays out very consistently with what we outlined at Investor Day. Q1 is a little bit slower than the full year. But as we talked about in my comments, we are starting to see some nice recovery with some of the new partnerships in Financial Services, particularly in the European markets. And so we're very confident that as we get into the second quarter, that we'll start to accelerate growth in banking, which then obviously supports the overall growth rates for the year. But I think in terms of general trends, obviously, shift to digital continues and really no significant changes from where we saw the recent quarters.

所以我覺得很公平，天心。如果你還記得投資者日的情況，對吧，我們當時討論過，我們認為近期到中期的成長（以固定匯率計算）將在 6% 到 9% 之間。短期內，我們將處於該範圍的下限。隨著我們不斷發展壯大，收購項目不斷增加，我們的價格也會隨之上漲。所以，正如我們今年所看到的，我們認為這與我們投資者日上概述的內容非常吻合。第一季比全年略微放緩。但正如我在評論中提到的，我們開始看到金融服務領域的一些新合作關係帶來了一些不錯的復甦，尤其是在歐洲市場。因此我們非常有信心，進入第二季後，銀行業的成長速度將會加快，這顯然會支撐全年的整體成長率。但就整體趨勢而言，顯然，向數位轉型仍在繼續，而且與我們最近幾季看到的相比，並沒有發生任何重大變化。

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。

I'll echo Tien-Tsin's comments. Frank, congratulations on a phenomenal run. I think we're all curious to see what you're off to next. I will actually start then taking this opportunity to ask you one more long-term industry vision question. As you are moving into a -- moving out of your CEO role at Cognizant, when you look out over the next 5 to 10 years, in what ways in your mind will the IT services industry be meaningfully different? And comment on kind of Cognizant's distinctive positioning relative to those changes, things that perhaps we're not -- we don't have from our seats the opportunity to see in the way that you do.

我同意田進的觀點。弗蘭克，恭喜你取得如此輝煌的成績。我想我們都很好奇你接下來要做什麼。那麼，我將藉此機會再問您一個關於產業長期發展前景的問題。在您即將卸任 Cognizant 執行長一職之際，展望未來 5 到 10 年，您認為 IT 服務業在哪些方面會發生顯著變化？請評論一下 Cognizant 相對於這些變化的獨特定位，以及我們可能無法像您一樣從我們的位置上看到的事情。

Yes. Thanks a lot, Lisa. I appreciate again the kind words. It's been quite a run. And just as an anecdote, I was thinking about it the other day. This is my 48th quarter that I will be reporting as the CEO of this place. So I guess, as a CEO, you measure by public company quarters. Look, I think, Lisa, the -- here's what I would say to your question. I think that as I look forward, the difference that we're going to see over the next 5, 10 years is -- and I've been saying this. It may even sound somewhat clichéd at the moment. But technology is really going from a decade ago, when it was supporting the back office of a business, to really being the very essence of businesses today. I say often that every enterprise is now a technology enterprise. Every business leader is really a technology leader. Every budget can be considered a technology budget inside of our clients. I mean there's really this pervasiveness of technology that we're already starting to see and, therefore, which I think we're going to continue to see as technology becomes just more and more integral to not just businesses, but governments and societies, and so on and so forth.

是的。非常感謝，麗莎。再次感謝您的鼓勵與讚揚。這段旅程可謂精彩紛呈。順便提一下，前幾天我還在想這件事。這將是我擔任這家公司執行長匯報工作的第48季。所以我想，身為CEO，你是以上市公司季度業績來衡量的。麗莎，我覺得──關於你的問題，我會這樣回答。我認為，展望未來，未來 5 到 10 年我們將看到的變化是——我一直都這麼說。現在聽起來可能有點老派。但科技的發展速度已經與十年前截然不同，當時科技只是為企業的後台提供支持，而如今科技已成為企業的核心所在。我常說，如今所有企業都是科技企業。每一位商業領袖其實都是技術領袖。對我們的客戶而言，每一份預算都可以視為一份技術預算。我的意思是，我們已經開始看到科技的普及程度越來越高，而且我認為隨著科技不僅對企業，而且對政府和社會等等都變得越來越重要，這種普及程度還會繼續下去。

Against that context, I think that firms like ours need to really have a set of capabilities that line up directly with that role that technology will play going forward. And that's why I think that the 6 capabilities that we outlined for you at Investor Day are so important. If you look at them as capabilities, they individually represent big market opportunities. But if you look at them as a set, as a group, they really represent what I believe are the core capabilities that every enterprise is going to need to embed deeply into their operations, into their P&L, into their business, so that they can fully take advantage of digital at scale. And so I think that this notion of how you organize yourself as a services business and how you respond to this idea of digital at scale, the pervasiveness of technology across the enterprise is really going to be the core trend that services businesses will have to respond to over the coming decade.

在這種背景下，我認為像我們這樣的公司確實需要具備一系列能力，這些能力與技術在未來將發揮的作用直接相關。這就是為什麼我認為我們在投資者日上向大家介紹的這 6 項能力如此重要的原因。如果從能力的角度來看，它們各自都代表著巨大的市場機會。但如果你把它們看作一個整體，一個群體，它們實際上代表了我認為每個企業都需要深入融入其營運、損益表和業務的核心能力，以便他們能夠充分利用數位化的規模優勢。因此，我認為，服務型企業如何組織自身，以及如何因應大規模數位化、科技在企業中的普及化這一理念，將是未來十年服務型企業必須應對的核心趨勢。

Great. And then maybe as my follow-up, I'll ask the inevitable every 2-years question, I suppose. With new Congress in session, inevitably over the next couple of months, I imagine we'll hear some noise surrounding H1B visa reform. So just perhaps to get ahead of that, can you proactively highlight what progress Cognizant has made over the last couple of years reducing your dependence on H1B visas? I recall -- I believe at Investor Day, you gave some statistics about the percentage of your U.S. workers that are now permanent residents or citizens, et cetera. Can you just maybe put those top of mind before we see any of that noise coming out over the next couple of months?

偉大的。然後，作為後續提問，我想我會問那個每兩年都會問的不可避免的問題。隨著新國會的召開，我估計在接下來的幾個月裡，我們肯定會聽到一些關於 H1B 簽證改革的聲音。為了搶佔先機，您能否主動介紹 Cognizant 在過去幾年中為減少對 H1B 簽證的依賴所取得的進展？我記得——我相信是在投資者日上，您提供了一些統計數據，例如您公司美國員工中現在是永久居民或公民的百分比等等。在接下來的幾個月裡，一旦出現任何相關消息，您能不能先把這些事情放在第一位？

Thanks, Lisa. Look, I always start the immigration questions with a big-picture answer, which is that the reality is that, in many parts of the world, certainly in the United States, many parts of Western Europe, there really is a significant shortage of technology talent, which needs to be addressed for these economies to stay -- to remain competitive. If you go back to the first part -- or your first question, as the world becomes more technology-intensive, we -- these economies really need skilled technologists to maintain a competitive edge. We continue to make progress. At Investor Day, we shared with you that, at the moment, in North America, over 40% of our North American workforce or let's say our U.S. workforce is citizens or permanent residents. We continue to make significant progress, and I expect that in the medium term, we'll be well over 50%.

謝謝你，麗莎。你看，我總是先從大局出發來回答移民問題，那就是現實情況是，在世界許多地方，尤其是在美國和西歐許多地方，確實存在嚴重的技術人才短缺問題，這個問題需要得到解決，這些經濟體才能保持競爭力。回到第一部分——或者說你的第一個問題，隨著世界變得越來越技術密集，我們——這些經濟體確實需要技術嫻熟的人才來保持競爭優勢。我們持續取得進展。在投資者日上，我們向大家透露，目前在北美，我們超過 40% 的北美員工（或我們的美國員工）是公民或永久居民。我們持續取得重大進展，我預計在中期內，我們的目標將遠遠超過 50%。

And I think, Lisa -- this is Karen. If I can just add to that. I mean, as I think you know and if you will recall, last year, we set up our U.S. Foundation, which we funded with $100 million initially to continue to launch more training programs in the U.S. As Frank said, obviously, the biggest challenge is shortage of talent, not just here, but in other parts of the world as well. So we are certainly focused on helping to change that trajectory in the coming years.

我想，麗莎──這位是凱倫。我還可以補充一點。我的意思是，我想您也知道，如果您還記得的話，去年我們成立了美國基金會，最初投入了 1 億美元，用於繼續在美國開展更多培訓計畫。正如弗蘭克所說，顯然，最大的挑戰是人才短缺，不僅在美國，世界其他地區也存在這種情況。因此，我們肯定會致力於在未來幾年內改變這種發展軌跡。

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

我們的下一個問題來自富國證券的 Edward Caso。

I was curious if you could give more color to your strategic accounts, 385 of them. Sort of how many at this point are above the desired $5 million? And maybe like some of your peers, could you array them as to over $100 million, over $50 million? Just give us a little bit more color other than it goes up 7 every quarter.

我很好奇您能否為您的策略客戶（共 385 個）添加更多色彩。目前有多少家公司超過了預期的500萬美元目標？或許就像你的一些同行一樣，你能把它們排列成超過 1 億美元、超過 5000 萬美元的嗎？除了每季上漲 7 之外，請提供更多細節資訊。

Sure. So Ed, this is Karen. All of those accounts are actually over $5 million, and most of them are considerably above $5 million on an annual run rate. We have not broken out how many accounts we have over $100 million, but it is in the range of -- off the top of my head, about 30, over 30 accounts at this point. So there's a fairly large number of significant clients that have emerged over the years.

當然。艾德，這位是凱倫。所有這些帳戶的實際金額都超過 500 萬美元，而且其中大多數帳戶的年運行率都遠遠超過 500 萬美元。我們還沒有公佈超過 1 億美元的帳戶數量，但據我估計，目前大約有 30 多個帳戶。因此，這些年來湧現出了相當多的重要客戶。

All right. And my other question is on the Healthcare. How sensitive are you to winning sort of these large transformational deals to sort of get the Healthcare group back on track. Congrats to Frank.

好的。我的另一個問題是關於醫療保健的。你對贏得這類大型轉型交易，讓醫療保健集團重回正軌有多重視？恭喜弗蘭克。

Thanks, Ed. Look, I don't think we are dependent on winning large transformational deals. The business is built on this -- and the vast majority, whether it's in Healthcare or in any of the other verticals, is built on this idea of continuing to grow with our clients in a methodical way. That usually involves many, many small and medium-sized projects with each client to continue to grow. We will continue to do large transformational deals. We announced the deal that Karen spoke about recent -- this quarter with the 3 Finnish banks. That's a great example of a transformational deal that plays into our strategy, platforms, and so on and so forth. And so I certainly don't -- will not rule out doing those deals going forward. But I don't think the engine or the Cognizant business is built on an assumption that we're going to do those deals to continue to grow.

謝謝你，艾德。你看，我不認為我們依賴贏得大型變革性交易。公司的業務正是建立在這個基礎上的——而且絕大多數業務，無論是在醫療保健領域還是在其他任何垂直領域，都是建立在與客戶一起有條不紊地持續發展的理念之上的。這通常意味著要與每位客戶進行許多許多小型和中型項目，才能持續成長。我們將繼續進行大型變革性交易。我們宣布了凱倫最近提到的那筆交易——本季與三家芬蘭銀行達成的交易。這是一個具有變革意義的交易的絕佳例子，它符合我們的策略、平台等等。因此，我當然不會——也不會排除未來進行這些交易的可能性。但我認為，Cognizant 的業務引擎並非建立在我們能夠透過這些交易繼續發展壯大的假設之上。

And I think, Ed, if I could just also add to what Frank said. And I think we talked about this last quarter a little bit, right. Particularly with the platform deals, so the TMG deal and the EmblemHealth deal, you want certainly that large seed client to launch the platform and be able to build out the capability and so forth. But after that, it actually enables you to add a lot of smaller engagements with smaller clients that historically we may not have not been able to really support in a meaningful way. And we're certainly starting to see that traction now, particularly with the TMG relationship and being able to onboard now smaller opportunities, which obviously you can move a lot faster and they become accretive quite quickly. So that's certainly happening in that side of the business.

艾德，我想補充一下弗蘭克剛才說的話。我想我們在上個季度也稍微討論過這個問題，對吧。尤其是平台交易，例如 TMG 的交易和 EmblemHealth 的交易，你肯定希望有大型種子客戶來啟動平台，並且能夠建立功能等等。但在此之後，它實際上使您能夠與小型客戶進行許多小型合作，而從過去來看，我們可能無法以有意義的方式真正支持這些客戶。我們現在確實開始看到這種勢頭，尤其是在與 TMG 的合作以及能夠抓住一些較小的機會方面，顯然，這些機會可以推進得更快，而且很快就能帶來收益。所以，這種情況確實正在該行業的這一領域發生。

And then, overall, in health care, as we had talked about, there's been obviously a number of mergers that are underway in health care. And while we certainly expect to get our fair share of the integration work once that commences, we certainly have seen a little bit of pullback recently as those clients are planning for integration. That's typical. We said that at some point we thought that would happen, and we've seen that a little bit over the last few weeks. But at some point, they will move into execution of the integration.

然後，總的來說，正如我們之前討論過的，醫療保健領域顯然正在進行許多合併。雖然我們當然期望在整合開始後獲得我們應得的那部分整合工作，但最近我們確實看到，隨著這些客戶制定整合計劃，我們的工作量有所減少。這很常見。我們之前說過，我們認為這種情況遲早會發生，而過去幾週我們已經看到了一些跡象。但到了某個階段，他們就會開始執行整合工作。

Our next question comes from the line of Brian Essex with Morgan Stanley.

我們的下一個問題來自摩根士丹利的布萊恩·艾塞克斯。

Karen, maybe I was maybe -- wondering if you could touch on inorganic contribution in the quarter. You guys had a pretty active fourth quarter with deals, and it sounds like you continued that activity into this year. Just wondering what the contribution is. And how we might anticipate contributions through the remainder of the year? And I have a quick follow-up.

Karen，我可能想問的是——你能不能談談本季非有機成長的貢獻？你們第四季交易非常活躍，而且聽起來你們今年也延續了這種活躍勢頭。想知道貢獻值是多少。那麼，我們該如何預測今年剩餘時間的捐款狀況呢？我還有一個後續問題。

Sure. So M&A contribution in Q4 was about 250 basis points on a year-over-year perspective. That is also true in Q1, so you will see that again in Q1. But for full year '18, it was about 150 basis points on a year-over-year basis versus '17. And in our 2019 guidance, that includes the deals that we have already completed, which is also about 150 basis points of revenue. New deals, as we talked about at Investor Day, we would expect to add about 150 to 200 basis points a year of new deals, so we've obviously done that for '18. We've done it again, included in our '19 guidance, and then new deals in '19 would be beyond that.

當然。因此，第四季併購貢獻年比約為 250 個基點。第一季也是如此，所以你在第一季還會再次看到這種情況。但就 2018 年全年而言，與 2017 年相比，年減了約 150 個基點。在我們 2019 年的業績預期中，這包括我們已經完成的交易，這大約也帶來了 150 個基點的收入。正如我們在投資者日上所討論的那樣，我們預計每年將新增約 150 至 200 個基點的新交易，顯然，我們在 2018 年已經實現了這一點。我們已經再次做到了，這已納入我們 2019 年的業績指引，而 2019 年的新交易將超出這個範圍。

Got it. That's super helpful. And then maybe if we could touch on -- you mentioned in your prepared remarks that the impact of the rupee appreciation gave you a little bit of flexibility to invest for growth. I think some are anticipating a little bit of maybe that's flipping to a headwind this year. And if that's the case, what sort of measures might you have to continue to, I guess, to manage that and continue to invest for growth throughout fiscal '19?

知道了。這太有幫助了。然後，我們或許可以談談——您在準備好的發言稿中提到，盧比升值給您帶來了一些投資成長的靈活性。我認為有些人預計今年可能會出現一些逆風。如果情況確實如此，我想，為了應對這種情況並在整個 2019 財年繼續投資以實現成長，您可能需要採取哪些措施？

Sure. So I mean, we certainly ramped up hiring in the fourth quarter to support growth as we go into '19, and we'll put those folks to good use. I think as we look at '19, utilization stayed fairly consistent last year with '17. We know we've got a little bit of room to continue to push that, if need be. Certainly, we continue to focus on our pyramid as we move into 2019. And then really scaling some of the larger, more structured deals or platform opportunities as we had said really 2 years ago when we had started outlining this new framework that, initially, those deals do tend to be margin dilutive. And as we get into the outer years, which is where we're starting to get now with some of the original ones, you start to see that margin accretion kick in, which then allows us to continue to fund more investments. So those will be some of the major things that we're looking at this year as well as continuing to leverage SG&A. But really, our focus right now is driving for growth and making sure that we're investing in the talent and reskilling and so forth to do that.

當然。所以我的意思是，為了支持 2019 年的成長，我們在第四季確實加強了招募力度，我們會好好利用這些人。我認為，回顧 2019 年，利用率與 2017 年基本保持一致。我們知道，如有必要，我們還有一定的空間可以繼續推進這項事業。當然，進入 2019 年，我們將繼續專注於我們的金字塔模型。然後，正如我們兩年前開始概述這個新框架時所說，真正擴大一些規模更大、結構更複雜的交易或平台機會，這些交易最初往往會稀釋利潤率。隨著我們進入後期階段（我們現在開始看到一些原始項目進入這個階段），你會開始看到利潤成長開始發揮作用，這使我們能夠繼續為更多投資提供資金。所以，這些將是我們今年關注的一些主要事項，同時我們將繼續利用銷售、一般及行政費用。但實際上，我們現在的重點是推動成長，確保我們投資於人才培養、技能提升等方面，以實現這一目標。

Our next question comes from the line of Jim Schneider with Goldman Sachs.

我們的下一個問題來自高盛的吉姆·施耐德。

And good luck to you, Frank, in your next phase of your career. Maybe just to start off, on the overall IT spending environment you're hearing from your customers right now. Clearly, they are spending more on digital, less on maintenance. But can you maybe talk about their overall kind of posture as we go into 2019? Any signs of worries around an economic slowdown or a pullback in IT spending? Or are things pretty much running the same course as they have been?

祝弗蘭克在職業生涯的下一階段一切順利。或許可以先談談您目前從客戶那裡了解到的整體 IT 支出環境。顯然，他們在數位化方面投入更多，而在維護方面投入更少。但您能否談談他們進入 2019 年的整體態度？是否有任何跡象表明經濟放緩或IT支出減少令人擔憂？或者說，事情基本上還是按照之前的方向發展？

Jim, it's Frank. Look, I think, as I said in my prepared comments, what I see is an environment -- as you said, in traditional, in what you would think of as traditional IT, clearly, pressure on running the business, maintenance types of activities in order to free up the dollars to invest in growth. That trend has been going on for a while. Equally importantly, as I said, as technology permeates organizations, I think we are able to tap into new budgets. As I said, almost every budget is now somewhat a technology budget. Whether it's the R&D budget, whether it's the marketing budget, all of these become new sources of opportunity for us. And so overall, I think our market opportunity has never been larger. It continues to expand given technology permeating all aspects of organizations.

吉姆，我是法蘭克。你看，我認為，正如我在準備好的評論中所說，我看到的是一種環境——正如你所說，在傳統的，在你認為的傳統 IT 環境中，顯然存在著運營業務、維護活動方面的壓力，以便騰出資金來投資增長。這種趨勢已經持續了一段時間。同樣重要的是，正如我所說，隨著技術滲透到各個組織中，我認為我們能夠利用新的預算。正如我所說，現在幾乎所有預算都帶有一定的技術預算性質。無論是研發預算還是行銷預算，所有這些都將成為我們新的機會來源。因此總的來說，我認為我們的市場機會從未如此之大。隨著科技滲透到組織的各個層面，它仍在不斷擴展。

I think as it relates to the macro environment, clearly, there are concerns out there about various issues in Europe, in relations with China, and so on and so forth. I haven't seen it yet translate into a meaningful impact on demand for us. And so at this point, when I think about 2019, I see a solid demand environment.

我認為就宏觀環境而言，顯然，人們對歐洲的各種問題、與中國的關係等等都感到擔憂。我還沒有看到它對我們的需求產生實質的影響。所以，展望2019年，我認為市場需求環境穩健。

And then maybe as a follow-up. Regarding the outlook in Financial Services in particular, I think Karen referenced a couple of specific deal wins that would improve the trajectory in Q2. I guess what's your level of confidence in that improvement in financial to sustain itself? And can you maybe just kind of address what you're seeing in your U.S. banking client base as well?

然後或許可以作為後續報道。關於金融服務業的前景，我認為凱倫提到了幾項具體的交易，這些交易將改善第二季的發展軌跡。我想問的是，您對這種財務狀況的改善能否持續下去有多大信心？您能否也談談您在美國銀行客戶群中觀察到的情況？

Sure. So in terms of the confidence, Jim, as we talked about, the Finnish deal, for example, is a signed deal, so we're just waiting for final clearance and closing of that. We have other deals similarly in the pipeline that we're very close to finalizing here. So we have a high degree of confidence, particularly in the European markets in terms of what we're seeing. And then as it relates to -- I'm actually going to talk about North America as well as the top 5. So if you recall at Investor Day, right, we talked about the top 5, and that 2 of them had returned to very nice growth. That continued in Q4 and continues into Q1 where we're talking about, in some cases, double-digit year-over-year growth. And those are obviously very large relationships, so it's a very nice turnaround there. The other 3 accounts continue to be under some pressure. And at this point, we're not -- certainly not assuming a big turnaround for our guidance for those accounts. But then if we look at the rest of the North America banking business, it has and continues to grow quite nicely. It just gets under pressure when you have some of these larger relationships pulling down the overall growth rate of the business.

當然。所以就信心而言，吉姆，正如我們之前討論過的，例如芬蘭的交易已經簽署，所以我們只是在等待最終的批准和完成。我們還有其他類似的交易正在籌備中，也即將完成。因此，我們對目前所見的歐洲市場，尤其是歐洲市場，抱持著很高的信心。然後，關於這一點——我實際上要談談北美以及排名前五的公司。如果你還記得在投資者日上，對吧，我們談到了排名前五的公司，其中兩家已經恢復了非常好的成長。第四季度延續了這一趨勢，並延續到第一季度，在某些情況下，我們談論的是兩位數的同比增長。而這些關係顯然非常重要，所以這是一個非常好的轉變。其他3個帳戶仍面臨一定壓力。目前，我們當然不會——絕對不會——假設我們對這些帳戶的預期會大幅改善。但是，如果我們看看北美銀行業的其他部分，就會發現它過去和現在都保持著相當不錯的成長勢頭。當一些大型合作關係拉低企業的整體成長率時，企業就會面臨壓力。

Our next question comes from the line of Bryan Keane with Deutsche Bank.

我們的下一個問題來自德意志銀行的布萊恩·基恩。

Congrats, Frank. I did want to ask about the CEO change. I'm a little bit surprised it didn't -- the background of Brian isn't somebody with a little more IT services background or an executive from one of your peers or competitors. Can you just talk about why somebody outside the industry necessarily was the right hire for Cognizant?

恭喜你，弗蘭克。我想問一下關於CEO更換的事情。我有點驚訝竟然沒有——布萊恩的背景並不是擁有更多 IT 服務經驗的人，也不是你們同行或競爭對手的高階主管。您能否談談為什麼聘請一位行業外的人士對 Cognizant 來說就一定是合適的？

Thanks, Bryan. As I said before, the board conducted a very methodical search for my successor. We kept in mind very carefully sort of the strategy that we outlined for you during our Investor Day a few months ago. And as we went through that process, we just -- we determined that Brian is the right executive. We think that he's got a terrific track record of success across companies in the technology space, multiple industries, obviously technologies themselves, geographies, roles and organizational cultures. And when we put all of that together, we just think that Brian is the right executive to execute on the strategy that we outlined for you at Investor Day as digital continues to permeate and power, as I said before, every industry.

謝謝你，布萊恩。正如我之前所說，董事會進行了非常系統地尋找我的繼任者。我們始終牢記幾個月前在投資者日上向您概述的策略。在進行這個過程的過程中，我們最終確定布萊恩是合適的管理人選。我們認為他在科技領域的多個行業、多個技術領域、不同地理、不同角色和不同組織文化中都取得了非常出色的成功記錄。綜合所有因素來看，我們認為布萊恩是執行我們在投資者日上向大家概述的策略的合適人選，因為正如我之前所說，數位化正在不斷滲透並推動各個行業的發展。

Okay, that's helpful. And then Karen, on the -- I'm just thinking about the guidance. I know the fourth quarter came in about 8.8% in constant currency. Guidance is calling for 7% to 9%. So I guess you're already running at the high end of the revenue guide. And with Financial Services improving in 2019, just thinking about what pulls down maybe the range towards 7% to 9% and not a touch higher since you guys have a little bit of momentum heading into 2019.

好的，這很有幫助。然後是凱倫，關於──我只是在思考指導意見。我知道第四季以固定匯率計算成長了約 8.8%。指導意見預測為7%至9%。所以我覺得你的收入已經達到預期目標的高端水準了。鑑於金融服務業在 2019 年有所改善，想想是什麼因素可能會將增速拉低至 7% 到 9%，而不是更高，因為你們在進入 2019 年時已經取得了一些進展。

I think, Bryan, I mean, certainly, we -- the guidance is consistent with what we outlined at Investor Day. Q1 is a little soft, which obviously puts a little bit of pressure on the full year, although we're very comfortable with the ramp to the back half of the year. But I think, obviously, we like to be prudent particularly earlier in the year. And as we see things start to evolve, we will certainly take that into consideration. But I think right now, we're very comfortable with this. Consistent with what we said back in November, and we've made the investments to support this growth range for this year.

我認為，布萊恩，我的意思是，當然，我們——這一指導與我們在投資者日上概述的內容是一致的。第一季表現稍微疲軟，顯然會給全年帶來一些壓力，不過我們對下半年的恢復情況非常有信心。但我認為，很顯然，我們喜歡謹慎行事，尤其是在年初的時候。隨著事態的發展，我們一定會將這一點考慮在內。但我認為目前我們對這種狀況非常滿意。正如我們在去年 11 月所說，我們已經進行了投資，以支持今年的這個成長目標。

Our next question comes from the line of Bryan Bergin with Cowen and Company.

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

Regarding your onshore hiring efforts, can you comment on the inflation levels in this tight labor environment, particularly around digital capabilities? And then how are clients responding on pricing and your ability to pass those costs through?

關於貴公司在國內的招聘工作，您能否就當前勞動力市場緊張環境下的通脹水平，特別是數字化能力方面的通脹水平，發表一下看法？那麼，顧客對定價的反應如何？你們能否將這些成本轉嫁給客戶？

I would say a couple of things which we've said in the past. On a like-for-like basis, once you look at sort of all-in costs, our talent base in the U.S., whether that talent base is, if you will, hired locally or folks that are here on some sort of a visa, there isn't a meaningful cost difference between those 2 talent pools. So we are, from a cost standpoint, indifferent. Of course, as I said earlier, we are in a tight -- in a constrained market, as you pointed out. And so given the demand for our services, we're always struggling to find the talent that we need to fulfill our growth ambitions. But like-for-like, all in, the costs are about the same.

我想重申幾句我們過去說過的話。如果同等條件下，考慮到所有成本，我們在美國的人才庫，無論這些人才庫是本地僱用的，還是持某種簽證來到這裡的人，這兩個人才庫之間並沒有實質性的成本差異。所以從成本角度來看，我們並不在乎。當然，正如我之前所說，我們正處於一個資源緊張的市場中，正如你所指出的那樣。因此，鑑於對我們服務的需求，我們一直在努力尋找實現成長目標所需的人才。但總的來說，成本基本上相同。

Yes. And I think -- I'll just add to that too, so talking a little about pricing. So I think, as Frank said, like-for-like, you're not actually seeing a big change. And certainly, I don't think wage inflation, given skills we're hiring, has -- we've seen that in a significant way. What you do see, obviously, is -- and this is always true, skills that are in hot demand come with a high price, but that's no different now versus the last 10 or 20 years. So -- but the flip side is that, in this environment, clients need that talent as much as we do, and you'll get the pricing to accommodate that. So I think, as we talked about last year, pricing has remained quite consistent. And in fact, last year was the first year in quite a while that you actually had some pricing strength in the market because of the shortage of talent, and that trend has continued.

是的。而且我認為——我還要補充一點，那就是談談定價。所以我覺得，就像弗蘭克說的那樣，如果進行同等比較，實際上並沒有發生很大的變化。當然，考慮到我們招募的技能水平，我認為薪資上漲並沒有發生——我們已經在很大程度上看到了這一點。很明顯，我們看到的是——而且一直如此——熱門技能的價格很高，但這與過去 10 年或 20 年的情況並無不同。所以——但另一方面，在這種環境下，客戶和我們一樣需要這種人才，因此價格也會隨之調整。所以我覺得，正如我們去年討論的那樣，價格一直保持相當穩定。事實上，由於人才短缺，去年是近年來市場上首次出現定價優勢，而且這種趨勢仍在持續。

The last thing maybe I'll add, to sort of jump back in. But remember that when we look at our portfolio of digital -- revenue from digital, that is running -- it has and continues to run at above company average margins, which I think speaks to our ability there to drive pricing despite the fact that, in general, the talent pool, as Karen pointed out, in the digital part of the business is a higher-cost talent pool.

最後，我可能還要補充一點，算是重新切入正題。但請記住，當我們審視我們的數位業務組合——即來自數位業務的收入——時，它一直並將繼續保持高於公司平均利潤率的水平，我認為這表明我們有能力推動定價，儘管正如凱倫指出的那樣，數位業務部分的人才庫總體上是一個成本較高的人才庫。

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

我們的下一個問題來自 BMO 資本市場的 Keith Bachman。

First, Frank, congratulations on Brian. I know him from his HP days. I think he's a terrific choice. As a matter of fact, I think getting somebody from outside of industry could certainly help Cognizant quite a bit. So congratulations on that. My question was a little bit different in that, if I read the press release correctly, you're the founder of the company, as you said, have tremendous success over a number of years. You're going to move to the board seat, I think, after a transition period. Frequently, particularly with founders, there are situations in which when new leadership comes on board, they eventually get off to allow the new leadership to have unbridled capabilities to direct the strategy. But it doesn't sound like you plan on doing that. Am I correct in reading that?

首先，法蘭克，恭喜你喜得貴子佈萊恩。我是在他從事惠普工作的時候認識他的。我認為他是個絕佳的人選。事實上，我認為從產業外引進人才肯定能對 Cognizant 有很大的幫助。所以，恭喜你。我的問題略有不同，如果我沒理解錯新聞稿的話，您是這家公司的創始人，正如您所說，您在過去幾年裡取得了巨大的成功。我認為，經過一段過渡期後，你將進入董事會任職。經常會出現這樣的情況，尤其是在創始人身上，當新的領導層加入時，他們最終會退出，以便讓新的領導層擁有不受限制的能力來指導策略。但聽起來你並沒有打算這麼做。我的理解對嗎？

Keith, my primary and really only goal here is to ensure that we do whatever is necessary to make sure that Brian is incredibly successful as we go through the transition and beyond that. And my commitment to my fellow board members and to the company is that I will play whatever role is necessary to make sure that, that happens, and not a bit more than that. And so we will play that as things come. But at the moment, my commitment is to all of you, to our shareholders, to my 282,000 fellow associates around the world and to my fellow board members, that my commitment is to make sure that I do whatever is in my power to ensure we have an absolutely smooth transition.

基思，我在這裡的主要目標，也是唯一的目標，就是確保我們採取一切必要措施，確保布萊恩在過渡期間以及之後都能取得巨大的成功。我對其他董事會成員和公司的承諾是，我將發揮一切必要的作用，確保這件事發生，僅此而已。所以我們會視情況而定。但目前，我對各位、我們的股東、我在全球的 282,000 名同事以及我的董事會成員承諾，我將竭盡所能，確保我們實現絕對平穩的過渡。

Fair enough, fair enough. Just one for you, Karen. I just want to understand 606 in 2019. 606 was a help, both the top line and the margins in 2018. My assumption is it's neutral in 2019. And I know it's hard to predict because it depends on the nature of the contracts. But is that the right assumption, that 606 is neutral to both the top line and to the margins in 2019?

說得對，說得對。凱倫，給你來一杯。我只想了解 2019 年的 606。606 在 2018 年對公司營收和利潤率都有幫助。我的假設是，它在 2019 年保持中立。我知道這很難預測，因為它取決於合約的性質。但這種假設是否正確，即 606 對 2019 年的營收和利潤率都是中性的？

Yes. That is a fair assumption, Keith. And we will no longer -- in 2019, we will not be breaking it out. That was a 1-year requirement to make that disclosure. So -- but for a modeling perspective, just assume it's neutral.

是的。基思，你的假設很合理。2019年，我們將不再舉辦此類活動。當時規定必須在一年內完成資訊揭露。所以——但從建模的角度來看，就假設它是中性的。

Ladies and gentlemen, our last question this morning will come from the line of Rod Bourgeois with DeepDive Equity Research.

女士們、先生們，今天早上的最後一個問題將來自 DeepDive Equity Research 的 Rod Bourgeois。

And I'd echo the last comment. I think Brian is a great hire, and it's nice to see the sort of new thinking about being more global and so on. I wanted to ask in that context a couple of things. Do you expect, as the CEO change occurs, that anything related to guidance or financial targets might be reconsidered? And also, do you expect any management departures related to the CEO change besides the one that's already been announced?

我同意最後一條評論。我認為布萊恩是個很棒的新員工，很高興看到公司有了更多全球化等方面的創新思維。在這種情況下，我想問幾個問題。您是否認為，隨著執行長的更迭，與業績指引或財務目標相關的任何事項都可能被重新考慮？另外，除了已經宣布的那位之外，你預計CEO更迭還會導致其他管理層人員離職嗎？

Rob, it's Frank. Multiple parts to your question there. Let me just, first of all, just say that, as we think about Raj, I want to just say that it's worth really spending a minute to thank Raj for his countless contributions to the growth and success of Cognizant. When Raj joined the company, I think we were $20 million in revenue, and from that, to over $16 billion last year. Raj has provided leadership, operational skills, passion for clients for over 2 decades in a variety of operating roles. And he's, as you know, served as our president for the past 2.5 years. So I just want to thank Raj, acknowledge his many, many, many contributions to the company on this call, and wish him well in his future endeavors.

羅布，我是法蘭克。你的問題包含多個部分。首先，我想說的是，當我們緬懷 Raj 時，我真的想花點時間感謝 Raj 為 Cognizant 的發展和成功做出的無數貢獻。Raj 加入公司時，我們的收入大概是 2,000 萬美元，而去年，我們的收入已經超過了 160 億美元。二十多年來，Raj 在各種營運職位上展現了卓越的領導能力、營運技能和對客戶的熱情。正如你們所知，他在過去兩年半的時間裡一直擔任我們的總統。所以，我只想在這次電話會議上感謝 Raj，感謝他為公司做出的許多貢獻，並祝福他未來一切順利。

I think that as we've outlined for you today, our targets and our guidance for 2019 are based on our best view of the business at this point for the year. We're providing those to you, as we always do, having considered all of the factors that could positively or negatively influence our performance. And this is our best view, and that continues to be the case with the 2019 guidance. I am sure that as Brian comes in, he will bring his perspectives to the role. And when we have updates, we will provide those to you and -- or Brian will going forward. I don't think we have anything else to add to that, Karen.

我認為，正如我們今天向大家概述的那樣，我們 2019 年的目標和指導方針是基於我們目前對公司業務的最佳看法。我們一如既往地向您提供這些信息，同時我們也考慮了所有可能對我們的業績產生正面或負面影響的因素。這是我們目前最好的看法，2019 年的指導方針也是如此。我相信布萊恩加入後，會為這個職位帶來他獨特的見解。如有最新消息，我們會及時通知您，或以後由布萊恩來通知您。凱倫，我想我們沒有什麼要補充的了。

So I guess thanks very much, everybody. Thanks again for joining the call. I want you all to know that I've truly enjoyed the many, many interactions with all of you over the 48 quarters that I've done this. I look forward to introducing Brian to you in the days ahead and during the transition process once he's on board. So thank you very much.

所以，非常感謝大家。再次感謝您參加通話。我想讓大家知道，在過去的 48 個季度裡，我非常享受與大家進行的多次互動。我期待在接下來的日子裡，以及布萊恩入職後的過渡過程中，向大家介紹他。非常感謝。

Thank you, this concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

謝謝，今天的電話會議到此結束。您可以在此時斷開線路。感謝您的參與。