高知特 (CTSH) 2019 Q1 法說會逐字稿

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

女士們、先生們，歡迎參加 Cognizant Technology Solutions 第一季財報電話會議。（操作員指示）現在我將把會議交給投資者關係主管凱蒂·羅伊斯。請繼續，羅伊斯女士。

Thank you, Rob, and good afternoon, everyone. By now, you should have received a copy of the earnings release for the company's first quarter 2019 results. If you have not, a copy is available on our website, cognizant.com. The speakers we have on today's call are Brian Humphries, Chief Executive Officer; and Karen McLoughlin, Chief Financial Officer.

謝謝你，羅布，大家下午好。現在，你應該已經收到該公司 2019 年第一季業績的獲利報告副本了。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 Brian Humphries；以及財務長 Karen McLoughlin。

Before we begin, I would like to remind you that some of the comments made on today's call and some of the responses to your questions may contain forward-looking statements. These statements are subject to the risks and uncertainties as described in the company's earnings release and other filings with the SEC.

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。

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可以為投資者提供有用資訊的非GAAP財務指標。非GAAP財務指標與對應GAAP指標的調節表（如適用）可在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找到。

Before I pass this to Brian, let me address one issue. We understand that there was some inadvertent communication of our release and other materials this afternoon shortly before market closed. Obviously, we are going to take a look into what happened here. We simply wanted to let you know that we are aware of the issue and we will undertake a review.

在把這個交給布萊恩之前，我想先說明一個問題。我們了解到，今天下午市場收盤前不久，我們的新聞稿和其他一些資​​料都被意外洩露。顯然，我們會調查這裡發生了什麼事。我們只是想讓您知道我們已經注意到這個問題，我們將進行審查。

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

接下來，我將把電話交給布萊恩漢弗萊斯。請繼續，布萊恩。

Well, thank you, Katie, and good afternoon, everybody.

謝謝你，凱蒂，大家下午好。

I'm pleased to join you today on my first earnings call as Cognizant's CEO. I've long admired Cognizant from my vantage point at other leading technology companies. Since moving into the role 5 weeks ago, I've been busy getting into the heart of the company's operations. I traveled across 3 continents to listen directly to our clients and partners. I've conducted more than 2 dozen deep dives into our industries, lines of service and regions. And I've met with nearly all of our global executive leadership team and talked to hundreds of our associates in person. I can tell you that the initial reasons for my enthusiasm about Cognizant have been strongly confirmed. I'll share some observations later in the call. This is a great company, and I'm excited to have the opportunity to lead the company forward.

今天我很高興能以 Cognizant 執行長的身份參加我的首次財報電話會議。從我在其他領先科技公司的工作經驗來看，我一直很欣賞 Cognizant。自 5 週前上任以來，我一直忙於深入了解公司的營運核心。我走遍三大洲，直接傾聽客戶和合作夥伴的意見。我對我們的行業、服務線和地區進行了二十多次深入調查。我幾乎與所有全球高階主管團隊成員都進行了會面，並與數百名員工進行了面對面的交談。我可以告訴你，我最初對 Cognizant 充滿熱情的原因已經得到了充分證實。我稍後會在通話中分享一些觀察結果。這是一家很棒的公司，我很高興有機會帶領公司向前發展。

That said, we had a disappointing first quarter performance. We have a lot of work to do to get back to what I believe this company is capable of achieving to seize the market opportunity in front of us. In Q1, our revenue grew 6.8% year-over-year in constant currency to $4.1 billion. This fell short of our guidance and resulted in an earnings shortfall. Our softness in top line growth resulted from a weak performance in Banking and Financial Services, which was flat year-over-year in constant currency and slowing growth in Healthcare, excluding the contribution of Bolder Healthcare Solutions.

儘管如此，我們第一季的業績令人失望。我們還有很多工作要做，才能恢復到我認為公司有能力達到的水平，抓住擺在我們面前的市場機會。第一季度，我們的營收以固定匯率計算年增 6.8%，達到 41 億美元。這低於我們的預期，導致獲利未達預期。我們的營收成長疲軟是由於銀行和金融服務業務表現疲軟，以固定匯率計算同比持平，以及醫療保健業務成長放緩（不包括 Bolder Healthcare Solutions 的貢獻）。

Our revenue performance reflects both external factors, including in-sourcing among a few large Financial Services clients and the spending pullback in Healthcare clients that are in the midst of merger integration as well as Cognizant-specific execution issues that we need to get behind us.

我們的收入表現既反映了外部因素，包括一些大型金融服務客戶的業務內包，以及正在合併整合中的醫療保健客戶的支出縮減，也反映了 Cognizant 特有的執行問題，我們需要克服這些問題。

Offsetting this weakness in Financial Services and Healthcare, we delivered strong double-digit growth in 2 of our other major business segments, Products and Resources and Communications, Media and Technology. Later in today's call, I'll let Karen take you through the details of the quarter.

為了彌補金融服務和醫療保健領域的疲軟，我們在另外兩個主要業務部門——產品和資源以及通訊、媒體和技術——實現了強勁的兩位數成長。在今天的電話會議稍後，我會讓凱倫為大家詳細介紹本季的情況。

Beforehand, I want to offer 3 observations: First, notwithstanding a disappointing Q1, the foundation and capabilities of business are solid and the market opportunity is robust. I've spent enough time reviewing the business and meeting with clients and partners over the last 5 weeks to know this to be true. I want to stress that our customer centricity is as strong as ever. Having met face to face with hundreds of our associates over the past 5 weeks, I can attest to their passion for clients, incredible resourcefulness, innovation and desire to win. Their winning spirit derives from decades of commercial success. This kind of spirit is hard to create but once it becomes the core cultural attribute as it is in Cognizant, it's also hard to break.

在此之前，我想提出三點看法：第一，儘管第一季業績令人失望，但公司的基礎和能力依然穩固，市場機會也十分強勁。在過去的 5 周里，我花了很多時間審查業務，並與客戶和合作夥伴會面，所以我知道這是真的。我想強調的是，我們以客戶為中心的理念一如既往地堅定。在過去的 5 週裡，我與數百名同事進行了面對面的交流，我可以證明他們對客戶的熱情、驚人的創造力、創新精神和必勝的願望。他們必勝的信念源自於數十年的商業成功。這種精神很難培養，但一旦它成為核心文化屬性（就像在 Cognizant 一樣），也很難被打破。

Second, we know we can and must do better. We are committed to delivering consistent financial performance that aligns with the expectations that we set and communicate. And third, we also recognize that the first quarter revenue weakness follows a loss of top line momentum over the past 18 to 24 months.

其次，我們知道我們能夠而且必須做得更好。我們致力於實現與我們所設定和傳達的預期相符的持續財務表現。第三，我們也意識到，第一季營收疲軟是過去 18 至 24 個月營收成長動能減弱的結果。

One of my top priorities is to act to restore top line momentum. Restoring our momentum goes to a question I've been asked many times by associates and others about revenue versus margin trade-offs. I've long believed that it is possible to achieve solid revenue growth and drive margin expansion simultaneously. I've seen nothing to date at Cognizant that changes this belief.

我的首要任務之一是採取行動，恢復營收成長動能。恢復成長動能引出了一個我被同事和其他人多次問過的問題，那就是收入與利潤率之間的權衡。我一直認為，實現穩健的營收成長和利潤率擴張是可能的。到目前為止，我在 Cognizant 公司還沒有看到任何能改變我這種看法的事情。

To do both, we must be fit for growth, and by this, I mean establishing a healthy cost structure that allows us to be cost competitive whilst enabling us to make investments that create value for our clients. Investments, of course, can take many forms, including marketing, demand generation, partnerships, re-skilling, increased sales coverage or increased spend in platforms, tools and automation. I believe cost equals growth. They are not mutually exclusive. Therefore, as we said about reviving top line momentum, we will improve our cost structure as a means to invest in growth and unlock higher levels of performance.

要做到這兩點，我們必須具備成長的條件，我的意思是，要建立一個健康的成本結構，使我們能夠保持成本競爭力，同時使我們能夠進行為客戶創造價值的投資。當然，投資可以採取多種形式，包括行銷、需求創造、合作夥伴關係、技能再培訓、擴大銷售覆蓋範圍或增加對平台、工具和自動化的投入。我認為成本等於成長。它們並非互斥的。因此，正如我們之前所說，為了重振營收成長動能，我們將改善成本結構，以此投資成長並釋放更高的績效水準。

One example is our cost of delivery. During my recent trip to India, I saw firsthand how important our delivery teams are to our strategy. Through our customer engagements, our teams in India not only deliver but also develop solutions and drive customer innovation that bring our digital capabilities to life for clients. This is a prized asset and a valued competitive advantage, but we must also be more efficient to ensure we can accelerate growth.

例如，我們的運費就是一個例子。最近我去印度出差，親眼目睹了我們的交付團隊對我們的策略有多重要。透過與客戶的互動，我們在印度的團隊不僅交付產品，還開發解決方案並推動客戶創新，從而將我們的數位化能力帶給客戶。這是一項寶貴的資產和一項重要的競爭優勢，但我們也必須提高效率，以確保能夠加速成長。

As we set about getting fit for growth, change management, clarity of roles and responsibilities and communication are critical. We will ensure that all of our associates understand the connection between top line momentum and a healthy cost structure and that everyone is clear about our go-forward priorities and their role in making this happen.

當我們著手為發展做好準備時，變革管理、明確角色和職責以及溝通至關重要。我們將確保所有員工都了解營收成長動能與健康成本結構之間的聯繫，並確保每個人都清楚我們未來的優先事項以及他們在實現這些優先事項中的作用。

For example, I want our sales and delivery teams focused on customer acquisition, up-selling and cross-selling within the existing clients, co-creating innovative solutions to customer pain points and maximizing customer satisfaction. Meanwhile, Karen and I will focus on ensuring a rigorous approach to noninvestment costs while prioritizing investments related to growth. Once we get the balance right, in steady state, I believe we can accelerate growth and deliver margin accretion simultaneously.

例如，我希望我們的銷售和交付團隊專注於客戶獲取、在現有客戶中進行追加銷售和交叉銷售，共同創造創新解決方案以解決客戶痛點，並最大限度地提高客戶滿意度。同時，我和凱倫將專注於確保對非投資成本採取嚴格的控制措施，同時優先考慮與成長相關的投資。一旦我們找到合適的平衡點，在穩定狀態下，我相信我們可以同時加速成長並提高利潤率。

That aside, in the meantime, I'm doing what you would expect a new CEO to do. I will dig into every part of the business to fully understand our strategy, market structures, competitive dynamics, client buying behavior, control points and the engagement levels and collaboration of our teams. As I intend to leave no stone unturned, I've already launched a series of work streams to review our growth and margin opportunities. These work streams focus on areas including: our organizational structure, to assess role clarity and decision rights among our verticals, regions and lines of service and to ensure a clear accountability model that drives a culture that is both empowered and performance-oriented.

除此之外，同時，我正在做你們期望一位新任執行長所做的事情。我將深入了解業務的各個方面，以充分了解我們的策略、市場結構、競爭動態、客戶購買行為、控制點以及我們團隊的參與度和協作程度。為了做到萬無一失，我已經啟動了一系列工作流程，以審查我們的成長和利潤機會。這些工作流程重點關注以下領域：我們的組織結構，以評估我們各個垂直部門、地區和服務線的角色清晰度和決策權，並確保建立清晰的問責制模式，從而推動一種既賦能又以績效為導向的文化。

Our sales model, including how we segment customers, align sales coverage and establish sales performance metrics and more leveraged sales commission plans. The must-win battles in our digital strategy as well as the practical matters of ensuring our pivot to digital will be successful via structural leadership and compensation actions. And our delivery model, particularly on lowering the cost of delivery through pyramid actions, tooling and automation and optimizing the mix amongst our delivery locations.

我們的銷售模式，包括我們如何細分客戶、調整銷售覆蓋範圍、建立銷售績效指標以及更具槓桿效應的銷售佣金計劃。我們的數位化策略中必須贏得的戰役，以及透過結構性領導和薪酬措施確保我們向數位轉型取得成功的實際問題。以及我們的配送模式，特別是透過金字塔式行動、工具和自動化降低配送成本，並優化配送地點的組合。

Finally and acknowledging people are at the heart of everything, we have work streams focused on our leadership and culture, emphasizing rigorous data-driven talent management, succession planning and leadership attraction and development. While we're on the topic of leadership, an essential part of my role is to ensure we have the right team in place to propel Cognizant forward. Having conducted over 2 dozen 4- to 5-hour business reviews in the last 5 weeks, I've had a good deal of interaction with most of our senior leaders. I believe we have a highly experienced, deeply knowledgeable and accountable team that serves our clients and shares my commitment to getting the company back to executing the basics well.

最後，我們認識到人才是所有一切的核心，因此我們設立了專注於領導力和文化的工作流程，強調嚴格的數據驅動型人才管理、繼任計畫以及領導力吸引和發展。說到領導力，我的職責中一個重要的部分是確保我們擁有合適的團隊來推動 Cognizant 向前發展。在過去的 5 周里，我進行了 24 次 4 到 5 小時的業務審查，與我們的大多數高階主管進行了大量的互動。我相信我們擁有一支經驗豐富、知識淵博、盡職盡責的團隊，他們為我們的客戶服務，並和我一樣致力於讓公司重新把基本業務做好。

Recognize, however, that when a new CEO joins, some reshaping of the leadership team is inevitable and this has already begun to happen. As you know, with my arrival, Frank D'Souza moved into the role of Executive Vice Chairman and will transition to Vice Chairman of our Board at the end of June. Raj Mehta has stepped down as President. I'm not planning to backfill this role. I want to be deeply engaged in the business and also want to flatten our organizational structure so that we can take out layers of costs, communicate quicker and move with greater speed and agility.

但要認識到，當一位新任執行長上任時，領導團隊的重組是不可避免的，而這種情況已經開始發生了。如你所知，隨著我的到來，弗蘭克·德索薩 (Frank D'Souza) 升任執行副董事長，並將於 6 月底轉任董事會副董事長。拉傑·梅塔已辭去總裁職務。我目前沒有計劃填補這個職位空缺。我希望能夠深入參與業務中來，同時也希望簡化我們的組織結構，以便我們能夠減少成本層級，更快地溝通，並以更快的速度和更靈活的方式行動。

With the view to sharpening our focus and accelerating our growth in digital business, I've just appointed Malcolm Frank as the new President of Cognizant Digital Business. Malcolm will bring significant customer centricity, passion, a strategic mind and a partnership mentality to this critical position.

為了更專注於數位業務並加速其發展，我剛剛任命馬爾科姆·弗蘭克為 Cognizant 數位業務的新總裁。馬爾科姆將為這個關鍵職位帶來以客戶為中心的理念、熱情、策略思維和合作精神。

And to improve our performance in Banking and Financial Services, which represents 35% of Cognizant's annual revenue, I've asked Prasad Chintamaneni, our EVP and President of Global Industries and Consulting, in addition to his existing responsibilities, to also assume the direct management of the banking business on an interim basis. Earlier in his career, Prasad led our Banking and Financial Services segment. Therefore, I'm confident that he will immediately make a difference as we launch the search for a new head of our banking business. Prasad will continue to maintain all of his existing responsibilities in addition to his interim role.

為了提高我們在銀行和金融服務領域的表現（該領域佔 Cognizant 年收入的 35%），我已要求我們的執行副總裁兼全球行業與諮詢總裁 Prasad Chintamaneni，除了他現有的職責外，還暫時承擔銀行業務的直接管理工作。Prasad 早年曾領導我們的銀行和金融服務部門。因此，我相信，在我們啟動尋找新的銀行業務負責人的工作之際，他將立即發揮作用。除了擔任臨時職務外，普拉薩德還將繼續履行他現有的所有職責。

Finally, before turning the call to Karen, I would like to touch briefly on Cognizant's significant market opportunity. One of the things that drew me to Cognizant is our large addressable market. The rates of digitization across industries creates a significant opportunity for us and clients as they recognize digital as both an opportunity and a threat. We built leadership positions in many industry verticals and strong client relationships where we can up-sell and cross-sell our lines of service.

最後，在將電話轉給凱倫之前，我想先簡單談談 Cognizant 的龐大市場機會。吸引我加入 Cognizant 的原因之一是我們龐大的潛在市場。各行業的數位化進程為我們和客戶創造了巨大的機遇，因為他們認識到數位化既是機會也是威脅。我們在許多行業垂直領域建立了領導地位，並與客戶建立了牢固的關係，從而可以向上銷售和交叉銷售我們的服務。

We have an opportunity to further diversify our client base. And on a geographical basis, there's a huge opportunity outside of North America, with our global growth markets currently accounting for just over 1/4 of our total revenues. I believe that we have the right strategy and portfolio of services and solutions to capture the market opportunity, and we will double down on execution to ensure success.

我們有機會進一步拓展客戶群。從地理上看，北美以外的地區蘊藏著巨大的機遇，我們全球成長市場目前佔總營收的四分之一多一點。我相信我們擁有正確的策略以及服務和解決方案組合來抓住市場機遇，我們將加倍努力執行，以確保成功。

We have been focusing over investments on 6 advanced capabilities that our clients need to become fully digital businesses. These 6 capabilities, which form the core of our digital strategy, are: core modernization; digital engineering, where I'm really enthusiastic about the capabilities enabled by Cognizant's Softvision; AI and analytics; intelligent process automation; industry and platform solutions; and interactive customer experiences.

我們一直專注於投資客戶轉型為全面數位化企業所需的 6 項先進能力。構成我們數位化策略核心的這六項能力是：核心現代化；數位工程（我對 Cognizant 的 Softvision 所實現的能力感到非常興奮）；人工智慧和分析；智慧流程自動化；產業和平台解決方案；以及互動式客戶體驗。

To this list, I have added one more capability, Internet of Things. The advent of 5G will vastly expand the impact of IoT and create significant opportunities across our verticals. As we help our customers be successful in a digital world, we need to extend our IoT portfolio of offerings and build out our IoT partnership ecosystem.

我在此基礎上又增加了一項功能：物聯網。5G 的到來將大大擴大物聯網的影響範圍，並在我們各個垂直領域創造重大機會。為了幫助客戶在數位化世界中取得成功，我們需要擴展我們的物聯網產品組合，並建立我們的物聯網合作夥伴生態系統。

We see ample headroom for growth in all of these areas, which offer strong margin profiles and a combined market opportunity that we estimate to be in the hundreds of billions of dollars. As we get after these opportunities, we will be ultraefficient in our legacy operations, prioritizing our investments, investing in partnerships and ensuring we digitize our own operations.

我們認為所有這些領域都有充足的成長空間，這些領域利潤率高，綜合市場機會估計達數千億美元。在掌握這些機會的同時，我們將以超高的效率開展傳統業務，優先考慮投資，投資於合作夥伴關係，並確保我們自身業務的數位化。

In short, my mission is to ensure that Cognizant is well positioned for long-term success. My aim is to leave no stone unturned so that we can identify all opportunities for improvements in growth, efficiency and profitability. I look forward to giving you an update on our progress in the coming quarters. We have a solid strategy, engaged associates and incredible client centricity and we're fully committed to executing this strategy.

簡而言之，我的使命是確保 Cognizant 為長期成功做好充分準備。我的目標是不放過任何機會，以便我們能夠發現所有在成長、效率和獲利能力方面可以改進的地方。我期待在接下來的幾個季度向您報告我們的進展。我們擁有穩健的策略、敬業的員工和以客戶為中心的理念，我們將全力以赴執行這項策略。

Okay. With that, it's my pleasure to turn it over to Karen, who will give you an update on both our operational and financial performance as well as a view on how we see the year ahead. Karen?

好的。接下來，我很高興將發言權交給凱倫，她將向大家報告我們的營運和財務業績，以及我們對未來一年的展望。凱倫？

Thank you, Brian, and good afternoon, everyone.

謝謝你，布萊恩，大家下午好。

While the quarter started as expected, we saw a deterioration in our performance in the second half of the quarter, which led to a slower-than-expected Q1 revenue of $4.11 billion, an increase of 5.1% year-over-year or 6.8% in constant currency. Digital, however, continues to be the most significant driver of our growth and now accounts for over 1/3 of total revenue.

雖然本季開局符合預期，但我們在本季後半段的表現有所下滑，導致第一季營收低於預期，為 41.1 億美元，年成長 5.1%，以固定匯率計算成長 6.8%。然而，數位化仍然是我們成長的最重要驅動力，目前佔總收入的三分之一以上。

Moving to the industry verticals, whereas Brian mentioned the Q1 underperformance were primarily driven by Financial Services and Healthcare. Financial Services growth was flat year-over-year in constant currency driven by both banking and insurance. In insurance, growth was slower than our expectation at the beginning of the year as executive transitions underway at several of our clients slowed the decision-making process in the latter part of the quarter particularly around larger deals in the pipeline.

從產業垂直領域來看，布萊恩提到第一季業績不佳主要是因為金融服務和醫療保健產業造成的。以固定匯率計算，金融服務業年增率持平，主要受銀行業和保險業的推動。在保險業，由於幾家客戶正在進行高階主管更迭，導致本季後半段的決策過程放緩，尤其是在一些大型交易方面，因此年初的成長速度低於我們的預期。

In banking, we continue to see softness at a few of our largest banking clients, but during the quarter, we also saw a more conservative approach to spend with several of our regional banking clients in North America, including some banks that were impacted by M&A activity. Consistent with what we communicated at our Investor Day in November, 2 of our top 5 clients continue to show good growth while spend at the other 3 clients remains under pressure.

在銀行業，我們繼續看到一些最大的銀行客戶出現疲軟跡象，但在本季度，我們也看到我們在北美的一些區域性銀行客戶採取了更保守的支出方式，其中包括一些受到併購活動影響的銀行。正如我們在 11 月的投資者日上所傳達的那樣，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。

We have, however, made progress in furthering our platforms and solutions strategy for the banking clients through the recent acquisition of MeritSoft, a capital market software platform for post-trade receivables and payables processing with offerings in regulatory, tax, operations and fees and billing and the previously announced partnership with 3 Finnish financial institutions to transform and operate a shared core banking platform based on the Temenos platform, which began as expected in the second quarter. However, we are seeing some cautiousness in the banking sector around levels of spend in the second half of the year with a moderating outlook for growth in their business.

然而，我們透過近期收購 MeritSoft（一家提供交易後應收應付款項處理的資本市場軟體平台，產品涵蓋監管、稅務、營運、費用和帳單處理）以及先前宣布與 3 家芬蘭金融機構合作，改造和營運基於 Temenos 平台的共享核心銀行平台，從而在推進面向銀行客戶的平台和解決方案策略方面取得了進展。該合作已於第二季如期啟動。然而，我們看到銀行業對下半年的支出水準持謹慎態度，業務成長前景也趨於緩和。

Moving on to Healthcare, which grew 4.6% year-over-year in constant currency. Within our Healthcare vertical, slower-than-expected growth of our payer client was largely the result of several large clients involved in mergers as well as the accelerated movement of some work to a captive at a large client. The continued ramp-down of an account in which we were a subcontractor to a third party also continued to negatively impact revenue. We expect these trends to continue and likely deteriorate in the second quarter as some of these clients finalize new contract negotiations before embarking on the execution of their integration plans.

接下來是醫療保健行業，以固定匯率計算，該行業年增 4.6%。在我們的醫療保健垂直領域，支付方客戶的成長速度低於預期，這主要是由於幾家大型客戶參與合併，以及一些工作加速轉移到一家大型客戶的專屬部門。我們作為第三方分包商參與的某個專案的持續縮減也持續對收入產生負面影響。我們預計這些趨勢將在第二季度持續，並且可能會惡化，因為其中一些客戶在開始執行其整合計劃之前會完成新的合約談判。

Over the last several years, we've seen periods of heightened industry consolidation in Healthcare, creating pressure on our organic growth rates during those periods. While the revenue associated with integration work that typically follows M&A can be meaningful, we recognize the volatility that has resulted from a handful of large clients over this period. As we broaden our client base within Healthcare by expanding into new care clients through platform offerings developed for contracts such as TMG, as well as the provider space, the diversification of our client mix should over time contribute to more consistent growth.

過去幾年，醫療保健產業經歷了許多產業整合加劇的時期，這給我們的自然成長率帶來了壓力。雖然併購後通常進行的整合工作帶來的收入可能相當可觀，但我們也意​​識到，在此期間，少數幾個大客戶造成了收入波動。隨著我們透過為 TMG 等合約開發的平台產品拓展到新的護理客戶，以及拓展到醫療服務提供者領域，從而擴大我們在醫療保健領域的客戶群，客戶組合的多元化應該會隨著時間的推移，促進更穩定的成長。

Life Sciences saw broad-based acceleration in the quarter, contributing above-company average growth. We are seeing good traction in large enterprise transformation deals and momentum with our industry-specific platforms such as the shared investigator portal for clinical trials.

生命科學領域在本季全面加速成長，貢獻了高於公司平均的成長。我們在大型企業轉型交易中取得了良好的進展，我們的行業特定平台（例如臨床試驗的共享研究者入口網站）也發展勢頭強勁。

Products and Resources had another strong quarter, showing 13.8% growth year-over-year in constant currency. We saw a double-digit growth in constant currency across retail and consumer goods, travel and hospitality as well as manufacturing, logistics, energy and utilities. Building on the momentum that we saw in the fourth quarter, retail continued to perform well despite a handful of bankruptcies in some of our smaller relationships during the quarter. We continue to see strength in cloud and digital engineering services and increased demand for interactive IoT and analytics solutions across clients.

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 13.8%。我們看到零售和消費品、旅遊和酒店以及製造業、物流、能源和公用事業等行業按固定匯率計算均實現了兩位數的成長。延續第四季度的成長勢頭，儘管本季度我們的一些小型合作夥伴出現了一些破產情況，零售業務仍然表現良好。我們持續看到雲端運算和數位工程服務領域的需求強勁，客戶對互動式物聯網和分析解決方案的需求也不斷增長。

Our Communications, Media and Technology segment had another strong quarter with year-over-year growth of 19.6% in constant currency, driven by software and platform clients within the technology sector. Within media and communications, growth was primarily driven by digital services for media and entertainment clients to accelerate their transformation to modern media companies partially offset by slower growth with communications clients involved in industry consolidation. Technology delivered double-digit growth driven primarily by our digital content solutions.

我們的通訊、媒體和技術部門迎來了一個強勁的季度，以固定匯率計算年增 19.6%，這主要得益於科技業的軟體和平台客戶的推動。在媒體和通訊領域，成長主要由面向媒體和娛樂客戶的數位服務推動，以加速其向現代媒體公司的轉型，但部分被參與產業整合的通訊客戶成長放緩所抵消。技術方面實現了兩位數的成長，這主要得益於我們的數位內容解決方案。

Now moving on to geos. The rest of the world grew 7.1% 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. On a constant currency basis, the 3 industry segments outside of Financial Services saw double-digit growth in the quarter. Europe grew 14.3% year-over-year in constant currency. In Continental Europe, we saw strength in Life Sciences and telecom. While a few of our larger banking relationships in Europe remain under pressure, we did see good growth from several of our newer logos.

接下來我們來談談地理。世界其他地區以固定匯率計算年增7.1%。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，除金融服務業以外的三個行業板塊在本季度均實現了兩位數的成長。歐洲經濟以固定匯率計算年增14.3%。在歐洲大陸，我們看到了生命科學和電信產業的優勢。儘管我們在歐洲的一些大型銀行客戶關係仍然面臨壓力，但我們的一些新客戶確實取得了良好的成長。

While North America remains a significant and growing market for us, we see tremendous opportunity for growth in other parts of the world. We have made a number of organic and inorganic investments in Continental Europe, which have given us a strong foundation for future growth. Going forward, we expect to increase our investments and drive an even greater focus on international growth, particularly in Europe.

雖然北美仍然是我們一個重要且不斷成長的市場，但我們也看到了世界其他地區的巨大成長機會。我們在歐洲大陸進行了許多有機和非有機投資，這為我們未來的成長奠定了堅實的基礎。展望未來，我們預計將增加投資，並更加重視國際成長，尤其是在歐洲。

Shifting now to margins. Our GAAP margin and EPS were 13.1% and $0.77, respectively. Our GAAP margin and EPS were negatively impacted by a $117 million accrual related to a recent ruling of the Supreme Court of India interpreting certain statutory defined contribution obligations of employees and employers, which altered the historical understanding of such obligations by extending it to cover additional portions of an employee's income.

現在轉向利潤率。我們的 GAAP 利潤率和每股盈餘分別為 13.1% 和 0.77 美元。由於印度最高法院最近的一項裁決解釋了員工和雇主的某些法定繳款義務，導致我們提列了 1.17 億美元的應計費用，從而改變了人們對這類義務的歷史理解，將其範圍擴大到涵蓋僱員收入的更多部分，因此我們的 GAAP 利潤率和每股收益受到了負面影響。

Our accrual covers prior periods and assumes retroactive application of the Supreme Court ruling. However, as further discussed in the financial tables to our earnings release, there is significant uncertainty as to how the liability should be calculated and whether the Indian government will apply the ruling on a retroactive basis. As such, the ultimate amount of the company's obligation may be materially different from the amount accrued.

我們的應計項目涵蓋先前期間，並假定最高法院的裁決具有追溯效力。然而，正如我們在獲利報告的財務表格中進一步討論的那樣，對於如何計算負債以及印度政府是否會追溯適用該裁決，存在很大的不確定性。因此，公司最終的債務金額可能與已提列的金額有重大差異。

As a result of this ruling, the contributions of our employees and the company in future periods are required to be increased. This change will result in approximately $15 million of incremental spend for the remainder of 2019 related to the employer portion of this contribution.

根據這項裁決，未來期間，我們員工和公司的繳款額需要增加。這項變更將導致 2019 年剩餘時間內，雇主需額外支付約 1,500 萬美元的款項。

Adjusted operating margin, which excludes realignment charges and the $117 million incremental accrual related to the India defined contribution obligation, was 16% and our adjusted EPS was $0.91 in Q1. Q1 margins followed our typical seasonality and were lower than the full year projection. In Q1, we also had the continued absorption of headcount additions and wage increases and promotions from the fourth quarter.

經調整後的營業利潤率（不包括重組費用和與印度固定繳款義務相關的 1.17 億美元增量應計費用）為 16%，第一季經調整後的每股收益為 0.91 美元。第一季利潤率符合我們典型的季節性規律，低於全年預期。第一季度，我們也持續吸收了第四季新增員工、加薪和升遷等因素。

Our adjusted operating margin was below our expectations for the quarter due to costs related to headcount growth outpacing the lower-than-expected revenue growth in the quarter, which negatively impacted operating margins by 70 basis points and EPS by $0.04 and an anticipated increase in bad debt expense related to a few bankruptcy filings by clients, primarily in our Products and Resources segment. This bad debt expense negatively impacted operating margins by 30 basis points and EPS by $0.02.

由於本季與人員成長相關的成本超過了低於預期的收入成長，導致本季調整後的營業利潤率低於預期，營業利潤率下降了 70 個基點，每股收益下降了 0.04 美元。此外，由於部分客戶（主要來自我們的產品和資源部門）申請破產，預計壞帳支出將會增加。這項壞帳支出對營業利潤率產生了30個基點的負面影響，對每股盈餘產生了0.02美元的負面影響。

For the remainder of 2019, we expect margins to remain below our previous expectations but to improve in the second half of the year as we align our cost structure with revised revenue expectations.

2019 年剩餘時間裡，我們預期利潤率將低於先前的預期，但隨著我們調整成本結構以適應修訂後的收入預期，下半年利潤率將有所改善。

As we discussed during our Investor Day back in November, while we have taken steps to improve our cost structure, there remains much more we can do to enhance margins through areas such as pyramid optimization, sustaining higher levels of utilization and improved pricing levers. There is additional opportunity to simplify parts of our business unit overhead structure and take a hard look at the cost of delivery. Additionally, a shift to higher-value services such as digital will continue to support margins. From a people and talent perspective, our annualized attrition rate at 19% is flat with Q4 but remains elevated. We continue to focus on our workforce strategy and overall management.

正如我們在去年 11 月的投資者日上所討論的那樣，雖然我們已經採取措施改善成本結構，但我們仍然可以透過金字塔優化、維持更高的利用率和改進定價槓桿等領域來提高利潤率。我們還有機會簡化業務部門的部分管理費用結構，並認真審視交付成本。此外，向數位化等高價值服務轉型將繼續支撐利潤率。從人員和人才的角度來看，我們的年度人員流失率為 19%，與第四季持平，但仍處於較高水準。我們將繼續專注於人力資源策略和整體管理。

Turning to the balance sheet, which remains very healthy. We finished the quarter with $3.7 billion of cash and short-term investments, down $843 million from December 31, 2018. This decrease is largely due to the $750 million of share repurchases under our stock repurchase program, including the funding of the $600 million accelerated share repurchase program launched in early March and annual bonus payments. As a reminder, our short-term investment balance includes restricted short-term investments of $427 million. These restricted amounts are related to the ongoing dispute with the Indian Income Tax department.

再來看資產負債表，它依然非常健康。本季末，我們持有現金和短期投資 37 億美元，比 2018 年 12 月 31 日減少了 8.43 億美元。這一下降主要是由於我們根據股票回購計畫回購了 7.5 億美元的股票，其中包括為 3 月初啟動的 6 億美元加速股票回購計畫提供資金以及支付年度獎金。提醒各位，我們的短期投資餘額包括 4.27 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 generated $163 million of free cash flow in the quarter. Following the typical seasonal pattern, free cash flow in Q1 was impacted by the timing of our bonus payouts. Additionally, we had an uptick of DSO of 3 days compared to Q1 2018, which negatively impacted free cash flow by $125 million and included an increase in unbilled receivables. We billed approximately 57% of the Q1 unbilled balance in April, which is in line with our historical norms.

本季我們產生了1.63億美元的自由現金流。按照典型的季節性規律，第一季的自由現金流受到獎金發放時間的影響。此外，與 2018 年第一季相比，我們的應收帳款週轉天數增加了 3 天，這導致自由現金流減少了 1.25 億美元，其中包括未開立應收帳款的增加。4 月我們已開立了第一季未開票餘額的約 57%，這與我們以往的正常水準相符。

Our outstanding debt balance was $746 million at the end of the quarter and there was no outstanding balance on the revolver. During the first quarter, we repurchased approximately 9.5 million shares and our diluted share count decreased to 575 million shares for the quarter.

截至季末，我們的未償債務餘額為 7.46 億美元，循環信貸額度沒有未償餘額。第一季度，我們回購了約 950 萬股股票，當季稀釋後股票數量減少至 5.75 億股。

I would now like to comment on our outlook for Q2 and the full year 2019. For the full year 2019, we expect revenue to grow in the range of 3.6% to 5.1% year-over-year in constant currency. Based on current exchange rates, this translates to growth of in the range of 2.7% to 4.2%, reflecting our assumptions of a negative 90 basis points of foreign exchange for the full year. This revised guidance reflects the slower growth in quarter 1 as well as a more muted outlook for Financial Services, including banking and insurance as well as Healthcare.

現在我想談談我們對2019年第二季和全年的展望。我們預計 2019 年全年營收以固定匯率計算將年增 3.6% 至 5.1%。以當前匯率計算，這意味著成長率在 2.7% 到 4.2% 之間，這反映了我們對全年外匯匯率負 90 個基點的假設。此次修訂後的業績指引反映了第一季成長放緩，以及金融服務（包括銀行和保險）和醫療保健產業的前景較為黯淡。

For the second quarter of 2019, we expect to deliver revenue growth in the range of 3.9% to 4.9% in constant currency. Based on current exchange rates, this translates to growth in the range of 2.6% to 3.6%, reflecting our assumption of a negative 130 basis points for foreign exchange for the second quarter. For the full year 2019, we expect adjusted operating margins to be approximately 17% and to deliver adjusted EPS in the range of $3.87 to $3.95. The reduction in our operating margin guidance is primarily the result of headcount which grew faster than revenue for the last 2 quarters.

預計 2019 年第二季度，以固定匯率計算，營收成長率將介於 3.9% 至 4.9% 之間。以當前匯率計算，這意味著成長率在 2.6% 到 3.6% 之間，這反映了我們對第二季外匯匯率負 130 個基點的假設。2019 年全年，我們預計調整後的營業利潤率約為 17%，調整後的每股盈餘將在 3.87 美元至 3.95 美元之間。我們下調營業利潤率預期主要是因為過去兩季員工人數成長速度超過了營收成長速度。

While we will better align our cost structure with our revised revenue growth expectations, we will also continue to invest in talent and development of solutions that further our position in the digital marketplace. In the second quarter, we expect adjusted operating margins to be in line with Q1 at approximately 16% while we take perspective cost alignment actions that will take several months to implement. This guidance anticipates a full year share count of approximately 572 million shares and a tax rate in the range of 24% to 26%.

在我們將更好地調整成本結構以適應修訂後的收入成長預期的同時，我們也將繼續投資於人才和解決方案的開發，以進一步鞏固我們在數位市場中的地位。第二季度，我們預計調整後的營業利潤率將與第一季持平，約 16%，同時我們將採取一些需要幾個月時間才能實施的成本調整措施。該指導意見預計全年股份數量約為 5.72 億股，稅率在 24% 至 26% 之間。

Guidance provided for adjusted EPS excludes realignment charges and any other unusual items, net nonoperating foreign currency exchange gains and losses, the incremental accrual related to the India defined contribution obligation and 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.

調整後每股收益指引不包括重組費用和任何其他異常項目、淨非經營性外匯損益、與印度固定繳款義務相關的增量應計項目以及上述調整的稅務影響。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。

As part of our balanced approach to capital allocation, we intend to utilize approximately 50% of global free cash flow annually for dividends and share repurchases. In Q1, we executed share repurchases that will reduce our average share count for the full year by more than our target of 1%. In addition, the Board has declared a Q2 cash dividend of $0.20 per share for shareholders of record at the close of business on May 22.

作為我們平衡資本配置方法的一部分，我們計劃每年將全球自由現金流的約 50% 用於股利和股票回購。第一季度，我們執行了股票回購，這將使我們全年的平均股票數量減少超過我們設定的 1% 的目標。此外，董事會宣布向截至 5 月 22 日營業結束時登記在冊的股東派發第二季現金股息，每股 0.20 美元。

Additionally, we intend to utilize approximately 25% of global free cash flow on acquisitions and have closed 2 acquisitions thus far in 2019. We continue to look for acquisitions that enhance our longer-term strategy of enriching our digital capabilities, expanding our geographic footprint and enhancing our vertical expertise.

此外，我們計劃將全球自由現金流的約 25% 用於收購，並且 2019 年至今已完成 2 項收購。我們將繼續尋找能夠增強我們長期策略的收購機會，以豐富我們的數位化能力、擴大我們的地域覆蓋範圍並提升我們的垂直領域專業知識。

With that, I will turn the call back over to Brian.

這樣，我就把電話轉回布萊恩了。

Well, thank you, Karen.

謝謝你，凱倫。

Before we take your questions, let me close by saying once again how delighted I am to have the opportunity to lead this great company. My 286,000 colleagues and I recognize that we have work to do to get Cognizant back to basics and to strengthen our execution. We will roll our sleeves up and ensure that we tenaciously follow through on our strategy to produce the kind of results I know Cognizant is capable of achieving. We are all dedicated to our clients, and we are all committed to advancing Cognizant's pivot to digital and spurring the next phase of growth and success.

在回答各位的問題之前，請容許我再次表達我多麼高興有機會領導這家偉大的公司。我和我的 286,000 名同事都意識到，我們還有很多工作要做，才能讓 Cognizant 回歸基本，並加強我們的執行力。我們將擼起袖子加油乾，確保我們堅定不移地貫徹執行我們的策略，以取得我所了解的 Cognizant 有能力取得的那種成果。我們都全心全意為客戶服務，我們都致力於推動 Cognizant 向數位轉型，並推動公司進入下一個成長和成功階段。

And with that, I'll ask the operator to open the lines for your questions.

接下來，我會請接線生開通您的提問線路。

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

（操作員說明）第一個問題來自 Lisa Ellis 與 MoffettNathanson 的對話。

Welcome, Brian. I look forward to working with you.

歡迎你，布萊恩。我期待與您合作。

Thank you.

謝謝。

Can you give a sense -- I know you've just been on the ground, like you said, for 5 weeks or so, but given you've landed in an organization that's clearly in this pretty tough period of transition, can you just map out for us a little bit how you envision the next 6 to 12 months for you looking like? Like where are you going to focus? Are there some immediate shifts and changes you can already envision you might want to make, things you want to be doing faster, investing in more aggressively? Any just early thoughts?

能大致描述一下嗎？我知道你像你說的，到任才5週左右，但考慮到你加入的組織顯然正處於非常艱難的轉型期，你能否為我們大致規劃一下你對未來6到12個月的設想？你打算把重點放在哪裡？您是否已經設想出一些可以立即實施的轉變和改變，以及一些您希望加快實施速度、加大投資力度的事情？有什麼初步想法嗎？

Yes, I'm happy to do so. And ultimately, over the last 5 weeks, I spent my time across 3 continents and ultimately have been prioritizing business reviews, spending time with our associates and spending time with clients and partners. And to a great extent, that will be how I will continue to spend my time going forward. From my point of view, the great news is that we have an exciting market opportunity. The potential is there. But one of the things we're going to have to get back to doing is understanding the relevant trade-offs between costs, investments and growth. I don't view costs and investments to be the same thing, but I do view costs and growth to be the same thing. We have to be fit for growth. So in order to do so, we need to invest in growth. In order to invest in growth, we need to free up dollars for investment. And to a certain extent, Lisa, I really feel that we have to restart the engine that was the secret sauce of Cognizant. We have very engaged associates who have a winning spirit. There's a great opportunity out there but we have to go back to making the investments, getting our cost structure right, really embracing digital and doing the basics well. And sometimes, those basics in companies can be overlooked in terms of structural decision rights, sales commission plans, et cetera, et cetera. If we get all of this right, I think we will be in a position to execute our strategy and to do well.

是的，我很樂意這樣做。最後，在過去的 5 周里，我奔波於三大洲，最終將重點放在業務審查、與同事以及客戶和合作夥伴的交流上。而且在很大程度上，這也會是我未來繼續消磨時間的方式。在我看來，最大的好消息是我們擁有一個令人興奮的市場機會。潛力是存在的。但我們必須重新開始做的一件事是，了解成本、投資和成長之間的相關權衡。我不認為成本和投資是一回事，但我認為成本和成長是一回事。我們必須適應發展。因此，為了實現這一目標，我們需要投資於成長。為了投資成長，我們需要騰出資金用於投資。在某種程度上，麗莎，我真的覺得我們必須重新啟動 Cognizant 的成功秘訣。我們擁有積極敬業、充滿必勝精神的員工。外面有很多機會，但我們必須回到投資階段，理順成本結構，真正擁抱數位化，把基礎工作做好。有時，公司中的這些基本要素，例如結構性決策權、銷售佣金計劃等等，可能會被忽略。如果我們把所有這些都做好，我認為我們將能夠執行我們的策略並取得成功。

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

我們的下一個問題來自摩根大通的黃天進。

Brian, thanks for the thoughtful comments. I wanted to ask you, our understanding was that the Board when they selected the CEO that would ultimately carry out the strategy that they laid out at Investor Day late last year. So given what you've learned and what you described in 1Q results, are the company's longer-term growth and margin goals still relevant? Or are changes required again based on what you've seen and observed?

Brian，謝謝你的寶貴意見。我想問一下，我們之前的理解是，董事會在去年底投資者日上選定執行長時，最終是為了執行他們所製定的策略。鑑於你所了解到的情況以及你在第一季業績報告中的描述，公司的長期成長和利潤率目標是否仍然適用？或者，根據你所看到和觀察到的情況，是否需要再次做出改變？

Well, I can't really comment on what the Board sought in a candidate, so the question is for them to answer over time. What I will say is that 5 weeks into my tenure, I'm still very much in a steep learning curve as you can well imagine. I'm delighted to be here and obviously optimistic about our potential. And why? Of course, as I said, the market opportunity is there to be taken. I'm surrounded by a lot of really smart people with broad-industry knowledge, and I'm going to be leaning on them to help me execute our plan in the years ahead. We do have a base of associates, as I said, that are client-centric, which is a huge asset to have a winning spirit and that's based on years of commercial success. Now we have a set of customers who like Cognizant and that gives us the opportunity to up-sell and cross-sell to our installed base, but we also have an opportunity to go after new customers within our largest and most successful verticals as well as in the other segments and indeed, as Karen touched open, within growth markets. And we have to embrace digital further and leverage our strong C-suite relationships, notably at the CIO stack, to better penetrate the rest of companies in their digital ambitions. What's easy or what's easy to articulate in one hand is obviously harder to execute. You asked me what needs to change. Too early for me to comment and I'll be in a better position to address that obviously down the line in the outer quarters. Maybe let me answer your question indirectly by saying and touching upon some of the work streams that I started. What's really clear and important to me in good companies is that roles and responsibilities are clearly defined. Teams are empowered with responsibility clarification and empowerment, so too goes accountability. And core to all of that is decision rights. And we have a matrix, as every company has a matrix, but we need to, and I will explore, the D, if you will, on a rapid between horizontals, verticals and the deeper markets. There must be clarity in the matrix. I also really want to look at how we get after the sales opportunity and not just in terms of the CIO versus the rest of the C-suite where we, in theory, should be able to better leverage our CIO relationships to cross-sell into the CMO, the COO and indeed the CEO and shift ultimately from the run portion of the business, which will always be under some degree of constraint, into the optimization or transformation portion of the business, leveraging more of a shift to advisory and indeed our digital offerings. But we have to look at some of the basics as well, customer segmentation, commission plans, accounts-based marketing, all of these are critical to growth and it's important to get the basics right and of course, to expand our delivery model. So look, in short, I'm learning the business. But every passing week, I get a little smarter, but I've got a lot to learn, and I'm rolling my sleeves up, as you can imagine with the team, spending time with clients and they themselves will have a huge role to play in informing my priorities going forward.

我無法評論董事會希望候選人具備哪些條件，所以這個問題需要他們隨著時間的推移來解答。我想說的是，上任五週以來，我仍然處於快速學習階段，這一點你可以想像。我很高興來到這裡，而且顯然對我們的潛力充滿信心。為什麼？當然，正如我所說，市場機會就在那裡，等著我們去把握。我身邊有很多非常聰明、擁有廣泛行業知識的人，在未來的幾年裡，我將依靠他們來幫助我執行我們的計劃。正如我所說，我們擁有一群以客戶為中心的員工，這對維持必勝的信念來說是一筆巨大的財富，也是多年商業成功的基礎。現在我們有一群喜歡 Cognizant 的客戶，這讓我們有機會向現有客戶群追加銷售和交叉銷售，但我們也有機會在我們最大、最成功的垂直行業以及其他細分市場中爭取新客戶，正如 Karen 所提到的，在增長型市場中也是如此。我們必須進一步擁抱數位化，並利用我們強大的高階主管關係，特別是與資訊長（CIO）的關係，更好地幫助其他公司實現其數位化目標。容易用一隻手錶達的事情，顯然很難真正執行。你問我需要改變什麼。現在評論還為時過早，顯然，在之後的比賽中，我會更適合就此發表意見。或許我可以間接回答你的問題，談談我啟動的一些工作流程。在我看來，優秀公司真正清晰且重要的一點是，角色和職責都定義得很清楚。團隊透過明確責任和獲得授權而獲得賦能，問責制也隨之增強。而這一切的核心是決策權。我們有一個矩陣，就像每家公司都有一個矩陣一樣，但我們需要，而且我將要探討的是，橫向、縱向和更深層市場之間的快速發展，也就是所謂的「D」。矩陣必須清晰明了。我還想認真研究我們如何把握銷售機會，而不僅僅是專注於資訊長 (CIO) 與其他高階主管之間的關係。理論上，我們應該能夠更好地利用與 CIO 的關係，向首席營銷官 (CMO)、首席營運官 (COO) 甚至首席執行官 (CEO) 進行交叉銷售，並最終從始終受到一定程度限制的業務運營部分，轉向業務的優化或轉型部分，更多地轉向諮詢服務以及我們的數位化產品。但我們也必須專注於一些基本要素，例如客戶細分、佣金計劃、基於帳戶的營銷等等，所有這些對於成長都至關重要，把基礎做好非常重要，當然，還要擴展我們的交付模式。簡而言之，我正在學習這門生意。但隨著時間的推移，我每週都會變得更聰明一點，但我還有很多東西要學，正如你所想，我正在擼起袖子努力工作，與團隊一起，花時間與客戶交流，他們本身將在確定我未來的工作重點方面發揮巨大作用。

The next question is from the line of Brian Essex with Morgan Stanley.

下一個問題來自摩根士丹利的布萊恩‧艾塞克斯。

I guess either Brian or Karen, I was wondering if we might be able to get a little bit more color on the Banking and the Financial Services side, and it sounds like things are a little bit softer than you anticipated particularly with North America and regional banking clients. I was wondering maybe if you could help us wrap our arms around that a little bit to understand what -- where the softness came from and is this a temporary issue? Or might there be a fatter pipeline kind of in the back half of the year as you kind of progress through the year?

我想布萊恩或凱倫，我們或許可以更詳細地了解銀行業和金融服務業的情況，聽起來情況比您預期的要好一些，尤其是在北美和區域性銀行客戶方面。我想問一下，您能否幫我們稍微理解一下，這種柔軟度是從哪裡來的，以及這是否是暫時性的問題？或者，隨著一年時間的推移，下半年可能會出現更充裕的供應管道？

Sure. Brian, it's Karen. I'll take that. So I think certainly, as we've talked about for several quarters, the top 5 banking clients have been under pressure, and we saw some nice recovery in 2 of the top 5 last year and that continues into this year. We haven't really seen any change in the profile of those clients or their behavior. But we did, as we said on the call in my comments, see some pullback in the regional banking clients. Some of it was M&A as we've always talked about when there were acquisitions happening between clients, particularly when both sides of the acquisition are clients of ours. We do tend to see some pullback as the deals are getting finalized and closed before integration spending, so there was a little bit of that in the quarter. But we saw some general softness at some of our other regional clients as well, not on a material basis in any individual client but a number of small pullbacks across the industry. I think it's early to say what's happening in the broader market. But at this point, I don't expect to see significant recovery as we move into the back half of the year. But neither do we expect to see significant deterioration beyond what we've already seen with the 3 of the big 5 banking clients, but it was a little bit of a surprise in the quarter as we got further into it.

當然。布萊恩，我是凱倫。我接受。所以我認為，正如我們幾個季度以來一直在討論的那樣，前五大銀行客戶一直面臨壓力，去年我們看到前五大銀行客戶中有兩家出現了不錯的複蘇，而且這種復甦勢頭延續到了今年。我們並沒有看到這些客戶的特徵或行為有任何變化。但正如我在電話會議上所說，我們確實看到區域銀行客戶出現了一些回落。其中一些是併購，正如我們一直討論的那樣，當客戶之間發生收購時，尤其是當收購雙方都是我們的客戶時，就會出現這種情況。我們通常會看到，在整合支出之前，交易會逐漸敲定和完成，因此會出現一些回調，所以本季度也出現了一些這種情況。但我們也看到其他一些區域客戶出現了一些普遍疲軟的跡象，雖然沒有哪個客戶出現實質的下滑，但整個產業都出現了一些小幅回落。我認為現在判斷整個市場的發展趨勢還為時過早。但就目前而言，我預計進入下半年後不會有明顯的復甦。但我們也不認為情況會比五大銀行客戶中的三家出現更嚴重的惡化，不過隨著季度深入，這種情況確實有點出乎意料。

The next question comes from the line of Keith Bachman with BMO Capital markets.

下一個問題來自 BMO 資本市場的 Keith Bachman。

I want to -- Brian, this is for you, and I wanted to start with your lowering estimates, which I don't candidly think is a surprise but the magnitude's certainly a bit larger than we were thinking. And as you indicated, you've been there a short period of time. And so I just wanted to get kind of comfort level that you had enough time to at least give some assessments that would suggest that the estimates are set at a reasonable spot. And the second part of the question is you are taking a fresh look at things. And one of the things that does surprise me a little bit is the free cash flow targets, in other words, using 25% of your free cash flow for acquisitions. And given your attach rates to some of the troubled banks and the gravity that, that poses, I would think that Cognizant would be well served by perhaps leaning a bit more on M&A as your friends from Accenture are doing in other firms. And so the corollary part of the question, if you saw opportunities that would advance the cause of Cognizant, would you be willing to flex away from some previous statements that were made to advance Cognizant? That's it for me.

我想說——布萊恩，這是給你的，我想先談談你下調的估計值，坦白說，我認為這並不令人意外，但幅度肯定比我們想像的要大一些。正如你所指出的，你在那裡待的時間還不長。因此，我只是想確認你們有足夠的時間至少給出一些評估，以表明這些估算值設定在一個合理的範圍內。問題的第二部分是：你正在以全新的視角看待事物。讓我有點驚訝的一點是自由現金流目標，換句話說，就是將 25% 的自由現金流用於收購。鑑於貴公司對一些陷入困境的銀行的收購率以及由此帶來的嚴重後果，我認為 Cognizant 或許應該像埃森哲的朋友們在其他公司所做的那樣，更多地依靠併購來發展壯大。因此，問題的推論是，如果您看到能夠推動 Cognizant 事業發展的機會，您是否願意放棄先前為了推進 Cognizant 而發表的一些言論？就這些了。

Well, thank you, Keith. Let me first start with capital allocation because the M&A question is inherent in that. Look, you can well imagine, Keith, our Board of Directors and I will continue to evaluate our framework on an ongoing basis, to ensure we're maximizing value for people like you and our shareholders generally. We do have a very strong balance sheet. At this moment in time, there is no change in our previously disclosed capital allocation framework. I will say more explicitly to the question on M&A, it has been and will continue to be a level to -- a lever to execute our strategy. I'm very clear in my mind that M&A is not a strategy. It is a means to execute a strategy. So all acquisitions that come forward to me need to be contextualized against our strategy and we need to have clear business ownership and sponsorship and a clean line of sight to integration. At the moment, we're not working on major acquisitions, and I'm more historically favorable to tuck-in acquisitions as opposed to anything beyond that. And I do think we should be able to use those as a means to an end to drive further revenue growth in line with our strategic ambition. Back to the first part of your question, which relates to the margins, look, everybody knows I've been here 5 weeks so I arrived in April 1, the quarter was closed and immediately, we started looking at the results and trying to decompose them down, understanding what happened in the latter part of the quarter. By definition, I have been focused on what is a secular trend versus a cyclical trend, what is an external factor versus a Cognizant-specific factor? I'm pleased with the work that Karen and I have done to try to get below those as best we can. And I'm obviously focused on putting guidance out there that I know we can actually execute against. And that will enable me to invest in the long-term health of the business to ensure we can drive shareholder value creation. So at this moment in time, that's as much as I can say.

謝謝你，基斯。首先，我想從資本配置的角度來談談，因為併購問題與此密切相關。基思，你可以想像，我和董事會將繼續持續評估我們的框架，以確保我們為像你這樣的人以及我們的股東創造最大價值。我們的資產負債表非常穩健。目前，我們先前揭露的資本配置框架沒有任何變化。關於併購問題，我想更明確地說明，併購一直是並將繼續是我們執行策略的一個槓桿。我非常清楚，併購不是一種策略。這是執行戰略的一種手段。因此，所有提交給我的收購項目都需要根據我們的策略進行分析，我們需要明確的業務所有權和贊助，以及清晰的整合路徑。目前我們沒有進行重大收購，而且從歷史經驗來看，我更傾向於小規模收購，而不是其他任何規模的收購。而且我認為我們應該能夠利用這些資源作為手段，以實現我們的策略目標，從而推動收入進一步成長。回到你問題的第一部分，也就是關於利潤率的問題，大家都知道我在這裡已經 5 週了，我是 4 月 1 日到的，季度已經結束了，我們立即開始查看結果，並試圖將其分解，以了解季度後半段發生了什麼。根據定義，我一直關注的是長期趨勢與週期性趨勢的區別，以及外部因素與 Cognizant 特有因素的差異。我和凱倫為盡可能低於這些目標所做的工作讓我很滿意。顯然，我專注於提出我們能夠實際執行的指導方針。這將使我能夠投資於企業的長期健康發展，以確保我們能夠推動股東價值的創造。所以目前我只能說這麼多。

And I think, Keith, if I could just add to Brian's comments on capital allocation and acquisitions. As you'll recall at Investor Day, what we outlined was a framework that, on average in a given year, we would deploy 50% of our free cash flow for buybacks and dividends, 25% for M&A and then 25% on average goes to India. But we continue to have a very strong balance sheet both with cash and excess capacity for debt if we need it at the appropriate time for acquisitions or other investments.

基思，我想補充布萊恩關於資本配置和收購的評論。您可能還記得，在投資者日上，我們概述了一個框架，即平均而言，在任何一年中，我們將把 50% 的自由現金流用於股票回購和分紅，25% 用於併購，然後平均 25% 用於印度。但我們依然擁有非常強勁的資產負債表，既有充足的現金，也有足夠的債務融資能力，以便在適當的時候進行收購或其他投資。

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

下一個問題來自德意志銀行的布萊恩·基恩。

I know you guys gave guidance on February 6 so I'm just trying to understand in the first quarter, the miss of op income was by $100 million versus [$3 million] and margins ended up being down 170 basis points. So -- and I know we talked about margin expansion this year. Margins were going to be up 100 basis points. Now they're going to be down 100 basis points. So I'm just trying to put what happened to the margin expansion and just the shortfall in revenue for the quarter doesn't make up for it. And I'm sure you knew about headcount, raises already. So I'm just trying to reconcile the differences.

我知道你們在 2 月 6 日給了業績指引，所以我只是想了解一下，第一季營業收入比預期少了 1 億美元，而預期是 300 萬美元，利潤率最終下降了 170 個基點。所以——我知道我們今年討論過利潤率擴張的問題。利潤率將提高100個基點。現在他們將下跌100個基點。所以我只是想說明利潤率擴張發生了什麼，而本季的收入缺口並不能彌補這一點。我相信您已經知道人員編制和加薪的事了。所以我只是想努力彌合這些分歧。

Yes. So I think, Bryan, the way to think about it is that the revenue shortfall was clearly the biggest piece in the sense that we had ramped up hiring in Q4 and then the beginning of Q1 for the anticipated growth this year. And as you know, it's hard to -- you can pull down the hiring but once you have the people on board, you need the revenue to support that. And when we gave guidance, while we did not give quarterly margin guidance, certainly, our Q1 margin does tend to be below the full year average. And so while the 16% adjusted operating margin was slightly below our own expectations, we had expected that there would be a ramp of margins as we went through the year, as revenue continued to build and as we were be able to deploy the headcount that we had bought on in Q4 and the early part of 2019. And I think what you'll see, as I've said, in my comments that margins, there will be a little bit of a different seasonality this year. So margins -- adjusted operating margins in Q1 and Q2 will be roughly the same. Q2 tends to be our strongest margin quarter, but given the pullback of revenue and the headcount that we have on board now, Q2 margins will be similarly in line with Q1 but then we'll see the ramp as we get back into Q3 and Q4, and we can better align the cost structure to the revenue.

是的。所以我認為，布萊恩，看待這個問題的方式是，收入缺口顯然是最大的問題，因為我們在第四季度和第一季初加大了招募力度，以應對今年的預期成長。如你所知，這很難做到——你可以減少招聘，但一旦人員到位，你就需要收入來支持他們。而且，當我們給出業績指引時，雖然我們沒有給出季度利潤率指引，但我們第一季的利潤率確實往往低於全年平均水平。因此，儘管 16% 的調整後營業利潤率略低於我們自己的預期，但我們預計隨著年收入的持續增長以及我們能夠部署在 2019 年第四季度和年初引進的員工，利潤率會逐年提高。正如我在評論中所說，我認為你會看到，今年的利潤率會有一些不同的季節性變化。因此，第一季和第二季的調整後營業利潤率將大致相同。第二季度通常是我們利潤率最高的季度，但鑑於收入下滑和我們目前的員工人數，第二季度的利潤率將與第一季度大致相同，但隨著我們進入第三季度和第四季度，我們將看到利潤率回升，並且我們可以更好地使成本結構與收入相匹配。

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。

Welcome, Brian. Maybe if we could go back to the conversations you've had with clients over your initial month at the company. Can you maybe just talk philosophically about what they've told you about their willingness to potentially give you more business if business conditions were different? In other words, for example, with respect to pricing, is -- do you believe that you could actually accelerate revenue growth at the company by potentially being a little bit more aggressive on pricing? And can you maybe, understanding that you don't believe there's a direct trade-off between revenue growth and margins, just talk about your thoughts on how you could re-accelerate revenue growth beyond all of the kind of temporal issues that are going on with the clients in Banking, Healthcare right now?

歡迎你，布萊恩。或許我們可以回顧一下你入職公司第一個月與客戶的對話。你能不能從哲學角度談談他們跟你說過的話，例如如果商業環境不同，他們是否願意給你更多的業務？換句話說，例如，就定價而言，您是否認為透過在定價方面採取更積極的策略，實際上可以加快公司的收入成長？鑑於您認為收入成長和利潤率之間沒有直接的權衡關係，您能否談談您對於如何才能在銀行業、醫療保健業客戶目前面臨的各種暫時性問題之外，重新加速收入成長的看法？

Yes. I think it's a good question and inherent in that is the notion of elasticity and also our position within clients in terms of where we stand, not just in the legacy but also in the new. I've seen quite a lot of clients across 3 continents and I have approached those meetings very openly, soliciting feedback on Cognizant, on our brand, on what we stand for, on our client teams and delivery and project management. I've tried to obviously, in the same vein, understand what those customers are working on. And I would say very clearly and consistently, spend pressure continues on the run side of the business, in Financial Services, everywhere else kind of in a pretty consistent theme. And all firms are fully aware of the do-or-die notion that digital disruption brings their way. So they are in a highly competitive market with legacy competitors as well as new. And so very often, the message is we have to find ways to get our investments down in legacy, free up dollars for investments in security but also free up dollars for innovation to enable them to better participate in the digital world, if you will. So there is spend but it's not always where we would traditionally played. And so our task is to optimize our portfolio, being as efficient as possible in our legacy business and better positioning ourselves then in the digital world. And that brings with it complications as well as opportunities. The nature of the contracts, from longer-term contracts to more project-based contracts, is the fact that we have to juggle with the nature of the skills required to get at those opportunities and the relationships, how we get in the front door, how we leverage our strength with CIOs and strong customer NPS to sponsors with their CMOs, COOs, CEOs, how we get the right skill sets, who we talk to, how we talk to them, how we follow up, what collaterals leave. You name it. It's fundamentally an opportunity for us but also something we have to grow into and continue to flex our muscles in as we become more of an advisory element. Cognizant Digital Business is really important to making that happen. Winning new logos, of course, will enable us to grow too. But more broadly, almost 2/3 of our business is in Financial Services and Healthcare so it's important that we turn those businesses around. It's important that we buttress our North America business with further growth in global growth markets, which grew 12% in the first quarter. And if we get all of those things right and invest for growth, I am confident that over time in a steady state, we will be able to simultaneously deliver better margins and accelerated growth. At this moment in time, of course, we have a lot of work to do.

是的。我認為這是一個好問題，其中蘊含著彈性的概念，也關乎我們在客戶心中的地位，不僅包括傳統方面，也包括新興方面。我與來自三大洲的眾多客戶會面，我以非常開放的態度對待這些會議，徵求他們對 Cognizant、我們的品牌、我們的理念、我們的客戶團隊以及交付和專案管理的反饋意見。顯然，我也嘗試以同樣的方式去了解這些客戶正在做些什麼。而且我會非常明確、一致地指出，在金融服務等各個領域，營運方面的支出壓力持續存在，這幾乎是一個一致的主題。所有公司都充分意識到，數位化顛覆為它們帶來了生死攸關的局面。因此，他們身處在一個競爭非常激烈的市場，既有老牌競爭對手，也有新興企業。因此，我們經常聽到這樣的觀點：我們必須想辦法減少對傳統技術的投入，騰出資金用於安全方面的投資，同時也要騰出資金用於創新，使他們能夠更好地參與到數位世界中來。所以雖然有消費，但並不總是在我們傳統上會消費的地方。因此，我們的任務是優化我們的業務組合，在傳統業務中盡可能提高效率，並在數位世界中更好地定位自己。這既帶來了機遇，也帶來了挑戰。從長期合約到專案型合同，合約的性質決定了我們必須權衡獲得這些機會和建立關係所需的技能的性質，如何敲開大門，如何利用我們與首席資訊長 (CIO) 和強大的客戶淨推薦值 (NPS) 的優勢與贊助商的首席營銷官 (CMO)、首席營運官 (COO)、首席執行官 (CEO) 建立技能，如何與我們你能想到的。從根本上說，這對我們來說是一個機會，但同時也是我們需要成長並不斷鍛鍊自身能力，成為更多顧問的角色的過程。Cognizant Digital Business 對實現這一目標至關重要。當然，贏得新的標誌設計也能幫助我們成長。但更廣泛地說，我們近三分之二的業務都在金融服務和醫療保健領域，因此扭轉這些業務的頹勢至關重要。我們必須透過在全球成長型市場（第一季成長了 12%）的進一步成長來鞏固我們在北美的業務。如果我們把所有這些事情都做好，並投資於成長，我相信隨著時間的推移，在穩定的狀態下，我們將能夠同時實現更高的利潤率和更快的成長。當然，目前我們還有很多工作要做。

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

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

Welcome, Brian, and nice to have the fresh perspective. Hey, I just want to go back to where we had been recently. I mean, it does seem that the Analyst Day and the related financial targets that were set by the outgoing management, it does seem that those targets were awkwardly timed. And so I just wanted to inquire a couple of things. One, has the process for forecasting, risk rating, prospects in the pipeline and so on, has that process changed as you've come to the helm? And two, is there a plan for the role that Frank will be playing going forward? Is he ultimately going to transition out or is he staying for an extended period? So any clarity on that in the context of having these financial targets that were issued when there was the CEO change eminently about to occur. I think a lot of people are now, especially now, wrestling with the awkwardness that was created with that. So has the guidance process and the forecasting assumptions and approach changed? And is there a plan for the role of Frank going forward?

歡迎布萊恩，很高興能有這樣的新視野。嘿，我只想回到我們最近去過的地方。我的意思是，分析師日以及即將離任的管理層設定的相關財務目標，似乎時機安排得非常尷尬。所以我想問幾個問題。第一，您上任後，預測、風險評級、潛在客戶開發等流程是否有改變？第二，對於弗蘭克未來將扮演的角色，是否有任何計畫？他最終會離開還是會繼續留任一段時間？因此，在執行長即將更換之際發布的這些財務目標，能否對此做出澄清？我認為現在很多人，尤其是現在，都在努力克服由此產生的尷尬局面。那麼指導過程、預測假設和方法是否有改變？那麼，弗蘭克未來的發展方向有什麼計畫嗎？

Well, let me first start with the latter question around Frank, who's been nothing short of a gentleman in the transition period with me and I've been delighted to have the opportunity to spend time with him and work with him. He's somebody I reach out to almost on a daily basis to get guidance and counsel within the same vein. He's clear that he hasn't gone from the CEO role for the next 3 months or the next 2 months at this stage to move into an EVP or Executive Vice Chairman role and thereafter will transition to the Board, and I'm sure will be available for me in a nonoperational capacity but as a counselor, as needed and as I choose to use. With regards to the process for forecasting and the Investor Day guidance and Q1 guidance, I can't really comment on the past. It's very clear obviously that I understand the importance of setting expectations we can meet and consistency of earnings. It's something that I hold near and dear to my heart. We will continue to work to get rigor in our forecasting process and not just forecasting but an annual budget process. Forecasts happen on a monthly basis, bottom up from accounts. But at the end of the day, we set a cost structure and we set leadership bonuses based on the annual budget. So we want to make sure we're rigorous not just against forecasting and predictability of guidance but also against the inherent plan as we enter a year.

好吧，首先讓我回答關於弗蘭克的後一個問題。在過渡時期，他一直是一位非常紳士的人，我很高興有機會與他共事。我幾乎每天都會聯繫他，就同一方面的問題尋求指導和建議。他明確表示，在接下來的三個月或兩個月內，他不會從執行長的職位轉任執行副總裁或執行副董事長，之後才會過渡到董事會。我相信，他會在我需要的時候，以顧問的身份，以非營運人員的身份為我提供幫助，這取決於我的需要和選擇。關於預測流程、投資者日指引和第一季指引，我無法對過去的情況發表評論。很顯然，我明白設定我們能夠實現的預期以及維持收入穩定性的重要性。這是我心中無比珍惜的東西。我們將繼續努力提高預測流程的嚴謹性，不僅是預測，還有年度預算流程。預測是按月進行的，從帳戶開始自下而上地進行。但歸根結底，我們制定了成本結構，並根據年度預算設定了領導獎金。因此，我們希望確保我們不僅嚴格遵守預測和指導的可預測性，而且嚴格遵守我們進入新一年時固有的計劃。

The next question comes from the line of Darrin Peller with Wolfe Research.

下一個問題來自 Wolfe Research 的 Darrin Peller。

Listen, just to dissect the shortfall on revenue versus your initial outlook, I mean, when we think of the magnitude of $500 million, $600 million of revenue here, I guess I'd just love to get a little more granularity as to how much of this is a handful of large clients, how much of it is broad-based? And then really I didn't hear you say a digital, so a digital revenue growth rate. Maybe if you can give us that and if that's not been really enough to offset what you're seeing is legacy revenue decelerating at a faster pace now.

聽著，為了分析一下收入與最初預期之間的差距，我的意思是，當我們想到這裡5億美元、6億美元的收入規模時，我想更詳細地了解一下，這其中有多少是少數幾個大客戶的收入，又有多少是廣泛的收入？而且我沒聽到你說“數字”，也就是“數字收入成長率”。或許如果您能提供這些訊息，而這些資訊還不足以抵消您目前看到的傳統收入成長加快放緩的情況。

So Darrin, it's Karen. So the digital, what we said in my comments was that it's about 1/3 of revenue now. It grew low -- above 20% but low 20s so consistent with where it was running towards the end of last year so no real significant changes there.

達林，我是凱倫。所以，正如我在評論中提到的，數位業務目前約佔總收入的三分之一。它增長緩慢——高於 20% 但低於 20%，與去年年底的運行情況一致，因此沒有發生真正的重大變化。

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

我們的最後一個問題來自 Bryan Bergin 和 Cowen 的問題。

I wanted to ask on Healthcare. With the political cycles starting to ramp and then the rhetoric around health insurance also ramping, can you discuss what you're seeing in spending behavior in conversations with your managed-care clients. I'm trying to understand the underlying outlook here that's independent of the captive and also independent of the account ramping down. And really, when do you expect that segment can potentially show a turn of the corner here?

我想問一些關於醫療保健方面的問題。隨著政治週期開始升溫，圍繞健康保險的言論也隨之升溫，您能否談談您在與管理式醫療客戶的對話中觀察到的支出行為？我試圖理解這裡潛在的前景，這與專屬帳戶無關，也與帳戶縮減無關。那麼，你認為這一領域何時才能出現轉機呢？

So it's Karen. So I don't -- I think the behavior we saw in Q1 was really related primarily to the merger and acquisition activity that we've seen in Healthcare. So as we all know, there's been 2 very large mergers in the last few months. All 4 of those companies were clients of ours. And that was the majority of where we saw some pullbacks and where we expect see some deterioration, as we said, going into Q2 and sluggishness for the rest of the year. And then we had 1 large client that did accelerate the move to a captive during the quarter. At this point, I think it's more about those client-specific situations versus anything that might be happening in the broader regulatory environment with Healthcare, but I'll ask Brian to maybe add some color to that as well.

原來是凱倫。所以我不認為——我認為我們在第一季看到的行為主要與我們在醫療保健領域看到的併購活動有關。眾所周知，最近幾個月發生了兩起非常大的併購案。這四家公司都是我們的客戶。而這正是我們看到一些回調以及預計在第二季度出現一些惡化，並在今年剩餘時間保持疲軟的主要原因。然後，我們還有一位大客戶在本季度加快了向自建伺服器的過渡。我覺得目前更多的是關於客戶的具體情況，而不是醫療保健領域更廣泛的監管環境，但我會請布萊恩也補充一些細節。

Well, thanks, Karen. Well, first of all, it bifurcates. Obviously, Life Sciences has been very strong and grew double-digit, as we said. In the Healthcare payer business, we've had a different story and certainly excluding some M&A, it's been slow. I would say on a positive nature, healthcare is still about 18% of the nation's GDP and we're starting from a position of strength. So we need to understand. Of course, we've had disappointing Healthcare results this quarter but we need to do better. In the last few days, I've spent about 3 hours with CIOs of some of the largest healthcare companies in the world. And the message I received was very clear. Help them to run to optimize their opportunities which optimize their run business and get cost savings and yet they are very open to embracing Cognizant on their transformation and digital agenda where we have so much opportunity, and so it's for us now and Malcolm in his new role to get after those opportunities and make sure we bring our assets to bear in customers where we historically had very strong customer satisfaction and growing business in prior years.

謝謝你，凱倫。首先，它分叉了。正如我們所說，生命科學領域顯然發展勢頭強勁，實現了兩位數的成長。在醫療保健支付業務領域，情況則有所不同，當然，除了部分併購之外，發展速度一直很慢。從正面的角度來看，醫療保健仍然佔國民生產毛額的 18% 左右，而我們正處於一個有利的起點。所以我們需要了解。當然，本季我們的醫療保健業務表現令人失望，但我們需要做得更好。過去幾天，我花了大約 3 個小時與世界上一些最大的醫療保健公司的資訊長們進行了交流。我收到的訊息非常明確。幫助他們優化營運機會，從而優化業務，節省成本。他們非常樂意在其轉型和數位化議程中接納 Cognizant，我們有很多機會。因此，現在輪到我們和 Malcolm 在他的新職位上抓住這些機會，確保我們能夠將自身優勢運用到客戶身上，而這些客戶在過去幾年中一直保持著很高的客戶滿意度和業務增長。

And with that, that concludes today's call. Thank you all for joining and for your questions.

今天的電話會議到此結束。感謝各位的參與與提問。

Thank you.

謝謝。

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

感謝您參加今天的電話會議。現在您可以斷開線路了。感謝您的參與。