高知特 (CTSH) 2019 Q2 法說會逐字稿

Ladies and gentlemen, welcome to the Cognizant Technology Solutions second quarter earnings conference call. (Operator Instructions) I would now like to turn the conference over to Katie Royce, Global Head of Investor Relations at Cognizant. Please go ahead.

女士們、先生們，歡迎參加 Cognizant Technology Solutions 第二季財報電話會議。（操作員指示）現在，我將把會議交給 Cognizant 全球投資者關係主管 Katie Royce。請繼續。

Thank you, Jeremy, and good afternoon, everyone. By now, you should have received a copy of the earnings release for the company's second 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，傑里米，大家下午好。現在，您應該已經收到該公司 2019 年第二季業績的收益報告副本。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 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。在適當情況下，非GAAP財務指標與相應的GAAP指標的調節表可以在公司的獲利報告和向美國證券交易委員會提交的其他文件中找到。

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

接下來，我將把電話交給布萊恩漢弗萊斯。請繼續，布萊恩。

Thank you, Katie, and good afternoon, everybody, and thanks for joining.

謝謝你，凱蒂，大家下午好，謝謝各位的參與。

Earlier today, we announced results for our second quarter. Q2 revenue grew 4.7% year-over-year in constant currency to $4.14 billion and non-GAAP EPS was $0.94. While we are pleased that we met our revenue and margin guidance, we are not satisfied with this level of performance. Our second quarter results do not reflect what Cognizant is capable of achieving in this market environment, neither on revenue growth nor margin rate. So as we said about correcting these trends, I'm convinced that a large part of what we need to do is in our own control.

今天早些時候，我們公佈了第二季業績。第二季營收以固定匯率計算年增 4.7% 至 41.4 億美元，非 GAAP 每股收益為 0.94 美元。雖然我們對營收和利潤率達到預期目標感到滿意，但我們對目前的業績水準並不滿意。我們第二季的業績並不能反映 Cognizant 在當前市場環境下所能取得的成就，無論是在營收成長或利潤率方面。正如我們之前所說，要糾正這些趨勢，我相信我們很大程度上可以掌控自己需要做的事情。

Softness in Banking and Financial Services, which was up 1.7% year-over-year in constant currency, and Healthcare, which was down 1.5% in constant currency, impacted second quarter revenue growth. While certain market dynamics have impacted our results, I believe that much of our weakness in Banking and in the non-Life Sciences portion of Healthcare is attributable to Cognizant-specific issues.

銀行業和金融服務業（以固定匯率計算年增 1.7%）以及醫療保健業（以固定匯率計算年減 1.5%）的疲軟影響了第二季的營收成長。雖然某些市場動態影響了我們的業績，但我認為我們在銀行業和非生命科學醫療保健領域的疲軟很大程度上是由於 Cognizant 本身存在的問題造成的。

My interaction with clients in both industries underline that they are committed to investing in innovation to help increase their competitiveness and growth. Specific to our banking practice, we've recently implemented a new operating model, which includes a team solely focused on new logos, a team dedicated to the platinum accounts which are a subset of our largest global clients and a banking practice and solutions team to ensure we develop more compelling thought leadership and better align the key partners.

我與這兩個行業客戶的交流表明，他們都致力於投資創新，以提高自身的競爭力並促進成長。就我們的銀行業務而言，我們最近實施了一種新的營運模式，其中包括一個專門負責新客戶的團隊、一個專門負責白金帳戶（我們最大的全球客戶群的一部分）的團隊，以及一個銀行業務和解決方案團隊，以確保我們發展出更具吸引力的思想領導力，並更好地協調關鍵合作夥伴。

In Healthcare, factors such as the in-sourcing of a large health care payer client and the spending pullback by clients that are in the midst of merger integration impacted our performance in the quarter. Fundamental market changes are reshaping health care requiring our clients to do more with less and get ahead of regulatory compliance and complexity while dealing with cyber threats and privacy concerns. We have a market-leading position in Healthcare and a position of considerable strength upon which to build.

在醫療保健領域，大型醫療保健支付方客戶的業務內包以及正在進行合併整合的客戶削減支出等因素影響了我們本季的業績。根本性的市場變化正在重塑醫療保健產業，要求我們的客戶以更少的資源做更多的事情，並在應對網路威脅和隱私問題的同時，領先於監管合規和複雜性。我們在醫療保健領域擁有市場領先地位，並具備相當強大的發展實力。

I believe industry specialization would be more important than ever with this shift to digital and hence, expect to be spending a great deal of time with our Healthcare business and clients to ensure we turn around this prized asset.

我認為，隨著數位轉型，行業專業化將比以往任何時候都更加重要，因此，我預計會花費大量時間與我們的醫療保健業務和客戶合作，以確保我們扭轉這一寶貴資產的局面。

Over the past 3 months, we've changed the leaders of both Banking and Healthcare to get a fresh perspective, new energy and even greater customer focus. On a positive note, we delivered double-digit growth in Products and Resources and in Communications, Media and Technology. I continue to be pleased with our momentum in international markets. Our global growth markets region, which encompasses our non-North America operations, surpassed the $1 billion run rate for the first time in our history. We intend to invest in our international business, which should continue to be a growth driver for Cognizant.

過去 3 個月，我們更換了銀行和醫療保健部門的領導層，以帶來新的視角、新的活力和更以客戶為中心的理念。值得一提的是，我們在產品與資源以及通訊、媒體與科技領域實現了兩位數的成長。我對我們在國際市場的發展勢頭依然感到滿意。我們全球成長市場區域（包括我們在北美以外的業務）的年化收入首次突破了 10 億美元大關。我們計劃加大對國際業務的投資，這將繼續成為 Cognizant 的成長動力。

Later in the call, Karen will take you through the details of the quarter, including segment commentary. As you know, I assumed the role of CEO on April 1. Since then, I have significantly deepened my knowledge of the company whilst reviewing the market opportunity, structure and competitive dynamics. Over the last 18 weeks, I've met with more than 100 clients and partners across 3 continents and conducted over 60 deep-dive strategic and operational reviews of the company.

在稍後的通話中，凱倫將帶您了解本季度的詳細信息，包括各部分的評論。如您所知，我於4月1日就任執行長一職。自那時起，我透過審視市場機會、公司結構和競爭格局，大大加深了對公司的了解。在過去的 18 周里，我與來自三大洲的 100 多位客戶和合作夥伴會面，並對公司進行了 60 多次深入的策略和營運審查。

I've actively solicited client input on our strategy and the strength of our commercial and delivery teams. I've also spent a great deal of time considering customer needs and buying behavior, our brand position, our business strategy, the effectiveness of our organizational structure, our operating discipline, our portfolio of solutions and indeed, our talent and culture.

我積極徵求客戶對我們策略以及我們商業和交付團隊實力的意見。我還花了大量時間思考客戶需求和購買行為、我們的品牌定位、我們的業務策略、我們組織結構的有效性、我們的營運紀律、我們的解決方案組合，以及我們的人才和文化。

It is clear to me that Cognizant has a proud heritage, significant customer loyalty, a broad portfolio of offerings and engaged and talented associates throughout the world. However, we can position ourselves better to participate in the market opportunity, and this work includes: refining our strategic posture and associated enablers to ensure we better participate in the categories that are most relevant to our clients' needs; developing greater thought leadership and an innovation agenda by industry vertical; accelerating investments in revenue growth, including increased sales and marketing, targeted innovation and enhanced partnerships; significantly lowering our cost structure to facilitate these investments in growth and to ensure we are more cost competitive in deals; and ensuring greater operational discipline and a more performance-based culture to make certain we execute with rigor and focus.

在我看來，Cognizant 擁有令人自豪的歷史傳承、極高的客戶忠誠度、廣泛的產品組合以及遍布全球的敬業且才華橫溢的員工。然而，我們可以更好地定位自己，參與市場機會。這項工作包括：完善我們的策略姿態和相關推動因素，以確保我們更好地參與與客戶需求最相關的領域；按行業垂直領域發展更強大的思想領導力和創新議程；加快對收入成長的投資，包括增加銷售和行銷、有針對性地進行創新以及加強合作夥伴關係；大幅降低成本結構，以促進這些成長投資，並確保我們在交易中更具成本競爭力；以及確保更嚴格的營運紀律和更注重績效的企業文化，以確保我們以嚴謹和專注的態度執行。

Our path to accelerated growth starts with customers, the lifeblood of every company. It is important that we ready ourselves to address the pricing demands of customers in our traditional areas of strength whilst readying ourselves also for the changing dynamics in digital. Given advances in technology, customers regardless of their industry vertical are faced with an unprecedented pace of change and risk of disruption. Against this backdrop, they are focused on modernizing their environments, extracting value from data, better understanding their own customers and accelerating innovation and cloud migration to increase their competitiveness, security and agility.

我們加速成長的道路始於客戶，客戶是每個公司的生命線。重要的是，我們要做好準備，滿足客戶在我們傳統優勢領域的定價需求，同時也要做好準備，應對數位化領域不斷變化的動態。隨著科技的進步，無論身處哪個產業，客戶都面臨前所未有的變化速度和顛覆性風險。在此背景下，他們專注於實現環境現代化、從資料中挖掘價值、更了解自己的客戶、加速創新和雲端遷移，以提高自身的競爭力、安全性和敏捷性。

As investments are shifted to digital, budgets in the legacy are pressured with increased focus on cost reduction during renewals. Given our traditional business mix, Cognizant has been exposed to this headwind. We partially offset this via -- through mid-management, automation and other delivery efficiency levers. In addition, given our strong customer NPS, we have often been able to provide incremental savings to clients by consolidating the work of other vendors.

隨著投資轉向數位化，傳統業務的預算面臨壓力，在續約過程中更加重視降低成本。鑑於我們傳統的業務組合，Cognizant 受到了這種不利因素的影響。我們透過中階管理、自動化和其他提高交付效率的手段來部分抵消這種影響。此外，鑑於我們強大的客戶淨推薦值 (NPS)，我們通常能夠透過整合其他供應商的工作，為客戶節省更多成本。

While these strategies may be effective in the short term, we need to significantly accelerate our shift to digital as we consider our intermediate and longer-term future. The pivot to digital requires us to rethink many aspects of our company, including our brands, skills, processes, systems and tools. Client engagements will become more project-oriented, meaning more contracts with lower TCV. Our account teams will need to build relationships with the broader C-suite as budget owners, decision-makers and influencers extend well beyond the CIO.

雖然這些策略在短期內可能有效，但考慮到中長期未來，我們需要大幅加快數位化轉型。向數位轉型要求我們重新思考公司的許多方面，包括我們的品牌、技能、流程、系統和工具。客戶合作將更加重視專案導向，這意味著會有更多總合約價值較低的合約。我們的客戶團隊需要與更廣泛的高階主管團隊建立關係，因為預算所有者、決策者和影響者遠遠超出了資訊長的範圍。

And we will need more consultative selling skills, more digital talents, more targeted sales compensation programs and more intellectual property and thought leadership aligned by industry vertical. Delivery will be increasingly agile with near and onshore delivery complementing offshore centers. The skills of our associates and our leadership team must further evolve. This is a multiyear transition that is essential to our future.

我們將需要更多諮詢式銷售技巧、更多數位人才、更有針對性的銷售薪酬方案，以及更多與產業垂直領域相關的智慧財產權和思想領導力。交付方式將越來越靈活，近岸和在岸交付將與離岸交付中心形成互補。我們的員工和領導團隊的技能必須進一步提升。這是一個關乎我們未來至關重要的多年轉型過程。

Against this backdrop, customers are choosing their strategic partners. So as we more readily embrace digital, we must ensure our client-facing resources and our branding represent our strategic ambition. Meanwhile, we need to be even more deliberate in our solutions portfolio, which includes increasing our investment in areas that provide the greatest value to clients while generating the best return for Cognizant. This requires a rigorous capital framework to accelerate our position in emerging categories whilst reducing our cost structure in mature and declining categories.

在此背景下，客戶正在選擇他們的策略合作夥伴。因此，隨著我們越來越積極地擁抱數位化，我們必須確保面向客戶的資源和品牌能夠體現我們的策略雄心。同時，我們需要更加謹慎地制定解決方案組合，包括加大對那些能夠為客戶帶來最大價值，同時為 Cognizant 帶來最佳回報的領域的投資。這需要一個嚴格的資本框架，以加快我們在新興品類中的地位，同時降低我們在成熟和衰退品類中的成本結構。

We have a strong foundation to build from in some of the growth categories. One such example and one I'm extremely excited about is digital engineering. This is a large, attractive market with 20%-plus growth rates. To accelerate our position in this market, we have recently decided to combine Cognizant's digital engineering capabilities with Cognizant's Softvision. Until now, our assets have been distributed across Cognizant, and our structure and operating model have been fragmented and inconsistent. This combined practice with over 11,000 associates and revenue of approximately $800 million would provide a powerful combination of software product development and application modernization services to clients across the globe.

我們在某些​​成長領域擁有堅實的基礎。數位工程就是一個例子，也是我非常感興趣的一個例子。這是一個規模龐大、極具吸引力的市場，成長率超過20%。為了加快我們在該市場的地位，我們最近決定將 Cognizant 的數位工程能力與 Cognizant 的 Softvision 結合。到目前為止，我們的資產分散在 Cognizant 的各個部門，我們的組織結構和營運模式也較為分散和不一致。這家擁有超過 11,000 名員工和約 8 億美元收入的合併公司，將為全球客戶提供強大的軟體產品開發和應用程式現代化服務組合。

I believe that our focused efforts will ensure greater brand recognition in this important category and allow us to do more meaningful -- more meaningfully participate in the market opportunity. Our increased focus in digital engineering reflects the market opportunity before us and the growing needs from our clients to achieve top line growth, improve customer engagement through superior experience and boost productivity at an accelerated pace. With this combined practice, we will bring together current and emerging technologies, scale cross-functional teams and innovate talent and delivery methods into a single product-centric operating model.

我相信，我們專注於所做的努力將確保我們在這一重要領域獲得更高的品牌知名度，並使我們能夠更有意義地參與市場機會。我們更加重視數位工程，這反映了我們面前的市場機遇，以及客戶不斷增長的需求，即實現營收成長、透過卓越的體驗提高客戶參與度，並以更快的速度提高生產力。透過這種綜合實踐，我們將把當前和新興技術結合起來，擴大跨職能團隊規模，並將人才和交付方法創新到以產品為中心的單一營運模式中。

We are building the digital culture into our operating model that influences how our clients conceive, design, engineer and shift digital projects at speed. At the same time, we are leveraging decades of experience and expertise in our clients' technology stack to produce a cloud-ready architecture.

我們正在將數位化文化融入我們的營運模式中，這將影響我們的客戶如何快速構思、設計、建構和推進數位化專案。同時，我們正在利用數十年來在客戶技術堆疊方面的經驗和專業知識，打造雲端就緒架構。

We will finalize our strategic positioning in the coming weeks. However, as we enable our customers to disrupt and innovate the modern, scalable, agile, data-enabled and future-proof architectures, it is clear that we should further accelerate our investments in digital engineering, cloud and IoT. And we must strengthen our partnerships with industry leaders to buttress our own capabilities. That being said, this is not a strategic overhaul but rather a refinement of the strategic positioning, our capital allocation and the enablers critical to execute our strategy.

我們將在未來幾週內最終確定我們的策略定位。然而，隨著我們幫助客戶顛覆和創新現代化、可擴展、敏捷、數據驅動和麵向未來的架構，顯然我們應該進一步加快對數位工程、雲端運算和物聯網的投資。我們必須加強與產業領導者的夥伴關係，以增強我們自身的能力。也就是說，這並不是策略性的徹底改革，而是對策略定位、資本配置以及執行我們策略的關鍵推動因素的改進。

Against this strategic backdrop, we need to determine the necessary steps to be taken to unlock Cognizant's growth potential. For this reason, we have established a transformation office, which is charged with reviewing 6 areas of focus as follows: strategic choices, which include where we want to make strategic bets to better expose us to growth categories; organizational structure, which includes our operating model, our matrix and roles and responsibilities within this; talent, which includes attracting, developing and retaining talent, our culture, our compensation structures and our skills; delivery transformation, which includes optimizing our unit cost of delivery across a global delivery model; sales force transformation, which includes compensation plans, customer segmentation, increased partnerships, sales coverage ratios and consultative selling; and finally, fit for growth, which aims to ensure we have the cost structure, processes and tools to facilitate growth. Each work stream is led by a member of our executive committee. It's cross-functional in nature and is set against a comprehensive change management and communications framework.

在此策略背景下，我們需要確定釋放 Cognizant 成長潛力的必要步驟。因此，我們設立了轉型辦公室，負責審查以下六個重點領域：策略選擇，包括我們希望在哪些方面進行策略佈局，以更好地開拓成長領域；組織結構，包括我們的營運模式、矩陣以及其中的角色和職責；人才，包括人才的吸引、培養和留用、企業文化、薪酬結構和技能；交付轉型，包括優化全球交付模式下的單位交付成本；銷售團隊轉型，包括薪酬方案、客戶細分、加強合作夥伴關係、銷售覆蓋率和顧問式銷售；以及最後，適應成長，旨在確保我們擁有促進成長的成本結構、流程和工具。每個工作流程都由我們執行委員會的一位成員負責。它具有跨職能性質，並以全面的變革管理和溝通框架為基礎。

We've made significant progress in a short period of time. I'm personally excited about the findings of the transformation office, which underlines to me that we can meaningfully change our competitiveness in this market. We've identified opportunities to sharpen our strategic focus, simplify the organization, clarify roles and responsibilities, empower our teams closer to the customer and free up investments in growth by significantly reducing our cost structure.

我們在短時間內取得了顯著進展。我個人對轉型辦公室的研究結果感到興奮，這向我強調，我們可以在這個市場中實際改變我們的競爭力。我們已發現機會可以加強策略重點、簡化組織結構、明確角色和職責、賦予團隊更貼近客戶的能力，並透過大幅降低成本結構來釋放成長投資。

But we have more work to do in the weeks ahead, including internal change management and communications to maximize associate engagement. We expect to outline the details of this program, including the execution plan and associated restructuring charges, on the third quarter earnings call.

但在接下來的幾周里，我們還有更多工作要做，包括內部變革管理和溝通，以最大限度地提高員工參與度。我們預計將在第三季財報電話會議上公佈該計劃的細節，包括執行計劃和相關的重組費用。

Happy customers feed the first line of the income statement, so as we aim to accelerate our revenue growth, I want to lead by example by striving to be in front of customers every single day. I've asked for greater innovation and growth focus from our executives and have made some changes in the leadership team, both external hires and indeed internal promotions. Meanwhile, to ensure our senior leaders get closer to our customers and our frontline operations, we've initiated a process to optimize our spans and layers. This has the added benefit of speeding up decision-making, improving communication and reducing costs.

滿意的客戶是損益表第一行的來源，因此，為了加快收入成長，我希望以身作則，努力每天與客戶保持聯繫。我要求公司高階主管更加重視創新和成長，並對領導團隊進行了一些調整，包括外部招募和內部晉升。同時，為了確保我們的高階領導能夠更貼近我們的客戶和第一線運營，我們啟動了一個流程來優化我們的組織架構和層級。這樣做還有加快決策速度、改善溝通和降低成本的額外好處。

Growth also requires investments in sales coverage, targeted M&A and a competitive cost structure. Therefore, even ahead of the execution of the conclusions of the transformation office, we have moved on a number of things, including: the acquisition of Zenith Technologies, which expands Cognizant's IoT portfolio and extends our Life Sciences domain expertise by enabling us to become a single-source provider of end-to-end smart factory capabilities, a key growth driver in Industry 4.0; the separation of Digital Systems & Technology, 1 of our 3 service lines, from our delivery organization to increase focus on that service line; the establishment under one leader of an end-to-end delivery organization aimed at dramatically reducing our unit cost of delivery whilst optimizing delivery KPIs; and the approval to hire 500-plus revenue-generating associates over the coming quarters, a combination of customer-facing and sales support professionals, will help us expand existing accounts as we generate new ones.

成長還需要加大對銷售覆蓋率、有針對性的併購以及建立具有競爭力的成本結構的投資。因此，即便在轉型辦公室的結論執行之前，我們已推進多項工作，包括：收購 Zenith Technologies，這擴展了 Cognizant 的物聯網產品組合，並透過使我們成為端到端智慧工廠能力的單一來源提供者（這是工業 4.0的關鍵成長驅動力）來擴展我們在生命科學領域的專業知識；將我們三大服務線之一的數位系統與技術部門從交付組織中分離出來，以更加專注於該服務線；建立一個由一位領導者領導的端到端交付組織，旨在大幅降低我們的單位交付成本，同時優化交付關鍵績效；以及批准在未來幾個季度招聘專業人員提供 500 多名專業人員的客戶和客戶銷售，其中有助於開發客戶在未來幾個季度招聘專業專業人員

Finally, we need to drive more of a performance culture in our client teams. Therefore, we will overhaul our sales commission plans for the new fiscal year, ensuring that we can better attract, retain and reward top performers. The new plans will have a greater mix of variable compensation, ensuring greater meritocracy and better align our overall incentives with the company's strategic direction.

最後，我們需要在客戶團隊中營造更濃厚的績效文化。因此，我們將對新財年的銷售佣金計畫進行全面改革，以確保我們能更好地吸引、留住和獎勵優秀員工。新方案將更採用浮動薪酬，以確保更高的績效導向，並使我們的整體激勵機制更能與公司的策略方向保持一致。

The growth mandate is now starting to permeate the entire company, informing our big decisions and investments and beginning to reshape the critical behaviors of our employees. As we focus on growth, we've also made some operational and cost structure decisions that Karen will address later in the call. This will help our cost structure in the second half, even ahead of the full conclusions of the transformation office.

成長的概念現在開始滲透到整個公司，影響著我們的重大決策和投資，並開始重塑員工的關鍵行為。在專注於成長的同時，我們也做出了一些營運和成本結構的決定，Karen 稍後會在電話會議中談到這些決定。即使在轉型辦公室的最終結論出爐之前，這也將有助於我們下半年的成本結構。

Cognizant is a vast organization, brimming with talent. In a time of change, we must engage the winning spirit of our 290,000 associates to get back to the basics that resulted in our long record of success. Leaders are key in transitions. For our most talented leaders who are at the director level and above, we recently implemented a retention program to let them know how valued they are and how committed we are to their continued career growth with us.

Cognizant是一家規模龐大、人才濟濟的公司。在變革的時代，我們必須激發我們29萬名員工的必勝精神，回歸到使我們長期成功的基本原則。領導者在轉型過程中扮演關鍵角色。對於我們最有才華的總監及以上級別的領導者，我們最近實施了一項留任計劃，讓他們知道他們對我們來說有多麼重要，以及我們對他們在我們公司持續職業發展的承諾。

Communication is more important than ever right now, so in recent months, we've also greatly increased communication to our associates. We've stressed that growth is our #1 priority and provide a context on which -- on what is needed for us to return to growth. I personally am spending a lot of time meeting with associates, reminding them of our tremendous assets and great heritage that we're building on and the substantial market opportunity in front of us.

溝通在當下比以往任何時候都更加重要，因此近幾個月來，我們也大大加強了與同事的溝通。我們強調成長是我們的首要任務，並提供了實現成長的背景——也就是我們需要做些什麼才能恢復成長。我自己花了很多時間與同事們會面，提醒他們我們正在依靠的巨大資產和偉大傳統，以及擺在我們面前的巨大市場機會。

Let me wrap up by saying that I now have a much clearer understanding of the market opportunity, which is meaningful, and Cognizant's opportunities and challenges against this backdrop. While we've taken some tactical decisions in the last 3 months on cost and growth, the true potential of Cognizant and the extent of the work to be done on costs and transformation in the quarters ahead is becoming apparent via the transformation office. The opportunity teed up from the output of these work streams gives me reason to be optimistic. I see plenty of opportunities to take cost out of the business, to invest in growth and to improve our working capital. We will spend more time on this in the third quarter earnings call.

最後我想說的是，我現在對市場機會有了更清晰的認識，這意義重大，也讓我更清楚地了解了 Cognizant 在此背景下的機會和挑戰。雖然在過去的三個月裡，我們在成本和成長方面做出了一些戰術性決定，但透過轉型辦公室，Cognizant 的真正潛力以及未來幾季在成本和轉型方面需要完成的工作量正變得越來越明顯。這些工作流程的成果所帶來的機會讓我有理由保持樂觀。我看到了許多降低企業成本、投資成長和改善營運資金的機會。我們將在第三季財報電話會議上花更多時間討論這個問題。

I've covered a lot of ground so let me quickly underscore the 5 focal points of our work: refining our strategic posture; developing greater thought leadership and an innovation agenda by industry sector; accelerating investments in growth; significantly lowering our cost structure; and ensuring greater operational discipline and a more performance-based culture.

我已經談了很多內容，所以讓我快速強調一下我們工作的 5 個重點：完善我們的戰略態勢；按行業部門製定更強大的思想領導力和創新議程；加快對增長的投資；大幅降低我們的成本結構；以及確保更嚴格的運營紀律和更注重績效的文化。

While there is a lot of work to be done to ensure Cognizant returns to its historical levels of performance, I can assure you that our team is up for the challenge and looking forward to winning again. With that, it's my pleasure to turn the call 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 balance of the year. Karen?

雖然要確保 Cognizant 恢復到以往的業績水平還有很多工作要做，但我可以向你們保證，我們的團隊已經準備好迎接挑戰，並期待再次取得勝利。接下來，我很高興將電話交給凱倫，她將向大家報告我們的營運和財務業績，以及我們對今年剩餘時間的看法。凱倫？

Thank you, Brian, and good afternoon, everyone.

謝謝你，布萊恩，大家下午好。

Second quarter revenue of $4.14 billion was at the high end of our guided range and represented growth of 3.4% year-over-year or 4.7% in constant currency. Digital revenue growth accelerated from previous quarters to the mid-20% range and now contributes approximately 35% of our total revenue.

第二季營收為 41.4 億美元，處於我們預期範圍的高端，較去年同期成長 3.4%，以固定匯率計算成長 4.7%。數位業務收入成長速度較前幾季加快，達到 20% 左右，目前約占我們總營收的 35%。

Moving to the industry verticals where overall company performance continues to be impacted by both Financial Services and Healthcare. Financial Services growth was up 1.7% in constant currency, driven by modest improvement in Banking primarily from the contribution of the previously announced partnership with 3 Finnish financial institutions to transform and operate a shared core banking platform. In insurance, growth continued to be sluggish as delays in decision-making impacted the start of new work from projects in the pipeline. We anticipate some improvement in insurance in Q3 with the ramp-up of several of these projects.

接下來，我們將目光轉向那些整體公司業績持續受到金融服務和醫療保健影響的產業垂直領域。以固定匯率計算，金融服務業成長了 1.7%，這主要得益於銀行業的小幅成長，而銀行業的成長主要來自先前宣布的與 3 家芬蘭金融機構建立合作夥伴關係，以改造和營運共享的核心銀行平台。在保險業，由於決策延遲影響了正在籌備中的新項目的啟動，成長仍然緩慢。我們預計隨著其中幾個項目的推進，第三季保險業務將有所改善。

In Banking, we continue to see softness at a few of our largest banking clients and a cautious approach to spend with several of our regional banking clients in North America that were impacted by M&A activity. Consistent with recent trends, 2 of our top 5 banking clients continue to show good growth while spend at the other 3 clients remains under pressure.

在銀行業，我們繼續看到幾家最大的銀行客戶業務疲軟，並且對北美幾家受併購活動影響的區域性銀行客戶採取了謹慎的支出方式。與近期趨勢一致，我們前 5 大銀行客戶中有 2 家持續保持良好成長勢頭，而其他 3 家客戶的支出仍面臨壓力。

We anticipate some cautiousness in overall levels of spend in the banking sector in the second half of the year due to weakness in capital markets across banking, M&A activity with the U.S. regional banks and weak macro factors.

我們預計，由於銀行業資本市場疲軟、美國地區性銀行的併購活動以及宏觀經濟因素疲軟，今年下半年銀行業整體支出水準將保持謹慎。

Moving on to Healthcare, which declined 1.5% year-over-year in constant currency. Within our Healthcare vertical, the decline with our payer clients 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. We continue the ramp-down of an account in which we were a subcontractor to a third party, also continue to negatively impact revenue. While the ramp-down of the work is largely complete, we expect some continued year-over-year revenue impact in Q3 and a minimal impact in Q4.

接下來是醫療保健產業，以固定匯率計算，年減 1.5%。在我們的醫療保健垂直領域，支付方客戶的業務下滑主要是由於幾家大型客戶進行合併，以及一些工作加速轉移到一家大型客戶的專屬部門。我們繼續逐步減少我們作為第三方分包商參與的項目，這也繼續對收入產生負面影響。雖然這項工作的逐步減少已經基本完成，但我們預計第三季仍會對年比收入產生一些影響，而第四季的影響將微乎其微。

For our payer client, moving work to a captive and those involved in mergers, we expect the second half of the year to stabilize near Q2 levels. We continue to expect that there will be meaningful future revenue opportunity associated with integration work that typically follows a merger.

對於我們的支付方客戶、將工作轉移到專屬機構的客戶以及參與合併的客戶，我們預計下半年將穩定在第二季的水平附近。我們仍然預期，合併後通常伴隨的整合工作將帶來有意義的未來收入機會。

Life Sciences had another quarter of double-digit growth year-over-year. We are seeing good traction with digital operation services, managing pharmacovigilance cases globally, large enterprise transformation deals and momentum with our industry-specific platforms such as the shared investigator portal for clinical trials. And as Brian mentioned, we closed the acquisition of Zenith Technologies earlier this week.

生命科學領域連續第二季實現了兩位數的年成長。我們在數位化營運服務、全球藥物警戒個案管理、大型企業轉型交易以及產業特定平台（如臨床試驗共享研究者入口網站）方面都取得了良好的進展。正如布萊恩所提到的，我們本週稍早完成了對 Zenith Technologies 的收購。

Products and Resources had another strong quarter, showing 12.3% growth year-over-year in constant currency. This is the sixth consecutive quarter of double-digit constant currency growth. We saw continued positive momentum in retail where we have well above the company average mix of digital revenue in our largest clients. And 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 12.3%。這是連續第六個季度實現兩位數的固定匯率成長。我們看到零售業務持續保持積極勢頭，我們最大的客戶的數位收入佔比遠高於公司平均水平。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 14.1% in constant currency. Technology saw double-digit growth, driven primarily by our digital content services and solutions. Through our acquisition of Softvision, we are also seeing good traction for digital engineering solutions with our technology clients. Within Communications and Media, growth was negatively impacted by spending reductions in a few large clients. As we move into the second half of the year, we expect to see some slowdown in the year-over-year growth rate of the technology vertical as we start to lap the significant ramp-up of the digital operations work with several large clients. We expect this to be partially offset by improvements in Communications and Media.

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 14.1%。科技業務實現了兩位數的成長，主要得益於我們的數位內容服務和解決方案。透過收購 Softvision，我們也看到數位工程解決方案在我們的技術客戶中獲得了良好的迴響。在通訊和媒體領域，由於一些大客戶的支出減少，成長受到了負面影響。隨著我們進入下半年，我們預計技術垂直領域的同比增速將有所放緩，因為我們將開始逐步減少與幾家大型客戶進行的數位化營運工作的顯著增長。我們預計通訊和媒體領域的改善將部分抵消這一影響。

Now moving on to the geographies. Europe grew 14.2% year-over-year in constant currency. In both the U.K. and Continental Europe, we saw strength in Life Sciences. And while a few of our larger banking relationships in Europe remained under pressure, we did see good growth from several of our newer logos including the partnership with the 3 Finnish financial institutions.

接下來我們來看地理方面的內容。歐洲經濟以固定匯率計算年增14.2%。在英國和歐洲大陸，生命科學領域都表現出強勁的成長勢頭。儘管我們在歐洲的一些大型銀行合作關係仍然面臨壓力，但我們確實從幾個新客戶那裡看到了良好的成長，包括與 3 家芬蘭金融機構的合作。

Additionally, in the U.K., we saw strength in Products and Resources. The rest of the world grew 6.4% 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. We saw double-digit growth within insurance, manufacturing and logistics and Life Sciences clients in the region as well as good traction with winning work with a number of new clients.

此外，在英國，產品和資源領域表現強勁。世界其他地區以固定匯率計算年增 6.4%。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。我們在該地區的保險、製造和物流以及生命科學客戶中實現了兩位數的成長，並且在贏得許多新客戶方面也取得了良好的進展。

Shifting now to margins. Our GAAP operating margin and diluted EPS were 14.9% and $0.90, respectively. Adjusted operating margin, which excludes realignment charges, was 16.1%, and our adjusted diluted EPS was $0.94 in the quarter. Our adjusted operating margin was in line with our expectations but down approximately 300 basis points year-over-year.

現在轉向利潤率。我們的 GAAP 營業利潤率和稀釋後每股收益分別為 14.9% 和 0.90 美元。經調整後的營業利潤率（不含重組費用）為 16.1%，本季經調整後的稀釋每股收益為 0.94 美元。調整後的營業利潤率符合預期，但年減約 300 個基點。

While year-over-year headcount growth slowed from the prior 2 quarters, the year-over-year decline in operating margin was primarily due to costs related to the headcount growth of 7% outpacing constant currency revenue growth of 4.7% in the quarter; and the impact of contract renegotiations with recently merged Healthcare clients, which negatively impacted operating margins by 320 basis points and 40 basis points, respectively.

雖然員工人數同比增長較前兩個季度有所放緩，但營業利潤率同比下降的主要原因是：員工人數增長 7% 超過了按固定匯率計算的收入增長 4.7%，導致相關成本上升；此外，與最近合併的醫療保健客戶重新談判合約也對營業利潤率產生了負面影響，分別下降了 320 個基點和 40 個基點。

Revenue and headcount in digital operations continue to grow above company average, and we saw a slight increase in the on-site mix at senior levels for the organization. This was partially offset by lower incentive and stock-based compensation. The lower segment operating margins in our Communications, Media and Technology segment reflects the growth of digital content services and solutions in this segment, which generate lower margins than other services in the portfolio.

數位營運部門的收入和員工人數持續高於公司平均水平，我們看到公司高層現場辦公人員的比例略有增加。較低的激勵和股票選擇權補償部分抵消了這一影響。我們通訊、媒體和技術部門較低的分部營業利潤率反映了該部門數位內容服務和解決方案的成長，這些服務和解決方案產生的利潤率低於產品組合中的其他服務。

For the remainder of 2019, we expect margins to improve as we align our cost structure with our revenue expectations. While we expect to be in a better position to discuss our longer-term view of margins in the coming quarters, there are several areas that we can and will address in the second half of the year to allow us to reduce costs to reinvest in areas to drive growth, including attracting and retaining the best talent and expanding our portfolio of digital solutions.

2019 年剩餘時間裡，我們預期隨著成本結構與收入預期的協調一致，利潤率將會提高。雖然我們預計在接下來的幾個季度中能夠更好地討論我們對利潤率的長期看法，但今年下半年我們可以並且將會解決幾個方面的問題，以便降低成本，並將資金重新投資於能夠推動成長的領域，包括吸引和留住最優秀的人才以及擴大我們的數位解決方案組合。

Even ahead of the conclusion of a broader benchmarking exercise, in the second quarter, we took targeted actions at the senior levels of our pyramid to simplify our organization structure. These actions are expected to result in $65 million of annualized savings with approximately half of that to be realized in the remainder of 2019. In Q3 and Q4, we expect to further reduce overall costs through a number of actions, including aligning headcount growth with revenue growth by further slowing the pace of hiring and being thoughtful on where we backfill attrition. Headcount growth on a full year basis will align to our full year constant currency revenue guidance.

甚至在更廣泛的標竿分析工作完成之前，我們在第二季度就針對金字塔高層採取了有針對性的措施，以簡化我們的組織結構。預計這些措施每年可節省 6,500 萬美元，其中約一半將在 2019 年剩餘時間內實現。在第三季度和第四季度，我們預計將透過一系列措施進一步降低整體成本，包括透過進一步放慢招聘速度，使員工人數成長與收入成長保持一致，並認真考慮如何填補人員流失造成的空缺。全年員工人數成長將與我們全年以固定匯率計算的收入預期保持一致。

We will have greater discipline on capturing improved pricing levers, more closely aligning promotions and wage increases with bill rate adjustments; more rigor around redeploying unbilled resources in our accounts, and we will continue to optimize our pyramid by adjusting our spans of control. And we will have enhanced oversight regarding our use of subcontractors and the balance between subcontractors and full-time associates. We will also have significantly tighter control of areas within SG&A such as disciplined hiring of non-billable resources, further rationalization of our real estate portfolio, tighter control over T&E including significantly reduced travel for internal and other nonclient-facing meetings, limiting business-class travels, relocations, et cetera, and only investing in marketing events that will provide an appropriate rate of return. These actions will help fund our continued investment in areas that support revenue growth. Additionally, the shift to higher-value services such as digital will continue to support higher margins.

我們將更嚴格地掌握更優的定價槓桿，使促銷和薪資成長與帳單費率調整更加緊密地結合；更嚴格地重新部署帳戶中未計費的資源，並將繼續透過調整管理幅度來優化我們的組織架構。我們將加強對分包商的使用以及分包商和全職員工之間比例的監督。我們也將對銷售、一般及行政費用（SG&A）的各個方面進行更嚴格的控制，例如嚴格聘用非計費資源、進一步合理化我們的房地產組合、更嚴格地控制差旅費用（包括大幅減少內部會議和其他非客戶會議的差旅、限製商務艙旅行、搬遷等），並且只投資於能夠提供適當回報率的營銷活動。這些措施將有助於為我們持續投資於能夠促進收入成長的領域提供資金。此外，向數位化等高價值服務的轉型將繼續支撐更高的利潤率。

From a people and talent perspective, our annualized attrition rate of 23% was up from 19% in Q4 but flat versus the prior year quarter. We continue to focus on our workforce strategy and management such as the announced retention program to recognize and retain our best talent. We expect to incur an additional $48 million of compensation-related costs during the remainder of 2019 for this program.

從人員和人才的角度來看，我們的年度員工流動率為 23%，高於第四季的 19%，但與去年同期持平。我們將繼續專注於員工策略和管理，例如已宣布的留任計劃，以表彰和留住我們最優秀的人才。預計在 2019 年剩餘時間內，該項目將產生 4,800 萬美元的額外補償相關費用。

Turning to our balance sheet, which remains very healthy. We have finished the quarter with $3 billion of cash and short-term investments, down $1.5 billion from December 31, 2018. This decrease is largely due to the $1.8 billion of share repurchases completed year-to-date under our stock repurchase program, including over $1 billion of repurchases in the second quarter. As a reminder, our short-term investment balance includes restricted short-term investments of $429 million related to the ongoing dispute with the Indian Income Tax Department.

接下來來看看我們的資產負債表，它依然非常健康。本季末，我們持有現金和短期投資30億美元，比2018年12月31日減少了15億美元。這一下降主要是由於我們根據股票回購計畫今年迄今完成了 18 億美元的股票回購，其中包括第二季超過 10 億美元的回購。提醒各位，我們的短期投資餘額包括與印度所得稅部門正在進行的糾紛相關的 4.29 億美元的受限短期投資。

We generated $479 million of free cash flow in the quarter. Additionally, we had an uptick of DSO of 3 days compared to Q2 2018, which negatively impacted free cash flow by $135 million. Approximately half of the DSO increase was due to unbilled receivables related to the billing construct of certain long-term contracts. We believe that we have the opportunity to improve our cash conversion and are initiating a working capital program that we expect will improve free cash flow by several hundred million dollars in the coming quarters.

本季我們產生了 4.79 億美元的自由現金流。此外，與 2018 年第二季相比，我們的應收帳款週轉天數增加了 3 天，這給自由現金流帶來了 1.35 億美元的負面影響。DSO 增加約一半是由於某些長期合約的計費結構相關的未開票應收帳款造成的。我們相信我們有機會提高現金轉換率，並正在啟動一項營運資金計劃，我們預計該計劃將在未來幾季內增加數億美元的自由現金流。

Our outstanding debt balance was $746 million at the end of the quarter. There was no outstanding balance on the revolver. During the second quarter, we opportunistically repurchased approximately 18.7 million shares for approximately $1 billion, and our diluted share count decreased to 564 million shares for the quarter. On a year-to-date basis, we have repurchased over 28 million shares for approximately $1.8 billion. We have $738 million remaining under our existing share repurchase authorization.

截至本季末，我們的未償債務餘額為7.46億美元。這把左輪手槍沒有未償餘額。第二季度，我們抓住機會回購了約 1,870 萬股股票，耗資約 10 億美元，因此該季度我們的稀釋後股票數量減少至 5.64 億股。今年迄今為止，我們已回購超過 2,800 萬股股票，總金額約 18 億美元。我們現有的股票回購授權下還剩餘 7.38 億美元。

For our cash generated from operations, remaining cash on the balance sheet and our revolving credit facility, we continue to have access to plenty of liquidity to fund both capital return and acquisitions.

憑藉經營活動產生的現金、資產負債表上的剩餘現金以及循環信貸額度，我們仍然擁有充足的流動資金，可以為資本回報和收購提供資金。

I would now like to comment on our outlook for Q3 and the full year 2019. For the full year 2019, we expect revenue to grow in the range of 3.9% to 4.9% year-over-year or $16.75 billion to $16.9 billion in constant currency. Based on current exchange rates, this translates to growth within the range of 2.8% to 3.8% or $16.57 billion to $16.73 billion, reflecting our assumption of a negative 110 basis points for foreign exchange for the full year compared to an assumption of a negative 90 basis points in our prior guidance. This guidance continues to reflect the muted outlook for Banking and Healthcare.

現在我想談談我們對2019年第三季和全年的展望。我們預計 2019 年全年營收將年增 3.9% 至 4.9%，或以固定匯率計算為 167.5 億美元至 169 億美元。以當前匯率計算，這意味著成長幅度在 2.8% 至 3.8% 之間，即 165.7 億美元至 167.3 億美元，這反映了我們假設全年外匯匯率為負 110 個基點，而我們之前的預期為負 90 個基點。這項指引持續反映出銀行業和醫療保健產業的前景黯淡。

For the third quarter of 2019, we expect to deliver revenue growth in the range of 3.8% to 4.8% year-over-year or $4.23 billion to $4.27 billion in constant currency. Based on current exchange rates, this translates to growth in the range of 2.9% to 3.9% year-over-year or $4.2 billion to $4.24 billion, reflecting our assumption of a negative 90 basis points for foreign exchange for the third quarter. For the full year 2019, we expect adjusted operating margins to be approximately 17%. Based on the actions taken in Q2 and prospective cost alignment actions for the remainder of the year, we anticipate adjusted operating margins of approximately 18% in both Q3 and Q4.

我們預計 2019 年第三季營收將年增 3.8% 至 4.8%，或以固定匯率計算為 42.3 億美元至 42.7 億美元。以當前匯率計算，這意味著同比增長 2.9% 至 3.9%，即 42 億美元至 42.4 億美元，這反映了我們對第三季度外匯匯率負 90 個基點的假設。我們預計 2019 年全年調整後的營業利潤率約為 17%。根據第二季採取的措施以及今年剩餘時間預期採取的成本調整措施，我們預計第三季和第四季的調整後營業利潤率約為 18%。

We expect to deliver adjusted diluted EPS in the range of $3.92 to $3.98, an increase from our previous guidance of $3.87 to $3.95, primarily reflecting a lower share count assumption based on the stepped-up repurchases completed in the second quarter and the contribution incentive. This guidance anticipates a full year share count of approximately 562 million shares and a tax rate in the range of 24% to 26%. Guidance provided for adjusted diluted EPS excludes realignment charges and other unusual items, if any, net nonoperating foreign currency exchange gains and losses; clarification, if any, by the Indian government as to the application of the Supreme Court ruling related to the India-defined contribution obligations; 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.

我們預計調整後稀釋每股收益將在 3.92 美元至 3.98 美元之間，高於我們之前給出的 3.87 美元至 3.95 美元的預期，主要反映了基於​​第二季度完成的逐步回購和貢獻激勵而降低的股份數量假設。該指導意見預計全年股份數量約為 5.62 億股，稅率在 24% 至 26% 之間。調整後稀釋每股盈餘的指引不包括重組費用和其他特殊項目（如有）、淨非經營性外匯損益；印度政府對最高法院關於印度繳款義務的裁決的適用性所作所為的任何澄清（如有）；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。

With that, we can open the call for questions. Operator?

接下來，我們可以開始接受提問了。操作員？

(Operator Instructions) Our first question comes from the line of Keith Bachman from Bank of Montreal.

（操作員說明）我們的第一個問題來自蒙特利爾銀行的 Keith Bachman。

And welcome again, Brian, your first quarter under ownership, so to speak. And my question is going to be directed towards you. If -- there's a lot of moving parts, it sounds like, both on how I think about the offense of trying to chase revenues while at the same time trying to balance costs. And so we have your margin targets for the year, but just philosophically, how should we be thinking about these 2 goals of trying to really nurture the revenue line while at the same time trying to optimize the cost structure? How should investors be thinking about this over the course of this longer journey?

布萊恩，再次歡迎你，這可以說是你接手球隊後的第一個季度。我的問題想問你。如果——聽起來有很多變數，這涉及到我對進攻的思考，即如何在追求收入的同時平衡成本。所以我們已經有了今年的利潤目標，但是從理念上講，我們應該如何看待這兩個目標：既要努力促進收入成長，又要努力優化成本結構？在這段較長的旅程中，投資人該如何看待這個問題？

Keith, well, I mean, the first thing I'll say is I do not believe they're mutually exclusive, but let me start first with revenue and then I'll spend some time on costs. We grew, as you know, 4.7% this quarter in constant currency. Within that construct, I would say we had very muted performance in 2 of our larger segments, Banking and Financial Services and indeed Healthcare, which represents 63% of the business. So one of the first things we have to do to get back to a stronger growth performance is to actually help turn those businesses around, just the law of numbers becomes meaningful.

基思，嗯，我的意思是，首先我要說的是，我不認為它們是互斥的，但讓我先從收入說起，然後再花些時間談談成本。如您所知，本季我們以固定匯率計算成長了 4.7%。在這個框架內，我認為我們在兩個較大的業務部門——銀行和金融服務以及醫療保健（占公司業務的 63%）——的表現非常平淡。因此，要恢復更強勁的成長勢頭，我們首先要做的事情之一就是幫助這些企業扭轉局面，數字法則才會變得有意義。

On top of that, I think we are at the stage now of investing more in growth, changing the dialogue internally, prioritizing growth. As you've seen, we have approved, at this moment in time, and I believe over time we will add to this number, over 500 revenue-generating resources or revenue support resources. So the inclination is to get back to what we've always done, which has been to focus on client centricity and revenue growth.

除此之外，我認為我們現在正處於加大成長投入、改變內在對話、優先考慮成長的階段。正如你所看到的，目前我們已經批准了，而且我相信隨著時間的推移，我們將增加超過 500 項創收資源或創收支持資源。因此，我們傾向於回歸我們一直以來所做的事情，那就是專注於以客戶為中心和收入成長。

Now cost is, of course, and strategy is important to revenue growth. First of all, what are our strategic postures, how are we exposed to faster-growing categories of the market, which are both technology categories such as digital engineering, our way of working, IoT, cloud, as well as geographic categories. And that's why I'm pleased to see the continued momentum we have in the global growth markets, which is our non-North America region.

當然，成本和策略對收入成長至關重要。首先，我們的戰略姿態是什麼？我們如何進入市場中成長更快的領域？這些領域既包括數位工程等技術領域，也包括我們的工作方式、物聯網、雲端運算等地理領域。因此，我很高興看到我們在全球成長市場（即北美以外的地區）持續保持成長勢頭。

Costs, however, are important to growth because you need to have a very efficient and disciplined cost base to be able to take pricing in the deals, to be able to absorb the renewals, pricing pressure that we are seeing in our traditional business as well as being able to invest in the future. I talked in my prepared remarks around the importance of pivoting to digital and the associated parameters of that, smaller TCV contracts, more contracts, a different delivery model, et cetera.

然而，成本對於成長至關重要，因為你需要一個非常有效率且自律的成本基礎，才能在交易中定價，才能吸收續約成本，才能應對我們在傳統業務中看到的定價壓力，才能投資未來。我在準備好的演講稿中談到了向數位轉型的重要性以及相關的參數，例如更小的總合約價值 (TCV) 合約、更多的合約、不同的交付模式等等。

We also need to invest in people, in M&A and indeed in the brand to make sure that we are more associated not just with the area of the business where we are loved by customers but also with the pivot to digital. Many of these areas are, as you know, key to our constrained assets, both M&A targets as well as even just getting digital resources into the company.

我們還需要投資於人才、併購以及品牌，以確保我們不僅與客戶喜愛的業務領域緊密相連，而且與向數位轉型緊密相連。如您所知，這些領域對於我們有限的資產至關重要，包括併購目標以及將數位資源引入公司。

But I will say, I'm 4 months in at this stage. Having interrogated the data for 4 months and having spent a great deal of time in the transformation office, I see huge opportunity here on revenue growth and indeed on costs. I'm not going to get into a guidance discussion today around next fiscal year or indeed a multi-year view. But at this moment in time, this, from my perspective, is something that I only see opportunity in, to improve our performance from today's performance.

但我想說，我已經在這個階段待了4個月了。經過 4 個月的數據分析，以及在轉型辦公室花費的大量時間，我看到了這裡在收入成長和成本控制方面的巨大機會。今天我不會討論下一財年的業績指引，也不會討論多年展望。但就目前而言，從我的角度來看，這正是一個機會，可以藉此提升我們今天的業績。

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

我們的下一個問題來自摩根大通的黃天進。

Glad to see a lot of heavy buybacks, well done there. Just wanted to ask actually on gross margins. Looks like it's the lowest level we've seen in some time. What's driving this? I heard the Healthcare renegotiations. I'm not sure if that was related there. Maybe any comments on pricing, contract execution, that kind of thing and maybe any outlook on gross margin.

很高興看到很多大規模的股票回購，幹得好。我其實想問一下毛利率的問題。看起來這是我們一段時間以來看到的最低水位。是什麼原因導致這種情況發生？我聽說了醫改談判的事。我不確定那件事是否與此有關。或許可以對定價、合約執行等方面發表一些評論，也可以對毛利率前景發表一些看法。

Sure. So Tien-Tsin, it's Karen. It's really 2 factors, one of which is the Healthcare renegotiations that you talked about, about a 40 basis point impact in the fall in gross margin and then also the fact that headcount continued to grow faster than revenue in the quarter. Part of that is our digital operations business, which is growing considerably faster than headcount -- than, sorry, company revenue at this point.

當然。所以，天心，我是凱倫。實際上有兩個因素，一個是你提到的醫療保健重新談判，導致毛利率下降了約 40 個基點；另一個因素是，本季員工人數的成長速度持續超過收入的成長速度。其中一部分是我們的數位營運業務，其成長速度遠遠超過了員工人數的成長速度——抱歉，目前甚至超過了公司收入的成長速度。

Headcount grew in line with the revenue growth digital operations, but you know that does come at a typically lower gross margin than the IT business. But overall, headcount for the rest of the business did grow faster in revenue, and the vast majority of that cost is sitting in gross margin. And that is obviously one of the things that as we continue to focus on tackling the cost of delivery to the organization, we will be looking to optimize in the coming months and quarters.

數位營運部門的員工人數隨著收入的成長而成長，但你也知道，這通常意味著其毛利率低於 IT 業務。但整體而言，公司其他部門的員工人數成長速度確實比收入成長速度更快，而這筆成本的絕大部分都反映在毛利中。顯然，在我們繼續專注於降低組織交付成本的過程中，這是我們將在未來幾個月和幾季中尋求最佳化的方面之一。

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

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

Brian, as you're thinking about your overall strategic plan, can you provide a little bit more color on how your -- you believed you guys should be tackling the deterioration in Cognizant's traditional services, meaning shifting away from or reaccelerating, or whatever the right answer is, those more traditional legacy pieces of the business, which just at an industry level, maybe flat or even in structural decline. That strikes me as one of the trickier aspects things to navigate through here.

Brian，在你思考整體策略計畫的時候，你能否更詳細地說明一下——你認為你們應該如何應對 Cognizant 傳統服務的衰退，也就是擺脫或重新加速發展，或者無論什麼正確的答案，這些更傳統的業務部分，在行業層面上，可能停滯不前甚至出現結構性衰退。在我看來，這是這裡需要處理的一些比較棘手的問題之一。

Yes. It's a good question because we have strength in our existing customer base, and if you look at the Pareto, we have very strong positions and are highly concentrated in a set of customers but we need to pivot more to digital. As we are pivoting to digital, as I said, there are different characteristics of the deals, of the skill sets we need, of the delivery models, of the buying decision makers, if you will, on behalf of the customers. And this is an area that we definitely want to invest into the next S curve and make sure we are, from a capital allocation point of view, really prioritizing that.

是的。這是一個很好的問題，因為我們在現有客戶群方面實力雄厚，而且從帕累托圖來看，我們擁有非常強大的市場地位，並且客戶群高度集中，但我們需要更多地轉向數位化。正如我所說，隨著我們向數位轉型，交易的特點、我們需要的技能、交付模式以及代表客戶的購買決策者都發生了變化。這是我們絕對希望在下一個S曲線中投資的領域，並且從資本配置的角度來看，我們一定要優先考慮這一點。

Now in the more traditional businesses, some of them actually give us a foothold into the new application modernization, we'll go hand-in-glove as I said, with the digital engineering space as we start thinking about cloud-native applications. But in a broader sense of the word, Lisa, I'm a big believer in drawing hard decisions across your portfolio and trying to understand where you need to be extremely disciplined from an investment and from a cost structure point of view in terms of optimizing legacy whilst investing in the new. And those are disciplines we need to obviously continue to drive here in Cognizant as we're investing in some of these newer growth categories that should accelerate our CAGR growth.

現在，在一些較傳統的企業中，它們實際上為我們進入新的應用程式現代化領域提供了立足點，正如我所說，當我們開始考慮雲端原生應用程式時，我們將與數位工程領域緊密合作。但從更廣義的角度來看，麗莎，我非常相信應該在你的投資組合中做出艱難的決定，並努力了解在哪些方面需要從投資和成本結構的角度進行極其嚴格的自律，以便在投資新項目的同時優化傳統項目。顯然，在 Cognizant，我們需要繼續推進這些領域，因為我們正在投資一些新的成長類別，這些類別應該會加速我們的複合年增長率。

You have seen in the last quarter, we have aggregated all of delivery under one leader. Previously, delivery was fragmented through a number of leaders in the company. And part of the task of that delivery leader is ultimately to drive a much more aggressive stance in terms of how we think about automation and tooling and putting ourselves in a position that we can be what I would term fit for growth in the legacy as well as the broader company. So optimizing the cost structure, in particular, for the legacy and freeing up capital to invest in the new categories, which should be a growth driver for Cognizant going forward.

如您所見，在上個季度，我們將所有交付工作整合到一位負責人領導下。此前，公司的交付工作分散在多個領導層中。而這位交付負​​責人的部分任務最終是推動我們在思考自動化和工具方面採取更積極的立場，使我們能夠適應傳統業務以及整個公司的發展。因此，要優化成本結構，特別是傳統業務的成本結構，並釋放資金投資於新類別，這應該會成為 Cognizant 未來成長的驅動力。

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

我們的下一個問題來自富國銀行的 Ed Caso。

Can you talk a little bit about your capital deployment strategies from this space? Obviously, you deployed a lot of capital for repurchase. Where does M&A fit into the equation sort of order of magnitude? And is there more share repurchase to be done in the near term?

您能否談談您在這個領域的資本部署策略？顯然，你們投入了大量資金回購。併購在整體規模中處於什麼位置？近期是否還會進行更多股票回購？

I'll touch on this and Karen can jump in as well. Look, we saw the opportunity to accelerate share repurchases in the last quarter as an opportunistic situation for us and we took advantage of that. And I have no issues continuing to do so if needed.

我會簡單談談這一點，凱倫也可以隨時補充。你看，我們在上個季度看到了加速股票回購的機會，這是一個難得的機遇，我們抓住了這個機會。如果需要，我完全不介意繼續這樣做。

From an M&A point of view, I have rejected some M&A and I have approved some M&A in the last 4 months. So we would look at that as a means to execute our strategy. We're pleased to have acquired Zenith Technologies, which closed most recently. And obviously, we're using M&A as a means to an end. It is not a strategy, it's a means to execute a strategy. Our priority right now is continuing to refine our strategic posture and making sure, to the prior question, we get our capital allocation correct. But we will look upon M&A as something that we will use to execute our strategy going forward. My emphasis at this moment in time continues to be tuck-in acquisitions that strategically align us to even better our competitive positioning in the market that we deem most relevant to us going forward.

從併購的角度來看，在過去的4個月裡，我拒絕了一些併購申請，也批准了一些併購申請。所以我們會把這看作是執行我們策略的一種手段。我們很高興收購了 Zenith Technologies，收購案已於近期完成。顯然，我們把併購當作實現目標的手段。它不是一種策略，而是執行策略的手段。我們現在的首要任務是繼續完善我們的策略態勢，並確保（針對先前的問題）我們的資本配置正確無誤。但我們將把併購視為我們未來執行策略的一種手段。目前，我的重點仍然是進行策略性收購，以進一步提升我們在我們認為未來最重要的市場中的競爭地位。

And I think, Ed, it's Karen. Obviously, the guidance for the share count does not assume any more buybacks for the rest of the year. As Brian said, we will continue to look at that opportunistically. But as you know, we have far exceeded our initial expectations for this year in line with this framework we outlined last year at Investor Day where we said we expect to spend on average 25% of our global free cash flow towards buybacks, 25% towards dividends and 25% for acquisitions with the rest going to India. At this point, there are no changes to that framework. If and when there are, we will obviously update accordingly.

我想，艾德，那是凱倫。顯然，股份數量的預期並未假設今年剩餘時間內會進行任何股票回購。正如布萊恩所說，我們會繼續伺機關注此事。但正如您所知，我們今年的業績遠遠超出了最初的預期，這與我們去年在投資者日上概述的框架相符。當時我們表示，我們預計平均將全球自由現金流的 25% 用於股票回購，25% 用於分紅，25% 用於收購，其餘部分用於印度。目前，該框架沒有任何變化。如有更新，我們自然會及時發布。

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

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

Brian, can you give us a sense on just your view of the time frame of what you think it's going to take for Cognizant to address the company-specific issues that you noted in the your -- in the core verticals there? And in the transformation office work streams, has this already been set up and that's in progress? Or is this now to come in 3Q and 4Q?

Brian，您能否大致談談您認為 Cognizant 需要多長時間才能解決您在報告中提到的公司特有問題——也就是核心垂直領域的問題？在轉型辦公室的工作流程中，這項工作是否已經啟動並正在進行中？或者說，這項計劃將在第三季和第四季推出？

No. The transformation office was set up probably almost 3 months ago at this stage, to be honest. It consists of 6 work streams, as I said, each is led by one of our executive committee members. Each one has a steering committee and indeed a working committee below that. We've been very clear in outlining suppositions that I want us to backsolve to and expected outcomes, and as part of that, some short-term wins along the way.

不。坦白說，轉型辦公室大概是在三個月前成立的。正如我所說，它由 6 個工作流程組成，每個工作流程都由我們執行委員會的一名成員領導。每個組織都設有指導委員會，指導委員會下也設有工作委員會。我們已經非常明確地概述了我希望我們反向推導的假設和預期結果，並且在此過程中，還有一些短期勝利。

So we've been also very deliberate, Bryan, in terms of the composition of the teams, making sure we have people that are cross-functional in nature, people who understand the markets both in North America and internationally, people that understand delivery as well as the market-facing commercial teams. I really feel very, very enthused from the output of the work. We've been working extremely hard on that, but it gives me nothing but optimism that there's a huge opportunity for us to free up capital to invest in growth to simplify the organizational structure, clarify roles and responsibilities and ultimately to make us much more successful in the market by accelerating revenue growth and having better solutions to bring to our clients.

所以布萊恩，我們在團隊組成方面也經過了深思熟慮，確保我們的團隊成員具有跨職能性質，既了解北美市場，也了解國際市場，既了解交付流程，也了解面向市場的商業團隊。我對這項工作的成果感到非常非常興奮。我們為此付出了巨大的努力，這讓我充滿樂觀，因為我們將迎來一個巨大的機會，可以釋放資金投資於成長，簡化組織結構，明確角色和職責，最終透過加速收入成長和為客戶提供更好的解決方案，使我們在市場上取得更大的成功。

So I feel great about that. It is not a new initiative. It's been well underway and frankly, I'm probably more advance in my thinking in the output of that than where I potentially consider I would be 3 months ago. With regards to Banking and Healthcare, we changed out the leaders of both. This will be some heavy lifting, if I'm very honest. Some of it is because of Cognizant-specific issues that are reflective of the market reality of some M&A in health care where we are heavily exposed to 4 firms that have merged. And some of it candidly relates to just the need for us to shift faster to digital, to have more thought leadership, to be the even more client-centric and indeed to add more sales coverage. And those are things that are underway at the moment both in Healthcare and indeed in our Financial Services practice or our Banking practice.

所以我對此感到非常滿意。這並非一項新舉措。這項工作進展順利，坦白說，我現在的想法和成果可能比三個月前我預想的要更成熟。在銀行業和醫療保健領域，我們更換了這兩個領域的領導者。說實話，這將是一項艱鉅的任務。部分原因是 Cognizant 特有的問題，這些問題反映了醫療保健領域併購的市場現實，我們大量投資於 4 家合併的公司。坦白說，其中一些問題與我們需要更快地向數位轉型、擁有更強的思想領導力、更加以客戶為中心以及擴大銷售覆蓋範圍有關。目前，無論是在醫療保健領域，還是在我們的金融服務領域或銀行業務領域，這些都是正在進行的事情。

I should clarify that our Healthcare business in Life Sciences is very strong. It continues to grow double digits. It's one of the areas of our portfolio that I feel best about. We have a strong strategy, a strong leadership team. We know the end-to-end value chain for customers and therefore, M&A is facilitated against that. We are doing a little better in insurance than we are in the core banking business. And as I said on the call, we've made some structural changes in the banking team to really put dedicated teams behind hunting new logos, behind some of our most strategic accounts that we deem platinum as well as more broadly, I believe, that in the world of digital, extra emphasis on thought leadership and an innovation agenda is required.

我需要澄清一下，我們在生命科學領域的醫療保健業務非常強大。它繼續保持兩位數的成長。這是我們投資組合中我最有信心的領域之一。我們擁有強而有力的策略和強大的領導團隊。我們了解客戶的端到端價值鏈，因此，併購可以以此為基礎進行。我們在保險業務方面比在核心銀行業務方面做得稍微好一些。正如我在電話會議上所說，我們對銀行團隊進行了一些結構性調整，真正組建了專門的團隊來尋找新客戶，負責我們一些最重要的策略客戶（我們認為是白金級客戶），而且更廣泛地說，我認為，在數位領域，需要更加重視思想領導力和創新議程。

And in my dealings with clients over the last 4 months, it has become very apparent that we are very established in the legacy or traditional models, but our brand attributes and perhaps our thought leadership isn't where it needs to be on the side of the house that is digital. And that is an area that we need to do better in.

在過去 4 個月與客戶的互動中，我越來越清楚地意識到，我們在傳統模式方面已經非常成熟，但在數位化領域，我們的品牌屬性和思想領導力可能還沒有達到應有的水平。而這正是我們需要改進的領域。

If you do look at the competitive market in terms of what has been announced in the last quarter, it's also clear that there is market growth out there in banking and indeed in health care. And certainly from a banking point of view, we've seen most of our competitors in financial services and insurance grow from the low to the high single digits, and indeed, some even into the double digits. So we have to accelerate quicker, get back on the attack, make sure we hone our thought leadership and get a team that are constantly in front of clients with an agenda around innovation that helps customers think about how they can accelerate or pivot to digital.

如果你從上個季度公佈的資訊來看競爭激烈的市場，那麼很明顯，銀行業和醫療保健領域都存在市場成長空間。當然，從銀行業的角度來看，我們看到金融服務和保險業的大多數競爭對手的成長率都從個位數低點成長到個位數高位，甚至有些還達到了兩位數。因此，我們必須加快步伐，重回進攻態勢，確保我們磨練思想領導力，並組建一支團隊，不斷與客戶面對面交流，圍繞創新議程，幫助客戶思考如何加速或轉型到數位化。

I have not seen in any dialogue with customers any macro concern around their desire to spend on innovation. Invariably, the conversations were very clear. If we show up with enough thought leadership and innovation, they have budgets, and of course, the pivot we need to make is to ensure we are cost disciplined on the legacy side of our business to ensure that we can absorb those cost demands at the time of renewals whilst accelerating our investments into the new.

在與客戶的任何對話中，我都沒有看到他們對創新投入意願有任何宏觀的擔憂。對話內容總是非常清晰明了。如果我們展現出足夠的思想領導力和創新能力，他們就會提供預算，當然，我們需要做出的轉變是確保我們在業務的傳統方面保持成本控制，以確保我們能夠在續約時吸收這些成本需求，同時加快對新業務的投資。

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

我們的下一個問題來自德意志銀行的布萊恩·基恩。

Wanted to ask about attrition. I thought it was up a little bit, although year-over-year, it's pretty similar. Where do you expect attrition to go? Do you expect it to stay elevated? Or do you expect it to come back down? And maybe you can just talk about if you guys have lost any key managers or personnel and just thinking about the morale of the company through all these changes.

想問一下人員流失狀況。我覺得略有上漲，但與去年同期相比，變化不大。你預期人員流失會朝哪個方向發展？你認為它會一直保持高位嗎？還是你認為它會回落？或許你們可以談談公司是否失去了任何關鍵的管理階層或員工，以及在所有這些變化中，公司的士氣受到了怎樣的影響。

So let me start with the broader question around leadership and then Karen can jump in on the attrition question. Listen, I mean, to be very clear, in a company of 300,000 employees, we will always have leadership changes and it's pretty standard when you have a new CEO who comes onboard. We have been fortunate that at the time of my appointment and indeed before that, the Board secured certain executives to see through a CEO transition, and I'm grateful for their ability to actually get us through that first 4 to 6 months of my tenure because it's certainly allowed me the time to get deeper into the business and to make sure that I was ready to run forward.

那麼，就讓我先從更廣泛的領導力問題著手，然後凱倫可以再來談談人員流失問題。聽著，我的意思是，說清楚點，在一個擁有 30 萬名員工的公司裡，領導階層總會有變動，當新任 CEO 上任時，這很正常。我們很幸運，在我上任之時，甚至在此之前，董事會就安排了一些高階主管來協助完成執行長的過渡。我非常感謝他們能夠幫助我們順利度過我任期的頭 4 到 6 個月，因為這確實讓我有時間深入了解業務，並確保我已準備好繼續前進。

My perspective is we need a greater emphasis on our customers, greater energy, fresh perspective and candidly in dealing with clients, typically the questions I was asking were how often you've seen our teams, the thought leadership we brought to bear and how we stack up versus the competition and also who were some of the best people in the industry that they recognize and value as people when they are dealing with them. So we have made some very deliberate changes.

我的觀點是，我們需要更重視客戶，投入更多精力，以全新的視野和坦誠的態度與客戶打交道。我通常會問的問題是：你們多久見過我們團隊一次？我們展現了哪些思想領導力？我們與競爭對手相比如何？以及在與客戶打交道時，他們認可和重視哪些業內頂尖人才？因此，我們做出了一些經過深思熟慮的改變。

Now, of course, we've also had some other departures and I think that's normal particularly in a company that has had a relatively stable leadership team over the best part of 2 decades. This is not something I will say that I am overly concerned about. The emphasis on growth is permeating through the organization. The people who are touching customers day in, day out is typically not the executive team but the client partners. And those client partners are really, in my mind, enthused with the renewed focus on growth after a few years of more focus on margin rate, if you will.

當然，我們也經歷了一些人員變動，我認為這很正常，尤其是在一家近二十年來領導團隊相對穩定的公司。對此我並不感到特別擔憂。對成長的重視已經滲透到整個組織。每天與客戶直接接觸的通常不是管理團隊，而是客戶合作夥伴。在我看來，這些客戶合作夥伴對公司在經歷了幾年更加重視利潤率之後，重新關注成長感到非常興奮。

And of course, don't get this wrong. I'm not taking this for granted by any means. We are paranoid that the first line of the P&L is the customer. But from my perspective, this is a very manageable transition we're going through. And we've made some strong internal promotions. The new Head of North America, DK, has been with Cognizant for over 20 years and is ultimately focused and has always been focused across multiple verticals on growth. I'm also pleased to have promoted Pradeep in Delivery, somebody who's been with Cognizant for 23 years, to enable us to get much more focused in terms of optimizing our delivery structures.

當然，這一點也別搞錯了。我絕不會把這一切視為理所當然。我們非常擔心損益表上的第一項就是客戶。但從我的角度來看，我們正在經歷的這個過渡期是完全可以掌控的。我們也進行了一些強而有力的內部晉升。新任北美區負責人 DK 在 Cognizant 工作超過 20 年，他始終專注於多個垂直領域的成長。我也很高興提拔了在 Cognizant 工作了 23 年的 Pradeep 擔任交付部門的職務，這樣我們就可以更加專注於優化我們的交付結構。

And we've complemented them with some external hires, some executives who used to work with Wipro and indeed more recently Ganesh Ayyar, who was the ex-CEO of Mphasis. So my sense is we want to have the best team we can get our hands on, a team highly motivated, energized, moving with the same speed and urgency that I have and absolutely focused on their teams and on their customers.

我們也聘請了一些外部人員來補充他們的隊伍，包括一些曾在 Wipro 工作過的管理人員，以及最近聘請的 Mphasis 前執行長 Ganesh Ayyar。所以我的想法是，我們要組建一支我們能找到的最好的團隊，一支積極性高、充滿活力、行動速度和緊迫感與我一樣，並且完全專注於他們團隊和客戶的團隊。

And Bryan, as it relates to the 23%, as you said, it is flat year-over-year. And as you know, there is some seasonality to attrition. So typically, after bonuses are paid in March, we do tend to see attrition pick up. Really no changes in terms of the attrition, in terms of where it's coming from up and down the pyramid, the only exception being the director plus attrition ticked up a little bit based on the actions that we took in June as far as the realignment program. But that was the only real, I would say, significant change in attrition both in terms of geography as well as up and down the pyramid. Now I would expect it's going to continue to be lumpy. As we have said for some time now, the job market is strong and as well as we look to optimize cost structure for the organization, that will in itself likely to create some churn.

至於布萊恩，正如你所說，23%這個數字與去年同期持平。如你所知，人員流失具有一定的季節性。因此，通常情況下，在三月發放獎金之後，我們往往會看到人員流失率上升。人員流失情況並沒有什麼變化，無論是從金字塔的上到下，唯一的例外是總監的流失率略有上升，這得益於我們在 6 月採取的重組計劃。但就地理位置以及金字塔上下層級而言，可以說是人員流失方面唯一真正意義上的重大變化。現在我預計它還會繼續凹凸不平。正如我們之前所說，就業市場強勁，我們也在尋求優化組織的成本結構，這本身就可能造成一些人員流動。

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

我們的下一個問題來自高盛的吉姆·施耐德。

As you look forward to the next few quarters, sounds like you expect continued muted trends in financials and maybe some improvement in Healthcare as you get to the end of the year. I guess my question is your Q4 guidance sort of implies that things remain muted kind of across-the-board for some time. Is that just the level of conservatism relative to the outlook? Or do you actually see some headwinds in other segments that could be potentially offsetting that recovery?

展望未來幾個季度，您似乎預期財務狀況將繼續保持平穩，而醫療保健行業可能會在年底前有所改善。我想問的是，你們第四季的業績指引似乎暗示，未來一段時間內，各方面的情況都將保持低迷。這僅僅是指相對於其世界觀而言的保守程度嗎？或者您看到其他領域存在一些不利因素，可能會抵消這種復甦勢頭？

Sure. So Jim, this is Karen. Let me tackle that. So Q3 to Q4, there is actually a decline in bill days of about 2 days and that will cost about $47 million on a constant currency basis. So from a modeling perspective, if you were to take the middle of the range for Q3 and then the middle of the range for the full year guidance, that would actually say on a volume basis that Q4 will be flat with Q3.

當然。吉姆，這位是凱倫。讓我來解決這個問題。因此，從第三季度到第四季度，帳單日實際上減少了​​約 2 天，以固定匯率計算，這將造成約 4,700 萬美元的損失。因此，從建模的角度來看，如果你取第三季預測範圍的中間值，然後再取全年預測範圍的中間值，那麼實際上從銷售來看，第四季將與第三季持平。

There will be some puts and takes. As we've talked about in our comments, we do expect to see some stabilization of Healthcare off of the Q2 numbers, not on a year-over-year basis. It will continue to show challenges but we do expect it to stabilize on a sequential basis going forward. We do expect, as I said, a little bit of slowdown in the technology practice, just given the tough year-on-year comps as we get back into the back part of the year but that was in our guidance both this quarter as well as last quarter so no real change there from that perspective.

會有買賣雙方。正如我們在評論中提到的，我們預計醫療保健行業將在第二季度數據的基礎上趨於穩定，但同比數據不會好轉。雖然未來仍將面臨挑戰，但我們預期將逐步趨於穩定。正如我所說，我們預計技術業務會略有放緩，這是因為隨著我們進入下半年，同比數據比較艱難，但這在我們本季度和上季度的預期中都有體現，所以從這個角度來看，並沒有真正的變化。

Our next question comes from the line of Joseph Foresi from Cantor Fitzgerald.

我們的下一個問題來自 Cantor Fitzgerald 的 Joseph Foresi 的詩句。

I wonder if you could talk about your positioning in digital. Do you think you're competitive in that business? Or is there catch-up to be done? And I think most importantly, how does one company catch up in digital and close the gap if there is one?

我想請您談談貴公司在數位領域的定位。你認為自己在這個行業有競爭力嗎？或者說，是否需要進行一些追趕？我認為最重要的是，如果一家公司在數位化方面存在差距，它該如何迎頭趕上並縮小差距？

So this is Brian. I'll start with our position in digital. There are areas that I've been really blown away with and that have really -- I've left reviews feeling very proud about what we have and feeling that we definitely have a strong foundation to build from. I talked today about the digital engineering team. I have spent a lot of time with Cognizant's Softvision team. But more broadly within Cognizant, we had legacy digital engineering as well as the application monetization efforts that collectively, it really puts us in a position -- if you think about it, 11,000-plus resources with over $800 million of revenue. It puts us in an incredible position to increase our brand recognition and really dramatically change our position in the market vis-à-vis some of the, let's say, currently known leaders out there.

這位是布萊恩。我先從我們在數位化領域的定位說起。有些方面真的讓我非常驚喜，也讓我感到非常自豪——我寫下評論時，對我們擁有的成就感到非常驕傲，也覺得我們絕對擁有一個堅實的基礎可以繼續發展。我今天談到了數位工程團隊。我花了很多時間和 Cognizant 的 Softvision 團隊一起工作。但更廣泛地說，在 Cognizant 內部，我們擁有傳統的數位工程以及應用程式貨幣化工作，這些加在一起，確實使我們處於一個有利地位——如果你仔細想想，我們擁有超過 11,000 名資源，收入超過 8 億美元。這讓我們處於一個絕佳的位置，可以提高我們的品牌知名度，並真正徹底地改變我們在市場上的地位，與一些目前知名的領導者相比。

IoT is a few hundred million dollars for us and we have broad offerings that are aligned by industry vertical, and I'd expect us to go accelerate that as part of our strategy. More broadly, there are organic investments we need to make. There will be some inorganic plays we need to make there, too. But as I said, I'm not working on something huge at this moment in time and it will be more tuck-ins aligned to our strategy. Of course, behind any organic and indeed inorganic acquisitions, how do you scale digital? Well, you need to have a brand, you need to have capabilities and you need to have systems and tools and the sales and marketing engine to facilitate it. That's why I explicitly called out the fact that we are going through a pivot, which requires us to do some work. It's more project-oriented work, that's good and bad. You need to sell more projects, they have lower TCV, but unlike the legacy business, we will not have the same renewal price erosion that we are faced within the legacy.

物聯網對我們來說價值數億美元，我們擁有按行業垂直領域劃分的廣泛產品和服務，我希望我們將加快這一領域的發展，作為我們策略的一部分。更廣泛地說，我們需要進行一些有機投資。我們還需要在那裡進行一些非有機成長的佈局。但正如我所說，目前我並沒有在做什麼大項目，更多的是一些符合我們策略的補充性工作。當然，在任何有機收購和無機收購背後，如何實現數位化？你需要擁有品牌、能力、系統、工具以及銷售和行銷引擎來推動這一切。這就是為什麼我明確指出我們正在經歷轉型，這需要我們做一些工作。這種工作更注重項目，有利有弊。你需要銷售更多項目，它們的 TCV 較低，但與傳統業務不同的是，我們不會面臨傳統業務中常見的續約價格侵蝕問題。

We need to have a set of client-partners that are capable of speaking to the right level of the organization that typically will extend well beyond the CIO, different decision-makers and buyers, right from the CMO up to the CFO and indeed the CEO and indeed, know how to speak and how to follow up on what collateral to leave and what use cases to bring in and obviously what industry expertise to bring with them into the conversation. More consultative selling and indeed all these practical things that are very often overlooked but nonetheless critical in my opinion to running a world-class operation, things like sales commission plans that need to change and therefore, we need to orient more of our commission towards aligning our sales into areas of the -- that are aligned with our strategy. So that is not something we've historically done. It is something we will do going into the new year. And indeed, the delivery capabilities from an agile delivery point of view becomes relevant as well.

我們需要一群能夠與組織中各個層級的合適人選溝通的客戶合作夥伴，這通常遠遠超出首席資訊長 (CIO) 的範疇，涵蓋從首席行銷長 (CMO) 到首席財務官 (CFO) 乃至首席執行官 (CEO) 等不同的決策者和採購人員，並且知道如何溝通，如何跟進需要留下哪些資料，需要引入哪些用例更多諮詢式銷售，以及所有這些經常被忽視但在我看來對運營世界一流企業至關重要的實際事項，例如需要改變的銷售佣金計劃，因此，我們需要將更多的佣金用於使我們的銷售與我們的戰略保持一致。所以，這並不是我們歷史上一直在做的事情。這是我們將在新的一年裡做的事情。的確，從敏捷交付的角度來看，交付能力也變得至關重要。

I do feel that as we have near, on and indeed offshore capabilities, if you think about something like digital engineering, if we are able to take the guild and pod model that we have and extend it not just from nearshore but indeed off to our offshore centers, I believe we will have a huge advantage over some of the other players that you know. So listen, this is an area that I'm pumped about, I'm excited about the possibilities we have and I've seen a lot of goodness in the operations. We, of course, now need to accelerate our investments in it and make sure that we take this strategy into execution. And rest assured we are very focused on that.

我確實認為，鑑於我們擁有近岸、在岸和離岸能力，如果你考慮一下像數位工程這樣的領域，如果我們能夠將我們現有的團隊和小組模式不僅從近岸擴展到我們的離岸中心，我相信我們將比你所知道的其他一些競爭對手擁有巨大的優勢。所以聽著，我對這個領域充滿熱情，我對我們所擁有的可能性感到興奮，而且我在營運中看到了很多好處。當然，我們現在需要加快對該領域的投資，並確保將這項策略付諸實施。請放心，我們非常重視這一點。

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

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

Brian, so I appreciate your candor in admitting that Cognizant's weak growth in Banking and Healthcare is mostly due to company-specific issues. And my question is do you have a point of view at this point on what Cognizant's growth rate would be today if it weren't for these company-specific issues that you're needing to fix? And I guess on a related note, you're making a lot of internal changes now. I'd like your perspective on whether you think these internal changes will cause additional growth disruption in the upcoming months.

Brian，我很欣賞你坦誠地承認 Cognizant 在銀行業和醫療保健領域的成長乏力主要是由於公司本身存在的問題。我的問題是，如果不是因為這些公司特有的問題需要解決，您認為 Cognizant 如今的成長率會是多少？順便提一下，你們現在正在進行很多內部改革。我想聽聽您對這些內部變化是否會在未來幾個月內對成長造成進一步幹擾的看法。

So Rod, it's, of course, hard to extrapolate the implication but you can do a sliding scale analysis to understand that for every 100 basis points of improvement in Healthcare or Banking, what is the implied implication on the broader Cognizant story. But given they are 63% of the business, you can clearly understand that these are meaningful shifts to our overall numbers. And every 160 basis points -- $160-or-so million of growth is 1 point of growth for us, and every $6 million of bottom line is $0.01 EPS for us. So these are important levers for us to get right.

所以 Rod，當然很難推斷其含義，但你可以進行滑動標尺分析，以了解醫療保健或銀行業務每提高 100 個基點，對 Cognizant 的整體發展意味著什麼。但考慮到它們佔業務的 63%，您就能清楚地理解，這些變化對我們的整體數據來說意義重大。每成長 160 個基點——大約 1.6 億美元的成長——對我們來說就是 1 個基點的成長，而每增加 600 萬美元的利潤——對我們來說就是 0.01 美元的每股收益。所以這些都是我們必須正確掌握的重要槓桿。

We do have a lot of balls in the air at the moment and that's why we are very, very deliberate around the transformation office. We have staffed it with people who know the company well. They have been surrounded by management consultants both internal and indeed external, and we have a huge operation cadence behind that and a broad framework of change management communication and indeed an execution layer that needs to happen.

我們目前有很多事情要處理，所以我們對轉型辦公室的工作非常非常謹慎。我們已安排對公司非常了解的人員負責該職位。他們身邊圍繞著內部和外部的管理顧問，我們背後有著龐大的營運節奏、廣泛的變革管理溝通框架，以及一個需要落實的執行層。

And Rod, by definition, you will always go home at night and wondering if you're going too far, too fast. But I've got to be honest, I have a great sense of urgency. I'm really proud to have this role. I really am proud to have inherited an organization that is, in my mind, full of talent and I want to lead them forward, and I believe that we are going at the right pace to catch up where we need to catch up and to extend our leadership where we think we're in front.

羅德，從定義上講，你每天晚上回家都會想，你是不是走得太遠、太快了。但說實話，我感到非常緊迫。我非常榮幸能擔任這個職位。我非常自豪能夠接手這樣一個在我看來人才濟濟的組織，我想帶領他們前進，我相信我們正以正確的速度前進，在需要追趕的地方迎頭趕上，在我們認為領先的地方擴大我們的領先地位。

But we're spending a lot of time around operational excellence and rigor and making sure we contextualize these changes. It's clear, certain employees will be concerned around the amount of work and the hours and the pace in the decision-making. But my belief is that my executive level, I've had a number of executive committee meetings now, we have a cadence of 2 days every month. We've had some really, really constructive meetings where the teams are on board and we are making the decisions, in my opinion, needed at this moment in time to put Cognizant in a position where we can unlock our true potential.

但我們正在投入大量時間關注卓越營運和嚴謹性，並確保將這些變化置於合適的背景下進行考慮。很顯然，某些員工會擔心工作量、工作時間和決策速度。但我認為，就我的管理層面而言，我已經召開了多次執行委員會會議，我們每個月都會召開兩天會議。我們已經舉行了一些非常有建設性的會議，團隊也都積極參與，我們正在做出我認為目前必要的決定，以使 Cognizant 能夠釋放我們的真正潛力。

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

正確的。今天的電話會議到此結束。感謝各位的參與與提問。

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

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。