高知特 (CTSH) 2019 Q3 法說會逐字稿

Ladies and gentlemen, welcome to the Cognizant Technology Solutions Third Quarter 2019 Earnings Conference Call. (Operator Instructions)

女士們、先生們，歡迎參加 Cognizant Technology Solutions 2019 年第三季財報電話會議。（操作說明）

And I would now like to turn the conference over to Katie Royce, Global Head of Investor Relations. Please go ahead, Katie.

現在，我謹將會議交給全球投資者關係主管凱蒂·羅伊斯。請繼續，凱蒂。

Thank you, Rob, and good afternoon, everyone. By now, you should have received a copy of the earnings release for the company's third 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，您應該已經收到該公司 2019 年第三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. Additionally, during our call today, we will reference certain non-GAAP financial measures that we believe provide useful information for our investors. Reconciliations of non-GAAP financial measures where appropriate to the corresponding GAAP measures can be found in the company's earnings release and other filings with the SEC.

在開始之前，我想提醒各位，今天電話會議上的一些評論以及對你們提問的一些回答可能包含前瞻性陳述。這些聲明受到公司獲利報告和向美國證券交易委員會提交的其他文件中所述的風險和不確定性的影響。此外，在今天的電話會議中，我們將提及一些我們認為可以為投資者提供有用資訊的非GAAP財務指標。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，可以找到非GAAP財務指標與對應GAAP指標的調節表。

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, and thanks for joining us on today's call. Over the past few months, we've initiated what we expect will be a multiyear evolution of our business aimed at returning our company to historical levels of performance. We view this as a systematic process of revitalizing the company and one we're pursuing with rigor and urgency.

好的，謝謝你，凱蒂。大家下午好，感謝各位參加今天的電話會議。在過去的幾個月裡，我們啟動了一項預計將持續多年的業務轉型計劃，旨在使公司恢復到歷史績效水平。我們認為這是一個系統性的公司復興過程，我們正在以嚴謹和緊迫的態度來推進這個過程。

Today, I want to clarify where we are in this project and where we're headed by briefly covering our Q3 performance and then reviewing how we've begun to operationalize the conclusions of the transformation office, including our refined strategic posture, which aligns to our clients' digital imperatives, and our plan for resetting our cost base to facilitate investments in growth.

今天，我想透過簡要回顧我們第三季度的業績，並回顧我們如何開始落實轉型辦公室的結論，包括我們改進後的戰略姿態（與客戶的數位化需求相一致）以及我們重置成本基礎以促進增長投資的計劃，來闡明我們在這個項目中所處的位置以及我們的發展方向。

Let's begin with our third quarter earnings. Q3 revenue grew 5.1% year-over-year in constant currency to $4.25 billion and non-GAAP EPS was $1.08.

讓我們先來看第三季的收益情況。第三季營收以固定匯率計算年增 5.1% 至 42.5 億美元，非 GAAP 每股收益為 1.08 美元。

In an uncertain economic climate, our year-over-year performance in North America improved modestly in the third quarter. As we've discussed in prior calls, our ability to accelerate the company's top line growth depends on revitalizing our North America performance, and in particular, our Banking and Financial Services and Healthcare businesses, both of which are under new leadership. While we have more work to do, we now have highly engaged strategic leaders running these businesses, who bring a fresh perspective and huge client centricity. Arguably, even more important than the modest year-over-year growth improvement we've seen is the new energy we have in our North America leadership team, and our clients are noticing this.

在經濟情勢不明朗的情況下，我們在北美的年比業績在第三季略有改善。正如我們在先前的電話會議中所討論的那樣，我們能否加速公司營收成長取決於能否重振我們在北美的業績，特別是我們的銀行和金融服務以及醫療保健業務，這兩個業務目前都由新的領導層負責。雖然我們還有很多工作要做，但我們現在擁有高度敬業的策略領導者來管理這些企業，他們帶來了全新的視角和以客戶為中心的理念。可以說，比我們所看到的略微同比成長更重要的是，我們北美領導團隊煥發了新的活力，我們的客戶也注意到了這一點。

At a global level in Q3, Banking and Financial Services was up 3% year-over-year in constant currency, and Healthcare was down 90 basis points year-over-year in constant currency. In Banking and Financial Services, against the backdrop of growing demand for DevOps and some in-sourcing of skills, we see cost pressure in the traditional business with growth opportunities in digital, with particular interest in cloud, digital engineering, AI and analytics and interactive. Similar dynamics exist in Healthcare, but here, revenue growth also continues to be impacted by rate reductions and volume discounts from clients in the midst of merger integration.

第三季度，全球銀行業和金融服務業以固定匯率計算年增 3%，而醫療保健業以固定匯率計算年減 90 個基點。在銀行業和金融服務業，隨著對 DevOps 的需求不斷增長以及一些技能內部化的增加，我們看到傳統業務面臨成本壓力，而數位化領域則有成長機會，尤其關注雲端運算、數位工程、人工智慧和分析以及互動式技術。醫療保健產業也存在類似的動態，但在這裡，在併購整合過程中，客戶降低費率和批量折扣也會繼續影響收入成長。

Our momentum continued in our other 2 business segments, Products and Resources and Communications, Media and Technology. Both posted double-digit revenue growth in constant currency year-over-year. Later in our call, Karen will take you through the details of the quarter, including the business segment and markets commentary.

我們的成長動能在其他兩個業務部門——產品與資源以及通訊、媒體與技術——也得以延續。兩家公司以固定匯率計算，營收均實現了兩位數年成長。稍後，Karen 將帶您了解本季度的詳細信息，包括業務板塊和市場評論。

Let's turn to my second topic, operationalizing the conclusions of the transformation office. As a reminder, upon joining Cognizant in April, we established a transformation office to identify, prioritize and put into action key initiatives aimed at accelerating our revenue growth and unlocking the full potential of Cognizant.

讓我們轉向我的第二個主題，即如何將轉型辦公室的結論付諸實踐。提醒一下，我們在 4 月加入 Cognizant 時，成立了一個轉型辦公室，旨在確定、優先考慮並實施關鍵舉措，以加速我們的收入成長並釋放 Cognizant 的全部潛力。

Following 6 months of engagement by 250 of our leaders, we have now identified, amongst other things, our strategic focus, operating and commercial models, global delivery structure and our cost base and processes and tools required to enable us to be fit for growth. As a result, we are now in execution mode, putting into action key initiatives aimed at facilitating investments in growth, going to market with a sharper strategic focus, working more closely with our clients, continuing to evolve our skill sets and creating a leaner and simpler operating model.

經過 250 位領導者 6 個月的參與，我們現在已經確定了我們的策略重點、營運和商業模式、全球交付結構以及成本基礎和流程及工具，使我們能夠適應成長。因此，我們現在正處於執行階段，落實旨在促進成長投資、以更清晰的策略重點進入市場、與客戶更緊密地合作、不斷提升我們的技能以及創建更精簡、更簡單的營運模式的關鍵舉措。

Let's start with our strategy. I continue to allocate significant time to face-to-face meetings with the C-suite of our clients. I find these meetings essential because they allow me to gain insights into the key trends by industry, customer pain points and desired business outcomes. Clients across all industries are confronted with the risk of being disrupted by next-generation, nimble, digital-native competitors. So they are redirecting their focus and investment to digital and embracing DevOps and technologies like cloud, digital engineering, analytics, AI and automation. We spent the past few months sharpening our strategic posture to align directly with clients' needs to become modern, data-enabled, customer-centric and differentiated businesses.

讓我們從戰略開始。我繼續投入大量時間與客戶的高階主管進行面對面會談。我認為這些會議至關重要，因為它們讓我深入了解各行業的關鍵趨勢、客戶痛點和期望的業務成果。各行各業的客戶都面臨著被新一代、靈活、數位化原生競爭對手顛覆的風險。因此，他們正在將重點和投資轉向數位化，並擁抱 DevOps 以及雲端運算、數位工程、分析、人工智慧和自動化等技術。過去幾個月，我們不斷完善策略態勢，以直接滿足客戶需求，成為現代化、數據驅動、以客戶為中心且具有差異化的企業。

Our strategy has 2 parts. First, protecting and optimizing our core portfolio, which includes efficiency, tooling and automation, delivery optimization, protection of renewals, strengthening our industry alignment and scaling our international footprint; and second, winning in 4 key digital battlegrounds: data, digital engineering, cloud and IoT. These 4 areas enable clients to put their data at the core of their operations, improving the experience they offer their customers, tapping into new revenue streams, defending against disruptors and reducing costs.

我們的策略分為兩部分。首先，保護和優化我們的核心產品組合，包括效率、工具和自動化、交付優化、續約保護、加強行業協調以及擴大國際影響力；其次，在 4 個關鍵數位戰場上取得勝利：數據、數位工程、雲端運算和物聯網。這 4 個領域使客戶能夠將資料置於營運的核心，從而改善為客戶提供的體驗，開拓新的收入來源，抵禦顛覆者並降低成本。

The 2 parts of our strategy reinforce each other. It's our core portfolio that has built our strength in the market. For instance, our deep relationship with clients who lead their industries, our reputation for responsive and reliable delivery and our historical strength at the application layer mean that we know how to help clients transition from managing their current legacy state to enabling their digital future. We are investing aggressively and are determined to win in these 4 digital battlegrounds. As we do so, we expect to accelerate our revenue growth.

我們的策略由兩部分組成，這兩部分相輔相成。正是我們的核心產品組合，奠定了我們在市場上的實力。例如，我們與各行業領先客戶建立了深厚的合作關係，我們以響應迅速、交付可靠而著稱，並且在應用層擁有悠久的歷史優勢，這意味著我們知道如何幫助客戶從管理當前的傳統狀態過渡到實現其數位化未來。我們正在大力投資，決心在這四個數位戰場上取得勝利。我們這樣做有望加快收入成長。

I want to offer a bit more context about these 4 areas, starting with data, which is the heart of our strategy because it's at the core of our clients' competitiveness. No matter their industry, clients must quickly get better at storing, managing, reporting, analyzing and reusing their data. Clients need to leverage enormous amounts of data to fuel AI-based platforms that can transform customer experiences, drive automation and provide management insight. This is causing a shift from legacy to next-generation data services like data modernization, AI and machine learning. We're helping our clients make the leap from systems of record to systems of insight and engagement. It starts with data engineering, including basic things like customer and product hierarchies.

我想就這四個領域提供更多背景信息，首先是數據，數據是我們策略的核心，因為它是我們客戶競爭力的核心。無論身處哪個產業，客戶都必須快速提升資料儲存、管理、報告、分析和重複使用能力。客戶需要利用大量數據來驅動基於人工智慧的平台，從而改變客戶體驗、推動自動化並提供管理洞察。這導致資料服務從傳統模式轉變為下一代模式，例如資料現代化、人工智慧和機器學習。我們正在幫助客戶從記錄系統過渡到洞察和互動系統。它從資料工程開始，包括客戶和產品層級等基本內容。

Turning to digital engineering. To compete effectively, clients need to become software-driven enterprises. And to do so, they are replacing traditional application development with digital engineering to build leading-edge consumer-grade experiences and infuse software into their products, services and customer experiences.

轉向數位工程。為了有效參與競爭，客戶需要轉型為軟體驅動型企業。為了實現這一目標，他們正在用數位工程取代傳統的應用程式開發，以建立領先的消費級體驗，並將軟體融入他們的產品、服務和客戶體驗中。

Cloud, our third digital battleground, is just as critical to clients' digital journeys given that an estimated 50% of all workloads sit on public and private clouds today, a figure set to rise to 80% in a couple of years. Our clients need help migrating their workloads as well as the entire spectrum of client management, including monitoring, notification, provisioning and orchestration, governance and security. We aim to significantly enhance our partnership with leading scale companies, hyperscale companies and SaaS vendors.

雲端運算是我們第三個數位戰場，對於客戶的數位轉型至關重要，因為據估計，目前所有工作負載的 50% 都位於公有雲和私有雲上，而這一數字將在幾年內上升到 80%。我們的客戶需要協助遷移他們的工作負載，以及整個客戶端管理領域，包括監控、通知、配置和編排、治理和安全性。我們的目標是大幅加強與領先的規模化公司、超大規模公司和SaaS供應商的合作關係。

Our fourth battleground is IoT, an exciting space given that 75% of businesses are expected to increase their IoT spending in the next 5 years and 40 billion-plus devices are expected to be IoT-connected by 2025. The adoption of IoT, enabled by 5-generation technology, is sparking an explosion in distributed and edge computing. A vast array of sensors and industrial IoT devices and solutions will proliferate across businesses, cities and environments of all kinds, significantly changing use cases and accelerating adoption. For clients, IoT offers the ability to instrument everything for constant insight.

我們的第四個戰場是物聯網，這是一個令人興奮的領域，因為預計未來 5 年內，75% 的企業將增加其在物聯網方面的支出，到 2025 年，預計將有超過 400 億台設備連接到物聯網。第五代技術推動的物聯網應用，正在引發分散式運算和邊緣運算的爆發式成長。種類繁多的感測器和工業物聯網設備及解決方案將在各種企業、城市和環境中迅速普及，顯著改變應用場景並加速普及。對於客戶而言，物聯網提供了對所有事物進行監控以實現持續洞察的能力。

If you look back at our recent acquisitions such as Softvision, which expanded our digital engineering capabilities, and Zenith Technologies, which expanded our IoT portfolio and our life sciences domain expertise, we've been methodically deepening our expertise in areas that we believe will provide the greatest value to clients while generating the best return for Cognizant. Our latest step along that path is our agreement to acquire Contino, a leading consultancy that specializes in helping Global 2000 clients speed their digital transformations by leveraging enterprise DevOps methodologies and advanced data platforms. Cognizant's approach to cloud migration, core modernization and cloud security is reshaping how enterprises build their infrastructures. And these cloud capabilities will enable us to offer transformative cloud-based solutions to our clients. We expect this transaction to close later this quarter.

回顧我們最近的收購，例如收購 Softvision 擴大了我們的數位工程能力，收購 Zenith Technologies 擴大了我們的物聯網產品組合和生命科學領域的專業知識，我們一直在有條不紊地深化我們在我們認為能夠為客戶帶來最大價值，同時為 Cognizant 創造最佳回報的領域的專業知識。我們在這條路上的最新舉措是達成收購 Contino 的協議。 Contino 是一家領先的顧問公司，專門幫助全球 2000 強客戶利用企業 DevOps 方法和先進的數據平台來加速其數位轉型。Cognizant 在雲端遷移、核心現代化和雲端安全方面的方法正在重塑企業建構其基礎設施的方式。這些雲端功能將使我們能夠為客戶提供變革性的雲端解決方案。我們預計這筆交易將於本季稍後完成。

The refinement of our strategic posture also highlights a subset of our portfolio that is not in line with our strategic vision for the company and, therefore, an area to exit. Within digital operations, we have a content operations business that offers a wide range of business process services to clients across all industries. Some of these projects involve ensuring proper brand and business experiences such as integrating our healthcare patients or determining whether online maps are accurate. But within one subset of the content operations business, our work is largely focused on determining whether certain content violates client standards and can involve objectionable materials. We have determined that this subset of work is not in line with our strategic vision for the company.

我們對策略態勢的調整也凸顯了我們投資組合中一部分與公司策略願景不符的業務，因此，這部分業務需要退出。在數位營運領域，我們擁有內容營運業務，為各行各業的客戶提供廣泛的業務流程服務。這些項目包括確保適當的品牌和業務體驗，例如整合我們的醫療保健患者或確定線上地圖是否準確。但在內容營運業務的一個子領域中，我們的工作主要集中在確定某些內容是否違反客戶標準，以及是否可能包含令人反感的內容。我們認為，這部分工作與公司的策略願景不符。

While we intend to exit this work, we recognize that cleansing the web of objectionable content is a worthy cause and one in which companies have a role to play. For this reason, we have decided to allocate $5 million to fund research aimed at increasing the level of sophistication of algorithms and automation, thereby reducing users' exposure to objectionable content.

雖然我們打算退出這項工作，但我們意識到，清除網路上的不良內容是一項值得追求的事業，企業也應該為此貢獻一份力量。因此，我們決定撥款 500 萬美元用於資助旨在提高演算法和自動化程度的研究，從而減少用戶接觸不良內容的機會。

Over the coming quarters, we intend to comply with our contractual obligations and determine the best path forward with affected clients. Exiting this subset will impact our financial performance in the coming year and also affect approximately 6,000 roles. In the months ahead, we expect to work with our partners to explore ways to transition roles to alternative vendors, thereby reducing the impact to our valued associates. As a reminder, other Cognizant digital operations content work will continue.

在接下來的幾個季度裡，我們將履行合約義務，並與受影響的客戶共同確定最佳解決方案。退出這項子業務將影響我們來年的財務業績，並影響約 6,000 個工作機會。在接下來的幾個月裡，我們期待與合作夥伴共同探索將部分職位轉移給其他供應商的方法，從而減少對我們寶貴員工的影響。再次提醒，Cognizant 的其他數位營運內容工作將繼續進行。

In recent quarters, I've discussed the importance of simplifying our organizational model to enhance role clarity, empowerment and accountability, whilst ensuring we further increase our client centricity and optimize our cost structure. Over the last few months, the transformation office, and indeed, client feedback, have identified a series of measures to help us progress against these goals. And today, I want to give you an update on some of the decisions we have taken.

最近幾個季度，我一直在討論簡化組織模式的重要性，以提高角色清晰度、授權和問責制，同時確保我們進一步提高以客戶為中心的理念並優化成本結構。在過去的幾個月裡，轉型辦公室以及客戶的回饋，已經確定了一系列措施來幫助我們實現這些目標。今天，我想向大家報告我們已經做出的一些決定。

These actions include returning to our simpler Two-In-a-Box model of client partner and delivery partner for a more seamless client experience and greater agility in front of the customer; our previously announced consolidation of the delivery organization under one delivery leader reporting to me; significantly increasing investments in automation and tooling to enable more streamlined and efficient processes, higher productivity and lower delivery costs; combining Cognizant digital engineering capabilities with Cognizant Softvision, thereby creating a powerful team focused on software product development and application modernization; extending our global brand, developing greater thought leadership by industry vertical and better positioning Cognizant in the market as a leader in digital by uniting all marketing under a recently hired CMO reporting to me; strengthening Cognizant consulting capabilities in select geographies and verticals whilst complementing our targeted capabilities with greater partnerships, with the leader, again, reporting to me; aligning our specialist sales capabilities to the service lines, albeit with an industry intersection point, to ensure the highest competencies and capabilities are available to our client partners; and lastly, in our commercial teams, the implementation of more leveraged sales compensation programs and the development and deployment of a RAD model, or retention acquisition development, to optimally segment our clients and future clients, thereby allowing us to better hunt and farm. These changes, for the most part, will become effective January 1, 2020.

這些舉措包括：回歸我們更簡化的「雙人一體」客戶合作夥伴和交付合作夥伴模式，以提供更流暢的客戶體驗，並在客戶面前展現更敏捷的響應；此前宣布將交付組織整合為一個交付負責人，直接向我匯報；大幅增加對自動化和工具的投資，以實現更精簡的工程能力與更高的簡單性和更新相結合，從而打造一支專注於軟體產品開發和應用現代化的強大團隊；拓展我們的全球品牌，在各個行業垂直領域樹立更強的思想領導力，並透過將所有行銷工作整合到一位新聘的首席行銷長 (CMO) 的領導下，更好地將 Cognizant 定位為數位領域的領導者，並向我匯報；在特定地區和垂直領域的諮詢能力，同時透過更廣泛的合作夥伴關係來補充我們的目標能力，該負責人同樣直接向我匯報；將我們的專業銷售能力與服務線相匹配，儘管存在行業交叉點，但以確保我們的客戶合作夥伴能夠獲得最高水平的專業能力和資源；最後，在我們的商業團隊中，實施了更具槓桿效應的薪酬計劃，並部署了更具槓桿效應的規劃模型（或稱為客戶保留與獲取發展模型），以優化對現有客戶和潛在客戶的細分，從而使我們能夠更好地尋找和維護客戶。這些變更大部分將於 2020 年 1 月 1 日生效。

Against this strategic backdrop and a set of organizational decisions aimed at ensuring strategy execution, today, we are also announcing a cost reduction program. In any people-intensive business, cost reduction always involves difficult choices, but with an eye to evolving our skill sets and freeing up capacity to invest in growth, we've made the decision to remove approximately 10,000 to 12,000 mid- to senior-level associates from their current roles in the coming quarters. This gross reduction is expected to lead to a net reduction of approximately 5,000 to 7,000 roles as we aim to re-skill approximately 5,000 associates, thereby lessening the impact on our associates and allowing us to reduce lateral hiring. These numbers exclude the approximately 6,000 roles impacted by our decision to exit a subset of our content operations business, but as previously stated, we expect to work with our partners to explore ways to transition these roles to alternative vendors, thereby reducing the impact on our associates and also reducing any associated charge.

在此策略背景下，以及為確保策略執行而做出的一系列組織決策中，今天，我們也宣布一項成本削減計劃。在任何人力密集型企業中，削減成本總是意味著艱難的選擇，但著眼於提升我們的技能水平並釋放產能以投資成長，我們決定在未來幾季內裁減約 10,000 至 12,000 名中高階員工。預計此次裁員將淨減少約 5,000 至 7,000 個職位，因為我們的目標是重新培訓約 5,000 名員工，從而減輕對員工的影響，並使我們能夠減少橫向招聘。這些數字不包括因我們決定退出部分內容營運業務而受影響的約 6,000 個職位，但正如之前所述，我們希望與合作夥伴共同探索將這些職位過渡到其他供應商的方法，從而減少對我們員工的影響，並減少任何相關費用。

Establishing a healthier cost structure is but a means to an end, and that's to drive revenue growth. We free up costs, we've identified a series of investments that require funding, including the previously announced hiring of approximately 500 revenue-generating associates over the coming year, a combination of customer-facing and sales support professionals who will help us expand existing accounts and generate new ones; significant investments in Cognizant Academy, our internal learning center, and in technical skills as we aim to re-skill and redeploy our talent towards digital imperatives; accelerated investments in tooling and automation; and increased investments in marketing and branding as we aim to strengthen our international operations and, indeed, our digital brand.

建立更健康的成本結構只是實現最終目標的手段，而最終目標是推動收入成長。我們釋放了成本，並確定了一系列需要資金的投資項目，包括先前宣布的在未來一年內招聘約 500 名創收員工，其中包括面向客戶和銷售支持的專業人員，他們將幫助我們拓展現有客戶並開發新客戶；對我們的內部學習中心 Cognizant Academy和技術技能進行大量投資，旨在重新培訓和部署我們的人才，以應對數位化挑戰；加快對工具和自動化的投資；以及增加對行銷和品牌推廣的投資，旨在加強我們的國際業務以及我們的數位品牌。

Karen will provide more detail on our 2020 Fit For Growth Plan, including the expected completion date and run rate savings, along with the charges we expect to incur. We will take great care to treat our associates with the dignity and respect they deserve and to minimize any internal distractions caused by our actions as we get the company back to achieving its full potential.

Karen 將詳細介紹我們的 2020 年“適合增長計劃”，包括預計完成日期和運行率節省金額，以及我們預計產生的費用。我們將盡一切努力給予員工應有的尊嚴和尊重，並儘量減少我們的行動對公司內部造成的任何干擾，使公司重回正軌，充分發揮其潛力。

I've been in the CEO role now for a full 7 months, which have given me the opportunity to considerably deepen my knowledge of our operations, our market opportunity and our clients. And 3 things are resoundingly clear to me.

我擔任執行長一職已有整整 7 個月了，這讓我有機會大大加深對我們營運、市場機會和客戶的了解。有三件事對我來說非常清楚。

First, we've built an enviable position in a large and attractive market that's expected to continue growing at a steady rate. Most of our clients we serve are still in the early stages of their transformation. They need our expertise in a distinct set of digital technologies, coupled with our intimate knowledge of their technology environments, to fully digitize their businesses.

首先，我們在一個規模龐大且極具吸引力的市場中建立了令人羨慕的地位，預計該市場將繼續以穩定的速度成長。我們服務的大多數客戶仍處於轉型初期階段。他們需要我們具備一系列獨特的數位技術專業知識，再加上我們對他們技術環境的深入了解，才能實現業務的全面數位化。

Second, the significant time I've been able to spend with our top accounts convinces me that our clients love working with us and actually want us to succeed. In fact, they want us to step up and do even more for them. It's my observation that Cognizant is one of those rare B2B organizations that is a so-called loved brand. The reservoir of client trust we built over the years is one of our most distinctive assets.

其次，我花了很多時間與我們最重要的客戶交流，這讓我確信我們的客戶喜歡與我們合作，並且真心希望我們取得成功。事實上，他們希望我們更進一步，為他們做更多的事情。據我觀察，Cognizant 是少數幾家被譽為「受人喜愛的品牌」的 B2B 企業之一。多年來累積的客戶信任是我們最獨特的資產之一。

And third, the company is brimming with talented and engaged associates around the world. Our associates are driven to grow and develop new capabilities and deeply skilled in our portfolio of solutions and in how to apply them to help our clients thrive in a digital economy.

第三，公司在全球各地擁有眾多才華洋溢、積極敬業的員工。我們的員工積極進取，不斷提升自身能力，並且精通我們的解決方案組合，以及如何運用這些解決方案幫助客戶在數位經濟中蓬勃發展。

In summary, the leadership team and I are fully aware that we have a multiyear project ahead of us. My optimism about Cognizant's future is pragmatic and comes from the winning spirit of our associates around the world who are passionate about contributing to the long-term success of our clients. Notwithstanding a backdrop of macro demand uncertainty that gives us cause for prudence, I'm convinced that much of what we need to do to increase Cognizant's competitiveness is within our own control. Our relentless focus on growth has defined Cognizant's performance since its founding a quarter century ago, and that determination and focus are as strong as ever. We're determined to unlock the organization's growth potential and return Cognizant to its historical position of being the bellwether in the IT services industry.

總而言之，領導團隊和我完全意識到，我們面前是一個需要多年才能完成的專案。我對 Cognizant 的未來充滿樂觀，這種樂觀源自於我們全球員工的必勝精神，他們熱衷於為客戶的長期成功做出貢獻。儘管宏觀需求的不確定性讓我們有理由保持謹慎，但我相信，提高 Cognizant 競爭力所需的大部分措施都在我們自己的掌控之中。自 25 年前成立以來，我們對成長的不懈追求一直是 Cognizant 業績的標誌，而這種決心和專注力至今依然堅定不移。我們決心釋放公司的成長潛力，讓 Cognizant 重返在 IT 服務業領導者的歷史地位。

And with that, it's my pleasure to turn the call over to Karen, who will give you an update both on our operational and financial performance as well as a view as to how we will see the fourth quarter. Karen?

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，以及我們對第四季的展望。凱倫？

Thank you, Brian, and good afternoon, everyone. Third quarter revenue of $4.25 billion was above the high end of our guided range and represented growth of 4.2% year-over-year or 5.1% in constant currency. Digital revenue growth was in the mid-20% range and represented over 35% of total revenue.

謝謝你，布萊恩，大家下午好。第三季營收為 42.5 億美元，高於我們預期範圍的上限，年增 4.2%，以固定匯率計算成長 5.1%。數位業務收入成長率在 20% 左右，佔總收入的 35% 以上。

Moving to the industry verticals, where overall company performance continues to be impacted by Financial Services and Healthcare. Financial Services growth was up 3% in constant currency, driven by the ramp-up of several projects in insurance, and Banking performance which was consistent with last quarter.

從行業垂直領域來看，金融服務和醫療保健行業繼續對公司整體業績產生影響。以固定匯率計算，金融服務業成長了 3%，這主要得益於保險業多個項目的啟動，以及銀行業績與上季保持一致。

Within Banking, our performance continues to be impacted by a few of our largest customers. Consistent with the last quarter, 2 of our top 5 accounts continue to grow while 3 remain under pressure, a trend we expect to continue through the remainder of the year.

在銀行業，我們的業績持續受到少數幾家最大客戶的影響。與上一季的情況一致，我們前 5 個客戶中有 2 個繼續成長，而 3 個仍然面臨壓力，我們預計這一趨勢將在今年餘下的時間裡持續下去。

As we had expected when we did our last earnings call, insurance in Q3 benefited from a ramp-up in project-based work. However, in Q4, we anticipate a continuation of trends seen over the course of this year, where executive transitions underway at several of our clients is showing -- is slowing the decision-making process, particularly around larger deals in the pipeline.

正如我們在上次財報電話會議上所預期的那樣，第三季保險業務受益於專案型工作的增加。然而，在第四季度，我們預計今年以來出現的趨勢將會延續，我們幾位客戶正在進行的高階主管更迭正在減緩決策過程，尤其是在一些較大的交易方面。

Moving on to Healthcare, which declined 0.9% year-over-year in constant currency. Within our Healthcare vertical, performance continues to be primarily impacted by large clients involved in mergers, the continued shift of work to a captive at a large client and the continued year-over-year impact from the completed ramp-down of an account in which we were the subcontractor to a third party. Additionally, in the quarter, we were impacted by a charge related to an ongoing contract dispute with a large client. This charge impacted both revenue and margin.

接下來是醫療保健產業，以固定匯率計算，年減 0.9%。在我們的醫療保健垂直領域，業績主要受到以下因素的影響：大型客戶參與合併、大型客戶持續將工作轉移到其專屬部門，以及我們作為第三方分包商的帳戶逐步退出後，對業績的持續同比影響。此外，本季我們也受到與一位大客戶持續存在的合約糾紛相關的費用的影響。這項費用對收入和利潤率都產生了影響。

Life Sciences again grew double-digits year-over-year, benefiting from continued demand within digital operations, large enterprise transformation deals migrating from on-premise to cloud-based environments and momentum within our industry-specific platform solutions such as our Shared Investigator Platform and SmartTrials. Zenith also contributed to growth in the quarter, and we are pleased with the early success we have seen with this acquisition. We expect similar year-over-year trends in Healthcare in the fourth quarter.

生命科學領域再次實現兩位數年成長，受益於數位化營運的持續需求、大型企業轉型交易從本地環境遷移到雲端環境，以及我們產業專用平台解決方案（如共享研究者平台和智慧試驗）的強勁勢頭。Zenith 也為本季的成長做出了貢獻，我們對此次收購的初步成功感到滿意。我們預期第四季醫療保健產業的年比趨勢與去年同期類似。

Products and Resources grew 13.4% year-over-year in constant currency. This is the seventh consecutive quarter of double-digit constant currency growth. Growth was broad-based across verticals as results continued to benefit from strong growth within our digital business and demand for digital engineering, cloud infrastructure, IoT and analytic solutions. We do expect to see slower growth on a year-over-year basis in the Products and Resources segment in the fourth quarter as we lap the ramp-up of work with new logos and the contribution of acquisitions made in Q4 2018.

以固定匯率計算，產品和資源年增 13.4%。這是連續第七個季度實現兩位數的固定匯率成長。各垂直領域的成長都很廣泛，業績持續受益於數位業務的強勁成長以及對數位工程、雲端基礎設施、物聯網和分析解決方案的需求。我們預計，由於新客戶的業務成長以及 2018 年第四季收購的貢獻，第四季產品和資源部門的年增率將放緩。

Our Communications, Media and Technology segment grew 10.6% year-over-year in constant currency. In technology, growth was driven by revenue from recent acquisitions and demand for our digital engineering services, partly offset by slowing demand for content services. As Brian mentioned, we have decided to exit certain types of content work within our digital operations practice that is not in line with our long-term strategic vision for the company. I will provide some more color on the impact of this to our Communications, Media and Tech practice as well as the overall company in a few minutes.

我們的通訊、媒體和技術部門以固定匯率計算年增 10.6%。在技​​術方面，成長主要得益於近期收購帶來的收入以及對我們數位工程服務的需求，但部分被內容服務需求的放緩所抵消。正如布萊恩所提到的，我們決定退出數位營運實踐中某些類型的內容工作，因為這些工作與公司的長期策略願景不符。稍後我將詳細介紹此事對我們的傳播、媒體和技術業務以及整個公司的影響。

Turning to geos. Europe grew 8.8% year-over-year in constant currency, reflecting weakness in the U.K. from macroeconomic uncertainty. In Continental Europe, we saw strength in Life Sciences, driven in part by our Zenith acquisition. While a few of our larger banking relationships in Europe remained under pressure, we did see good growth in several of our newer logos, including a partnership with 3 Finnish financial institutions. The rest of world grew 11.1% year-over-year in constant currency, driven by strong growth in Products and Resources, insurance and CMT that was partially offset by softness in Banking, driven by the weakness of several of our large clients. Over the coming years, there is significant opportunity to gain further market share within Europe as well as the rest of world, and we intend to increase investments in these markets in the coming quarters.

轉向地理學。歐洲經濟以固定匯率計算年增 8.8%，反映出英國經濟因宏觀經濟不確定性而疲軟。在歐洲大陸，生命科學領域表現強勁，部分原因是我們收購了 Zenith。儘管我們在歐洲的一些大型銀行合作關係仍然面臨壓力，但我們的一些新客戶確實取得了良好的成長，其中包括與 3 家芬蘭金融機構的合作。世界其他地區以固定匯率計算年增 11.1%，主要得益於產品與資源、保險和 CMT 行業的強勁增長，但部分被銀行業疲軟所抵消，而銀行業疲軟則是由我們幾家大客戶的疲軟所致。未來幾年，我們在歐洲以及世界其他地區有很大的機會進一步擴大市場份額，我們計劃在未來幾季增加對這些市場的投資。

Turning to margins. Our GAAP operating margin and diluted EPS were 15.7% and $0.90, respectively. Adjusted operating margin, which excludes realignment charges, was 17.3%, and our adjusted diluted EPS was $1.08 in the third quarter. While up by 120 basis points from Q2, our adjusted operating margin was down 120 basis points year-over-year, below our expectations primarily due to employee compensation and benefit costs outpacing revenue growth and the ongoing dispute with a large Healthcare client, which negatively impacted operating margins by 40 basis points. These headwinds were partially offset by the impact of lower incentive-based compensation and cost savings realized as a result of the targeted actions at the senior levels of our pyramid to simplify our org structure that we took in Q2 and Q3.

轉向邊際效應。我們的 GAAP 營業利潤率和稀釋後每股收益分別為 15.7% 和 0.90 美元。經調整後的營業利潤率（不包括重組費用）為 17.3%，第三季經調整後的稀釋每股收益為 1.08 美元。雖然比第二季度增長了 120 個基點，但調整後的營業利潤率同比下降了 120 個基點，低於我們的預期，這主要是由於員工薪酬和福利成本超過了收入增長，以及與一家大型醫療保健客戶的持續糾紛，導致營業利潤率下降了 40 個基點。這些不利因素部分被降低激勵性薪酬和成本節約的影響所抵消，這些成本節約是由於我們在第二季度和第三季度針對金字塔高層採取的旨在簡化組織結構的有針對性的行動而實現的。

The cumulative savings from actions taken in Q2 and Q3 are now expected to result in annualized savings of over $100 million, with approximately $50 million realized in 2019. However, we have more work to do to rightsize our cost structure and are not satisfied with the amount of cost reduction achieved in the quarter as we did not achieve our full potential around pricing levers, aligning bill rates with promotions and pyramid optimization. Also, we experienced a longer than previously anticipated time line to align revenue and headcount growth as we continue to hire and re-skill our workforce to be better positioned to capture digital demand in the market.

第二季和第三季採取的措施累積節省的金額預計將實現年度節省超過 1 億美元，其中 2019 年將實現約 5,000 萬美元。然而，我們在調整成本結構方面還有更多工作要做，並且對本季度實現的成本削減幅度並不滿意，因為我們在定價槓桿、使賬單費率與促銷活動保持一致以及金字塔式優化方面沒有充分發揮潛力。此外，由於我們需要不斷招募和重新培訓員工，以便更好地滿足市場上的數位化需求，因此我們在協調收入和員工人數成長方面，所需時間比預期要長。

Attracting and retaining our talent is a key factor to our long-term success. While reduction of our attrition rate, currently running at 24% annualized, remains a long-term goal, we do expect this rate to remain elevated for the next few quarters as we undergo this transformation.

吸引和留住人才是我們長期成功的關鍵因素。雖然降低我們目前年化 24% 的員工流失率仍然是一個長期目標，但我們預計，隨著我們進行轉型，未來幾季這一流失率仍將保持在高位。

Turning to our balance sheet. Our cash and short-term investment balance as of September 30 stood at $3.1 billion, up approximately $75 million from June 30 but down $1.4 billion from December 31, reflecting the over $2 billion of share repurchases completed year-to-date and approximately $380 million deployed on acquisitions. As a reminder, our short-term investment balance includes restricted short-term investments of $419 million related to the ongoing dispute with the India Income Tax Department.

接下來來看看我們的資產負債表。截至 9 月 30 日，我們的現金和短期投資餘額為 31 億美元，比 6 月 30 日增加了約 7,500 萬美元，但比 12 月 31 日減少了 14 億美元，這反映了今年迄今完成的超過 20 億美元的股票回購以及約 3.8 億美元用於收購。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 4.19 億美元的受限短期投資。

We generated $620 million of free cash flow in the quarter. DSO of 78 days was down slightly sequentially, but up 2 days year-over-year, which negatively impacted free cash flow by approximately $100 million. This was primarily due to the customer dispute I referenced earlier.

本季我們產生了 6.2 億美元的自由現金流。DSO 為 78 天，環比略有下降，但同比增加 2 天，這給自由現金流帶來了約 1 億美元的負面影響。這主要是由於我之前提到的客戶糾紛造成的。

Our outstanding debt balance was $747 million at the end of the quarter, and there was no outstanding balance on the revolver.

截至季末，我們的未償債務餘額為 7.47 億美元，循環信貸額度沒有未償餘額。

During the third quarter, we opportunistically repurchased approximately 3.6 million shares for approximately $219 million and our diluted share count decreased to 551 million shares for the quarter. On a year-to-date basis, we have repurchased over 31 million shares for approximately $2 billion. As of September 30, we have $519 million remaining under our existing share repurchase authorization. Through 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 our existing capital return program as well as future acquisitions.

第三季度，我們抓住機會回購了約 360 萬股股票，耗資約 2.19 億美元，因此該季度我們的稀釋後股票數量減少至 5.51 億股。今年迄今為止，我們已回購超過 3,100 萬股股票，總金額約 20 億美元。截至9月30日，我們現有的股票回購授權下還有5.19億美元剩餘。透過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，我們繼續擁有充足的流動資金，為我們現有的資本回報計劃以及未來的收購提供資金。

Before I turn to guidance, let me provide an update on the outcomes of our transformation office, including the 2020 Fit for Growth Plan that we announced this afternoon as well as the content work that we intend to exit. As Brian highlighted, we are moving rapidly to implement the key initiatives identified by the transformation office aimed at accelerating our revenue growth. Our 2020 Fit For Growth Plan is expected to run for 2 years. This program is designed to simplify the way we work, reduce our cost structure and to fund investments in the business which will enable growth.

在提出指導意見之前，讓我先介紹一下我們轉型辦公室的成果，包括我們今天下午宣布的 2020 年“適合增長計劃”，以及我們打算退出的內容工作。正如布萊恩所強調的，我們正在迅速推動轉型辦公室確定的關鍵舉措，旨在加速我們的收入成長。我們的 2020 年「適度成長計畫」預計將持續 2 年。該計劃旨在簡化我們的工作方式，降低我們的成本結構，並為業務投資提供資金，從而實現成長。

As part of this plan, we expect to remove 10,000 to 12,000 mid- to senior-level associates from their current roles. We will make every effort to identify productive roles based on client demand, and our model assumes that approximately 5,000 associates will have the opportunity to re-skill for new sales or delivery roles within the company. We expect the remaining 5,000 to 7,000 associates to exit the company by mid-2020, either through attrition or role elimination. As Brian said, anytime we make decisions that impact our employees, we take it very seriously. We believe these actions are critical for the long-term health and competitiveness of the company.

作為該計劃的一部分，我們預計將從目前的職位上撤換 10,000 至 12,000 名中高級員工。我們將盡一切努力根據客戶需求確定生產性職位，我們的模型假設大約 5,000 名員工將有機會重新學習技能，從事公司內部新的銷售或交付職位。我們預計到 2020 年年中，剩餘的 5,000 至 7,000 名員工將離開公司，要麼是自然減員，要麼是崗位裁撤。正如布萊恩所說，任何時候我們做出會影響員工的決定，我們都會非常認真地對待。我們認為這些措施對於公司的長期健康發展和競爭力至關重要。

We expect the charges will also include charges related to optimizing our real estate portfolio. These actions are expected to be substantially complete by the end of 2020 and will result in annualized gross run rate savings of $500 million to $550 million in year 2021.

我們預計這些費用還將包括與優化我們的房地產投資組合相關的費用。預計這些措施將在 2020 年底基本完成，並將在 2021 年實現每年 5 億至 5.5 億美元的毛運行率節省。

While we will begin the execution of the plan in Q4, we do not expect a material savings impact in the fourth quarter. These cost reduction activities will be occurring at the same time that we accelerate investments in sales resources, branding, talent, re-skilling and lean and automation enhancements across the company and further investments in our 4 key digital battlegrounds, including M&A.

雖然我們將在第四季度開始執行該計劃，但我們預計第四季度不會產生實質的成本節約影響。在進行這些成本削減活動的同時，我們將加快對銷售資源、品牌建立、人才培養、技能再培訓以及公司範圍內的精益化和自動化改進的投資，並進一步投資於我們的 4 個關鍵數位戰場，包括併購。

These actions are an important step to building a strong foundation to support our future growth ambitions and success in our chosen digital battlegrounds. Our commitment to all associates during this time of transition is to ensure that we preserve the qualities, value and culture that make Cognizant a great company for employees and clients alike.

這些舉措是為我們未來的成長目標和在所選數位戰場上取得成功奠定堅實基礎的重要一步。在此過渡時期，我們對所有員工的承諾是確保我們保留 Cognizant 的品質、價值和文化，使其成為一家對員工和客戶都十分友善的公司。

Additionally, as Brian mentioned, we have determined that certain content work within our digital operations practice is not in line with our long-term strategic vision for the company, and we intend to exit this work over the course of the next 1 to 2 years. This transition is expected to impact approximately 6,000 associates around the world.

此外，正如布萊恩所提到的，我們已經確定，我們數位營運實務中的某些內容工作與公司的長期策略願景不符，我們打算在未來 1 到 2 年內退出這項工作。預計此次轉型將影響全球約 6,000 名員工。

In addition to continuing to meet our contractual obligations during this period, we will ensure that our associates are treated fairly and with the respect that they deserve. In the months ahead, we will work with our partners to explore ways to transition the work and roles to alternative vendors and will provide impacted associates with a number of transition assistance programs, including retention bonuses, severance packages and the opportunity to participate in various re-skilling programs.

在此期間，除了繼續履行我們的合約義務外，我們還將確保我們的員工得到公平對待和應有的尊重。在接下來的幾個月裡，我們將與合作夥伴一起探索將工作和角色過渡到其他供應商的方法，並將為受影響的員工提供一系列過渡援助計劃，包括留任獎金、遣散費以及參加各種再培訓計劃的機會。

While the exact timing for the completion of this transition is uncertain, we do expect there to be a small impact to revenue within the CMT practice in the fourth quarter. And as a result of this decision, we estimate that we may lose revenues of between $240 million to $270 million on an annualized basis within our Communications, Media and Technology segment.

雖然這次過渡完成的確切時間尚不確定，但我們預計第四季度 CMT 業務的收入將受到輕微影響。由於這項決定，我們估計，在通訊、媒體和技術部門，我們每年可能會損失 2.4 億美元至 2.7 億美元的收入。

We anticipate revenues will ramp down over the next 1 to 2 years, and therefore the impact on 2020 revenues may be lower than the expected annualized run rate. This is expected to be modestly dilutive to our adjusted operating margin, subject to the timing of the ramp-down and other factors. We expect to incur a wind-down charge related to the transition of these associates and any related assets such as real estate and equipment.

我們預計未來 1 到 2 年收入將逐步下降，因此對 2020 年收入的影響可能會低於預期的年化運行率。預計這將對我們的調整後營業利潤率產生輕微稀釋作用，具體稀釋程度取決於減產的時間和其他因素。我們預計將產生與這些合夥人及其相關資產（如房地產和設備）的過渡相關的清算費用。

The total expected charges associated with this Fit for Growth cost transformation plan, including the wind-down of certain content work, is expected to be in the range of approximately $150 million to $200 million. We will provide a more detailed update regarding the phasing of the impact when we provide our 2020 guidance on our Q4 call.

與此「適合成長」成本轉型計畫相關的預期總費用（包括某些內容工作的終止）預計在 1.5 億美元至 2 億美元之間。我們將在第四季度財報電話會議上發布 2020 年業績指引時，提供關於影響階段的更詳細更新資訊。

I would now like to comment on our outlook for Q4 and the full year 2019. For the full year 2019, we expect revenue to grow in the range of 4.6% to 4.9% year-over-year to $16.75 billion to $16.9 billion in constant currency. Based on current exchange rates, this translates to growth within the range of 3.5% to 3.8% to $16.7 million to $16.74 billion on a reported basis, reflecting our assumption of a negative 110 basis points for foreign exchange for the full year. This guidance continues to reflect the muted outlook for Banking and Healthcare.

現在我想談談我們對2019年第四季和全年的展望。我們預計 2019 年全年營收將年增 4.6% 至 4.9%，以固定匯率計算將達到 167.5 億美元至 169 億美元。以當前匯率計算，這意味著報告收入將成長 3.5% 至 3.8%，達到 1,670 萬美元至 167.4 億美元，這反映了我們假設全年外匯匯率為負 110 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。

This implies fourth quarter revenue growth in the range of 2.1% to 3.1% year-over-year to $4.21 billion to $4.25 billion in constant currency. Based on current exchange rates, this translates to growth in the range of 1.7% to 2.7% year-over-year to $4.2 billion to $4.24 billion on a reported basis, reflecting our assumption of a negative 40 basis points for foreign exchange in the fourth quarter. This outlook reflects our expectation for slower organic revenue growth in Q4 as a result of a more cautious macro outlook in the U.K., some continued headwinds in Financial Services and Healthcare and the impact of exiting certain content work.

這意味著第四季營收年增2.1%至3.1%，以固定匯率計算為42.1億美元至42.5億美元。以當前匯率計算，這意味著同比增長 1.7% 至 2.7%，達到 42 億美元至 42.4 億美元（按報告基準計算），這反映了我們假設第四季度外匯匯率為負 40 個基點。這項展望反映了我們對第四季度有機收入成長放緩的預期，因為英國宏觀經濟前景更加謹慎，金融服務和醫療保健領域持續面臨一些不利因素，以及退出某些內容工作的影響。

For the full year 2019, we now expect adjusted operating margins to be between 16.5% and 17%, reflecting Q3 actuals and the longer than previously anticipated time line to normalize the revenue growth and headcount trajectory and additional costs from recent acquisitions. We expect to deliver adjusted diluted EPS in the range of $3.95 to $3.98. This guidance anticipates a full year share count of approximately 560 million shares and a tax rate in the range of 24% to 26%. Guidance provided for adjusted diluted EPS excludes realignment charges; charges under our 2020 Fit for Growth Plan 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 Obligation; and the tax effects of the above adjustments.

我們現在預計 2019 年全年調整後的營業利潤率將在 16.5% 至 17% 之間，這反映了第三季度的實際情況，以及比之前預期更長的使收入增長和員工人數軌跡正常化的時間線，以及最近收購帶來的額外成本。我們預計調整後稀釋每股收益將在 3.95 美元至 3.98 美元之間。該指導意見預計全年股份數量約為 5.6 億股，稅率在 24% 至 26% 之間。調整後稀釋每股收益指引不包括重組費用；2020 年「適合成長計畫」下的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固定繳款義務的裁決適用性的澄清（如有）；以及上述調整的稅務影響。

In the context of the Fit for Growth Plan we announced today, we are targeting adjusted operating margins in 2020 to be in the range of 16% to 17%. While the cost program outlined today, coupled with annualized savings from Q2 and Q3, will increase margin rates, this increase is being mitigated in the near future by 2 major things. First, our full year fiscal '19 margin rate reflects lower incentive compensation payouts given our underperformance versus target. Our goal in 2020 is to perform at plan, and therefore, have target payouts to be a normalized part of our cost structure, in line with company performance. This is a margin head rate -- margin rate headwind of 120 basis points year-over-year that we plan to absorb.

在我們今天宣布的「適合成長計畫」的背景下，我們的目標是2020年調整後的營業利潤率達到16%至17%。雖然今天概述的成本計劃，加上第二季和第三季的年度節省，將提高利潤率，但這種增長在不久的將來會受到兩件主要事情的緩解。首先，由於我們的業績未達到目標，2019 財年全年利潤率反映了較低的激勵性薪酬支出。我們2020年的目標是按計畫完成業績，因此，目標派息將成為我們成本結構中正常化的一部分，與公司業績保持一致。這是利潤率逆風——同比下降 120 個基點，我們計劃將其消化。

We are investing meaningfully in a number of areas, including revenue-generating resources, Cognizant Academy, tooling and automation and marketing and branding. These important investments will help us accelerate growth rates. However, in the short term, they negatively impact margins by approximately 150 basis points.

我們正在多個領域進行大量投資，包括創造收入資源、Cognizant Academy、工具和自動化以及行銷和品牌推廣。這些重要的投資將有助於我們加快成長速度。然而，短期內，它們會對利潤率產生約 150 個基點的負面影響。

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) And our first question comes from the line of Lisa Ellis with MoffettNathanson.

（操作說明）我們的第一個問題來自 Lisa Ellis 和 MoffettNathanson 的線路。

Brian, I'd like to double-click on one of the investment areas in sales and marketing. Clearly, one of the most critical areas to reaccelerating top line growth. You mentioned a few things, the 500 new salespeople, the return to the Two-In-a-Box model. Can you provide maybe a more holistic view of the major changes you're planning to make to Cognizant's sales strategy and sales coverage and overall go-to-market model?

Brian，我想雙擊銷售和行銷的某個投資領域。顯然，這是重振營收成長的關鍵領域之一。你提到了一些事情，例如新增 500 名銷售人員，以及回歸「雙包裝盒」模式。您能否更全面地介紹一下您計劃對 Cognizant 的銷售策略、銷售覆蓋範圍和整體市場推廣模式進行的主要變革？

Yes. Hi, Lisa. So I'll give you 4 examples. First of all, it's important to clarify the role of the client partner, and returning to Two-In-a-Box, I think, really simplifies Cognizant's go-to-market team in front of the customer. So we traditionally used to have a Two-In-a-Box, so the client partner and delivery partner. A few years ago, we moved to three-in-a-box, and we're returning to what we traditionally have had with greater clarity of roles and responsibilities, therefore, between the client partner and the new role that we will term an engagement delivery partner.

是的。你好，麗莎。那我舉四個例子。首先，明確客戶合作夥伴的角色非常重要，而回歸「雙人一體」模式，我認為，確實簡化了 Cognizant 面向客戶的市場推廣團隊。所以我們傳統上採用「二合一」的模式，也就是客戶合作夥伴和交付合作夥伴。幾年前，我們採用了三人一體的模式，現在我們又回到了傳統的模式，角色和職責更加明確，因此，客戶合夥人和我們將稱之為專案交付合夥人的新角色之間也更加明確。

Second point, we will actually add more headcount in sales or the commercial function than before. I've referenced this in our prior call. We were adding approximately 500 headcounts. Not all of those are quota-carrying, but some, for instance, will be business finance people or indeed, commercial lawyers, but it's all with a view to helping us show up to more clients and have greater agility in front of the clients and greater responsiveness.

第二點，我們實際上會在銷售或商務部門增加比以前更多的人手。我在之前的通話中提到過這一點。我們大約增加了500名員工。並非所有這些人都有配額，但其中一些人，例如，可能是商業金融人員，甚至是商業律師，但這一切都是為了幫助我們接觸到更多的客戶，在客戶面前更加靈活，反應更加迅速。

The third major thing relates to how we want to compensate our commercial teams. As of January 1, we will move to a more leveraged sales compensation plan with at least 70% of the base fixed or at most, and then 30% variable. And within this variable portion of their compensation, there will be strict parameters in terms of what they are required to sell. That will enable us to ensure that people do not follow the path of least resistance, which is what they sold yesterday, but more readily embrace the things that we need them to sell, which is part of our digital strategy.

第三件大事與我們希望如何補償我們的商業團隊有關。從 1 月 1 日起，我們將實施更具槓桿效應的銷售薪酬計劃，其中至少 70% 的基本工資為固定工資，最多為固定工資，其餘 30% 為浮動工資。在這部分可變薪酬中，他們會有嚴格的銷售目標。這將使我們能夠確保人們不會走阻力最小的道路（也就是他們昨天銷售的產品），而是更容易接受我們需要他們銷售的產品，這是我們數位策略的一部分。

And then the fourth thing, we will deploy something we spent a lot of time working on the last 4 months, what I call a RAD model. That is a term to address how you think about sales segmentation in the purest form, how you tier customers, tier 1, 2 and 3, based not just on what you sell them today, but more readily on what you have the potential to sell them on, so potential versus current. And then you tier customers between an existing customer or -- that you want to retain or potentially develop, subject to your share of wallet, or a customer that you want to acquire. And according to where a customer sits in that line box then, the degree of sales coverage that they get or visits from somebody like myself changes. So those are 4 examples of what we're doing to try to ramp our commercial momentum.

第四件事，我們將部署我們在過去 4 個月中花費大量時間研發的東西，我稱之為 RAD 模式。這是一個用來描述你如何以最純粹的形式思考銷售細分的術語，即你如何根據你今天向他們銷售的產品，以及你未來可能向他們銷售的產品，將客戶分為 1 級、2 級和 3 級，也就是潛在的與當前的。然後，您可以根據現有客戶（您希望留住或潛在開發的客戶，取決於您的錢包份額）或您希望獲取的客戶，對客戶進行分層。根據客戶在該銷售隊列中所處的位置，他們所獲得的銷售覆蓋範圍或像我這樣的銷售人員的拜訪次數也會改變。以上是我們為加快商業發展步伐所採取的 4 個例子。

Obviously, in addition to that, I've talked previously about greater alignment with strategic partners. I referenced in today's script the notion of going to market more readily with hyperscale players. But we have some tremendous partners in industry verticals like Temenos, Guidewire, Adobe and the like that we want to embrace further and make sure we go to market with together.

顯然，除此之外，我之前也談到要加強與策略夥伴的協調。我在今天的演講稿中提到了與超大規模企業更容易進入市場的想法。但是我們在產業垂直領域有一些非常優秀的合作夥伴，例如 Temenos、Guidewire、Adobe 等，我們希望進一步加強合作，確保我們能夠一起開拓市場。

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

下一個問題來自富國銀行的 Edward Caso。

Could you flesh out a little bit more the commentary around -- or it sounded like an inability to get pricing? And is that going to take time for the sales organization to get going and the workforce to be re-sort-of-calibrated here? I mean, so when do you think you can get those -- start to get some of the pricing for the value that you're hoping to give?

您能否再詳細解釋一下相關評論——或者聽起來像是無法獲得定價資訊？銷售部門需要時間運作起來，員工團隊也需要時間重新調整嗎？我的意思是，你覺得什麼時候才能實現你期望提供的價值，並開始獲得相應的定價？

That's inherently a complex topic because we have a series of activities that we have from time and materials, staff augmentation through to managed services or more fixed price-type bids, but let me decompose your question down. And Karen, perhaps you can comment as well on this.

這本身就是一個複雜的話題，因為我們有一系列活動，從按工時和材料計費、人員擴充到管理服務或更固定價格類型的投標，但讓我來分解你的問題。凱倫，或許你也想就此發表一下看法。

With regards to the sales teams, their ability to ramp ultimately also depends on where they come from before and if they know the client itself or if they know the industry. Our intent is, of course, to hire people who are able to sell business outcomes, who have the gravitas and the wherewithal to speak with the C-suites, understand the industry pain points and sell a business outcome. So you need to expect nonetheless, however, as we deploy these salespeople in front of the clients, they build relationships, subsequently build a pipeline, that pipeline is ultimately progressed and eventually turns into TCV, which later turns into revenue.

至於銷售團隊，他們的成長能力最終也取決於他們之前的背景，以及他們是否了解客戶或行業。當然，我們的目標是聘用能夠推銷業務成果、有威望和能力與高階主管溝通、了解產業痛點並推銷業務成果的人才。不過，您仍然需要期待，當我們把這些銷售人員派到客戶面前時，他們會建立關係，進而建立銷售管道，這條銷售管道最終會發展並最終轉化為總合約價值 (TCV)，最終轉化為收入。

It's for that reason that we've spoken previously around the impact of these 500 headcount that we've agreed to hire. It's more a negative impact in terms of our cost structure in the short term. However, I don't view it as a cost. I view it as an investment that will have an appropriate return over time in the form of sales force gearing, so OpEx to gross margin dollars or indeed, OpEx to revenue dollars. And we're anticipating the revenue return from that to really kick in more in Q4 next year or indeed, the first half of FY '21.

正因如此，我們之前才討論過我們同意招募的這 500 名員工的影響。短期來看，這對我們的成本結構會產生更大的負面影響。但是，我不認為這是一種成本。我認為這是一項投資，隨著時間的推移，它將以銷售團隊槓桿率的形式獲得適當的回報，即營運支出轉化為毛利，或營運支出轉化為收入。我們預計，這項業務帶來的收入回報將在明年第四季度，或者更確切地說，在 2021 財年上半年真正開始顯現。

Look, the pricing dynamics are important. Karen can comment on those. I just wanted to add one point. If the client partner is the quarterback on a deal, they need to be surrounded with world-class experts that are aligned to key practices and have competencies in those areas, whether that is artificial intelligence or analytics or digital engineering or cloud or otherwise. We've spent a great deal of time in recent months honing in on a model that we think will give us greater competency and greater technical capability to support a general client partner in front of the client. We do want to allocate more pricing power back to the client partner, but they will have to operate within certain bands or parameters. As they deal their pricing on a quarterly basis, we will review those. So there will be some notion of checks and balances.

你看，價格動態很重要。凱倫可以就此發表評論。我只想補充一點。如果客戶合夥人是交易的主導者，那麼他/她需要身邊圍繞著世界一流的專家，這些專家要與關鍵實踐保持一致，並在這些領域具備相應的能力，無論是人工智慧、分析、數位工程、雲端運算或其他領域。近幾個月來，我們投入了大量時間來完善一個我們認為能夠提升我們能力和技術水平的模型，從而更好地支持客戶合作夥伴直接面對客戶。我們確實希望將更多的定價權交還給客戶合作夥伴，但他們必須在一定的範圍內或參數內運作。由於他們的定價是按季度進行的，我們將對此進行審核。因此，權力製衡機制將會存在。

Sure. And let me talk about a couple of things in pricing. One is what I would call market bill rates and pricing for new deals and renewals and so forth.

當然。接下來我想談談定價方面的一些問題。其中之一是我所說的市場帳單費率以及新交易和續約等的定價。

As we look at the digital business, pricing continues to be very strong there. Obviously, you have a high demand in that business and the short supply of talent. So by definition, bill rates continue to be strong there. Where you do continue to see pressure on deals, and particularly with renewals and vendor consolidations and so forth, is in the core part of the business, the heritage application maintenance, et cetera, part of the business where we do continue to see pricing pressure on those transactions.

從數位業務來看，定價依然非常強勁。顯然，該行業對人才的需求很高，但人才卻短缺。因此，從定義上講，那裡的帳單費率仍然堅挺。在業務的核心部分，即傳統應用程式維護等方面，我們仍然可以看到交易面臨壓力，尤其是在續約和供應商整合等方面，在這些交易中，我們仍然可以看到價格壓力。

The other piece which we were referring to in the script is also around what I would call contract hygiene. So the ability to get COLA increases, to get rolling changes when we promote people. As you know, for several years, that was something that just was not commonly done in the industry and is something that many firms have started to reinitiate into their portfolio over the last few years. We've made some progress this year where we have automated COLA adjustments and so forth, but I think we still have a lot of opportunity to continue to get better at that and enforcing contract terms, and in particular, when we promote people, to either rotate them into new opportunities that are appropriate for the new level or to get rate adjustments within their existing clients. So both of those are opportunities that we continue to see as we move forward.

我們在劇本中提到的另一部分也與我所說的合約衛生有關。因此，當我們提拔員工時，獲得生活成本調整 (COLA) 的能力就會提高，更容易獲得持續的調整。如您所知，多年來，這在業界並不常見，而近年來，許多公司已經開始將這種做法重新納入其投資組合中。今年我們在自動化 COLA 調整等方面取得了一些進展，但我認為我們仍然有很多機會繼續改進這方面，並加強合約條款的執行，尤其是在我們提拔員工時，要么讓他們輪調到適合新級別的新機會，要么讓他們在現有客戶中獲得費率調整。所以，這兩方面都是我們未來將繼續看到的機會。

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

下一個問題來自摩根大通的黃天進。

Appreciate all the detail here. I just wanted to get your thoughts on the cost, the soft cost, the hard cost to attain the $500 million to $550 million in savings from Fit for Growth. How much disruption might there be on both culture and then also on the revenues, aside from the $250 million that you called out from getting out of the content work?

非常感謝您提供的所有細節。我只是想聽聽您對「Fit for Growth」計畫實現5億至5.5億美元節省的成本、軟成本和硬成本的看法。除了你提到的退出內容創作領域造成的 2.5 億美元損失之外，企業文化和收入還會受到多大的影響？

I would say the majority of the people we are targeting through this exercise are senior to mid-level executives. They tend to be not the client partners or in front of clients, but some degree of middle management that has crept into the system over the years. Of course, we are spending a huge amount of time bringing our team through these changes and making sure that they are contextualized and that people know we're investing in growth.

我認為，我們此次活動的目標族群主要是中高階主管。他們往往不是客戶合作夥伴或直接面對客戶的人，而是多年來悄悄進入系統的一些中階管理人員。當然，我們正在花費大量時間幫助我們的團隊適應這些變化，並確保這些變化與實際情況相符，讓人們知道我們正在投資發展。

To be honest, Tien, I feel as though there's a degree of swagger coming back in Cognizant these days. Client partners, in my opinion, will be delighted with the news today that we're returning to a Two-In-a-Box model. They do appreciate the fact that we're spending hundreds of millions of dollars to reinvest back into the business, including more coverage and giving the sales folks an opportunity to earn more than ever before via having a more leveraged sales compensation plan. Of course, that is not for everybody and there will be some degree of disruption, but we aim to mitigate that as best we can. And as I said, not only are we adding more people and deploying segmentation, but we're also honing in on optimization of skills via a competency model that will be measured on a more thorough basis going forward.

說實話，Tien，我覺得Cognizant最近又開始有點趾高氣揚了。我認為，客戶合作夥伴今天會很高興聽到我們將恢復「雙人套裝」模式的消息。他們確實很欣賞我們投入數億美元重新投資於業務的做法，包括擴大覆蓋範圍，並透過更具槓桿效應的銷售薪酬計劃，讓銷售人員有機會賺取比以往任何時候都多的收入。當然，這並不適合所有人，而且會造成一定程度的混亂，但我們會盡力減輕這種混亂的影響。正如我所說，我們不僅在增加人員和部署細分，而且還在透過能力模型來優化技能，未來將以更徹底的方式對其進行衡量。

So look, it's very hard to control this. It's a people business. We're spending a huge amount of time communicating, contextualizing, but we feel it's the right thing to do.

所以你看，這很難控制。這是個以人為本的行業。我們花了大量時間進行溝通和解釋，但我們覺得這樣做是正確的。

The next question is coming from the line of Keith Bachman.

下一個問題來自基斯·巴赫曼。

I wanted to ask a clarification and a question. Karen, the clarification, just to be clear on the content ops, is whatever we think the normalized run rate for Cognizant in 2020, we should go ahead and take an additional amount out from our revenue expectations of, I don't know, $150 million or something as we assume that content gets at least partially taken out next year?

我想請教一個問題並澄清一下。Karen，為了明確內容營運方面的情況，我需要澄清一下：無論我們認為 Cognizant 在 2020 年的正常營運速度是多少，我們都應該從我們的收入預期中額外扣除一筆金額，比如 1.5 億美元左右，因為我們假設明年內容收入至少會減少一部分？

And then my question is directed to Brian. Brian, you talked about swagger in the last comment. And on the last conference call, I think you said win rates had gone up, but I was hoping you could just talk a little bit about what you see as the economic backdrop. A number of companies in the IT services side have called out some incremental weakness, but juxtapose that against what you've seen in your time there, I think, frankly, putting a lot more initiative into the sales side. If you could talk about -- a little bit about your win rates and how those might balance out.

然後我的問題要問布萊恩。布萊恩，你在上一條評論裡提到了傲慢自大。在上次電話會議上，我想您提到勝率上升，但我希望您能稍微談談您認為的經濟背景。IT 服務領域的一些公司指出了一些漸進式的弱點，但與你在那裡工作期間所看到的相比，坦白說，我認為他們在銷售方面投入了更多主動性。如果您能談談—關於您的勝率以及這些勝率是如何相互抵消的。

So Keith, it's Karen. Let me just cover off on the content situation first. You're right. As we think about the model for next year, it is appropriate to take some portion of our estimate of the $240 million to $270 million. As we said, it will not -- we don't expect it at this point to all go away at the beginning of the year. We think that will phase in throughout the year, although I would say it would be more heavily weighted to the first part of the year.

基思，我是凱倫。我先簡單介紹一下內容方面的狀況。你說得對。在考慮明年的模式時，將我們估計的 2.4 億美元至 2.7 億美元中的一部分納入考慮是合適的。正如我們所說，它不會——我們目前預計它不會在年初就完全消失。我們認為這將在年內逐步實施，但我認為重點將放在年初。

Also -- the other thing I would also like to point out with that range is that it does assume that in certain of the client situations, that they may exit more than just this specific digital operations work, that they may choose to transition more work. So this is our best estimate at this time of what we think the annualized impact would be. And obviously, we'll provide as much color as we can as we understand further the transition plans.

另外，關於這個範圍，我還想指出一點，那就是它假設在某些客戶情況下，他們可能不僅僅退出這項特定的數位營運工作，他們可能會選擇轉移更多的工作。所以，這是我們目前對年度影響的最佳估計。顯然，隨著我們對過渡計劃的了解不斷深入，我們將盡可能提供更多資訊。

And Keith, with regards to the second question, yes, I mean -- and of course, it didn't go unnoticed with us as well, but we're delighted to have beaten consensus on indeed our guidance for this quarter. But bear in mind, we had set guidance prudently. And we're also walking into the coming quarter having read the dynamics in the industry. So we remain somewhat, I would say, prudent going into this quarter as well. The backdrop is uncertain.

基思，關於第二個問題，是的，我的意思是——當然，我們也注意到了這一點，但我們很高興能夠超越市場對本季業績的預期。但請記住，我們制定指導方針時非常謹慎。而且，在進入下一個季度時，我們已經了解了行業的動態。所以，我認為，我們進入本季後仍將保持謹慎的態度。背景尚不明朗。

However, I would say, if I look at the micro element within Cognizant, first of all, growth is permeating the company. We're going back to our roots. It's back to basics. And I think people are actually delighted with that. We found appreciation of focusing on growth as opposed to margin rate. We have very deliberately insisted on a significant uptick in executive presence with customers. I'm leading by example myself, and that permeates the organization as well.

但是，如果我觀察 Cognizant 內部的微觀層面，首先，成長正在滲透到整個公司。我們要回歸本源。一切回歸本源。我認為人們對此感到非常高興。我們發現，人們更欣賞關注成長而不是利潤率的做法。我們刻意要求大幅增加高階主管與客戶的互動次數。我以身作則，這種精神也滲透到整個組織中。

And then, of course, Karen and I have been working on what we announced today for a number of months now. And so we've been trying to start looking at deals, not with today's cost structure, but envisaging the economic value of deals over time with tomorrow's cost structure, which, as you know, we're aiming to reduce. And we know in Cognizant that once we get our foot in the door with clients, because we have confidence in our teams and confidence in our delivery, we tend to land and expand. And hence, that's also the reason we're deploying the RAD model going forward to make sure we accelerate new logos and cross-sell and up-sell. So those are the positives.

當然，我和凱倫也為了今天宣布的這件事努力了好幾個月。因此，我們一直在嘗試著去審視交易，不是按照今天的成本結構，而是按照未來的成本結構來設想交易的經濟價值，而正如你所知，我們的目標是降低未來的成本結構。在 Cognizant，我們知道，一旦我們與客戶建立了聯繫，因為我們對我們的團隊和我們的交付能力充滿信心，我們往往會取得成功並擴大規模。因此，這也是我們今後部署 RAD 模式的原因，以確保我們能夠加速獲得新客戶、交叉銷售和向上銷售。以上就是正面的方面。

But again, the backdrop is uncertain. Certainly, in the U.K., it's uncertain. I would say, in North America, what we found is there is continued compression in legacy businesses and pricing pressure on renewals continues at a steady rate, but the digital imperatives remain key. I've been pleasantly surprised, as I've dealt with the C-suite executives throughout the world, that digital is certainly not viewed as a cost center expense. It is very much viewed as a critical enabler, both on the defense as well as on the offense for these companies to disrupt or indeed, to avoid being disrupted by more nimble, next-generation companies. And that is an area where, on the contrary, I do not see demand constraints. I see more supply constraints given the nature of the teams we need to fulfill those demands.

但同樣，背景狀況尚不明朗。當然，在英國，情況尚不明朗。我認為，在北美，我們發現傳統業務持續受到擠壓，續約價格壓力持續穩定上升，但數位化需求仍然至關重要。在與世界各地的企業主管打交道的過程中，我驚訝地發現，數位化絕對不被視為成本中心支出。它被視為這些公司在防禦和進攻方面的重要推動因素，可以幫助它們顛覆或避免被更靈活的下一代公司顛覆。相反，在這個領域，我認為不存在需求限制。考慮到我們需要組建能夠滿足這些需求的團隊的性質，我認為供應方面會面臨更多限制。

Our next question comes from the line of Ashwin Shirvaikar with Citigroup.

我們的下一個問題來自花旗集團的 Ashwin Shirvaikar。

Brian, Karen, it's good to see the velocity on Fit for Growth initiatives. I want to start by asking if you could provide maybe a framework for how investors should think of the trajectory of growth over the next couple of years as these initiatives unfold. Will we see perhaps a flattish type pace before higher growth kicks in? And that's, I guess, including the impact of the CMT, the content ops. And then in the meantime, what are your thoughts on providing metrics to the investment community that tell us that you are on the right track.

Brian、Karen，很高興看到「Fit for Growth」計劃進展如此迅速。首先我想請教您，能否提供一個框架，讓投資人能夠思考未來幾年隨著這些舉措的展開，成長軌跡的發展方向。在更高的成長到來之前，我們是否會看到一段較為平穩的成長期？我想，這其中也包括 CMT 和內容營運的影響。同時，您認為應該向投資界提供哪些指標來表明您是否走在正確的道路上？

So Ashwin, in terms of growth, I think, obviously, we -- it's early to give guidance for next year. Although certainly, we would expect that we will start to see some acceleration over -- versus constant currency organic growth this year. Q4 is obviously a little bit light and Q1 does tend to be a slower quarter for us. So when we give guidance in February, we'll have a little bit more color on how we see the rest of the year playing out.

所以阿什溫，就成長而言，我認為，顯然，現在給出明年的業績指引還為時過早。當然，我們預計今年將開始看到以固定匯率計算的有機成長加速。第四季業務量明顯較少，而第一季對我們來說通常也是業務較為清淡的季度。因此，當我們在二月發布指導意見時，我們會更詳細地說明我們對今年剩餘時間走勢的看法。

In terms of incremental revenue from the sales hires and so forth, we -- I think as we had talked about this before, we do not anticipate any significant revenue next year from that investment. It really takes about 12 months for sales teams to ramp up and actually generate revenue that becomes incremental to us. So I think that would be more back-ended and certainly into 2021. And now all of that, obviously, excludes the impact of the content moderate -- content work in the digital operations practice. But excluding that, that's how we would expect it to play out.

至於銷售人員招聘等方面的增量收入，我們——我想正如我們之前討論過的，我們預計明年這項投資不會帶來任何重大收入。銷售團隊大約需要 12 個月的時間才能真正發展壯大，並為我們帶來增量收入。所以我認為這要到2021年才會實現。顯然，以上所有因素都不包括內容審核員的影響——也就是數位營運實務中的內容工作。但撇開這一點不談，我們預期事情會這樣發展。

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

我們的下一個問題來自德意志銀行的布萊恩·基恩。

On the $500 million to $550 million of gross annualized savings, what's the net savings there? Because it sounds like there's a drag from investments on adjusted operating margins in fiscal year '20, but can we expect a positive impact to margins thereafter in fiscal year '21? I'm just wondering if there might be some onetime investments in fiscal year '20 that go away so that fiscal '21 and beyond, we'll see some net drop to the bottom line.

每年可節省 5 億至 5.5 億美元，那麼淨節省額是多少？因為投資似乎對 2020 財年的調整後營業利潤率造成了拖累，但我們能否預期 2021 財年利潤率會受到正面影響？我只是想知道，2020 財年是否會有一些一次性投資，這些投資會消失，因此在 2021 財年及以後，我們會看到淨利潤下降。

Yes. So I think, obviously, Bryan, as you said and as you heard on the call, we're assuming a target range of 16% to 17% next year, roughly in line with 2019. As we talked about on the call, there's about 120 basis points that we had to make up given the lower incentive base compensation this year. And then on top of that, the investments in sales and training and so forth. I think it's premature, obviously, to give guidance beyond 2020, but certainly, we think the investments we'll make in sales will start to pay off in 2021. I would anticipate that, certainly, the investments that we're making in branding and training and re-skilling and so forth, those will continue on for quite some time. We think that perhaps those are areas that we've underinvested in recently, and so those will become part of the core of the organization going forward. But certainly, as you know, this is still a relatively linear business. So as we look to accelerate revenue growth in the future, that should certainly help to stabilize and provide some margin opportunity, depending year-to-year on the investments that we want to make in the business.

是的。所以我認為，很明顯，布萊恩，正如你所說，也正如你在電話會議上聽到的那樣，我們假設明年的目標範圍是 16% 到 17%，與 2019 年大致持平。正如我們在電話會議上討論的那樣，由於今年的激勵性基本薪酬較低，我們需要彌補大約 120 個基點的差距。除此之外，還有銷售、培訓等方面的投資。顯然，現在給出 2020 年以後的預測還為時過早，但我們確信，我們在銷售方面的投資將在 2021 年開始獲得回報。我預計，我們在品牌建立、培訓、技能提升等方面所做的投資，肯定會持續相當長一段時間。我們認為，這些領域可能是我們最近投入不足的領域，因此，這些領域將成為未來組織的核心組成部分。但正如你所知，這仍然是一個相對線性的業務。因此，展望未來，隨著我們加快收入成長，這肯定有助於穩定局面並提供一些利潤空間，具體取決於我們每年想要對業務進行的投資。

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

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

A lot of work done here in 7 months. If I go back over Cognizant's history, it's had a distinctive ability to mine its large clients for additional revenues. Clearly, that client mining performance has slowed in recent years. And so my question here is whether you're seeing ways to rejuvenate Cognizant's client mining ability. Are there corrective measures being made or new initiatives, specifically on the front, for client mining? The RAD model makes a ton of sense here, but I'm also wondering if there are practical changes beyond the RAD model to better connect with the large clients?

這裡在7個月內完成了大量工作。回顧 Cognizant 的發展歷程，它一直擁有從其大客戶身上挖掘額外收入的獨特能力。顯然，近年來該客戶端的挖礦效能有所下降。因此，我的問題是，您是否正在尋找方法來重振 Cognizant 的客戶挖掘能力。是否有針對客戶挖掘的糾正措施或新措施？RAD 模型在這裡非常有意義，但我也在想，除了 RAD 模型之外，是否有其他實際的改變可以更好地與大客戶建立聯繫？

Yes. Hi, Rod. It's a good question. And look, if I look back over the last 4 years, and the data will tell you that we have been growing new logos, but not really accelerating new logo revenue, and really the pipeline and the TCV in the last 18 months or so stopped this year performing where we needed it to be. But the bigger issue was, to your point, the installed base accounts. And we had stopped mining or upselling around the country because of pricing erosion at the time of renewals. That became a little bit of a drag on the business.

是的。嗨，羅德。這是個好問題。你看，回顧過去 4 年，數據會告訴你，我們一直在增加新客戶，但並沒有真正加速新客戶收入的成長，而且在過去 18 個月左右的時間裡，銷售管道和總合約價值 (TCV) 的表現都沒有達到我們預期的水平。但正如你所指出的，更大的問題是已安裝的用戶基礎帳戶數量。由於續約時價格下跌，我們已經停止在全國範圍內進行採礦或追加銷售。這在某種程度上拖累了業務發展。

So very much at the core of the RAD model is, of course, tiering customers based on potential, not based on where we are today. And of course, segmenting customers then between acquisition customers versus a customer that you already exist in that you want to develop or where you already exist that you're simply trying to retain. And so the RAD model is key to achieving this.

因此，RAD 模式的核心當然是根據客戶的潛力而不是根據我們目前的狀況來劃分客戶等級。當然，也要將客戶細分為新客戶和現有客戶（你想進一步開發這些客戶）或現有客戶（你只是想留住這些客戶）。因此，RAD 模型是實現這一目標的關鍵。

Sales compensation is also key because in our existing accounts, what we want to do is get much more leverage in the sales compensation program and put parameters in the portion of people's compensation such that they are not just enticed, but they're also obligated from an earnings point of view, to cross-sell the portfolio into digital and beyond as opposed to simply selling what they sold yesterday, which has traditionally been a path of least resistance.

銷售薪酬也是關鍵，因為在我們現有的客戶中，我們希望在銷售薪酬計劃中獲得更大的影響力，並對員工薪酬的分配設定參數，這樣不僅能激勵他們，還能從收入的角度讓他們有義務將產品組合交叉銷售到數字領域及其他領域，而不是僅僅銷售他們昨天銷售的產品，而這歷來是阻力最小的途徑。

And then the third thing, of course, as we are thinking about upselling and cross-selling, a lot of that leads to different decision-makers. It's more project-based. It's more pod cultures in digital engineering. It's line of service, so distinctively changing out some client partners. We've done a good job on that. In some of the accounts I've seen, for instance, in the last few months, these are client partners that joined Cognizant in the last year or so or 18 months, a different background, a different compensation model, but again, I don't think about the salary of a salesperson as a cost. I think about it as an investment. And therefore, I think about it in terms of sales gearing, both on a gross margin level versus OpEx or indeed, on a revenue basis versus OpEx.

當然，第三點是，當我們考慮追加銷售和交叉銷售時，很多時候這涉及不同的決策者。它更注重項目執行。數位工程領域更像是小組文化。這是服務範圍，因此會明顯更換一些客戶合作夥伴。我們在這方面做得很好。例如，在我最近幾個月看到的一些案例中，這些客戶合作夥伴是在過去一年或一年半內加入 Cognizant 的，他們的背景不同，薪酬模式也不同，但我仍然認為銷售人員的薪水不是一種成本。我把它看作是一種投資。因此，我會從銷售槓桿的角度來考慮這個問題，無論是從毛利率與營運支出的角度，或是從收入與營運支出的角度。

And then last but not least, we're really trying to segment our own capabilities into a 4-box, great sellers who understand the industry and understand the technology is in the top right-hand quadrant. You also have a bunch of people who are very confident with technology, but not really sellers. Some of those you can migrate across to more commercial skills. Some of them will simply remain presales types-oriented -- presales-oriented people. Some people are, frankly, great sellers, but don't really understand the industry well enough, or the customer pain points. We obviously have to educate them. And then the people in the bottom left that are the worst of both worlds, not particularly good commercial skills in terms of getting a PO signed, but certainly not technical either. Those are the people that most likely you will see exit the company going forward, particularly in a sales comp plan where, with a higher variable portion of compensation, they will not be earning as much as they have previously.

最後，也是非常重要的一點，我們正在努力將我們自身的能力劃分為 4 個象限，了解產業和技術的優秀銷售人員位於右上角象限。你也會遇到很多對科技非常有自信，但卻不擅長銷售的人。其中一些技能可以轉化為更具商業價值的技能。他們中的一些人將始終保持售前導向型——即以售前為導向的人員。坦白說，有些人銷售能力很強，但他們對這個行業或客戶的痛點了解不夠深入。我們顯然需要對他們進行教育。然後是左下角的人，他們是兩方面最差的，在獲得採購訂單方面沒有特別好的商業技能，但技術方面也肯定不行。這些人很可能在未來離開公司，尤其是在銷售薪酬計畫中，由於浮動薪酬比例較高，他們的收入將不如以前。

And then one of the final actions we've taken to ensure cross-selling is to put all of the so-called CSEs, these are our more specialist salespeople, aligned into the practice and service lines to ensure a great deal of focus on competency assessments, certifications, and indeed, alignment with our partners that intersect nonetheless with verticals to make sure we have the right skill sets and indeed, the right go-to-market partnerships to do QBRs with more of our partners and make sure we end up with asymmetrical accounts where clients can -- or our partners can bring us into their accounts and vice versa, we can bring them into ours and leverage the best of both worlds.

為了確保交叉銷售，我們採取的最後措施之一是將所有所謂的客戶成功專家（CSE，即我們更專業的銷售人員）納入業務和服務線，以確保他們高度重視能力評估、認證，並與我們的合作夥伴保持一致，儘管這些合作夥伴的業務與垂直行業有所交叉，但這樣做是為了確保我們擁有合適的技能組合和合適的市場推廣合作夥伴關係開展季度(QBR)，並確保我們最終擁有不對稱的客戶關係，客戶可以——或者我們的合作夥伴可以把我們引入他們的客戶，反之亦然，我們可以把他們引入我們的客戶，從而充分利用雙方的優勢。

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

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

First, I just wanted to clarify, on the content ops, is there an opportunity to sell this practice? Or is this more so a wind-down and transfer?

首先，我想澄清一下，在內容營運方面，是否存在出售這種做法的機會？或者這更像是一次放鬆和交接？

And then within Banking and Healthcare, can you just give us a sense on these large clients, how close you may be to seeing any inflection in the trajectory there? Or at what point are they just not among the top clients?

那麼在銀行業和醫療保健領域，您能否就這些大型客戶的情況談談，您認為這些領域的發展軌跡距離出現任何轉折點還有多遠？或者說，他們究竟在什麼情況下就不再是頂級客戶了？

So I think in Banking and Healthcare, we have some tremendous examples actually, and I've seen some of these myself, of accounts that we have really turned around in the last 2 years through different account teams, much more focused on digital, but that's a blueprint or a qualification that we need to bring more broadly across the company. You will see some inflection points, particularly in Healthcare, as we get into FY '20 because we will be rounding the tougher compares. As you know, many of our Healthcare clients, 4 in particular, merged into 2 and ended up with a very different rate dynamic for Cognizant. And we will be running that once we get to Q1 next year.

所以我認為在銀行業和醫療保健領域，我們確實有一些非常成功的例子，我自己也見過其中一些，在過去的兩年裡，我們透過不同的客戶團隊，更加專注於數位化，成功地扭轉了一些客戶的局面，但這是一種我們需要在公司內部更廣泛推廣的模式或資格。隨著我們進入 2020 財年，你會看到一些轉捩點，尤其是在醫療保健領域，因為我們將對一些比較困難的數據進行四捨五入。如您所知，我們的許多醫療保健客戶（特別是 4 家）合併成了 2 家，最終導致 Cognizant 的費率動態發生了非常大的變化。我們將在明年第一季開始運行該專案。

In Banking, it's less obvious in the sense that there wasn't a single inflection point or ongoing trends. Some captives, some in-sourcing, particularly in the world of DevOps. But as I said earlier, while the legacy business or traditional areas of the business have been under some pressure at price renewals, I do see opportunity for us to better participate in the digital spend that these banks have at their disposal and have been prioritizing. And that's what we're setting out to achieve in the coming years, of course.

在銀行業，這一點不太明顯，因為沒有單一的轉折點或持續的趨勢。有些是外包，有些是內部開發，尤其是在 DevOps 領域。但正如我之前所說，雖然傳統業務或傳統業務領域在價格續約方面面臨一些壓力，但我確實看到了我們有機會更好地參與這些銀行所擁有並一直優先考慮的數位支出。當然，這也是我們未來幾年努力實現的目標。

So no major inflection point, but I will say I am pleased with the revised energy I'm seeing in the North America team now in particular. And a new Banking leader and a new Healthcare leader, they seem to be going down well with clients, and that's always a good positive leading indicator.

所以沒有什麼重大轉折點，但我必須說，我對現在北美隊展現的活力感到特別滿意。一位新的銀行業領導人和一位新的醫療保健業領導人似乎都受到了客戶的好評，這始終是一個很好的積極先行指標。

With regards to the content moderation business, that's something we're working with our partners on right now to understand how to best transition the work. Whether it is one of the options we referenced or another, we will determine that in the coming periods. For now, we've taken a restructuring charge against it, but our intention is to work very aggressively with partners to make sure that we can transition our employees with minimal disruption. And of course, financial consequence of that is, of course, minimal charges as well.

關於內容審核業務，我們目前正在與合作夥伴共同探討如何最好地過渡這項工作。究竟是採用我們提到的其中一種方案，還是其他方案，我們將在接下來的時間裡決定。目前，我們已經為此提列了重組費用，但我們的目標是與合作夥伴積極合作，確保員工能夠以最小的干擾完成過渡。當然，由此帶來的經濟後果自然也是最低收費。

Okay. And this is Katie. I think with that, that will end today's call. Thank you all for your questions, and we look forward to speaking with you next quarter.

好的。這是凱蒂。我想今天的電話會議就到此結束了。感謝各位提出的問題，我們期待下個季度與大家再次交流。

This concludes today's Cognizant Technology Solutions Third Quarter 2019 Earnings Conference Call. You may now disconnect.

本次 Cognizant Technology Solutions 2019 年第三季財報電話會議到此結束。您現在可以斷開連線了。