高知特 (CTSH) 2022 Q2 法說會逐字稿

Ladies and gentlemen, welcome to the Cognizant Technology Solutions Second Quarter 2022 Earnings Conference Call. (Operator Instructions) After the speaker's remarks, there will be a question-and-answer session. (Operator Instructions)

女士們、先生們，歡迎參加 Cognizant Technology Solutions 2022 年第二季財報電話會議。 （操作說明）發言人發言結束後，將進行問答環節。 （操作說明）

Thank you. I would now like to turn the conference over to Mr. Tyler Scott, Vice President, Investor Relations. Please go ahead, sir. You may begin your presentation.

謝謝。現在我將會議交給投資者關係副總裁泰勒‧史考特先生。請開始您的演講吧，先生。

Thank you, operator, and good afternoon, everyone. By now you should have received a copy of the earnings release and the investor supplement for the company's second quarter 2022 results. If you have not, copies are available on our website, cognizant.com. The speakers we have on today's call are Brian Humphries, Chief Executive Officer; and Jan Siegmund, Chief Financial Officer.

謝謝接線員，大家下午好。各位現在應該已經收到公司2022年第二季業績的獲利報告和投資人補充資料。如果您還沒有收到，可以造訪我們的網站cognizant.com取得。今天電話會議的發言人是執行長Brian Humphries和財務長Jan Siegmund。

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

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

Additionally, during our call today, we will reference certain non-GAAP financial measures that we believe provide useful information for our investors. Reconciliations of non-GAAP financial measures or appropriate to the corresponding GAAP measures can be found in the company's earnings release and other filings with the SEC.

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

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

接下來，我將把電話交給布萊恩漢弗萊斯。請開始吧，布萊恩。

Thank you, Tyler. Good afternoon, everyone. I'd like to comment on several topics today, notably our second quarter performance, the demand and pricing environment and labor market dynamics. Let's start with our second quarter performance which was balanced.

謝謝泰勒。大家下午好。今天我想談談幾個方面，特別是我們第二季的業績、需求和價格環境以及勞動市場動態。我們先來談談我們第二季的業績，整體而言比較均衡。

Second quarter revenue was $4.9 billion, up 9.5% year-over-year in constant currency. Growth was led by digital. Second quarter operating margin was 15.5%, up 50 basis points sequentially, in line with our expectations. Financial leverage driven by sequential revenue growth, disciplined expense management, currency benefits and the optimization of pyramid, shoring and fulfillment helped offset the impact of attrition and labor cost inflationary pressure.

第二季營收為49億美元，以固定匯率計算年增9.5%。數位化業務的成長是推動營收成長的主要動力。第二季營業利益率為15.5%，季增50個基點，符合預期。營收環比成長帶來的財務槓桿效應、嚴格的費用控制、匯率優勢以及金字塔式生產、外包和物流配送的優化，有效抵消了人員流失和勞動力成本通膨壓力的影響。

Our industry segment performance remained largely consistent. Financial Services grew 5.1% year-over-year in constant currency, led by insurance growth. This includes a negative impact of 190 basis points from the exit of Samlink.

我們的產業板塊表現基本上保持穩定。金融服務業以固定匯率計算年增5.1%，其中以保險業成長最為顯著。這其中包含了Samlink退出市場帶來的190個基點的負面影響。

We continue to make progress strengthening client relationships in financial services. Earlier in the second quarter, I visited clients in Germany and celebrated a new logo win with Zurich Insurance Germany. Cognizant will help them simplify, modernize and manage their enterprise application landscape by establishing joint DevOps teams and working to extend the insurer's AI, data, software engineering and cloud capabilities.

我們在加強與金融服務客戶關係方面持續取得進展。第二季初，我拜訪了德國的客戶，並慶祝與蘇黎世保險德國公司達成新的合作協議。 Cognizant 將透過組成聯合 DevOps 團隊，並致力於擴展該保險公司在人工智慧、數據、軟體工程和雲端方面的能力，幫助他們簡化、現代化和管理其企業應用環境。

In insurance, [CCT Intelligence Solutions], whose SaaS platform powers the property and casualty insurance industry, asked for our help in enabling their cloud transformation program. We led with our enterprise DevOps and cloud transformation consultancy and partnered with Microsoft to present a comprehensive solution. This prompted the client to also select us to build next-generation analytics and telematics solutions that are expected to be key to their long-term leadership.

在保險業，為財產和意外保險行業提供SaaS平台的[CCT Intelligence Solutions]尋求我們的幫助，以推進其雲端轉型計劃。我們率先運用企業級DevOps和雲端轉型諮詢服務，並與微軟合作，提供了一套全面的解決方案。這促使客戶選擇我們為其建立下一代分析和遠端資訊處理解決方案，這些解決方案有望成為其長期領先地位的關鍵。

In the second quarter, we combined our Healthcare and Life Sciences operating segments into a single operating segment called Health Sciences and naturally dilution given the market conversions across these industries. Health Sciences grew 7.6% year-over-year in constant currency, with growth driven by pharmaceutical clients and sustained momentum in our TriZetto product portfolio.

第二季度，我們將醫療保健和生命科學兩大營運部門合併為一個名為「健康科學」的單一營運部門，鑑於這些產業的市場轉型，自然導致利潤稀釋。健康科學部門以固定匯率計算年增7.6%，成長主要得益於製藥客戶以及TriZetto產品組合的持續強勁動能。

Commonwealth Care Alliance, an integrated care system serving over 60,000 members across numerous U.S. states, illustrates our momentum in TriZetto. Our end-to-end business process innovation powered by TriZetto solutions and a BPaaS engagement is fully integrated from enrollment and billing through claims. Through our partnership, Commonwealth Care now has the tools needed to compete in the digital health ecosystem and support value-based personalized care for its members.

為美國多個州的6萬多名會員提供服務的綜合醫療保健系統－聯邦醫療保健聯盟（Commonwealth Care Alliance）充分展現了我們在TriZetto領域的強勁發展勢頭。我們藉助TriZetto解決方案和業務流程即服務（BPaaS）模式，實現了端到端的業務流程創新，涵蓋了從註冊、計費到理賠的整個流程。透過此次合作，聯邦醫療保健聯盟現在擁有了在數位醫療生態系統中競爭所需的工具，並能夠為其會員提供基於價值的個人化醫療服務。

We've also signed a new multiyear agreement with Organon, a global women's health company to help improve the delivery of health care products and crucial medicinal supply chain management. We'll help Organon scale its health care business by delivering full stack industrial technology support for its global pharmaceutical manufacturing sites in the U.K., Netherlands, Belgium and Indonesia.

我們還與全球女性健康公司 Organon 簽署了一項新的多年期協議，旨在幫助其改善醫療保健產品的交付和關鍵的藥品供應鏈管理。我們將為 Organon 位於英國、荷蘭、比利時和印尼的全球製藥生產基地提供全端工業技術支持，協助其擴大醫療保健業務規模。

We continue to see excellent growth in Products and Resources, where revenue grew 11.6% year-over-year in constant currency, driven in part by strength among automotive, logistics, retail and consumer goods clients. As a strategic partner for digital, we're helping Albertsons Companies, a $70 billion grocery retailer, make their move to a cloud-based infrastructure model, enabling innovation and improved customer experiences, both in-store and across last-mile delivery.

產品與資源業務持續保持強勁成長，以固定匯率計算，營收年增11.6%，部分得益於汽車、物流、零售及消費品產業的強勁表現。作為數位化策略夥伴，我們正協助年營業額達700億美元的食品零售商Albertsons Companies向雲端基礎設施模式轉型，從而賦能創新，提升門市及最後一公里配送的顧客體驗。

In Communications, Media and Technology, we had another quarter of excellent growth. Revenue grew 19.5% year-over-year in constant currency, driven by technology clients and new client acquisition. DocuSign is an example of a new logo win. They selected Cognizant as the preferred partner for global customer support operations across all products and services from their flagship e-signature product to newer contract life cycle management products. DocuSign turned to us because of the distinctive solution proposed by our intuitive operations and automation practice, including cutting-edge omnichannel customer support and outcome-based commercial models.

在通訊、媒體和科技領域，我們又迎來了一個季度的卓越成長。以固定匯率計算，營收年增19.5%，主要得益於技術客戶的成長和新客戶的拓展。 DocuSign 是成功贏得新客戶的典範。他們選擇 Cognizant 作為其全球客戶支援營運的首選合作夥伴，涵蓋從旗艦電子簽名產品到新型合約生命週期管理產品的所有產品和服務。 DocuSign 選擇與我們合作，因為我們直覺的營運和自動化實踐提供了獨特的解決方案，包括前沿的全通路客戶支援和基於結果的商業模式。

A quick word on our recently announced organizational evolution. In July, we announced the combination of our practice areas with delivery practices, which simplifies our model by bringing Cognizant in line with industry norms. This enables us to have end-to-end accountability across 4 integrated practices from vision, road map, offerings and capabilities, including M&A and post-merger integration through to presale solutioning and delivery. I believe this will assist our industry teams to be more successful with our clients as we sell solution and deliver client outcomes. I also believe that our industry capabilities provide differentiation that we can unlock value for clients at the intersection of industry use cases and technology.

關於我們近期宣布的組織架構調整，這裡簡單說明一下。 7 月，我們宣布將業務領域與交付實踐相結合，此舉簡化了我們的模式，使 Cognizant 的營運模式與行業規範保持一致。這使我們能夠對四大整合實踐領域（涵蓋願景、路線圖、產品和服務能力，包括併購及併購後整合，直至售前解決方案和交付）進行端到端的責任制管理。我相信，這將有助於我們的行業團隊在銷售解決方案和交付客戶成果的過程中取得更大的成功。同時，我也相信，我們強大的產業能力能夠帶來差異化優勢，使我們能夠在產業應用案例和技術交匯點上為客戶創造價值。

Moving now to the demand and pricing environment. While we are carefully monitoring the potential impact of a worsening economy on our pipeline, to date, we've not seen any significant slowdown for IT services demand. That said, as we serve some of the largest clients in the world, we are aware that should they see slowing earnings growth, nonessential projects or those with longer ROI may be paused. I am confident that the breadth of our portfolio enables us to serve our clients' needs for higher levels of agility, innovation, resilience and indeed, efficiency. So regardless of what the coming quarters bring, our value proposition to clients remains.

接下來談談需求和定價環境。儘管我們正密切關注經濟情勢惡化可能對我們業務管道造成的影響，但迄今為止，我們尚未看到IT服務需求出現任何明顯的放緩。即便如此，由於我們服務的客戶均為全球最大的企業，我們也意識到，如果他們的獲利成長放緩，一些非關鍵項目或投資回報週期較長的專案可能會被暫停。我相信，我們廣泛的業務組合能夠滿足客戶對更高敏捷性、創新性、韌性和效率的需求。因此，無論未來幾季市場如何變化，我們為客戶創造的價值始終不變。

More generally, digital transformation has become so essential and foundational to most companies, regardless of their industry, that despite some macro demand uncertainty in the short term, I remain optimistic on IT services' growth prospects in the medium to long term. In fact, the bigger challenges we are faced with as an industry are the demand and supply imbalance on key digital skills, elevated attrition and labor cost inflationary pressure.

更廣泛地說，數位轉型對大多數公司而言都至關重要，無論其身處哪個產業。因此，儘管短期內宏觀需求存在一些不確定性，但我對IT服務的中長期成長前景仍保持樂觀。事實上，我們整個產業面臨的更大挑戰是關鍵數位技能的供需失衡、高企的員工流失率以及勞動成本上漲帶來的壓力。

I would like to thank our associates around the world who've been working hard to navigate these challenges, all whilst trying to optimize fulfillment and pricing. Achieving the perfect balance is not always easy. And in the second quarter, while I'm pleased that we drove both year-over-year and sequential margin expansion, I suspect that our focus on fulfillment optimization and pricing marginally impacted top line performance and hurt bookings momentum. Second quarter bookings declined 3% year-over-year, below our assumptions entering the quarter. While we continue to have a robust book-to-bill ratio of approximately 1.2x revenue on a trailing 12-month basis, by better balancing the factors just mentioned, we aim to accelerate bookings growth in [every] quarters, whilst nonetheless achieving our committed margin expansion.

我要感謝全球各地的同事們，他們一直努力應對這些挑戰，同時力求優化訂單履行和定價。要達到完美的平衡並非易事。第二季度，儘管我們實現了同比和環比利潤率的雙雙增長，但我認為我們對訂單履行優化和定價的關注在一定程度上影響了營收成長，並削弱了訂單成長動能。第二季訂單量較去年同期下降3%，低於我們季度初的預期。儘管我們過去12個月的訂單出貨比仍保持在約1.2倍營收的穩健水平，但透過更好地平衡上述因素，我們力求在每季加速訂單成長，同時實現我們承諾的利潤率成長目標。

Just a word now on pricing. Market pricing dynamics remain consistent. Clients, through their vendor exposure and their internal teams, are privy to demand/supply imbalances across key digital skills and labor cost inflationary pressure. This, coupled with the pent-up demand for digital transformation, means clients are more predisposed to engage in price increase discussions. Clients are willing to pay for skills and innovation, with efficiencies, including automation and optimized delivery mix, are expected to mitigate cost increases.

現在簡單談談定價。市場定價機制保持穩定。客戶透過與供應商的接觸以及內部團隊，能夠了解到關鍵數位技能的供需失衡以及勞動成本上漲的壓力。再加上市場對數位轉型的迫切需求，意味著客戶更傾向於就價格上漲進行談判。客戶願意為技能和創新買單，並期望透過提高效率（包括自動化和優化交付模式）來緩解成本上漲。

We continue to execute against a pricing initiative to offset labor cost inflationary pressure, with benefits starting to be felt but greater impact expected in the coming quarters, recognizing that pricing power stemming from talent shortages will lag behind talent-related cost increases.

我們繼續執行定價策略以抵消勞動成本上漲的壓力，目前已開始感受到收益，但預計未來幾季將產生更大的影響，因為我們認識到，人才短缺帶來的定價能力將落後於與人才相關的成本成長。

Let's move now to labor market dynamics, including attrition and inflationary pressure. Second quarter voluntary attrition rose 5 points to 31% on an annualized basis or 32% on a trailing 12-month basis. This increase was slightly above the seasonal uptick we anticipated entering the quarter, impacting second quarter revenue performance. While we have seen some signs of improvement in July resignation rates, we continue to expect elevated attrition for the remainder of the year.

接下來我們來看看勞動市場動態，包括人員流失和通膨壓力。第二季自願離職率以年率計算上升5個百分點至31%，以過去12個月計算則為32%。這項增幅略高於我們季度初預期的季節性成長，對第二季營收表現產生了一定影響。儘管我們看到7月的離職率出現了一些改善跡象，但我們仍然預期今年剩餘時間的人員流失率將居高不下。

As I've mentioned on prior calls, attracting, retaining and rallying our talented employees is one of our top priorities. In the past year, we've invested record levels in compensation, overhauled our promotion process, invested heavily in our learning and development initiatives and introduced a series of other measures, including educational programs and returnships.

正如我之前在電話會議中提到的，吸引、留住和激勵優秀員工是我們最重要的工作之一。過去一年，我們在薪資方面投入了創紀錄的資金，徹底改革了晉升流程，大力投資於學習和發展計劃，並推出了一系列其他措施，包括教育培訓項目和重返職場計劃。

Our internal Job Moves program, which facilitates ongoing upward mobility in the company, is one factor that enables us to mitigate the need for and indeed the cost pressure of lateral hires, all whilst improving morale. We've also recognized how important flexibility is to our associates and have, therefore, communicated a hybrid model will define our approach to work. Our priority is to be a welcoming, inclusive, equitable company for everyone no matter their work location. Our clients and associate-centric company aims to strike a balance between how clients want to interact with us and the flexibility we seek, all while maintaining a focus on employee engagement, collaboration, our values and a culture of continuous learning.

我們內部的「職位晉升計畫」旨在促進員工在公司內部的持續發展，這使我們能夠減少橫向招聘的需求和成本壓力，同時提升員工士氣。我們也意識到彈性對員工的重要性，因此，我們已明確表示將採用混合辦公模式。我們的首要任務是打造一個熱情友善、包容且公平的公司，讓所有員工無論身在何處都能享有平等的工作環境。我們是一家以客戶和員工為中心的公司，致力於在滿足客戶需求和實現員工靈活性之間取得平衡，同時始終關注員工敬業度、協作、公司價值觀以及持續學習的企業文化。

I'm pleased to see that our efforts on employee engagement are working. In recent weeks, we completed our annual engagement survey that showed significant increases in our engagement scores, positioning us above industry benchmarks.

我很高興看到我們在提升員工敬業度方面所做的努力正在取得成效。最近幾週，我們完成了年度敬業度調查，結果顯示我們的敬業度得分顯著提高，高於行業平均水平。

In closing, as we execute our strategy, we were operating with 3 clear priorities: first, execute our vision to become the preeminent technology services partner to the Global 2000 C-suite; second, rally and engage our associates around the world; and third, drive profitable growth. Despite some near-term macro demand uncertainty and the challenges of navigating today's labor markets, let's not forget that we are in at the early stages, of what we expect to be a massive digital build-out. Thanks to our portfolio and our talented employees around the world, we believe that we will be a strategic beneficiary as companies embrace digital operating models.

最後，在執行策略的過程中，我們始終秉持三大明確優先事項：第一，實現成為全球2000強企業主管首選技術服務合作夥伴的願景；第二，凝聚並激勵全球員工；第三，推動獲利成長。儘管短期內宏觀需求存在一些不確定性，且當前勞動市場充滿挑戰，但我們不能忘記，我們正處於大規模數位化建設的早期階段。憑藉我們的產品組合和遍布全球的優秀員工，我們相信，隨著企業擁抱數位化營運模式，我們將成為策略受益者。

Finally, as we reposition Cognizant towards selling, solutioning and delivering industry-aligned solutions, enabled by targeted advisory capabilities, our margin potential will be strengthened in line with our brand repositioning to higher-value services.

最後，隨著我們重新定位 Cognizant，使其專注於銷售、提供和交付符合行業需求的解決方案，並藉助有針對性的諮詢能力，我們的利潤潛力將隨著我們品牌重新定位為更高價值的服務而得到加強。

With that, I'll turn the call over to Jan, who will cover the details of the quarter and our financial outlook before we take your questions. Jan, over to you.

接下來，我會把電話交給簡，她將詳細介紹本季的狀況和財務展望，之後我們再回答大家的問題。簡，請你發言。

Thank you, Brian, and good afternoon, everyone.

謝謝你，布萊恩，大家下午好。

While our Q2 revenue growth was slightly below the midpoint of our guidance range, we delivered sequential margin expansion in line with our expectation, while continuing to invest into our talented people. We remain focused on profitable revenue growth.

儘管第二季營收成長略低於預期區間的中位數，但我們實現了符合預期的環比利潤率成長，同時繼續增加對人才的投入。我們將繼續專注於實現獲利性營收成長。

Moving on to results. Q2 revenue was $4.9 billion, representing an increase of 7% year-over-year or 9.5% at constant currency. Year-over-year growth includes approximately 110 basis points of growth from our recent acquisitions and a negative 60 basis points impact from the sale of Samlink completed February 1.

接下來是業績部分。第二季營收為49億美元，年增7%，以固定匯率計算成長9.5%。年比成長中包含近期收購帶來的約110個基點的成長，以及2月1日完成的Samlink出售帶來的60個基點的負面影響。

In Q2, digital revenue, as reported, grew 13% year-over-year and included FX headwinds of approximately 250 basis points, consistent with the total company. At quarter end, digital represented approximately 50% of total revenue, up 3 points from the prior year period.

第二季度，數位業務營收年增13%，其中包含約250個基點的匯率波動不利影響，與公司整體狀況一致。截至季末，數位業務收入約佔總營收的50%，較上年同期成長3個百分點。

In addition to the FX headwinds, slowing of digital growth reflected lower inorganic contribution and elevated attrition, in particular, in North America. Despite these headwinds, we were pleased with the growth across our digital battlegrounds, which outpaced the total digital growth.

除了匯率波動帶來的不利影響外，數位成長放緩還反映出非自然成長貢獻減少和客戶流失率上升，尤其是在北美地區。儘管面臨這些不利因素，我們對各數位化業務板塊的成長感到滿意，這些板塊的成長速度超過了整體數位化成長速度。

As Brian mentioned, Q2 bookings declined 3% year-over-year. This resulted in trailing 12 months bookings of $23.2 billion, which represented a book-to-bill of approximately 1.2, unchanged from Q1. Despite the softer-than-expected growth, we continue to believe this book-to-bill provides us a healthy opportunity to support our revenue growth outlook for 2022. We expect to improve bookings growth in the quarters ahead.

正如布萊恩所提到的，第二季訂單量年減了3%。這導致過去12個月的訂單總額為232億美元，訂單出貨比約為1.2，與第一季持平。儘管成長低於預期，但我們仍然認為，目前的訂單出貨比為我們提供了良好的機會，以支撐我們2022年的營收成長預期。我們預計未來幾季訂單成長將有所改善。

Moving on to segment results for the second quarter, where all growth rates provided will be year-over-year in constant currency. Financial services revenue increased approximately 5%. Q2 growth included a negative 190 basis points impact from the sale of our Samlink subsidiary. Our recovery within financial services remains largely in line with our expectation, driven by continued strength in our North America regional banking portfolio, growth in the U.K. and steady performance within insurance globally.

接下來是第二季各業務板塊的業績，所有成長率均為固定匯率計算的年比數據。金融服務收入成長約5%。第二季成長包含了出售子公司Samlink帶來的190個基點的負面影響。金融服務業務的復甦基本上符合預期，這主要得益於北美區域銀行業務的持續強勁成長、英國業務的成長以及全球保險業務的穩定表現。

Health Sciences revenue increased approximately 8%, driven by demand for digital services among pharmaceutical companies. Demand among health care clients was consistent with last quarter. Momentum continued in our integrated software solutions.

受製藥公司對數位化服務需求的推動，健康科學業務收入成長約8%。醫療保健客戶的需求與上季持平。我們的整合軟體解決方案業務持續保持成長勢頭。

Products and Resources revenue increased approximately 12%, driven by growth across all segments and included approximately 260 basis points contribution from recently completed acquisitions. This compares to the approximately 500 basis points contribution we reported in Q1 of this year. Based on the current portfolio of closed acquisitions, we expect the inorganic contribution to be immaterial to segment performance beginning in Q3.

產品與資源收入成長約12%，主要得益於所有業務板塊的成長，其中包括近期完成的收購帶來的約260個基點的貢獻。相較之下，今年第一季該貢獻約為500個基點。基於目前已完成的收購組合，我們預計從第三季開始，非內生性成長對業務板塊業績的影響將微乎其微。

Communications, Media & Technology or CMT revenue grew approximately 20%, primarily organically, including growth from new clients. This reflects growing demand for data services and our work with leading digital-native clients. We also continue to experience strong demand for our intuitive operations and automation services, which includes our BPO business.

通訊、媒體和科技（CMT）業務收入成長約20%，主要為內生成長，包括新客戶帶來的成長。這反映了市場對數據服務日益增長的需求，以及我們與領先的數位原生客戶的合作。此外，我們直覺易用的營運和自動化服務（包括我們的業務流程外包（BPO）業務）也持續保持強勁的需求。

From a geographic perspective in Q2, North America revenue grew 9% year-over-year. Growth was led by CMT and Life Sciences clients. Our global growth markets, which includes all revenue outside of North America, grew approximately 12% year-over-year in constant currency, which included a negative 240 basis points impact from the sale of Samlink.

從地理角度來看，第二季北美地區的營收年增9%。成長主要由CMT和生命科學領域的客戶推動。我們的全球成長市場（包括北美以外的所有收入）以固定匯率計算年增約12%，其中包含了出售Samlink帶來的240個基點的負面影響。

Growth was led again by the U.K., which grew 25% and included strong double-digit growth within financial services, including public sector clients, Products and Resources and CMT. We continue to see significant opportunities for growth in our GGM business and do not believe that we are hitting our full potential yet.

英國再次引領成長，增幅達25%，其中金融服務（包括公共部門客戶）、產品與資源以及商品、媒體和電信業務均實現了強勁的兩位數成長。我們仍然看到全球商品交易業務（GGM）存在巨大的成長機遇，並認為我們尚未充分發揮其潛力。

Now moving on to margins. In Q2, our GAAP and adjusted operating margins were 15.5%, as there were no non-GAAP adjustments in the quarter. On a year-over-year basis, operating margin increased by approximately 30 basis points, in line with our expectations. This included improvement in gross margin, driven in part by a balanced execution and our focus on profitable revenue growth. We also experienced a benefit from the depreciation of the rupee against the dollar and a modest benefit from our recent pricing initiatives.

接下來我們來看利潤率。第二季度，我們的GAAP和調整後營業利潤率均為15.5%，因為本季沒有非GAAP調整。與去年同期相比，營業利潤率成長約30個基點，符合我們的預期。這主要得益於毛利率的提升，部分原因是均衡的營運以及我們對獲利性收入成長的關注。此外，盧比兌美元貶值以及我們近期推出的價格策略也帶來了一定的收益。

Additionally, we were pleased with the SG&A leverage we drove in the quarter. Our GAAP tax rate in the quarter was 24.2%, and adjusted tax rate in the quarter was 22.2%, which benefited from a discrete tax benefit related to our unrepatriated accumulated foreign earnings, driven by the depreciation of the rupee. Q2 diluted GAAP EPS was $1.11, and Q2 adjusted EPS was $1.14, up 14% and 18% year-over-year, respectively.

此外，我們對本季實現的銷售、管理及行政費用槓桿率感到滿意。本季GAAP稅率為24.2%，調整後稅率為22.2%，這得益於盧比貶值帶來的未匯回累計海外收益的稅收優惠。第二季稀釋後GAAP每股盈餘為1.11美元，調整後每股盈餘為1.14美元，分別較去年同期成長14%和18%。

Now turning to the balance sheet. We ended the quarter with cash and short-term investments of $2.3 billion or net cash of $1.7 billion. Free cash flow in Q2 was $485 million, representing approximately 84% of net income, in line with our expectation. This brings year-to-date free cash flow to $671 million. DSO of 74 days increased by 2 days sequentially, driven in part by seasonality and by 3 days year-over-year. We expect to improve DSO in the second half of the year.

現在來看資產負債表。本季末，我們持有現金及短期投資23億美元，淨現金17億美元。第二季自由現金流為4.85億美元，約佔淨利的84%，符合預期。年初至今的自由現金流累計達6.71億美元。應收帳款週轉天數（DSO）為74天，季增2天，部分原因是季節性因素，較去年同期增加3天。我們預計下半年DSO將有所改善。

During the quarter, we repurchased 4 million shares for $300 million under our share repurchase program and returned $141 million to shareholders through our regular dividend. This brings total capital return to shareholders through share repurchases and dividends to over $1 billion through the first half of 2022.

本季度，我們根據股票回購計畫回購了400萬股，總額達3億美元，並透過常規股息向股東返還了1.41億美元。截至2022年上半年，透過股票回購和股利向股東返還的總資本已超過10億美元。

Turning to guidance. Our outlook for the remainder of the year assumes that we will continue to balance margin performance and revenue growth. For Q3, we expect revenue in the range of $4.98 billion to $5.03 billion, representing year-over-year growth of 5% to 6% or 7.5% to 8.5% in constant currency. Our guidance assumes currency will have a negative 250 basis points impact as well as an inorganic contribution of approximately 50 basis points, which reflects the lower-than-anticipated M&A activity compared with our assumptions in prior full year guidance.

接下來談談業績展望。我們對今年剩餘時間的展望是基於我們將繼續平衡利潤率表現和營收成長的假設。第三季度，我們預計營收將在49.8億美元至50.3億美元之間，年增5%至6%，以固定匯率計算則為7.5%至8.5%。我們的業績展望假設匯率波動將對營收產生250個基點的負面影響，同時非內生性成長貢獻約為50個基點，這反映了併購活動低於我們先前全年業績展望中的預期。

For the full year, we are lowering the midpoint of our constant currency revenue growth guidance by about 1 point, which reflects, in part, the impact we have had while navigating the current industry supply/demand imbalances, elevated attrition and softer-than-expected hiring, particularly in North America. However, we are maintaining our margin expansion guidance, which reflects prioritization of profitable growth, pricing initiatives and the rigor that we have put around SG&A.

我們將全年以固定匯率計算的收入成長預期中位數下調約1個百分點，這部分反映了我們在應對當前行業供需失衡、人員流失率上升以及招聘速度低於預期（尤其是在北美地區）等因素時所受到的影響。然而，我們維持利潤率擴張預期不變，這反映了我們對獲利成長、定價策略以及對銷售、管理及行政費用嚴格控制的優先考慮。

Our full year revenue, we still expect inorganic growth to contribute approximately 100 basis points to growth, unchanged from prior guidance. This assumes an immaterial contribution from future unannounced acquisitions in Q4. Our reported revenue outlook now assumes a negative 220 basis points impact from currency versus 180 basis points previously. This leads to a revised reported revenue guidance in the range of $19.7 billion to $19.9 billion, representing 6.3% to 7.3% growth or 8.5% to 9.5% growth in constant currency. This compares to our prior guidance of $19.8 billion to $20.2 billion, which represented growth of 7.2% to 9.2% or 9% to 11% in constant currency.

我們預期全年營收中，非內生性成長仍將貢獻約100個基點，與先前預期一致。這項預期假設第四季未來未公佈的收購對營收的貢獻微乎其微。我們目前預期匯率波動將對營收產生220個基點的負面影響，高於先前預期的180個基點。因此，我們將全年營收預期調整為197億美元至199億美元，年增6.3%至7.3%，以固定匯率計算則為8.5%至9.5%。相較之下，我們先前的預期為198億美元至202億美元，年增7.2%至9.2%，以固定匯率計算則為9%至11%。

Our longer-term capital allocation framework is unchanged. Today's uncertain macroeconomic backdrop has the potential to create a mismatch of valuation expectations between buyers and sellers as well as challenging synergy assumptions. Despite these dynamics, our pipeline remains active, and we expect to announce deals towards the end of this year. However, these factors have led us to deploy less capital than anticipated on M&A. Therefore, we are revising our capital allocation plans for the remainder of 2022. We now expect to return at least $1.2 billion through share repurchases for the full year, up from our commitment of at least $600 million last quarter. As always, this remains subject to market conditions and other factors. Given the strength of our balance sheet and expected free cash flow generation, we do not expect liquidity will restrict our ability to execute against our M&A pipeline for the remainder of the year.

我們的長期資本配置架構維持不變。當前宏觀經濟情勢的不確定性可能導致買賣雙方估值預期不符，並對綜效假設構成挑戰。儘管有這些因素，我們的併購專案儲備依然活躍，預計在今年年底前宣布交易。然而，這些因素導致我們在併購方面的資本投入低於預期。因此，我們正在修訂2022年剩餘時間的資本配置計畫。我們現在預計全年將透過股票回購返還至少12億美元，高於上季至少6億美元的承諾。與以往一樣，這仍取決於市場狀況和其他因素。鑑於我們穩健的資產負債表和預期的自由現金流，我們預期流動性不會限制我們在今年剩餘時間內執行併購專案儲備的能力。

As I mentioned earlier, our adjusted operating margin outlook is unchanged, and we continue to expect approximately 20 to 30 basis points of expansion versus 2021. Our outlook for operating margin continues to assume industry supply side constraints, elevated attrition for the remainder of the year. Headwinds to operating margins include increased compensation costs, T&E and a return-to-office costs, which we expect to offset through delivery efficiencies, digital revenue mix, pricing and SG&A leverage and discipline.

正如我之前提到的，我們調整後的營業利潤率預期保持不變，我們仍然預計較2021年增長約20至30個基點。我們對營業利益率的預期仍基於產業供應端受限以及今年剩餘時間內較高的員工流失率。營業利潤率面臨的不利因素包括薪資成本、差旅費和復工成本的增加，我們預期這些不利因素將透過提高交付效率、優化數位化收入結構、優化定價策略以及有效控制銷售、管理及行政費用來抵銷。

Our guidance assumes continued sequential margin expansion in Q3 before the impact of our annual merit cycle in Q4. Our full year outlook assumes interest income of approximately $35 million versus $25 million previously, reflecting higher interest rates. Based on our increased share repurchase activity, we now expect average shares outstanding of approximately 519 million versus 522 million shares previously. We also now expect a tax rate of 24% to 25% versus 25% to 26%, reflecting lower year-to-date performance. This leads to our full year adjusted EPS guidance of $4.51 to $4.57, up approximately 9% to 11% year-over-year. This compares to $4.45 to $4.55 previously. Finally, we are still targeting full year free cash flow conversion of approximately 100% of net income.

我們的業績指引是基於第三季利潤率持續環比成長的假設，而第四季則受年度績效考核週期的影響。我們全年業績展望預期利息收入約為3,500萬美元，高於先前預期的2,500萬美元，這反映了利率上升。基於我們增加的股票回購活動，我們目前預期平均流通股數約為5.19億股，高於先前預期的5.22億股。此外，我們目前預期稅率為24%至25%，低於先前預期的25%至26%，反映了年初至今業績的下滑。因此，我們全年調整後每股盈餘指引為4.51美元至4.57美元，年增約9%至11%。先前的指引為4.45美元至4.55美元。最後，我們仍將全年自由現金流轉化為淨利潤的目標設定為約100%。

With that, we will open the call for your questions?

那麼，我們現在開始接受大家的提問吧？

(Operator Instructions) Our first question comes from the line of Rod Bourgeois with DeepDive Equity Research.

（操作員說明）我們的第一個問題來自 DeepDive Equity Research 的 Rod Bourgeois。

On the revenue progress and outlook, you've provided some updates here for us. How much of the revenue challenge versus the plan that you had 3 months ago and even earlier this year, how much of that is due to supply challenges? It sounds like a lot of it is supply versus macro challenges that are being faced within your client base and potential that the macro challenges are starting to ramp up.

關於營收進展和前景，您在這裡提供了一些最新資訊。與您三個月前甚至今年年初的計劃相比，目前的營收挑戰中有多少是由於供應方面的挑戰造成的？聽起來很大程度上是供應方面的挑戰，而不是您的客戶群面臨的宏觀挑戰，而且宏觀挑戰可能正在加劇。

Rod, it's Brian here. Thanks for the question. Look, it's very much related more towards the demand/supply imbalance that we see in the market. We gave guidance in November around the revenue target range of 8% to 11% over the coming years with about 2 points from M&A. Today, we reported 9.5 points of growth, so within that range. And even the guidance we gave is within that range. But my hope, obviously, is that with better demand/supply situation, Cognizant would have better headcount and be better able to get after the revenue opportunity, whilst also I feel pretty good about where we are on margin these days.

羅德，我是布萊恩。謝謝你的提問。這其實與我們目前看到的市場供需失衡有密切關係。我們在11月給出的績效指引是，未來幾年營收目標成長率介於8%到11%之間，其中併購貢獻約2個百分點。今天，我們公佈的成長率為9.5個百分點，仍在先前的預期範圍內。甚至我們給出的業績指引仍然在這個範圍內。當然，我希望在供需狀況改善的情況下，Cognizant能夠擁有更充足的人員配置，以便更好地掌握營收成長機會。同時，我對我們目前的利潤率也相當滿意。

So really for us now is about getting -- continuing to evolve the business portfolio, if you will, to higher growth categories, making sure we get the headcount right, both in terms of increasing retention and making sure we even get better throughput in terms of our recruitment. And then, of course, targeted M&A, which tends to be accretive to our revenue CAGR, some targeted larger deals that may or may not come ultimately in years to come. But we'll be selective on those, as I've always said. And in some regards, today's margin profile, I think, is also indicative of the fact that, in recent years, we haven't made big bets that may have been wrong in terms of attrition assumptions or margin or cost assumptions.

所以對我們來說，現在真正的重點在於──繼續拓展業務組合，朝著更高成長的領域發展，確保人員配置合理，既要提高員工留存率，也要提高招募效率。當然，還有有針對性的併購，這通常能提升我們的收入複合年增長率，我們會進行一些規模較大的交易，這些交易最終可能會在未來幾年內完成，也可能不會。但正如我一直強調的，我們會謹慎選擇。從某種程度上來說，我認為目前的利潤率狀況也表明，近年來，我們沒有在人員流失率、利潤率或成本假設方面做出可能錯誤的重大投資。

So it's really about those things, Rod. Macro, we've seen some impact in terms of pipeline progression but it's been more modest. We haven't seen anything meaningful in terms of slowdown in demand, and I'm still certainly of the opinion that while we'll have to keep an eye on the earnings cycle of our major clients and understand how they think about larger projects or ERP rollouts or projects with ROI time lines, at the end of the day, I'm very optimistic about IT services growth prospects in the medium to long term. And we'll continue to shape the portfolio to make sure we were able to show up and add value to clients.

所以，羅德，關鍵就在於這些面向。宏觀上，我們看到專案進度受到了一些影響，但影響比較溫和。需求方面，我們還沒有看到任何實質的放緩。我仍然堅信，雖然我們需要密切關注主要客戶的獲利週期，了解他們對大型專案、ERP系統部署或有投資回報週期的專案的看法，但最終，我對IT服務在中長期內的成長前景非常樂觀。我們將繼續優化業務組合，確保我們能夠及時出現並為客戶創造價值。

Okay. Well, that's helpful that demand is not being significantly impacted, it sounds like, by macro. On pricing, you made some comments on pricing. And just to follow up on that, are you feeling that your pricing progress is consistent with the expectations that you had 3 and 6 months ago? Or is the macro factors also creating more challenges in getting prices realized?

好的。看來宏觀經濟對需求的影響並不顯著，這很有幫助。關於定價，您之前也提到了一些。我想進一步了解一下，您覺得目前的定價進度是否符合您3個月前和6個月前的預期？或者說，宏觀經濟因素是否也為定價帶來了更多挑戰？

Yes. Rod, I'll jump in. The pricing environment, we would still overall characterize as consistent, and we feel we do have pricing opportunities for us that we are realizing and working hard to achieve. We see better opportunities in our digital opportunities where the demand is really difficult to supply and value is high at our new digital type services as we see better opportunities. We talked in last quarter about our initiatives to drive pricing across our entire client portfolio, and we're making progress. We always anticipated that this would be a multi-quarter endeavor. Some of these negotiations are ongoing, but we do see early results, and that's why I mentioned in my commentary that we do see some modest contribution from pricing, not only to gross margin, but obviously, to our overall margin development.

是的，羅德，我來補充一下。總體而言，我們認為定價環境仍然穩定，而且我們確實看到了定價方面的機會，我們正在努力實現這些機會。我們認為，在數位化領域，由於需求難以滿足，而我們新型數位化服務的價值又很高，因此我們擁有更好的機會。上個季度我們討論了旨在提升所有客戶定價水準的舉措，目前進展順利。我們一直預計這將是一個持續幾個季度的過程。一些談判仍在進行中，但我們確實看到了初步成果，這也是為什麼我在評論中提到，我們看到定價策略對毛利率以及整體利潤率的提升都做出了一定的貢獻。

Our next question comes from the line of Jason Kupferberg with Bank of America.

我們的下一個問題來自美國銀行的傑森·庫柏伯格。

Just wanted to switch over to bookings. I know you mentioned they were below your expectations for the quarter. Wondering if you can quantify the shortfall there? And maybe just talk about what you think some of the root causes might have been. Obviously, they can be lumpy quarter-to-quarter, but I'm guessing that the bookings are kind of less affected by the supply/demand imbalances that you just talked about as it relates to revenue. So I would just like to get a little bit more color there. And do we start to see improvement in the bookings growth trajectory in Q3?

我想轉而談談預訂情況。我知道您提到本季預訂量低於預期。我想請您量化一下實際的差距？也想請您談談您認為可能的原因。當然，季度業績難免會有波動，但我猜想預訂量受您剛才提到的供需失衡的影響應該比收入要小一些。所以我想更詳細地了解這方面的情況。另外，第三季預訂量的成長動能會開始好轉嗎？

Jason, it's Brian. So you said it right, bookings can be choppy, which is why I've always been an advocate of looking at bookings on a rolling 12-month basis. So on a trailing 12-month basis, our bookings are still quite strong with a book-to-bill of 1.2. But within any given quarter, you'll have dynamics at play. And this was a quarter where we knew we had to go focus on resource fulfillment, given where we were from an attrition and resource point of view, but also we wanted to make sure, given labor inflationary trends, we were able to address pricing discussions with clients.

傑森，我是布萊恩。你說得對，訂單量確實會波動，所以我一直主張以滾動12個月的周期來看待訂單量。從過去12個月來看，我們的訂單量依然相當強勁，訂單出貨比為1.2。但在任何一個季度內，都會存在一些變化。就本季而言，鑑於人員流失和資源方面的情況，我們知道必須集中精力解決資源短缺問題；同時，考慮到勞動力成本上漲的趨勢，我們也希望能夠與客戶就價格問題進行協商。

And that may have had even a psychological impact on our commercial team as they are focused on fulfillment and focused on pricing discussions, and perhaps concerned about selling the next thing if they're worried about being able to fulfill against it. So it's not quite as clean as you suggested. But fundamentally, we'd expect this to pick up in Q3 and Q4. Demand is there. To the question that Rod asked earlier, we feel pretty good about our portfolio these days. We are repositioning the brand and repositioning how Cognizant shows up to clients and the kind of work we want to engage in.

這甚至可能對我們的銷售團隊產生了心理影響，因為他們專注於訂單履行和定價討論，如果擔心無法按時完成訂單，他們可能也會擔心銷售下一款產品。所以情況並不像您說的那麼簡單。但從根本上講，我們預計這種情況會在第三季和第四季有所改善。市場需求是存在的。至於Rod先前提出的問題，我們目前對產品組合相當滿意。我們正在重新定位品牌，重新定義Cognizant在客戶面前的形象，以及我們希望進行的工作類型。

So it's maybe a question of balance. That's perhaps the word of this quarter's earnings. We're very proud that we're an outlier in the industry in the sense that we were able to drive margin expansion year-over-year and quarter-over-quarter. We obviously want to accompany that with revenue growth and bookings momentum, and that's what we're setting out to achieve, obviously, on a go-forward basis.

所以，這或許是一個平衡的問題。這或許是本季財報的主題。我們非常自豪的是，我們在業界獨樹一幟，實現了利潤率的同比和環比增長。我們當然希望在利潤率成長的同時，也能維持營收成長和訂單量的成長勢頭，而這正是我們未來努力的目標。

And then just on the supply side, is attrition or is hiring the bigger challenge right now? And do you think Q2 will, more or less, be the peak on attrition? I know you said you expect it to remain elevated, but just wondering what other actions the company might take to improve that metric?

那麼就供應方面而言，目前更大的挑戰是人員流失還是招募？您認為第二季人員流失率會達到高峰嗎？我知道您說過預計流失率會居高不下，但我只是想知道公司還可以採取哪些措施來改善這個指標？

We've taken significant actions from an attrition point of view, both in terms of compensation, significant investments in career path and overall our promotion process, significant investments in learning and development, and then a whole host of other activities around education, returnships and whatnot. I will say there are some opportunities here that we have. This is seasonally in line with, I guess, expectations, although it was a little above what we had assumed going into the quarter. But we are somewhat confident that the actions we're taking are really kicking in.

從人員流失的角度來看，我們採取了多項重要措施，包括提高薪資、大力投資職涯發展路徑和整體晉升流程、大力投資學習和發展，以及開展一系列其他教育、重返職場等活動。我想說的是，我們目前有一些機會。從季節性角度來看，這符合預期，儘管略高於我們本季初的預期。但我們相當有信心，我們正在採取的措施正在實際發揮作用。

Employee engagement, as I suggested in my prepared remarks showed increases year-over-year across all 8 categories that we measured and were above industry benchmarks, by the way. We have seen progress in terms of the actions we've been taking in the last 18 months. It has really improved our relative compensation position across key markets, including India. And while it's only 1 month of the quarter, the resignation trends we've seen in July, which isn't just about Q3, it's also about Q4, have been improving. And we have good success on this internal Job Moves program which is creating a much more dynamic promotion process. So those are good leading indicators, I'd say, in terms of retention.

正如我在事先準備好的演講稿中提到的，員工敬業度在我們衡量的八個類別中均實現了同比增長，並且高於行業基準。在過去18個月裡，我們採取的各項措施也取得了成效。這些措施顯著提升了我們在包括印度在內的主要市場的薪資相對水準。雖然目前僅是本季的第一個月，但我們觀察到的7月離職趨勢（這不僅關乎第三季度，也關乎第四季）正在改善。此外，我們內部的「職位調動」專案也取得了良好成效，該專案正在打造一個更靈活的晉升流程。因此，我認為這些都是員工留任的良好先行指標。

On the recruitment side, I think it's fair to say the industry has been faced with almost its musical chair situation, where people show up with multiple job offers. The macro dynamics may actually start becoming more favorable. Early indications are that offer to joiner ratios have recovered a little bit in recent weeks, and I dare say, for us, perhaps for others as well. So we're looking forward to hopefully being able to build our headcount more aggressively on a go-forward basis and, therefore, be able to achieve our true top line potential on the back of increased operational rigor and margin discipline that we've evidenced this quarter.

在招募方面，可以說整個產業都面臨著一場「搶椅子」遊戲，求職者往往同時拿到多個工作機會。不過，宏觀情勢或許會開始好轉。初步跡象表明，近幾週來，錄用率有所回升，我相信，對我們公司而言，情況可能也是如此。因此，我們期待未來能更積極地擴充員工隊伍，以本季展現出的營運效率提升與利潤率控制，充分發揮我們的營收潛力。

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

我們的下一個問題來自摩根大通的黃天進。

I know Jason asked about your confidence or visibility on bookings improving. But just thinking about your headcount changes a little bit here, it did slow down quite a bit sequentially after a period of strength. So just trying to read into that as I'm assuming you're just going to focus a little bit more on utilization here at this point of the cycle. Just trying to reconcile those two things.

我知道傑森問的是您對預訂量成長的信心或預期。但仔細想想您的人員配置變化，在經歷了一段強勁增長期後，確實出現了明顯的放緩。所以我試著從中解讀出一些端倪，因為我猜想您目前會更加重視人員利用率。我只是想弄清楚這兩件事之間的關聯。

Yes. Maybe just as a quick reminder, our second quarter is typically a higher attrition quarter that has to do with some of the bonus payments that we issue in the end of March. So we knew that we would have increased attrition that we don't expect to continue throughout the year. So that's number one. It does -- it did turn out to be a little bit higher, maybe. Also for the revenue impact that we identified, it had -- it did tick up a little bit higher and had a little bit more impact in North America than the core of our operation in India. So from a medium-term perspective, I would think we still have elevated attrition levels, although not at the level that we have seen in the second quarter.

是的。或許可以簡單提醒一下，我們第二季度的員工流動率通常較高，這與我們三月底發放的部分獎金有關。所以我們知道第二季的員工流動率會上升，但我們預計這種情況不會持續到全年。這是第一點。確實，第二季的員工流動率可能略高一些。另外，就我們確定的收入影響而言，北美地區受到的影響比我們在印度的核心業務地區更大。因此，從中長期來看，我認為我們的員工流動率仍然較高，儘管沒有第二季那麼高。

The other thing I'd just add to that as well is, of course, all headcount is not the same. We've seen a shift of our delivery to offshore in the last few years. And I think where we have to put a little bit more effort in place is to continue to build our onshore headcount, particularly in North America. We've gone through a pretty extensive effort in the last 3 years to reduce visa dependency in North America. But hand in glove with that, we have to continue to scale campus hiring, lateral hires, and obviously, headcounts in North America, while maybe having a lower margin rate, can actually give us more dollars per head on both revenue and indeed gross margin. So that's an important factor as well.

我還要補充一點，當然，員工人數並非一成不變。過去幾年，我們的交付模式逐漸轉移到海外。我認為，我們需要加強的是繼續擴大本土員工規模，尤其是在北美地區。過去三年，我們投入了大量精力來降低北美地區的簽證依賴。但同時，我們也必須持續擴大校園招募和內部招募的規模。顯然，雖然北美地區的員工利潤率可能較低，但實際上可以提高人均收入和毛利率。所以，這也是一個重要的考量。

But yes, we're all over this, and you can imagine it's got our full attention, both in terms of the recruitment throughput, offer-joiner ratios that we track as well as what we're doing from a retention point of view. Obviously, the employee satisfaction and employee engagement survey results were very pleasing to see. So it's good to see the progress we're making.

是的，我們非常重視這件事，您可以想像，我們投入了全部精力，無論是招聘效率、我們追蹤的錄用入職率，還是我們在員工保留方面所做的工作。顯然，員工滿意度和員工敬業度調查的結果令人非常滿意。所以，看到我們取得的進展，我感到非常欣慰。

Just quickly on -- for my follow-up, the 1.2 book-to-bill being stable. I heard that. But is there a way to look at annualized backlog as well or some other metric thinking about that trend, assuming that there's some short-term project work and maybe some of the bookings have converted? Just duration or ACV is another metric. I know you don't give it, but any interesting calculations there.

關於後續問題，我聽說訂單出貨比穩定在1.2。但是，有沒有辦法也看看年度積壓訂單或其他指標來反映這個趨勢呢？假設有一些短期項目，而且部分訂單可能已經轉換了。單次工期或年度合約價值（ACV）也是一個指標。我知道你們不提供這些數據，但有沒有什麼有趣的計算方法？

We don't really get into those details, but our average contract duration actually increased quarter-over-quarter and year-over-year. Some of that is because we had a little bit more momentum in larger deals, and some of it is because of the situation that in a resource-constrained environment, we were quite selective in terms of the deals that we get after with a view to ultimately aligning our resources in line with our business model evolution. And that business model evolution is around aligning resources to our targeted customer segments, aligned to selling solutioning and delivering client outcomes as opposed to simply being a provider of resources for clients.

我們並不打算深入探討這些細節，但我們的平均合約期限實際上環比和同比均有所增長。部分原因是我們在大型交易方面勢頭更強勁，部分原因是，在資源受限的環境下，我們對後續交易的選擇非常謹慎，最終目的是使我們的資源與我們的業務模式演進保持一致。而這種業務模式演進的核心在於將資源與我們的目標客戶群相匹配，專注於銷售解決方案並交付客戶成果，而不僅僅是為客戶提供資源。

And if you're simply a provider of resources for clients, you can skew to lower-end deals and being in the mode of staff augmentation. So our strategy informs our actions. And this quarter, obviously, with the cards we had, which was a resource-constrained environment, we obviously had the luxury of being able to make choice points that were both beneficial to our strategic direction as well as beneficial to our margins.

如果你只是為客戶提供資源，那麼你可能會傾向於低端交易，並採取人員擴充的模式。所以，我們的策略指導著我們的行動。顯然，本季度，在資源受限的環境下，我們有餘力做出既有利於策略方向又有利於利潤率的選擇。

Our next question comes from the line of James Faucette with Morgan Stanley.

我們的下一個問題來自摩根士丹利的詹姆斯·福塞特。

I wanted to ask quickly on the competitive environment. It seems like your strategy that you've characterized as balanced seems different or at least diverged from what we've seen from some of your peers in their early reporting, especially as it relates to share and margin dynamics. Can you just give a little bit more color on how you're thinking about that balance strategy? What's driving that as -- what -- how you view that to be -- or why you view that to be the appropriate one and how you think it plays out from here?

我想快速問一下關於競爭環境的問題。您所說的「平衡」策略似乎與我們從一些同行早期報告中看到的有所不同，尤其是在市場份額和利潤率方面。您能否更詳細地解釋一下您是如何考慮這種平衡策略的？是什麼因素促使您採取這種策略？您認為這種策略是合適的，以及您認為它未來的發展趨勢如何？

Yes, I'll start. Jan, by all means, jump in if you want to embellish just as well. I think at the end of the day, James, we go back to the multiyear framework we laid out in November, not that long ago at the Analyst Day, when we talked about a revenue CAGR aspiration coupled with margin expansion over multiple years. And I would argue that's still the right way to think about Cognizant. Nothing has fundamentally changed. The results we announced this quarter, 9.5% constant currency growth with significant margin expansion year-over-year and quarter-over-quarter, unlike the rest of the industry, I think fits within that mode and so too does our guidance.

好的，我先來。 Jan，如果你想補充一些內容，也請隨時加入。 James，我認為歸根究底，我們還是要回到去年11月分析師日上提出的多年發展框架，當時我們談到了營收複合年增長率（CAGR）目標以及未來幾年利潤率的提升。我認為這仍然是看待Cognizant的正確方式。一切都沒有根本改變。我們本季公佈的業績－以固定匯率計算成長9.5%，利潤率年比及季比均顯著提升－與業內其他公司不同，我認為這符合這個框架，我們的業績指引也同樣如此。

Clearly, the more resources we have, the more we'll be able to go on the attack more from a top line perspective. But what we've been really focused on is making sure we put a good operational discipline in place in terms of how we think about pricing, how we think about mix, delivery pyramid, et cetera, that's been a multiyear effort. We've also made investments, by the way, in the company that are starting to bear fruit now. And of course, we get financial leverage the more we grow sequentially.

顯然，我們擁有的資源越多，就越能從營收層級發動更猛烈的攻勢。但我們真正關注的是確保在定價、產品組合、配送體係等方面建立良好的營運規範，這已經是我們多年努力的成果。順便一提，我們對公司的投資現在也開始見效了。當然，隨著我們業務的持續成長，我們的財務槓桿也會越來越高。

So it's no -- not really fundamentally different from what we outlined back in November, and that's how you should think about us going forward as well. As we are better able to make progress on our retention trends, we'll have the luxury to be able to hopefully accelerate growth and get the balance a little bit better than this quarter.

所以，這和我們去年11月提出的方案並沒有本質上區別，你們也應該這樣看待我們未來的發展。隨著我們在用戶留存方面取得更好的進展，我們將有能力加快成長，並有望在本季之前更好地平衡各方面因素。

Yes. And maybe I'll add the component of the business mix that we have been adding in our growth. We had gotten these questions in past calls. We have been absent from large and mega deals in the past and in the last couple of years. And arguably, that had slowed our revenue growth, but it allowed us to much better control our balanced portfolio of the revenue growth within the corridors that we outlined, plus the margin expansion, which is just our fundamental belief will build the compounding the most quality-type business over time.

是的。或許我還可以補充我們在業務成長過程中不斷增加的業務組合要素。我們在之前的電話會議中也收到類似的問題。過去以及過去幾年，我們一直沒有參與大型和超大型交易。可以說，這減緩了我們的營收成長，但也讓我們能夠更好地控制均衡的業務組合，在既定的營收成長軌道內實現成長，同時提升利潤率。我們堅信，利潤率的提升能夠隨著時間的推移，打造出最具複合效益的優質業務。

And then can I just ask a follow-up, as you've formulated the outlook. Obviously, a lot of moving parts between pricing, attrition, wage inflation as well as the macro itself. Can you give a little bit of color in terms of -- as you formulated that outlook, what of those key components are you expecting to improve as we go through the second half of the year versus steady versus any that -- versus steady that -- or versus any that may you -- you may be looking to do for deterioration?

那麼，我能否再追問一下，關於您所製定的展望。顯然，價格、人員流失、薪資上漲以及宏觀經濟本身都受到許多因素的影響。您能否詳細說明一下—在您制定展望時，您預計哪些關鍵因素會在下半年有所改善？哪些因素會保持穩定？哪些因素可能會惡化？

Yes. Look, I think we are really to -- year-to-date quite close to the path that we had anticipated for the year. So I would point out the trajectory that we definitely look forward to improve is our bookings growth. And obviously, on a relative basis, also our employee attrition because that combination will allow us to drive a revenue growth acceleration basically within the framework that we have outlined and deliver against our bottom line commitments.

是的。你看，我認為我們今年迄今為止的業績已經非常接近我們預期的目標。因此，我想指出我們最希望提升的方面是預訂量成長。當然，從相對角度來看，員工流失率也是我們關注的重點，因為這些因素結合起來將使我們能夠在既定框架內加速營收成長，並實現我們的獲利目標。

So the -- I think those would be the two factors that we'll be working hard. I tried to outline the opportunity that we see is not enterprise-wide unfocused. We can with, focused actions, drive improvements. For example, in my script, I mentioned the North American situation, I think we're going to pay extra attention to drive our North American staffing that will have good revenue impact and will strengthen us. That would be good action. We'll be very careful, encouraging our overall love for revenue growth and bookings throughout our distribution and sales capabilities.

所以——我認為這就是我們將努力的方向。我試圖闡明我們看到的機會並非是企業範圍內的漫無目的，而是可以透過有針對性的行動來推動改進。例如，在我的演講稿中，我提到了北美的情況，我認為我們將格外關注北美的員工隊伍建設，這將對收入產生積極影響，並增強我們的實力。這將是有效的行動。我們將非常謹慎，鼓勵我們透過分銷和銷售管道，全面提升收入成長和訂單量。

And then the rest feels to me is in relatively good shape. We have our SG&A now as we had committed to in a good and controlled environment and we are able to drive that margin balance through this combination. And it is a number of factors that come too, by shifting towards our digital mix, which is accretive to our overall gross margin by making continued progress on our pricing action that will help to drive top line growth and the sustainability of our margin profile.

其餘方面在我看來都比較好。我們已將銷售、管理及行政費用控制在良好且可控的範圍內，並按照既定目標實現了這一目標。透過這種組合，我們能夠保持利潤率的平衡。此外，轉向數位化業務組合也帶來了許多好處，例如，持續推動定價策略，從而提升整體毛利率，並有助於推動營收成長和利潤率的可持續性。

So it's kind of a balance of -- we have kind of the foundations and relative from my perspective in good shape so that we're now addressing selective areas of improvement for the rest of the year.

所以這是一種平衡——從我的角度來看，我們已經打下了良好的基礎，相對而言情況也不錯，因此我們現在可以著手解決今年剩餘時間需要改進的特定領域。

Our next question comes from the line of David Togut with Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 David Togut。

With financial services being your largest vertical, you drilled down into demand trends in financial services in the second quarter across your range of services, digital versus legacy and how you expect demand to evolve in this industry segment in the balance of the year?

金融服務是貴公司最大的垂直領域，因此，您深入分析了第二季度金融服務領域在貴公司各項服務（包括數位化服務與傳統服務）的需求趨勢，以及您預計今年剩餘時間內該行業領域的需求將如何發展？

Yes. David, it's Brian. Look, I would say no major concerns in terms of demand curves in the financial services sector generally and within banking. We certainly had a good quarter, I would say, in commercial banking, which was stronger than retail and cards and payments and indeed, stronger than capital markets. So what we see there is, frankly, some more of a selective approach from Cognizant as we have repositioned ourselves with some of the larger banks, a shift away from staff augmentation and a shift towards trying to show up and help them with their transformation programs and really their innovation agenda.

是的，我是布萊恩，大衛。你看，就金融服務業整體以及銀行業的需求曲線而言，我認為沒有重大問題。商業銀行業務本季表現確實不錯，比零售銀行、信用卡和支付業務，甚至比資本市場都強勁。坦白說，我們看到的是，隨著我們與一些大型銀行重新定位，Cognizant採取了一種更有選擇性的策略，不再僅僅依靠人員擴充，而是致力於幫助他們推進轉型計劃和創新議程。

So it's been an evolution of how we -- the teams we have in front of clients and what they are about to sell and hopefully solution and deliver, but also educating clients to think about Cognizant differently. But I don't see any fundamental issues in terms of macro concerns in the banking space. Insurance, we seem to have done well in the quarter as well. Generally, most of our insurance business, the vast majority is in the United States. And we had a, I would say, a reasonably strong quarter there, too. And no major concerns either from a macro perspective there.

所以，我們一直在不斷改進——包括我們面向客戶的團隊，以及他們即將銷售和交付的產品，並希望能夠提供解決方案，同時也要引導客戶以不同的視角看待 Cognizant。但我認為，就銀行業宏觀層面而言，並沒有什麼根本性的問題。保險業務方面，我們本季的表現也相當不錯。總的來說，我們的大部分保險業務都在美國。我認為，我們在美國也取得了相當強勁的季度業績。從宏觀角度來看，美國市場也沒有出現任何重大問題。

Maybe I'll just add some obvious things. Keep in mind that the reported results still reflect the impact of our disposition of Samlink, that is about 200 basis points impact on the growth rate. In substantiation of Brian's comments, we do see, for example, digital revenue and revenue shares catching up to our company average and making progress on that mix. Brian gave you the cut by our sectors, we have also regional success, our regional banking portfolio, for example, continues to perform really and nice growth rates. And from that perspective, we see that continued -- what we call it a moderated improvement throughout the year to continue.

或許我只需補充一些顯而易見的內容。請記住，已公佈的業績仍然反映了我們出售 Samlink 的影響，這大約對成長率造成了 200 個基點的影響。正如 Brian 所說，我們確實看到，例如，數位收入和收入份額正在趕上公司平均水平，並且在業務組合方面取得了進展。 Brian 已經按業務板塊進行了細分，我們也取得了區域性的成功，例如，我們的區域銀行業務組合繼續保持著良好的成長勢頭。從這個角度來看，我們預計這種持續的——我們稱之為全年溫和改善的——將會繼續下去。

Appreciate that. And just as a follow-up, what action steps do you need to take to win more transformation business from the bigger banks? Do you need to add more in the way of management consulting capability? What are the key pieces you're focused on?

非常感謝。另外，為了贏得更多來自大型銀行的轉型業務，您需要採取哪些行動步驟？您是否需要增強管理諮詢能力？您目前關注的關鍵領域是什麼？

Yes, we've definitely been strengthening our consultancy business, but also, I would say more broadly than Cognizant consulting, we've been trying to make sure that our client-facing teams holistically are more consultative. And that's a separate point, but nonetheless, similar in terms of the end product.

是的，我們確實一直在加強諮詢業務，但更重要的是，除了 Cognizant 諮詢業務之外，我們還在努力確保我們面向客戶的團隊整體上更具諮詢能力。這雖然是另一個方面，但就最終結果而言，兩者是相似的。

And in parallel, I've personally been spending a lot of time on the road in the last 3 months in front of the C-suite of some of the larger banks, many of whom we haven't been able to serve in recent years and trying to make sure we have the opportunity to show up and be on their preferred vendor lists and evidencing to them the progress we've made with our portfolio and our strategic direction and how we think we can help them be successful in their own rights.

同時，在過去的三個月裡，我個人也花了很多時間在路上，與一些大型銀行的高階主管會面。近年來，我們一直未能與其中許多銀行合作，我們努力確保有機會與他們見面，並進入他們的首選供應商名單，向他們證明我們在業務組合和戰略方向上取得的進展，以及我們認為如何能夠幫助他們取得成功。

So a little bit has been hunting. And then for those that we currently have, it's obviously been farming and making sure we have the right engagement teams, more advisory capacity, to your point, and then obviously educating clients who think of us differently as well. We're making progress. I think it's a paced recovery. It's ongoing, and we've continued to articulate that this business will likely grow slower than the company average rate, but yet we are confident we're doing the right things to get it in the right space.

所以，我們一方面在積極拓展業務，另一方面，對於我們目前已有的客戶，顯然也在進行維護，確保我們擁有合適的團隊，提升諮詢能力（正如您所說），當然，我們也在努力讓那些對我們看法有所改變的客戶重新認識我們。我們正在取得進展。我認為這是一個循序漸進的復甦過程，仍在進行中。我們也一直在強調，這項業務的成長速度可能會低於公司平均水平，但我們仍然相信，我們正在採取正確的措施，使其走上正確的道路。

Our next question comes from the line of Lisa Ellis with MoffetNathanson.

我們的下一個問題來自 Lisa Ellis 和 MoffetNathanson 的問題。

Terrific. First one, I was just hoping that you could elaborate a little bit on what's going on in the M&A environment that's caused the slowdown in your pipeline there that you've seen sort of throughout this year. Given the tightening macro environment and some -- the private markets tightening up a little bit, I would have thought it might get a little bit more fertile actually. So can you just give us a sense for sort of what you're seeing out there and why that has dried up a little bit?

太好了。首先，我希望您能詳細解釋一下，今年以來，併購市場出現了哪些變化，導致您的併購項目有所放緩。考慮到宏觀經濟環境趨緊，以及私募市場也略有收緊，我原本以為併購市場會更活躍。所以，您能否簡單介紹一下您目前觀察到的情況，以及併購專案為何有所減少？

Yes, Lisa, I'll jump in. Thank you for that question because it's important for us to reiterate that really, our overall strategic framework of capital allocation is unchanged. We still believe M&A is an important tool that we have to enhance the competitiveness of our company, to add and augment skill sets and industry focus and geographic focus for us. So what we see here is really purely an operational and time delay basic -- a timing delay of M&A that happens when you develop pipelines and when you pursue deals to do so.

是的，麗莎，我來補充一下。謝謝你的提問，因為對我們來說，重申這一點非常重要：我們整體的資本配置策略架構並沒有改變。我們仍認為併購是提升公司競爭力、增強技能、拓展產業和地理優勢的重要工具。所以我們現在看到的，實際上只是營運和時間上的延遲——併購過程中的時間延遲，這是由於我們開發併購專案儲備以及推進併購交易所造成的。

It's also a little bit a consequence of a disciplined approach, which we're trying to signal in our prepared remarks. We are thoughtful about how we want to allocate that capital in this uncertain environment, coming off very lofty valuation expectations, I think it is fairly typical that you have sellers having higher expectations than buyers are willing to do as we see the world through different lenses. And so we observed that a little bit as we also think about how do we justify the expense of M&A in a rational way.

這在某種程度上也是我們採取嚴謹策略的結果，這一點我們在事先準備好的發言稿中也試圖強調。在當前充滿不確定性的環境下，我們認真考慮如何配置這筆資金。先前，我們對估值預期非常高，我認為賣方的預期高於買方是很常見的，因為我們看待問題的角度不同。因此，我們在思考如何以合理的方式證明併購成本的合理性時，也注意到了這一點。

We are optimistic overall that we will continue with some M&A in the second half of the year. So we have an active pipeline, but there are always the vagaries of closing those transactions coming out to a mutual agreement. But the -- it would be really purely due to the, I think, the practical situation that we are faced with at this point in time of economy and buyer and seller expectations, outlooks, et cetera.

總體而言，我們對下半年繼續推動一些併購活動持樂觀態度。因此，我們目前有活躍的專案儲備，但最終能否達成雙方共識始終存在變數。不過，我認為這完全取決於我們目前面臨的實際情況，例如經濟狀況、買賣雙方的預期和前景等等。

Got it. Okay. And then for my follow-up, I apologize for asking yet another question about this topic. But just a clarification on the supply fulfillment challenges that you mentioned have affected your revenue outlook for the year. You're -- just looking at your utilization numbers, they're pretty running fairly steady, I guess, not seeing that they're running really hot. So can you just clarify, like is this like a skills issue? Or just maybe give a little bit more elaboration on what causes that sort of supply/demand imbalance, given that the utilization numbers are still kind of running at more normal levels?

明白了。好的。接下來，很抱歉又問了一個關於這個主題的問題。我想澄清一下您提到的供應履行方面的挑戰如何影響了您今年的收入預期。我看了看您的產能利用率，似乎相當穩定，並沒有出現產能過剩的情況。所以，您能否解釋一下，這是否與技能方面的問題有關？或者，鑑於產能利用率仍處於正常水平，能否更詳細地說明一下造成這種供需失衡的原因？

Yes, Lisa, it is -- keep in mind that number one, for clarification, our revenue performance was really to a very small amount of our expectations. So we are now in the fine-tuning of the sausage-making a little bit around what happened in the quarter. And observation is correct that we have a consistent utilization performance over the last couple of quarters. But we have overlapping impact. For example, our utilization is negatively impacted by our increased intake of college grads. They tend to have warm up times till they become fully productive, and it weighs on our utilization metrics in a simplified way whereas where we have other tight skill sets that have led to high utilization and lost revenue opportunities. This is in particular the case in North America, where we had higher revenue carrying gaps in our capacity for delivery. And so this localized effect basically, is balancing out and created basically some missed revenue opportunities.

是的，麗莎，確實如此——首先，為了澄清一下，我們的營收表現實際上遠低於預期。所以，我們現在正在根據本季的情況進行一些微調。觀察沒錯，過去幾季我們的產能利用率一直保持穩定。但我們也面臨一些疊加的影響。例如，我們大量招收應屆畢業生會對我們的產能利用率產生負面影響。他們通常需要一段時間才能完全投入工作，這會以一種簡化的方式拉低我們的產能利用率指標；而我們其他一些技能要求較高的崗位則導致了產能利用率過高，從而錯失了一些營收機會。這種情況在北美尤為突出，因為我們在北美的產能缺口較大。因此，這種局部性的影響基本上會相互抵消，導致一些營收機會的流失。

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

我們的下一個問題來自 Bryan Bergin 與 Cowen 的對話。

First one I got is on bookings. So I'm just trying to understand, are you experiencing pricing pushback and resourcing challenges that are causing more so delays or missed opportunities entirely? So I'm trying to get out really whether this is deal cycle extension or competitive loss and cancellation entirely there? And just how are you expecting fiscal '22 bookings growth to land now?

我收到的第一個問題是關於預訂的。所以我想了解一下，你們是否遇到了定價阻力或資源方面的挑戰，導致預訂延誤甚至完全錯失良機？我想弄清楚這究竟是交易週期延長，還是競爭壓力導致訂單取消？你們目前對2022財年的預訂成長預期如何？

Bryan, it's Brian. We'd expect an acceleration in the second half of the year. The book-to-bill ratio remains healthy, as I said, at 1.2, really on the back of Q3 and Q4 last year, where bookings growth of 20% plus in both quarters.

我是布萊恩。我們預計下半年業務將加速成長。正如我所說，訂單出貨比仍維持在1.2的健康水平，這主要得益於去年第三季和第四季超過20%的訂單成長。

Look, some of this is frankly us in a resource-constrained environment, given our headcount opted out of certain lower-end or less strategic opportunities. And so that's business that we decided not to partake in because we chose to prioritize our resources for elements of our portfolio that are more strategic to our future direction. And clients that are more strategic from a customer segmentation point of view. So that's the first point.

坦白說，部分原因是由於我們資源有限，人手不足，所以放棄了一些低端或戰略意義較小的項目。因此，我們決定不參與這些業務，因為我們選擇優先將資源投入對我們未來發展方向更具策略性的業務組合中，以及從客戶細分角度來看更具策略性的客戶身上。這是第一點。

The second point I would say is we did see during the course of the quarter, I would say, pipeline progression be a little slower than prior quarters and some pushouts into outer quarter periods, higher levels than traditional. I don't think it's enough to signify by any means any concern from a macro demand point of view because, bluntly, the biggest single factor we have is just making sure we get fulfillment right as opposed to worrying about the macro environment. We see plenty of opportunity for the clients. I see, and frankly, I've probably visited a few hundred clients in the last quarter alone.

第二點是，我們在本季確實觀察到，銷售管道的推進速度比前幾季略慢，有些訂單被推遲到季度末，而且訂單量也高於往年同期水準。但我認為這絕不意味著宏觀需求方面存在任何令人擔憂的問題，因為坦白說，我們目前最關注的是確保訂單履行到位，而不是宏觀環境。我們看到了客戶的巨大機會。說實話，光是上個季度我就拜訪了數百位客戶。

So it's much more around our fulfillment capabilities and about the choice points we are faced with and that we take in a resource-constrained environment. As I said earlier, the average contract duration is a little bigger because we stepped away from some of the lower-end staff augmentation deals, and we've had a little bit more success in $50 million-plus category. So that's the dynamics I would articulate.

所以，關鍵在於我們的履約能力，以及在資源受限的環境下，我們面臨的選擇與因應策略。正如我之前所說，平均合約期限略有延長，因為我們減少了一些低端的人員增補交易，而在5000萬美元以上的大單領域取得了更大的成功。以上就是我想闡述的動態。

Okay. And then just on margin. Anything you can quantify or just talk about some of the larger underlying swing factors in the second half assumptions that you have? And I see in 2Q absolute dollar level of SG&A spend was roughly flat year-over-year despite the higher revenue base. So maybe can you talk about where exactly you're leveraging this? And to the tune of are you cutting more so around corporate? Or are you also throttling sales and marketing-related spend as well?

好的。接下來是關於利潤率的問題。您能否量化一下，或者談談您在下半年預期中一些影響較大的潛在因素？我注意到，儘管第二季營收基數較高，但銷售、管理及行政費用（SG&A）的絕對金額與去年同期基本持平。您能否具體談談您在哪些方面利用了這一點？例如，您是否更削減了公司層面的支出？或者您也限制了與銷售和行銷相關的支出？

Yes. I guess that comes to me. The margin performance in the first half has been driven by multifactors, by a balanced set of contributors and I'm anticipating that to continue throughout the year. So pricing had a modest contribution, and we expect our pricing initiative to build on this and will increase in -- slightly increase in importance for it.

是的，我想也是。上半年的利潤率表現是由多種因素共同推動的，這些因素的貢獻較為均衡，我預計這種情況將持續全年。因此，定價因素的貢獻相對較小，我們預計我們的定價策略將在此基礎上繼續發展，並且其重要性將略有提升。

We had really seen good contributions from the strategic measures that Brian talked about, delivery permit optimization. All these factors have a higher intake of college grads, the careful use of subcontractors the shifting towards offshore delivery, et cetera, all contributed that the delivery organization stemmed actually and could offset a large chunk of the compensation pressure that we're still facing and we anticipate to face throughout the year.

我們已經看到了布萊恩提到的策略措施，例如優化交付許可，所取得的顯著成效。所有這些因素，包括增加大學畢業生的招募、謹慎使用分包商、轉向離岸交付等等，都促使交付部門的效率得以提升，並能夠抵消我們目前以及預計全年都將面臨的大部分薪酬壓力。

So -- and I would say we had actually a slight growth, I think, 2% SG&A growth in quarter-over-quarter. So there is -- we will be funding the growth that we need for our company, that is a priority. So SG&A will not be in the way, our cost controls on SG&A won't be limiting our investments into growth, but we are seeing also good progress in other corporate functions to drive efficiencies and simplify our operation, I think that you would expect us to do.

所以－我想說，我們的銷售、管理及行政費用（SG&A）較上季成長了2%，略有成長。因此，我們將為公司所需的成長提供資金，這是我們的首要任務。 SG&A不會成為阻礙，我們對SG&A的成本控制不會限制我們對成長的投資。同時，我們也看到其他公司職能部門在提高效率和簡化營運方面取得了良好進展，我想這正是你們所期望的。

So it's the multitude of these factors, and it's kind of a little bit of an art of how we react to actual results in the -- within the quarter and emphasize one more than the other to drive the results.

所以，這是眾多因素共同作用的結果，而如何根據季度內的實際結果做出反應，並著重強調某個因素而非其他因素來推動業績，這有點像是一門藝術。

Maybe on the reminder is in -- the third quarter is traditionally our highest margin quarter. So we expect actually a sequential increase in margin in the third quarter. And then as you know, in the fourth quarter, our large compensation measure for the broad delivery organization takes place. So we expect some pressure in the fourth quarter and then deliver our guidance for the full year.

或許提醒大家的是──第三季歷來是我們利潤率最高的季度。因此，我們預計第三季利潤率將環比成長。然後，正如您所知，第四季度我們將對整個交付團隊進行大規模的薪酬調整。因此，我們預計第四季將面臨一些壓力，之後我們將發布全年業績指引。

I just want to touch upon the other question around the commercial team. Now we're absolutely committed to the commercial team. The multiyear guidance that we gave in our November Analyst Day that became part of the 2022 revenue guidance is really about participating in growth markets, orienting the portfolio to higher-growth categories and making sure we have world-class client-facing teams that are consultative in nature and that are productive in nature. And as many of you know, we've really built out a strong sales operations function here in recent years.

我只想簡單談談關於銷售團隊的另一個問題。我們現在對銷售團隊投入了絕對的精力。我們在11月分析師日上給出的多年期業績指引（後來也納入了2022年營收指引）的核心在於參與成長型市場，調整產品組合以適應高成長類別，並確保我們擁有世界一流的客戶服務團隊，這些團隊既能提供諮詢服務，又能高效工作。如大家所知，近年來我們已經建立了一支強大的銷售營運團隊。

We started showcasing to you the bookings position we have. We changed our variable compensation program for our commercial team. And with a few years of data now we continue to hone in on opportunities around commercial productivity. But I would say the sales roster or the commercial roster is fundamentally similar to where it was in recent months and quarters, and we continue to want to invest in our commercial team and will invest in our commercial team in the years to come.

我們開始向您展示我們目前的預訂狀況。我們調整了銷售團隊的浮動薪酬方案。經過幾年的數據積累，我們將繼續專注於提升銷售效率。但我認為，銷售團隊或銷售人員的組成與近幾個月和幾季基本相同，我們將繼續投資我們的銷售團隊，並在未來幾年繼續加大投入。

Okay. I've just got one follow-up, apologies here. Just how much of the business mix is typically comprised of shorter-term deals or maybe project-based work that would have experienced the missed opportunities with the choices you made due to the supply tightness?

好的。我還有一個後續問題，不好意思。通常情況下，由於供應緊張，您錯失了多少短期交易或專案型工作的機會？

I don't think we really give much detail on this. But as Brian mentioned on the bookings performance, where we saw the softness in bookings was disproportionate on what we call shorter-term deals, which makes exactly sense, as Brian had explained. So that portion was affected. But again, our variation from expectation is really a relatively small percentage numbers. So -- but we did see a little bit more pressure on the shorter-end deals compared to the longer-term deals.

我認為我們並沒有就此提供太多細節。但正如布萊恩在談到預訂表現時所提到的，我們發現預訂疲軟主要體現在我們所謂的短期交易上，這完全符合佈萊恩的解釋。因此，這部分交易確實受到了影響。但再次強調，我們與預期之間的偏差百分比其實很小。所以——但我們確實看到，與長期交易相比，短期交易承受的壓力略大。

Our last question comes from the line of Rayna Kumar with UBS.

我們的最後一個問題來自瑞銀集團的 Rayna Kumar。

I just want to dig in a little more to your 3Q revenue guide. So it assumes a slowdown, right, in revenue growth from 2Q to 3Q. Are there any specific verticals or geography that you would call out that would cause that deceleration?

我想更深入地了解你們的第三季營收預期。這份預期假設營收成長會從第二季放緩，對嗎？您能否指出哪些具體的垂直產業或地區會導致這種放緩？

And then second, your CMT revenue was very strong at 20% in the quarter. Any onetime items there? And how should we think of that growth going forward for the remainder of the year?

其次，你們的CMT業務收入在本季成長了20%，表現非常強勁。這其中是否存在一次性因素？我們該如何看待今年剩餘時間CMT業務的成長？

Yes. I would not really narrow in on specific drivers by industry. Some of our industry groups have a little bit more difficult compares year-over-year. And you can kind of see that when you look at your -- our tables. But overall, I think in the short term for the third quarter, revenue guidance is impacted by our year-to-date booking performance to some degree. And then our gradual improvement of our attrition rates kind of lead us to a certain revenue forecast that we have given you in our guidance.

是的。我不會具體分析各行業的驅動因素。我們有些產業板塊的年比數據比較複雜，這點從我們的表格中就能看出來。但總的來說，我認為第三季的短期營收預期在某種程度上會受到年初至今預訂量的影響。此外，我們客戶流失率的逐步改善也促使我們做出了目前給予的營收預測。

Understood. And just on the growth in CMT in the quarter, any call out on...

明白了。關於本季 CMT 的成長，有什麼需要特別說明的嗎…

I wanted to leave that to Brian because it's a great story. And so Brian can take it.

我想把這件事留給布萊恩，因為這是個很棒的故事。所以就讓布萊恩來講述吧。

Yes. Look, it's -- as you'll see in the SEC filings, the Communications, Media and Technology business for us is actually our most profitable industry segment externally. We have tremendous momentum there, a strong team who've been driving good momentum with digital native companies, fully leveraging our intuitive operations and automation business group as well. But we have strong client relationships we've been executing well. Delivery excellence is very strong. I know a lot of these clients personally, they speak to our differentiated offerings and differentiated delivery.

是的。正如您在提交給美國證券交易委員會（SEC）的文件中看到的那樣，通訊、媒體和技術業務實際上是我們外部獲利能力最強的行業板塊。我們在這個領域發展勢頭強勁，擁有一支強大的團隊，他們與數位原生企業保持著良好的合作關係，並充分利用了我們直觀的營運和自動化業務團隊。此外，我們還與客戶建立了牢固的合作關係，並且執行得非常出色。我們的交付能力非常強。我認識很多這樣的客戶，他們都對我們差異化的產品和服務以及差異化的交付方式讚不絕口。

So this has been a business we've been investing in for many years as we've made the portfolio a little bit more diverse beyond health care and FSI. Products and Resources and CMT have been growing double digits for many, many years. And CMT is one of the showcases, I think, of our success in that regard, both in the United States as well as internationally. So nothing fundamentally that concerns me in terms of underlying currents there. We just have good momentum and a strong team.

所以，多年來我們一直在投資這項業務，使我們的投資組合更加多元化，不再局限於醫療保健和金融服務業。產品與資源以及CMT業務多年來一直保持兩位數的成長。我認為，CMT業務是我們在這方面取得成功的典範之一，無論是在美國還是國際市場。因此，就根本性因素而言，我並不擔心。我們目前發展勢頭良好，團隊實力雄厚。

All right. With that, thank you, everybody, for joining our call. Look forward to catching up next quarter.

好的。感謝各位參加我們的電話會議。期待下個季度再見。

This concludes today's Cognizant Technology Solutions Q2 2022 Earnings Conference Call. You may now disconnect your lines at this time.

今天的 Cognizant Technology Solutions 2022 年第二季財報電話會議到此結束。您可以掛斷電話了。