高知特 (CTSH) 2022 Q4 法說會逐字稿

Ladies and gentlemen, welcome to the Cognizant Technology Solutions Fourth Quarter 2022 Earnings Conference Call. (Operator Instructions) I would now like to turn the conference over to Mr. Tyler Scott, Vice President, Investor Relations. Please go ahead, sir.

女士們、先生們，歡迎參加 Cognizant Technology Solutions 2022 年第四季財報電話會議。 （操作說明）現在我將會議交給投資人關係副總裁 Tyler Scott 先生。請您發言。

Thank you, operator, and good afternoon, everyone. By now, you should have received a copy of the earnings release and investor supplement for the company's fourth quarter and full year 2022 results. If you have not, copies are available on our website, Cognizant.com.

謝謝接線員，大家下午好。您現在應該已經收到公司2022年第四季及全年業績的獲利報告和投資者補充資料。如果您尚未收到，請造訪我們的網站Cognizant.com取得。

The speakers we have on today's call are Steve Rohleder, Chair of Cognizant's Board of Directors; Ravi Kumar, Chief Executive Officer; and Jan Siegmund, Chief Financial Officer. 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.

今天參加電話會議的發言人有：Cognizant 董事會主席 Steve Rohleder、執行長 Ravi Kumar 和財務長 Jan Siegmund。在會議開始之前，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因素的影響。

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

此外，在今天的電話會議中，我們將提及一些我們認為對投資者有用的非GAAP財務指標。非GAAP財務指標與相應的GAAP指標的調節表（如適用）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 now turn the call over to Steve. Please go ahead.

那麼，現在我想把電話交給史蒂夫。請開始吧。

Thank you, Tyler, and thank you all for joining us today. Given the recent news, I wanted to join the call for this quarter to introduce myself and explain the changes we've recently announced. For those of you that don't know me, I'm Steve Rohleder, and I joined the Board as an independent director in March of 2022. Last month, I became Chair of Cognizant's Board of Directors. I previously spent 35 years at Accenture where I served as Group Chief Executive of Health and Public Services, Chief Executive of North America and Chief Operating Officer.

謝謝泰勒，也謝謝各位今天參加我們的電話會議。鑑於最近的情況，我想參加本季度的電話會議，向大家介紹一下自己，並解釋一下我們近期宣布的各項變更。或許有些朋友還不認識我，我叫史蒂夫‧羅勒德 (Steve Rohleder)，於2022年3月加入董事會擔任獨立董事。上個月，我成為了高知特 (Cognizant) 董事會主席。在此之前，我曾在埃森哲 (Accenture) 工作了35年，先後擔任醫療健康與公共服務集團執行長、北美執行長和營運長。

Today, I'd like to briefly discuss our recent CEO transition and the Board changes announced this afternoon supporting our ongoing Board refreshment process. I also want to explain why we're excited for Cognizant's next chapter. Ravi will then introduce himself and share his thoughts before Jan discusses our fourth quarter results in detail. We'll then proceed to Q&A.

今天，我想簡要地談談我們最近的執行長更迭，以及今天下午宣布的董事會成員變動，這些變動旨在支持我們正在進行的董事會更新換代工作。我還想解釋一下我們為何對 Cognizant 的下一個發展階段充滿期待。接下來，Ravi 將進行自我介紹並分享他的想法，之後 Jan 將詳細討論我們第四季的業績。最後，我們將進入問答環節。

Regarding our CEO transition, as we announced a few weeks ago, the Board appointed Ravi Kumar to succeed Brian Humphries as CEO. Brian was a resilient leader providing a steady hand as he steered the company through various challenges, including the global pandemic. On behalf of the Board, management and all of our associates, I want to thank Brian for his contributions, which have helped to position Cognizant to capture a large growing market and fuel profitable revenue growth beyond our short-term challenges. We also appreciate that Brian will remain with the company as a special adviser until March to ensure a seamless transition.

關於我們執行長的交接，正如我們幾週前宣布的那樣，董事會已任命 Ravi Kumar 接替 Brian Humphries 擔任執行長。 Brian 是一位堅韌不拔的領導者，在他的帶領下，公司穩步應對了包括全球疫情在內的各種挑戰。我謹代表董事會、管理層和全體員工，感謝 Brian 的貢獻，他的努力幫助 Cognizant 佔據了不斷增長的龐大市場，並推動了公司在短期挑戰之外的盈利增長。我們也感謝 Brian 將繼續擔任公司特別顧問至三月份，以確保平穩過渡。

As part of the Board's strategy to help Cognizant achieve long-term sustainable growth, we also announced today a new Board appointment. Eric Branderiz, a proven financial executive and public company director with demonstrated experience supporting growth in technology in the energy industries, has been appointed to serve as an independent director on the Board. Eric brings significant experience in finance, accounting, M&A execution, risk management and ESG and corporate governance to Cognizant, and we welcome him to the Board.

為協助 Cognizant 實現長期永續成長，董事會今日宣布了一項新的董事會任命。 Eric Branderiz 先生是一位經驗豐富的財務主管和上市公司董事，在支持能源產業技術發展方面擁有卓越的成就，現在被任命為董事會獨立董事。 Eric 先生在財務、會計、併購執行、風險管理、ESG（環境、社會和治理）以及公司治理方面擁有豐富的經驗，我們熱烈歡迎他加入董事會。

The appointment comes as our Board continues to strive towards optimizing its balance of director skills and tenures as part of its ongoing refreshment program. With Eric's appointment, the Board has appointed 5 new independent directors over the last 4 years.

此次任命正值董事會持續推動董事技能和任期平衡優化之際，也是我們持續更新計畫的一部分。隨著艾瑞克的任命，董事會在過去四年中已任命了五位新的獨立董事。

Maureen Breakiron-Evans, a member of the Board since 2009, has also advised the Board that she will not stand for reelection at Cognizant's 2023 Annual Meeting of Stockholders. On behalf of the entire Board, we thank her for her more than a decade of astute guidance, exceptional leadership and dedicated service to Cognizant.

自2009年起擔任董事會成員的莫琳·布雷克艾倫-埃文斯(Maureen Breakiron-Evans)已告知董事會，她將不會在Cognizant 2023年年度股東大會上尋求連任。我們謹代表全體董事會，感謝她十多年來對Cognizant的精闢指導、卓越領導和盡職服務。

Given these changes to the Board, our Governance Committee, our committee chairs and myself will perform a comprehensive evaluation of committee composition with an aim toward balancing representation of Board tenure and appropriate key skills and qualifications on our committees. These were topics that I, along with other members of the Board, had the pleasure of discussing with several of our largest investors during our annual governance road show in the fourth quarter.

鑑於董事會的這些變動，我們的治理委員會、各委員會主席和我本人將對委員會組成進行全面評估，旨在平衡董事會成員的任期以及各委員會成員的關鍵技能和資格。在第四季舉行的年度治理路演中，我和其他董事會成員有幸與幾位最大的投資者探討了這些議題。

Now before I turn the call over to Ravi, let me share a little bit about our enthusiasm for his leadership. Over the past few years, Cognizant has navigated a dynamic uncertain market while strengthening its operational and financial fundamentals. Heading into 2023, the Board believes that Cognizant has established a solid operational foundation and now needs to move toward accelerating growth. This agenda requires a focused growth mindset driven from the C-Suite.

在將電話轉給拉維之前，我想先談談我們對他領導能力的讚賞。過去幾年，Cognizant 在充滿變數的市場環境中穩步前行，同時不斷增強其營運和財務基礎。展望 2023 年，董事會認為 Cognizant 已建立起穩固的營運基礎，現在需要著手加速成長。而要實現這個目標，高階主管團隊必須具備專注的成長思維。

Ravi has this mindset. He brings a passion for building teams and driving growth in our industry, and we're confident that he's the right leader to take Cognizant into our next phase with a goal of ultimately delivering significant returns to our shareholders. Ravi also brings to Cognizant best-in-class operations, transformation and leadership expertise at a global scale from a stellar 20-year track record of emphasis. During his tenure, he oversaw the company's global services organization and drove growth across its global industry segments.

拉維具備這種思維模式。他對團隊建立和推動產業成長充滿熱情，我們相信他是帶領 Cognizant 邁向下一階段的合適人選，最終目標是為股東帶來豐厚的回報。拉維擁有卓越的 20 年業績，在全球累積了頂尖的營運、轉型和領導經驗。在任職期間，他負責公司的全球服務部門，並推動了公司在全球各行業領域的成長。

Ravi is a proven strategist who secured significant IT services deals. He led international business operations in India, Latin America, Japan and China, and he pioneered the creation of digital talent pools in the U.S., Europe and Australia. Importantly, during his time at Infosys, Ravi earned a reputation as a people-focused leader with a deep rooted commitment to teams and associates.

拉維是一位經驗豐富的策略家，曾促成多項重要的IT服務交易。他曾領導印度、拉丁美洲、日本和中國的國際業務運營，並率先在美國、歐洲和澳洲創建了數位化人才庫。更重要的是，在印孚瑟斯任職期間，拉維以人為本的領導風格著稱，對團隊和同事有著深厚的責任感。

Since he joined us a few weeks ago, Ravi has proven out this reputation as Cognizant associates have warmly welcomed into the team and are deeply enthusiastic about his leadership. We're confident that Ravi will help us further our efforts to support engagement and trust internally and drive retention amongst our high-performing leaders and associates.

自從幾週前加入我們以來，Ravi 的表現印證了這一點。 Cognizant 的同事們熱情歡迎他加入團隊，並對他卓越的領導能力讚不絕口。我們相信，Ravi 將幫助我們進一步提升內部員工的敬業度和信任度，並提高我們優秀領導者和員工的留任率。

As we look forward under Ravi's leadership, Cognizant will have a sharp focus on 2 key priorities: first, we'll be focused on meaningful acceleration of revenue growth; our second key priority will be ensuring that Cognizant is the employer of choice in our industry. Ravi is the right leader to achieve this vision, and the Board looks forward to partnering with him.

展望未來，在Ravi的領導下，Cognizant將專注於兩大關鍵優先事項：首先，我們將致力於大幅加速營收成長；其次，我們將確保Cognizant成為業界首選雇主。 Ravi是實現這個願景的合適人選，董事會期待與他攜手合作。

I'll now turn the call over to Ravi to introduce himself and to share some additional perspective.

現在我將把電話交給拉維，讓他自我介紹並分享一些其他觀點。

Thank you, Steve, for that very warm introduction. Good afternoon, everyone. My appointment as CEO is one of the proudest moments of my life. I'm excited as well as humbled by this opportunity to lead Cognizant, a company I've long admired, closely watched and competed against.

謝謝史蒂夫熱情洋溢的介紹。大家下午好。被任命為執行長是我人生中最引以為傲的時刻之一。能夠領導 Cognizant 這家我一直以來都非常欣賞、密切關注，也曾與之競爭的公司，我既感到無比興奮，又深感榮幸。

As I've experienced, Cognizant has a diverse, highly skilled and a fully engaged Board. I'm grateful for the Board's trust and support and for their efforts to lay the groundwork for me and the company to flourish. I'm also very grateful to my predecessor, Brian Humphries, who led the evolution of Cognizant's business. He refreshed and broadened the strategy, extended the company's portfolio and drove the implementation of more rigorous systems and processes.

正如我所體驗到的，Cognizant 擁有一支多元化、技能精湛且積極投入的董事會。我非常感謝董事會的信任和支持，以及他們為我和公司的發展奠定的堅實基礎。我也非常感謝我的前任 Brian Humphries，他領導了 Cognizant 業務的轉型升級。他更新並拓展了公司策略，擴大了公司的產品組合，並推動實施了更嚴格的系統和流程。

With a very strong foundation in place, I'm not going back to the drawing board. Instead, I plan to move forward by building on and refining what already exists, which will include calibrating a thinking to a growth mindset. I want to see us offer the full breadth of our industry-specific solutions, whether developed organically or acquired through targeted acquisitions to a large installed base of clients and invest for growth.

有了堅實的基礎，我不會推倒重來。相反，我計劃在現有基礎上繼續發展和完善，這包括調整思維模式，使其更具成長型思維。我希望我們能夠向龐大的客戶群提供全方位的行業專屬解決方案，無論這些方案是透過內部開發還是透過定向收購獲得的，並持續投資於成長。

A few days after my appointment, I participated in Cognizant's annual sales kickoff, which was held in Abu Dhabi. At the summit, 1,000 of our client-facing associates came together from around the world to take stock of all of what we have and what we need to accelerate growth. I was so deeply moved by the warmth and the enthusiasm I was greeted with. We set ourselves a goal to be an employer of choice, which we believe will be a pivot for growth.

上任幾天后，我參加了在阿布達比舉行的Cognizant年度銷售啟動大會。在這次高峰會上，來自世界各地的1,000名客戶服務人員齊聚一堂，共同評估我們現有的資源以及加速成長所需的資源。我被大家的熱情和積極性深深打動。我們為自己設定了一個目標：成為員工首選的雇主，我們相信這將是公司發展的關鍵轉捩點。

I plan to spend the next several months meeting with so many associates, clients, partners and shareholders as much as I can. I will listen carefully with an open mind, build trust and learn all I can about how best to unlock more value for clients. Make progress in accelerating top-line growth and drive long-term shareholder value.

接下來的幾個月，我計劃盡可能與同事、客戶、合作夥伴和股東會面。我會認真傾聽，保持開放的心態，建立信任，並盡最大努力了解如何才能更好地為客戶創造更多價值。同時，我也會努力加速營收成長，並推動股東價值的長期提升。

Because I like to be highly visible with clients and associates, my plan is to meet with 100 clients over 100 days, whether in person or virtually, and to visit with as many of our global teams as I can. Later this quarter, I'm spending several weeks in India and visiting associates at many of our locations across the country.

因為我喜歡與客戶和同事保持密切聯繫，所以我計劃在100天內拜訪100位客戶，無論是以面對面還是線上的方式，並儘可能多地拜訪我們全球團隊的成員。本季晚些時候，我將在印度待上幾週，並拜訪我們在全國各地的同事。

Having joined Cognizant just 3 weeks ago, I'm early in my learning curve and need time to get my hands on the pulse of the business. That said, I've already identified several areas that are tied to operating with a growth mindset to focus on immediately. Today, I will look to talk about 3 of those important areas: first, making Cognizant an employer of choice in its industry; second, strengthening our ability to win large deals; and third, enhancing our operating discipline.

加入 Cognizant 僅三週，我還處於學習曲線的早期階段，需要時間來熟悉公司的運作。儘管如此，我已經確定了一些與以成長型思維運作相關的領域，需要立即著手處理。今天，我將重點討論其中三個重要領域：第一，將 Cognizant 打造成業內首選雇主；第二，增強我們贏得大型交易的能力；第三，提升我們的營運紀律。

A quick word on each, starting with employee of choice. Spend time in the IT services industry, and you quickly realize that sustained success hinges on the quality, dedication and scale of our talent. The value we create for clients comes from the knowledge of the skills of our associates. Because the client experience and the employee experience are so tightly linked, we have the opportunity to create a self-reinforcing cycle.

接下來簡單談談各個方面，首先是員工選擇。在IT服務業待一段時間，你很快就會意識到，持續成功取決於我們人才的素質、敬業精神和規模。我們為客戶創造的價值源自於員工的技能和知識。由於客戶體驗和員工體驗緊密相連，我們有機會創造一個良性循環。

Highly engaged talent with a passion for clients and a growth mindset attract the best clients. These clients in turn, attract more of the best people, keeping the flywheel turning faster. That's why one of our goals and one of my specific important roles as a CEO is creating conditions for all our associates to excel.

擁有高度敬業精神、對客戶充滿熱情並具備成長型思維的人才，能夠吸引最優質的客戶。而這些客戶又會吸引更多優秀人才，進而加速良性循環。正因如此，我們的目標之一，也是我身為執行長的重要職責之一，就是為所有員工創造一個能夠充分發揮潛能的環境。

I'm committed to investing heavily in providing associates with continuous learning, upscaling and leadership development, all aimed at increasing the professional relevance. I believe the #1 factor that will define success for Cognizant is to become the employer of choice in our industry. Everything else must be based on that foundation, especially the ability to consistently deliver industry-leading growth, which is the absolute focus of the entire management team.

我致力於大力投資，為員工提供持續學習、技能提升和領導力發展機會，旨在增強他們的職業競爭力。我相信，Cognizant 成功的首要因素是成為業內首選雇主。其他一切都必須以此為基礎，尤其是持續實現領先業界的成長，這也是整個管理團隊的絕對核心目標。

Let's turn to large deals, which are another top priority given how essential they are to building commercial momentum and enhancing our station as a provider of business outcomes aligned by industry. Accelerating large deal bookings that will align with our risk appetite requires the client centricity and competitive self-confidence to work the corridors of our clients, cultivating and mining existing relationships while hunting for new ones and always showing up with an informed point of view.

讓我們把目光轉向大型交易，鑑於它們對於建立商業動力和提升我們作為行業領先業務成果提供者的地位至關重要，因此也是我們的首要任務。為了加速達成符合我們風險承受能力的大型交易，我們需要以客戶為中心，並具備強大的競爭自信，積極與客戶溝通，維護和拓展現有關係，同時尋找新的合作夥伴，並始終以專業的觀點和充分的了解來應對挑戰。

Over the last year or so, Cognizant has advanced its solutioning capabilities along with its project and program management processes. We have become better equipped to solution and manage large deals and plan to build on this foundation to reenergize our efforts. In particular, I want to instill a greater sense of pride and empowerment among our client partners and delivery teams to encourage a faster, more agile response to client needs.

過去一年左右，Cognizant 在解決方案能力以及專案和專案群管理流程方面都取得了顯著進步。我們更有能力解決和管理大型交易，並計劃在此基礎上繼續努力，重振我們的工作。尤其重要的是，我希望增強客戶合作夥伴和交付團隊的自豪感和自主權，從而鼓勵他們更快、更靈活地回應客戶需求。

I have a weekly standing meeting during which I reviewed 10 large deals and do everything I can to help our teams to drive these deals over the finish line. Last week, we were pleased to announce the signing of a 10-year $1 billion renewal contract with a long-standing client, CoreLogic, demonstrating our capabilities and the confidence that clients placed in us.

我每週都會召開例會，會上我會審查10筆大單，並盡我所能幫助團隊最終完成這些交易。上週，我們很高興地宣布與長期客戶CoreLogic簽署了一份為期10年、價值10億美元的續約合同，這充分展現了我們的實力以及客戶對我們的信任。

The third area of focus is ensuring operational excellence across the company, including our approach to large deals and fulfillment in general. We are building out an organizational structure designed to bring together a continuum of activities such as industrialized delivery with high productivity rates, market competitive cost takeout initiatives, contract life cycle and risk management, consortium led deals and more.

第三個重點領域是確保公司整體營運卓越，包括我們處理大型交易和整體履約的方式。我們正在建立一個組織架構，旨在整合一系列活動，例如高生產力的工業化交付、具有市場競爭力的成本削減計劃、合約生命週期和風險管理、聯合體主導的交易等等。

As One Cognizant team, we are also working on internal simplification as a team. We will carry forward to help achieve the company's full potential. With the market for tech talent showing some early signs of improvement, we are working to optimize our fulfillment of existing engagements, unleash our entrepreneurial spirit and rejuvenate the growth mindset.

身為 Cognizant 的全體員工，我們也正在共同努力簡化內部流程。我們將繼續推進這項工作，助力公司充分發揮潛力。隨著科技人才市場出現初步好轉跡象，我們正致力於優化現有專案的執行，釋放我們的創業精神，並重振成長型思維。

Switching gears for a moment. I would like to offer a few perspectives on the long-term demand environment for technology services. I believe we are in a golden era of technology and that software is the new alchemy for every business and industry. As the world prepares for a post-pandemic reset of the way we work and live our lives, we see more organizations accelerating their embrace of digital technologies.

換個話題。我想就技術服務的長期需求環境談談我的看法。我認為我們正處於科技的黃金時代，軟體是各行各業的全新煉金術。隨著世界準備迎接後疫情時代工作和生活方式的重塑，我們看到越來越多的組織正在加速擁抱數位化技術。

Industries at lower levels of digital maturity like health care, life sciences and manufacturing are stepping up their tech intensity. While those that are more digitally mature like financial services, retail and communications are staying invested in digitizing the landscapes. We also interestingly see workplaces rapidly adapt digital technologies as employees get comfortable with continuously toggling between hybrid and physical workplaces.

醫療保健、生命科學和製造業等數位化成熟度較低的產業正在加大技術投入。而金融服務、零售和通訊等數位化成熟度較高的產業則持續致力於數位轉型。我們也觀察到，隨著員工逐漸適應混合辦公和實體辦公模式的彈性切換，企業也迅速採用數位化技術。

In an era of globalization that has spanned several decades, enterprises have turned to tech services companies to enable the businesses to scale and globalize. Today, every industry is a tech industry. Technology will be deeply embedded in the core of every business, every product delivery service. Therefore, the use of deep software engineering capabilities to transform the core of businesses will be a big player for tech services firms like Cognizant. So too will be the market opportunity that comes from bond digital companies that outsource the technology core and operations.

在全球化持續數十年的時代，企業紛紛轉向科技服務公司，以實現業務規模化和全球化。如今，各行各業都離不開科技。技術將深度融入每項業務的核心，每項產品交付服務。因此，利用深厚的軟體工程能力改造企業核心，將成為像 Cognizant 這樣的技術服務公司的重要業務。同樣，那些將技術核心和營運外包的數位化公司也將帶來巨大的市場機會。

The cloud, needless to say, will continue to remain the biggest gen-purpose technology we have seen in decades, and be deeply embedded as a digital pillar in every business. Cloud migration, modernization, application services will continue to create significant market momentum. Growth will also be driven by new cloud services like data on the cloud, data exchanges, new SaaS services and cloud security services.

毋庸置疑，雲端運算仍將是近幾十年來最大的通用技術，並將深度融入各行各業的數位化支柱。雲端遷移、現代化改造和應用服務將繼續推動市場成長。此外，雲端資料、資料交換、新型SaaS服務和雲端安全服務等新型雲端服務也將促進市場發展。

Clients are aware of our deep alliances with the hyperscalers and new best-in-class SaaS companies as well as our ability to co-innovate with these partners. We truly believe clients will continue to turn to us to help orchestrate those cloud capabilities. The shift to the cloud and 5G have also accelerated IoT adoption as use cases grow with better connectivity and proliferating devices and that's core.

客戶了解我們與超大規模雲端服務商和一流SaaS公司建立的深厚聯盟，以及我們與這些合作夥伴共同創新的能力。我們堅信，客戶將繼續尋求我們的幫助，以協調這些雲端功能。向雲端運算和5G的轉型也加速了物聯網的普及，隨著連接性的提升和設備的激增，應用場景不斷擴展，而這正是關鍵所在。

Last week, we further bolstered our IoT embedded software engineering capabilities with our agreement to acquire Mobica, an IoT software engineering provider. Mobica also strengthens our near-shoring capabilities in Eastern Europe, which is home to nearly 8,000 of our associates. We see a strong push now to bring AI into business landscapes with the expectation that AI will reengineer enterprises as completely as enterprise software did 3 decades ago.

上週，我們透過收購物聯網軟體工程供應商 Mobica，進一步增強了我們在物聯網嵌入式軟體工程方面的能力。 Mobica 的加入也提升了我們在東歐的離岸外包能力，該地區擁有我們近 8,000 名員工。我們看到，目前各界正大力推動將人工智慧引入商業領域，並期望人工智慧能夠像 30 年前的企業軟體一樣，徹底重塑企業。

Of course, as clients navigate a challenging macro environment now, they need to fund their investments in digital transformation by executing cost and efficiency agendas. These same clients are now asking how we can help them achieve their cost reduction ambitions and underwrite savings for their digital initiatives. Given our broad capabilities, we can help clients, whether they need to drive efficiency gains, innovation or an end-to-end transformation of the business.

當然，在當前充滿挑戰的宏觀環境下，客戶需要透過執行成本和效率提升計畫來為數位轉型投資提供資金。這些客戶現在都在詢問我們如何幫助他們實現成本削減目標，並為他們的數位化措施提供資金支持。憑藉我們廣泛的能力，無論客戶需要提高效率、推動創新或實現業務的端到端轉型，我們都能提供協助。

I quickly want to turn for a moment to India, home to about 3/4 of Cognizant's workforce. India is likely to be the world's technology talent hub for the next decade. India's population has a demographic profile and digital talent pool unmatched by any other country. And NASSCOM forecasts some 2 million IT professionals will be added to India's talent pool over the next 3 years.

我想快速談談印度，Cognizant公司約有四分之三的員工都來自印度。未來十年，印度很可能成為全球科技人才中心。印度的人口結構和數位人才儲備是其他任何國家都無法比擬的。 NASSCOM預測，未來三年，印度的IT專業人才庫將新增約200萬人。

We'll continue to capitalize on this surge in the IT talent in India as we intensify efforts to recruit from India's Tier 2 cities as well. Our large associate base in India is an ongoing source of strength and differentiation for Cognizant and one in which we will continue to invest.

我們將繼續充分利用印度IT人才的激增，同時加強從印度二線城市招募人才。我們在印度的龐大員工隊伍一直是Cognizant的優勢和差異化優勢所在，我們將繼續增加對印度市場的投入。

As confident as I am in Cognizant's prospects, I'm fully aware, as we have signaled with our guidance for Q1, for quarter 1, that we have a great deal of work ahead of us. It will take time to rebuild the pipeline and go after larger opportunities. Please know we put a lot of thought into our decision to hold off on providing full year guidance.

儘管我對 Cognizant 的前景充滿信心，但我完全清楚，正如我們在第一季業績指引中所表明的那樣，我們還有很多工作要做。重建業務管道並抓住更大的機會需要時間。請瞭解，我們經過深思熟慮後決定暫不提供全年業績指引。

But before making commitments I can stand behind, I really need to spend more time digging into the business and talking to associates and clients. Keep in mind that we are building on a strong foundation. We have a long-standing client relationships, a broad portfolio of industry-specific solutions, a robust and resilient global delivery network, a significant opportunity for international expansion and most important, a reenergized and highly motivated team.

但在做出我能信守的承諾之前，我確實需要花更多時間深入了解業務，並與同事和客戶交流。請記住，我們擁有堅實的基礎。我們與客戶建立了長期穩定的合作關係，擁有豐富的行業專屬解決方案，建立了強大且穩健的全球交付網絡，擁有巨大的國際擴張潛力，而最重要的是，我們擁有一支充滿活力、積極進取的團隊。

I intend to capitalize Cognizant's heritage culture of bold ambitions, our entrepreneur spirit that emphasizes being fast, agile and adaptable and of course, our camaraderie and teamwork. I'm super energized to lead Cognizant into the next era of growth, and I'll put everything I have into making this happen. As I've shared with all our associates, our mantra right now is to bring back growth and be the employer of choice.

我計劃充分利用 Cognizant 引以為傲的悠久文化，秉承我們強調快速、敏捷和適應性的創業精神，當然還有我們團結協作的團隊精神。我充滿熱情地帶領 Cognizant 邁入下一個成長時代，我將竭盡全力實現這一目標。正如我與所有同事分享的那樣，我們現在的座右銘是重振成長，成為員工的首選雇主。

Now it's my pleasure to turn the call over to Jan, who will take you through the financial details of the quarter before we take over questions. Jan, over to you.

現在我很高興把電話交給簡，她將為大家介紹本季的財務細節，之後我們再進入問答環節。簡，請你發言。

Thank you, Ravi, and good evening, everyone. Fourth quarter and full year 2022 revenue were above the high end of the guidance range we provided on our third quarter earnings call in November and in line with the revised expectations we provided on January 12. Operating margin was negatively impacted by the previously disclosed noncash charge in the quarter, which I will cover in more detail later.

謝謝Ravi，大家晚上好。 2022年第四季和全年營收均高於我們在11月第三季財報電話會議上給出的預期範圍上限，並與我們1月12日修訂後的預期一致。營業利潤率受到先前揭露的非現金支出的負面影響，稍後我會詳細解釋。

Outside of this charge, we were pleased with the continued progress towards our operating margin goals driven by commercial discipline, the depreciation of the Indian rupee and SG&A leverage. During the quarter, we made progress improving fulfillment, driven in part by a meaningful reduction in voluntary attrition, which declined to 19% on a quarterly annualized basis from 29% last quarter.

除此項費用外，我們對在商業紀律、印度盧比貶值和銷售、管理及行政費用槓桿作用的推動下，繼續朝著營業利潤率目標取得進展感到滿意。本季度，我們在提升履約效率方面取得了進展，部分原因是客戶自願離職率顯著下降，從上季度的29%降至本季年化19%。

This has allowed us to further decrease subcontracted usage and will enable us to put greater focus on driving improved commercial momentum in the quarters ahead. That said, the macro environment remains uncertain, and we continue to see pockets of weakness across several key verticals.

這使我們能夠進一步減少外包業務的使用，並將使我們能夠更加專注於在未來幾季推動商業成長。儘管如此，宏觀環境仍然不明朗，我們仍然看到幾個關鍵垂直領域存在一些疲軟跡象。

Now moving on to the details for the quarter. Fourth quarter revenue was $4.8 billion, representing an increase of 1.3% year-over-year or 4.1% in constant currency. Year-over-year growth includes approximately 40 basis points of growth from our acquisitions and a negative 60 basis points impact from the sale of Samlink completed at the beginning of 2022. Full year 2022 revenue was $19.4 billion, representing an increase of 5% year-over-year or 7.5% in constant currency. Year-over-year growth includes approximately 100 basis points of growth from acquisitions and a negative 60 basis points impact from the sale of Samlink.

接下來是本季的詳細數據。第四季營收為48億美元，年增1.3%，以固定匯率計算成長4.1%。年比成長中包含約40個基點的收購成長，以及2022年初完成的Samlink出售帶來的60個基點的負面影響。 2022年全年營收為194億美元，年增5%，以固定匯率計算成長7.5%。年比成長中包含約100個基點的收購成長，以及Samlink出售帶來的60個基點的負面影響。

In Q4, digital revenue grew 4% year-over-year or 7% in constant currency. This resulted in full year 2022 digital revenue growth of 11% or 13% in constant currency. Digital mix was unchanged from last quarter at 51%, up 2 points from the prior year period. Q4 bookings increased 12% year-over-year, including the large agreement with CoreLogic that we announced last week.

第四季度，數位業務營收年增4%，以固定匯率計算成長7%。這使得2022年全年數位業務收入成長11%，以固定匯率計算成長13%。數位業務佔比與上季持平，為51%，較上年同期成長2個百分點。第四季訂單量年增12%，其中包括我們上週宣布的與CoreLogic達成的巨額協議。

This opportunity is primarily a renewal of existing work with some modest increase in scope during the latter years of the contract. For the full year, we recorded bookings of $24.1 billion and a book-to-bill of approximately 1.2x, unchanged from the trailing 12-month book-to-bill we reported last quarter. Outside the large renewal, bookings momentum remains muted exiting this year. This has put pressure on our Q1 outlook, which I will cover shortly.

此次合作機會主要為現有工作的續約，合約後期業務範圍略有擴大。全年來看，我們錄得訂單額241億美元，訂單出貨比約為1.2倍，與上季報告的過去12個月的訂單出貨比持平。除大額續約外，今年的訂單成長動能依然疲軟。這給我們的第一季業績預期帶來了壓力，我稍後會詳細說明。

Moving on now to segment results in the fourth quarter, where all growth rates provided will be year-over-year in constant currency. Within Financial Services, revenue declined 1%, reflecting a negative impact of 180 basis points related to the previously disclosed sale of our Samlink subsidiary. This was partially offset by growth among public sector clients in the U.K. and insurance clients.

接下來來看第四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。金融服務板塊收入下降1%，主要受先前揭露的出售子公司Samlink的影響，下降幅度為180個基點。英國公共部門客戶和保險客戶的成長部分抵消了這種影響。

The revenue weakness is being driven by our Banking and Financial Services practice, which we expect will remain under pressure for the next several quarters. Ravi, the entire team and I are laser-focused on reevaluating our go-to-market strategy, enhancing the strength of this portfolio and have initiated a series of actions, including certain leadership changes that we believe will give us the best opportunity to improve our performance.

營收疲軟主要源自於我們的銀行和金融服務業務，我們預期該業務在未來幾季仍將面臨壓力。 Ravi、整個團隊和我正全力以赴地重新評估我們的市場策略，增強該業務組合的實力，並已啟動一系列措施，包括一些我們認為能夠最大限度提升業績的領導層變動。

We are seeing early signs of success with select global banking relationships where we have successfully shifted our portfolio mix towards higher growth in strategic areas. This gives us confidence that we are moving in the right direction. However, more meaningful improvements will take time to implement. Health Services revenue grew 5%, consistent with last quarter. We experienced similar growth among both Healthcare and Life Sciences clients, which partially reflects some normalization of demand that had been driven by COVID.

我們在部分全球銀行合作關係中看到了初步成效，我們成功地將投資組合轉向策略領域的高成長業務。這讓我們相信我們正朝著正確的方向前進。然而，更顯著的改進還需要時間才能實現。醫療服務收入成長了5%，與上季持平。醫療保健和生命科學領域的客戶均實現了類似的成長，這部分反映了受新冠疫情影響的需求逐漸恢復正常。

As we discussed last quarter, we have seen some pockets of softness within the segment, driven by the macro environment and regulatory complexity. Despite these challenges, we continue to review our Health Sciences capability as industry-leading and remain excited about the growth opportunities over the medium term.

正如我們上季度所討論的，受宏觀環境和監管複雜性的影響，該領域出現了一些疲軟跡象。儘管面臨這些挑戰，我們仍然認為我們在健康科學領域的能力處於行業領先地位，並對中期成長機會充滿信心。

Products and Resources revenue grew 7%, a modest deceleration from last quarter. Revenue was negatively impacted by slower growth among manufacturing, retail and consumer goods customers, which we believe primarily reflected the softening of the macro environment. This was offset by continued strength among consumer goods, automotive, logistics and utility customers.

產品與資源業務收入成長7%，較上季略有放緩。製造業、零售業和消費品行業客戶成長放緩對收入造成了負面影響，我們認為這主要反映了宏觀經濟環境的疲軟。消費品、汽車業、物流業和公用事業客戶的持續強勁成長抵消了這一影響。

Communications, Media and Technology revenue grew 9%. Growth again was led by our technology business, where our work with digital native clients has driven growth in our core portfolio. Our growth has moderated somewhat as growth among some of our largest clients have slowed but remains positive. We are closely monitoring trends and developments affecting the tech industry.

通訊、媒體和技術業務收入成長9%。成長再次由我們的技術業務引領，我們與數位原生客戶的合作推動了核心業務組合的成長。儘管部分最大客戶的成長放緩，整體成長動能依然保持正成長。我們將密切關注影響科技產業的趨勢和發展動態。

Continuing with year-over-year growth in constant currency from a geographic perspective in Q4. North American revenue grew 3%. Growth was led by CMT and Health Sciences. Our global growth markets, or GGM, which includes all revenue outside of North America, grew approximately 8%. It also included a negative 220 basis points impact from the sale of Samlink. Growth was again led by the U.K., which grew 16% and included double-digit growth in Financial Services, including public sector clients.

第四季度，以固定匯率計算，公司按地域劃分持續維持年增。北美地區營收成長3%，其中CMT和健康科學業務引領成長。全球成長市場（GGM，涵蓋北美以外所有收入）成長約8%，但其中也包含了出售Samlink帶來的220個基點的負面影響。英國市場再次引領成長，成長16%，其中金融服務（包括公共部門客戶）實現了兩位數成長。

Now moving on to margins. In Q4, our GAAP and adjusted operating margins were 14.2% as there were no non-GAAP adjustments in the quarter. On a year-over-year basis, both GAAP and adjusted operating margins declined by 110 basis points. This includes the previously disclosed negative 120 basis point impact from a noncash impairment of capitalized costs related to a large volume-based contract with a Health Sciences customer.

接下來我們來看利潤率。第四季度，由於本季沒有非GAAP調整，我們的GAAP和調整後營業利潤率均為14.2%。與去年同期相比，GAAP和調整後營業利潤率均下降了110個基點。這其中包括先前揭露的與一家醫療保健客戶簽訂的大額批量合約相關的資本化成本的非現金減損而導致的120個基點的負面影響。

Our operating margin benefited from SG&A leverage, while gross margin pressure from increased compensation costs was partially offset by delivery efficiencies and disciplined pricing. We also experienced a meaningful tailwind from the depreciation of the Indian rupee, which represented an approximate 110 basis point benefit net of hedges year-over-year.

我們的營業利益率受惠於銷售、管理及行政費用槓桿效應，而薪資成本上升帶來的毛利率壓力則被交付效率的提升和嚴格的定價策略部分抵銷。此外，印度盧比貶值也為我們帶來了顯著的利好，扣除對沖收益後，年比淨收益約為110個基點。

Our GAAP tax rate in the quarter was 27%. Adjusted tax rate in the quarter was 26.8%. Q4 diluted GAAP EPS was $1.02 and Q4 adjusted EPS was $1.01, down 7% and 8%, respectively. GAAP and adjusted earnings per share were each negatively impacted by $0.08 in connection with the impairment of capitalized costs related to a large volume-based contract with the Health Sciences customer.

本季GAAP稅率為27%，調整後稅率為26.8%。第四季稀釋後GAAP每股收益為1.02美元，調整後每股收益為1.01美元，分別下降7%和8%。由於與醫療保健客戶的大額批量合約相關的資本化成本減值，GAAP和調整後每股收益均受到0.08美元的負面影響。

Now turning to the balance sheet. We ended the quarter with cash and short-term investments of $2.5 billion or net cash of $1.9 billion. DSO of 74 days was flat sequentially and increased by 5 days year-over-year. Free cash flow in Q4 was $612 million, representing approximately 115% of net income. This brings full year free cash flow to $2.2 billion, representing approximately 100% of net income, in line with our expectations.

現在來看資產負債表。本季末，我們持有現金及短期投資25億美元，淨現金19億美元。應收帳款週轉天數（DSO）為74天，較上季持平，較去年同期增加5天。第四季自由現金流為6.12億美元，約佔淨利的115%。全年自由現金流為22億美元，約佔淨利的100%，符合我們的預期。

We are pleased with our performance in '22. However, a change in U.S. tax law that became effective last year now requires companies to capitalize rather than currently deduct R&D expenses. As a result, like many other companies, this will impact our free cash flow in 2023. We expect capitalization of R&D costs for tax purposes to negatively impact free cash flow by $600 million, which includes deferred payments for the 2022 tax year as well as increased payments for 2023. With this change, we expect our cash conversion ratio to be below our target of 100% of net income in 2023.

我們對2022年的業績感到滿意。然而，去年生效的一項美國稅法變更要求公司將研發費用資本化，而非像以往那樣直接扣除。因此，與許多其他公司一樣，這將影響我們2023年的自由現金流。我們預計，出於稅務目的將研發成本資本化將使我們的自由現金流減少6億美元，其中包括2022納稅年度的遞延付款以及2023年增加的付款。受此影響，我們預期2023年我們的現金轉換率將低於我們設定的淨利100%的目標。

Moving on to capital deployment. During the quarter, we repurchased approximately 5 million shares for $300 million under our share repurchase program and returned $139 million to shareholders through our regular dividend. This brings total capital return to shareholders through share repurchases and dividends to $2 billion for the full year.

接下來談談資本部署。本季度，我們根據股票回購計畫回購了約500萬股股票，總額達3億美元，並透過常規股息向股東返還了1.39億美元。這使得全年透過股票回購和股利返還給股東的總資本達到20億美元。

In the quarter, we also completed 2 acquisitions: Austin CSI and Integration for a total purchase price of approximately $370 million. In addition, we announced the acquisitions of Mobica and the professional services and management practices of OneSource Virtual. These acquisitions are expected to improve our digital revenue mix, enhance our consulting capabilities.

本季度，我們也完成了兩項收購：Austin CSI 和 Integration，總收購價約為 3.7 億美元。此外，我們也宣布收購 Mobica 以及 OneSource Virtual 的專業服務和管理業務。這些收購預計將改善我們的數位化收入結構，並增強我們的諮詢能力。

Our capital allocation framework remains unchanged. Over the longer term, we continue to expect to deploy a balanced capital allocation policy, returning to an aggregate of approximately 50% of free cash flow to shareholders in form of dividends and share repurchases and allocating the remaining 50% to inorganic investments.

我們的資本配置架構維持不變。長期來看，我們仍將奉行均衡的資本配置政策，將約50%的自由現金流以股利和股票回購的形式返還給股東，並將剩餘的50%用於非有機成長投資。

Turning to our forward outlook. As Ravi mentioned, and you will see in our earnings materials, we are only providing revenue guidance for the first quarter of 2023. Given our bookings momentum in 2022 and the uncertain macroeconomic environment, we expect our full year 2023 performance to be below the multiyear goals we provided in late 2021. We intend to provide an update on the full year 2023 expectations for revenue and adjusted operating margin next quarter.

接下來談談我們的未來展望。正如Ravi所提到的，您也將在我們的獲利報告中看到，我們目前僅提供2023年第一季的營收預期。鑑於2022年的訂單成長動能以及宏觀經濟環境的不確定性，我們預計2023年全年業績將低於我們在2021年底制定的多年目標。我們計劃在下個季度更新2023年全年營收和調整後營業利益率的預期。

For the first quarter, we expect revenue in the range of $4.71 billion to $4.76 billion, representing a year-over-year decline of minus 2.5% to minus 1.5% or a decline of minus 1% to flat in constant currency. Our guidance assumes currency will have a negative 150 basis points impact as well as an inorganic contribution of approximately 100 basis points.

我們預計第一季營收將在47.1億美元至47.6億美元之間，年減2.5%至1.5%，以固定匯率計算則下降1%至持平。我們的預測基於以下假設：匯率波動將對營收產生150個基點的負面影響，同時非內生性成長也將貢獻約100個基點。

We look forward to sharing more as Ravi continues to get up to speed. As he discussed, we remain very excited about the medium-term market opportunity. We also believe that while the current macroeconomic uncertainty has led to some pockets of slowdown, it also presents an opportunity for Cognizant to help our clients operate more efficiently while continuing to invest in new digital capabilities.

我們期待隨著 Ravi 逐漸熟悉情況，與大家分享更多資訊。正如他所說，我們對中期市場機會依然充滿信心。我們也相信，儘管當前的宏觀經濟不確定性導致部分地區經濟放緩，但也為 Cognizant 提供了一個契機，讓我們能夠幫助客戶更有效率地運營，同時繼續投資於新的數位化能力。

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

接下來，我們將開始接受大家的提問。

(Operator Instructions) Our first question comes from the line of Ashwin Shirvaikar with Citi.

（操作員說明）我們的第一個問題來自花旗銀行的 Ashwin Shirvaikar。

Congratulations and welcome Ravi, and Steve as well, congratulations to you. It's good to reconnect. I think my first question is growth mindset, I get that. What are some of the explicit steps you might need to take incrementally to return to that growth mindset, if you can speak to your early view on what's needed for sales investments, capability investments, just the G&A investment to chase large contract, things like that.

恭喜並歡迎 Ravi，也恭喜 Steve，很高興能再次見到你們。我想我的第一個問題是關於成長型思維，我明白這一點。為了逐步重拾這種成長型思維，你們可能需要採取哪些具體的步驟？能否談談你們早期對銷售投資、能力投資、爭取大合約所需的管理費用等方面的看法？

Thank you, Ashwin, for that question. Good to connect with you. Having spent a significant time in this industry. I would say to build a growth mindset, there are a number of things we need to do. But I would probably highlight 3 of them as I talk to today, the most important priorities.

謝謝Ashwin的提問，很高興能和你交流。我在這個行業待了相當長一段時間，我認為要培養成長型思維，我們需要做很多事情。但今天我想重點談談其中最重要的三點。

First and foremost, Cognizant has to be an employer of choice in this industry. What I mean by that is -- spending time in the IT industry, IT service industry, what I mean by that is you create a self-reinforcing cycle with employees and clients. Sustained success is based on quality, dedication and scale of the talent, but client experience and employee experience are so tightly linked.

首先，Cognizant 必須成為業界首選雇主。我的意思是，在 IT 產業，尤其是 IT 服務業待久了，你會發現員工和客戶之間會形成一種良性循環。持續成功取決於人才的品質、敬業精神和規模，但客戶體驗和員工體驗緊密相連。

We have the opportunity to build a self-reinforcing cycle with engaged talent with a passion for clients and a growth mindset, which attracts the best clients. So that whole flywheel has to be self-reinforcing. It means a lot of things, all the way from retention to upskilling to leadership development to infusing the project and program leaders.

我們有機會打造一個良性循環，匯聚充滿熱情、積極投入、擁有成長型思維的優秀人才，進而吸引最優質的客戶。因此，整個循環必須能夠自我強化。這意味著很多方面，從人才保留、技能提升、領導力發展，到專案和專案群領導者的培養，都離不開這一點。

Remember, we are a company of projects and programs, which essentially means as they walk the corridors, they mind our clients, these project leaders. And equally, they talk to our associates every day. So that is the starting point of where you strive to build a trust with that layer and continue to create that self-reinforcing virtuous cycle as I call it.

記住，我們是一家以專案和計劃為核心的公司，這意味著，當這些專案負責人走在走廊上時，他們會時刻關注我們的客戶。同時，他們每天也會與我們的同事交流。因此，這就是你努力與這個層級建立信任的起點，並持續創造我所謂的這種自我強化的良性循環。

I think you talked about large deals. I think large deals has investments on both sides, investments on dealmakers, deal influencers, ability to create that momentum by supporting our client initiatives in various transformational initiatives of theirs. But equally, at the back end, you have to start to work on solutioning capabilities and the ability to build a continuum all the way from addressing cost takeout initiatives to manage services initiatives to large deals will come with people -- people take over opportunities.

我想你剛才談到了大型交易。我認為大型交易需要雙方投入，包括對交易撮合者、交易影響者以及透過支持客戶各項轉型計畫來推動交易進展的能力。但同樣重要的是，在後端，你必須開始著手建立解決方案能力，並能夠從成本削減計劃到服務管理計劃，最終達成大型交易，而這一切都離不開人才——人才是把握機會的關鍵。

And of course, productivity improvements. So there are a lot of tooling and infrastructure. I think Cognizant already has some of it, you have to build on it and then go behind this opportunity. It's equally important that we build operational discipline, which also helps us to create the growth mindset all the way from fulfilling those deals to building market competitiveness on cost takeout initiatives to contract life cycle and risk management to consortium-like deals and partnerships and a whole bunch of things.

當然，還有生產力提升。這需要大量的工具和基礎設施。我認為 Cognizant 已經具備了一部分，我們需要在此基礎上繼續發展，並抓住這個機會。同樣重要的是，我們要建立營運紀律，這也有助於我們培養成長思維，貫穿從履行交易到透過成本削減計劃提升市場競爭力，再到合約生命週期和風險管理，以及類似聯盟的交易和合作關係等等各個方面。

Well, do we have all of this in place? Yes. I think a lot of these things have already been set, I would say, in the last few years at Cognizant. I have to orient this to a growth mindset and start to double down on the opportunities, which are there in the market. In the short run, some of this will mean additional investments, but in the medium to long run, you have to create that pool of investments inside by taking out costs so that you can then sustain that momentum for the future.

嗯，這些都到位了嗎？是的。我認為過去幾年在Cognizant，很多事情都已經安排妥當了。我必須調整思路，轉向增長型思維，並開始加強把握市場上的機會。短期內，這可能意味著需要追加投資，但從中長期來看，你必須透過削減成本來累積內部投資，這樣才能維持未來的發展動能。

Got it. Thank you for the obvious thought you put into that answer. The second question is on the Healthcare contract that was a problem in the quarter. Any granularity on sort of separating out the top and bottom line impact? And is it ringfenced now? In other words, at least the margin impact taking into account entirely in 4Q? Or is there a forward-looking impact? What's the forward-looking revenue impact as well?

明白了。感謝您如此用心解答。第二個問題是關於本季出現問題的醫療保健合約。能否詳細說明一下它對營收和利潤的影響？現在是否已經完全隔離了？換句話說，至少第四季的利潤率影響是否已經完全考慮過？還是說還有前瞻性的影響？未來的營收影響又是什麼？

Yes. Maybe I'll take this. The Health Sciences clients that we have is a volume-based contract based on the performance of that Healthcare client. And so as the outlook of our client has changed, we had to adjust our revenue expectations going forward, which led then to a charge that we had to take for the expected lower volumes of incoming business to us in essence. And so the revenue impact is really going to be baked into our natural revenue guidance and forecast.

是的，也許我會接受這份工作。我們現有的健康科學客戶合約是基於業務量，具體金額取決於該醫療保健客戶的表現。因此，隨著客戶前景的變化，我們不得不調整未來的收入預期，這實際上導致我們承擔了因預期業務量下降而產生的費用。所以，收入方面的影響其實已經反映在我們原有的收入指引和預測中。

So the charge that we have been taking is a discrete charge. It's like $60 million and that is a noncash charge of prior capitalized implementation costs that we now taken out of the contract. So future volume changes of this client could impact our calculation on these capitalized implementation costs as well. So there's still outlook.

因此，我們收取的費用是一筆獨立的費用，大約6000萬美元，這是一筆非現金費用，用於支付先前已資本化的實施成本，我們現在已將其從合約中扣除。因此，該客戶未來的業務量變化也可能影響我們對這些資本化實施成本的計算。所以，未來仍有變數。

We obviously work very hard with our clients to drive great revenue growth as our interest and the clients' interest, but there is still a possibility of, pegging on the revenue development and the market performance of the client that we could be impacted in the future as well.

我們當然會與客戶一起努力，推動收入大幅成長，這既符合我們自身的利益，也符合客戶的利益。但是，未來我們仍然有可能受到客戶收入發展和市場表現的影響。

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

下一個問題來自摩根大通的黃天心。

Say, Steve, nice to hear from you upfront. It's been a while. So I want to ask some of the Ashwin to Ravi here, just the goal of being this -- the employer of choice and having a growth mindset makes a lot of sense. How long do you think it would take for -- to change the culture to get to that level? I'm imagining it can't be a quick fix, but maybe you feel differently.

史蒂夫，很高興收到你的來信，好久不見了。我想問阿什溫和拉維的一些想法，你們的目標是成為員工的首選雇主，並且擁有成長型思維，這很有道理。你們覺得要改變公司文化達到這個水準需要多久？我想這應該不是一朝一夕就能完成的，但也許你的看法不同。

Yes, that's a good question. I'm just 3 weeks into the job, so I'm continuing to assess what we have, what we need to do. It's a virtuous self-reinforcing cycle as I said. As much as it looks easy, it's -- if you're on it it's easy. If you're not on it, it's not. I'm going to be on a listening tour for the next few weeks and months, meeting clients, meeting associates, meeting partners and I'll come back with assessment.

是的，問得好。我上任才三週，所以還在評估我們現有的資源和需要改進的地方。正如我所說，這是一個良性循環。雖然看起來很簡單，但實際上並非如此——如果你用心去做，就很容易；如果你沒用心，那就很難。接下來的幾週和幾個月，我會進行一系列的傾聽工作，會見客戶、同事和合作夥伴，之後我會帶著評估結果回來。

I think we have built enough both on client and employee infrastructure, organizational infrastructure. Now I have to refine it and reset it for growth. That's how I see it. I want to build on it. We're not going to go back to the drawing board. We want to build on what we have and refine it. And as we refine it, we make some changes and get there.

我認為我們在客戶和員工基礎設施以及組織架構方面都已經累積了足夠的基礎。現在我需要對其進行完善和調整，以適應未來的成長。我是這麼看的。我想在此基礎上繼續發展。我們不會推倒重來。我們希望在現有基礎上進行完善和改進。隨著改進的進行，我們會做出一些調整，最終達成目標。

With related to employees, a lot of our -- 2/3 of our employees work out of India. So India is an integral part of our strategy to differentiate and I'm going to spend the next few weeks in India as well, later part of February. And I'm meeting 100 clients in 100 days, and this is a goal which I've set for my own self, so that you get to know the pulse, you get stay focused on large deals.

就員工而言，我們三分之二的員工都在印度工作。因此，印度是我們差異化策略的重要組成部分。接下來的幾週，也就是二月下旬，我也會待在印度。我為自己設定了一個目標：在100天內拜訪100位客戶，以便了解市場動態，並專注於重要的交易。

In fact, I'm doing a monitoring of 10 large deals every week, and we are continuing to keep the focus on commercial momentum. So it's in-flight transformation, as I call it. You continue to do this, but you continue to look for the medium to long term sustained momentum, how you create it. That's how I see it. It's still a question I will probably, like, to answer once I spend a few more weeks going through the listening tour.

事實上，我每週都會監測10筆大型交易，我們會持續關注商業發展動能。所以，正如我所說，這是一種「進行中的轉型」。你會繼續這樣做，但同時也會繼續尋找中長期持續發展動能的方法。我是這麼看的。這個問題我可能還需要花幾週時間進行巡迴調查才能回答。

Maybe I'll give Ravi also a tiny breather here and talk about the improved attrition, which is certainly, one first step into the right direction of becoming a more attractive employer and seeing it reflected. So clearly, the dynamic in the labor markets have shifted also, but we also believe that the investments that we have made, not only in regular and competitive merit cycles.

或許我也該讓拉維稍作喘息，談談員工流動率的改善。這無疑是朝著成為更具吸引力的雇主邁出的正確第一步，而這種改善也已初見成效。顯然，勞動市場的動態也發生了變化，但我們也相信，我們所做的投資，不僅僅是常規的、具有競爭力的績效考核週期。

You may remember, we announced in the last quarter that we had accelerated our -- this year's merit cycle to the second quarter, which is also important for the modeling of you guys into the second quarter and that we have made huge progress on internal promotions, career pathing and learning and development and education, et cetera, as we have increased the number of our college graduates into our permits.

您可能還記得，我們​​在上個季度宣布，我們將今年的績效考核週期提前到第二季度，這對你們在第二季度進行建模也很重要。此外，我們在內部晉升、職業規劃、學習發展和教育等方面取得了巨大進展，因為我們增加了獲得許可的大學畢業生人數。

So I think we have seen now a year of this permits from a nuts-and-bolts piece to stabilize, and we were very pleased with this relatively steep drop in attrition in just 1 quarter. So we feel we are off to a good start here. And then I think -- we're obviously focused on management, on enthusiasm, on growth and aligning will help. And then we'll kind of continue to refine those investments as we see needed. But I think we have already ended the year actually on that side with a big step forward.

所以我覺得，經過一年的努力，我們已經從基礎性的工作逐步穩定下來，而且我們對僅一個季度員工流失率的顯著下降感到非常滿意。因此，我們感覺開局良好。接下來，我認為——我們顯然專注於管理、保持員工熱情、促進成長，而協調一致將有所幫助。之後，我們會根據需要繼續調整這些投資。但我認為，在這一方面，我們實際上已經取得了長足的進步，為今年畫上了圓滿的句號。

And also the talent supply chain, we've been able to streamline it, strengthen it and be ready for fulfillment and opportunities, which our clients are looking forward to.

此外，我們也優化、強化了人才供應鏈，使其能夠滿足客戶所期望的各種需求和機會。

Yes. Then if it's okay, if I can ask as my follow-up then with -- given that 10-point drop in attrition and you've still hired a little bit, the utilization rates did drop. So from a modeling perspective, not to bore people, but anything to guide us to in the short term on some of those KPIs because they are moving quite a bit here?

是的。如果可以的話，我想問一下——鑑於員工流失率下降了10個百分點，而且你們也進行了一些招聘，但利用率確實下降了。所以從建模的角度來看，我不想讓大家覺得枯燥，但能否就一些關鍵績效指標（KPI）的短期目標提供一些指導，因為這些指標的變化相當大？

Yes. We're obviously on this utilization metric, also a very detailed answer. In this quarter, the slight decrease in utilization is actually more driven by the relative higher percentage of Gen Z hires into our pyramid, which are not as utilized in the young age and actually a return to normalized vacation-taking compared to the COVID years of where we had abnormally low vacation period.

是的。我們顯然關注這個利用率指標，也對此有非常詳細的解釋。本季利用率略有下降，實際上更多是由於我們招募的Z世代員工比例相對較高所致。 Z世代員工在年輕時通常不會充分利用工作時間，而且與新冠疫情期間異常低的休假時長相比，目前休假情況已恢復正常。

So those were the biggest factors. So I wouldn't model too much into the utilization. Obviously, we need to drive growth and -- as we now have better fulfillment opportunities. But in this quarter, actually, some of the utilization, both were the 2 biggest factors, Tien-Tsin.

所以這些都是主要因素。因此，我不會過多地將它們納入利用率的模型中。顯然，我們需要推動成長，而且——因為我們現在有了更好的訂單履行機會。但實際上，在本季度，利用率的部分影響因素是這兩個最重要的因素，天心。

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。

Great. I want to follow up a little bit on Tien-Tsin's question as well as Jan and Ravi's comments. If we look at Ravi, your initial stages of evaluating and listening to customers and what you're seeing in the business and if I put that together with Jan's comments around investment, that seems to be helping in attrition, et cetera. I'm wondering if the two of you can give some perspective on if there's anything that stands out right now as maybe points or places where there could have been under investment that you'd like to direct resources, and how does that impact the way that you're thinking about -- you and the Board are thinking about the right objectives from a cost and profitability standpoint.

好的。我想就田進的問題以及Jan和Ravi的評論再補充一些內容。 Ravi，我們先來看看你最初評估和傾聽客戶意見以及你對業務的觀察，結合Jan關於投資的評論，這些似乎有助於降低客戶流失率等等。我想請你們兩位談談，目前是否存在一些投資不足的領域，你們希望在這些領域投入更多資源？這會如何影響你們的思考方式——你們和董事會正在從成本和獲利能力的角度考慮正確的目標。

Ravi will chime in after I give you a more technical thing. I think as we're mostly developing these plans, so we're clearly not at the end of the job, otherwise, we would give guidance today. But when you think large deals and calculate a certain large-deal volume, I think deal characteristics of large deals have impact on to our margin profile.

在我解釋完一些更技術性的內容後，Ravi會補充說明。我認為，由於我們目前主要還在製定這些計劃，所以顯然還沒有完成，否則我們今天就能給出指導意見了。但是，考慮到大額交易併計算出一定規模的大額交易量，我認為大額交易的特徵會對我們的利潤率產生影響。

And when we think about that, we need to build kind of our culture to leverage the relative margin strength, if you exclude our Healthcare charge and our pricing discipline and our delivery discipline, so that it allows us to be competitive for these larger deals that may cause dilution initially and then ramp up to their full margin potential. So I think the biggest impact practically would be to figure out for us, assuming the success in our large deal focus of what that would mean for the overall P&L structure.

當我們思考這個問題時，我們需要建立一種企業文化，以充分利用我們相對較高的利潤率優勢（如果排除醫療保健費用、定價策略和交付策略），從而使我們能夠在那些初期可能會稀釋利潤、但隨後會逐步實現全部利潤潛力的大型交易中保持競爭力。因此，我認為實際影響最大的將是，假設我們在大型交易方面取得成功，那麼這將對整體損益結構產生怎樣的影響。

I think that's going to be the biggest one. There are going to be other investments that Ravi is going to be proposing, but I think we're going to be managing those a little bit more within the framework of an SG&A volume that we have already, not to take that away from you, Ravi, but I think...

我認為這將是最大的一筆投資。 Ravi也會提出其他一些投資方案，但我認為我們會把這些投資更多地納入我們現有的銷售、管理及行政費用（SG&A）框架內進行管理。我並不是想要否定你的努力，Ravi，但我認為…

No, Jan, I think you've covered it so nicely. The one thing I would probably add is I think in the last 1 to 2 years, Cognizant has invested heavily on organizational infrastructure to take large deals on a continuum, all the way from managed services to transaction-based pricing to cost takeout initiatives to digital transformation on that continuum.

不，Jan，我覺得你已經說得很清楚了。我可能要補充一點，我認為在過去一兩年裡，Cognizant 在組織架構方面投入巨資，以持續推進大型交易，涵蓋從託管服務到基於交易的定價，再到成本削減計劃和數位轉型等各個方面。

Now is the time to leverage those investments and take those large deals and be competitive on those large deals. So in a way, I would say a large part of it is done. We have now strengthened it, and we have oriented to the market for the opportunity, which is going to be presented to us.

現在正是利用這些投資，拿下那些大型交易，並在這些大型交易中保持競爭力的好時機。所以從某種意義上來說，我認為大部分工作已經完成。我們現在已經增強了實力，並且為即將到來的市場機會做好了準備。

So that's broadly how I see it. As I keep saying, it isn't going back to the drawing board, but I'm going to build on what we have. We're going to refine it. As we refine it, we have to make some changes. We're going to make those changes, but we'll be agile enough in the market to seize the opportunities we have.

總的來說，我的看法就是這樣。正如我一直強調的，我們不會推倒重來，而是在現有基礎上繼續發展。我們會不斷完善它。在完善的過程中，我們必須做出一些改變。我們會做出這些改變，同時也保持足夠的市場彈性，抓住機會。

Appreciate that. And then just as a follow-up, Ravi, how are you thinking about -- what's your perception of the current economic environment? Obviously, as you go to listen and engage with customers, et cetera. It seems, like, a big part of the challenge for you will be to parse out feedback that is specific to Cognizant and has impact on how you should move the business going forward on a sustained basis versus maybe some things that are happening near term. So just wanted to hear how you're thinking about the current economic environment and the lens that you're looking at, at some of these comments or listening to these -- some of these comments through?

非常感謝。 Ravi，我還有一個後續問題，您如何看待當前的經濟環境？顯然，在您與客戶溝通交流的過程中，您面臨的一大挑戰是如何區分哪些回饋是針對 Cognizant 的，並且會對公司未來的持續發展產生影響，哪些回饋只是短期事件。所以我想聽聽您是如何看待當前的經濟環境，以及您是如何看待或理解這些評論的？

Yes. That's a good question, and I'm going to leave it to Jan as well to chime in. Over the years, IT services has gone from a homogeneous landscape to a heterogeneous landscape. They're different swim lanes. In an uncertain economic environment, you're going to see discretionary spend being a little softened. Large digital transformation engagements will start to become modular in nature. But equally, you're going to see cost takeout initiatives, vendor consolidation initiatives happening on the other end.

是的，這是一個很好的問題，我也想請 Jan 來補充一下。多年來，IT 服務已從同質化格局轉變為異質格局。它們就像不同的泳道。在經濟環境不明朗的情況下，你會看到可自由支配的支出減少。大型數位轉型專案將開始模組化。但同時，你也會看到一些削減成本和整合供應商的措施。

I would say that's a different swim lane. But enterprises are continuing to invest because not only are they investing on the consumer side of digital, they're also investing on the employee side of digital because employees today are interacting with their organizations on a digital platform because of the hybrid-ness of how work and workplaces are.

我認為這屬於另一個領域。但企業仍在持續投資，因為他們不僅投資於數位化消費者端，也投資於數位化員工端，因為如今員工由於工作和工作場所的混合化趨勢，都在透過數位平台與組織互動。

So I would say it's a duality of sorts. On one side, you would see softness. On the other side, you would see cost takeout and vendor consolidation kind of happening. Depending on the industry you look for, there are industries which have lesser tech and digital intensity and the industries which have higher tech and digital intensity. And some of them are using the digital platform to transform and deliver.

所以我認為這是一種二元性。一方面，你會看到一些軟性因素。另一方面，你會看到成本削減和供應商整合的趨勢。根據你所關注的產業，有些產業的科技和數位化程度較低，而有些產業的科技和數位化程度較高。其中一些行業正在利用數位化平台進行轉型和交付。

In fact, I would say, digital technologies is almost like a deflationary force in an inflationary economy. So some of our clients are using digital technologies to do so. So it's a mixed bag. It's -- because of the heterogeneity, I would say it's a mixed bag, each swim lane has its own characteristics. Jan, do you want to chime in?

事實上，我認為數位科技在通膨經濟中幾乎起到了通貨緊縮的作用。因此，我們的一些客戶正在利用數位技術來實現這一目標。所以情況比較複雜。由於其異質性，我認為情況比較複雜，每個領域都有其自身的特徵。簡，你想補充幾句嗎？

Yes. Like, I'll give you a little bit more background maybe about our bookings performance and what -- where we have seen the softness and geographically and by digital. We actually did have a relatively solid bookings growth in digital this last year, and I'm giving you full year numbers. It's about -- I'm doing 16%,18% or something growth in the digital bookings world.

是的。我可以再詳細介紹一下我們的預訂情況，以及我們在哪些方面（包括地域和數位管道）看到了疲軟。實際上，去年我們的數位預訂成長相當穩健，我在這裡提供的是全年數據。數位預訂的成長幅度大約在16%到18%之間。

And then we saw actually the weakness by sector really concentrated, as you would expect in our Financial Services group, where we saw the biggest decline in bookings volume for us. And as Ravi illustrated in his comments, it's kind of almost in every industry where we're trying to sort out, are we having some industries stronger and others, but we do have success stories by industry sector, and we have declines in industry. So it seems to be a little bit client specific of what we need to watch out.

然後我們發現，正如您所預料的，各行業的疲軟態勢確實非常集中，尤其是在金融服務集團，該集團的訂單量降幅最大。正如Ravi在他的評論中提到的，幾乎每個行業都存在這種情況，我們正在努力弄清楚是否存在某些行業表現強勁而其他行業表現不佳的情況。我們確實發現了一些產業領域的成功案例，也發現了一些產業領域的下滑。因此，我們需要關注的重點似乎與客戶的具體情況有關。

You have talked obviously now looking forward, we entered the year with one of our largest pipelines ever, basically. And now a lot of work, which is for Ravi and the market teams to achieve is to convert that pipeline into qualifications and into bookings numbers. So there seems to be a lot of opportunity still out in the thing.

您剛才談到了展望未來，我們年初就擁有了有史以來規模最大的潛在客戶群之一。現在，Ravi 和市場團隊需要完成的大量工作就是將這些潛在客戶轉化為合格客戶和實際訂單。所以，目前看來，市場仍蘊藏著巨大的機會。

Obviously, the mix of that business is shifting a little bit. We hope -- we want to drive a higher participation and higher bookings number for larger deals, which we haven't had in the past, and that's the true revenue -- incremental revenue opportunity that we're aiming to capture.

顯然，這項業務的組成正在發生一些變化。我們希望——我們想要推動更高的參與度和更多的大額交易預訂量，這是我們過去沒有實現的，而這才是真正的收入成長機會——我們想要抓住的增量收入機會。

And -- but there is still a very solid market out there. Even though the demand on a sequential basis has gotten a little bit softer, if that makes some sense. So we're going to be laser focused, obviously, on converting this opportunity into bookings and then to revenues. But the underlying market remains attractive from my perspective.

而且——但市場依然非常穩健。儘管需求環比放緩，這麼說應該比較容易理解。所以，我們顯然會全力以赴，將這個機會轉化為訂單，最終轉化為收入。但從我的角度來看，潛在市場仍然很有吸引力。

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

我們的下一個問題來自 Evercore 的 David Togut。

Congratulations, Ravi. And Steve, it's really good to hear your voice again. Could you, Jan, give us some guardrails around gross margins in 2023? Not looking for anything precise, but maybe just help us think through some of the headwinds and tailwinds. You had a number of wage increases in 2022. Obviously, attrition coming down helps a little bit, but could you help us think about what the gross margin range might be this year?

恭喜你，Ravi。 Steve，很高興能再次聽到你的聲音。 Jan，你能給我們一些關於2023年毛利率的參考嗎？不需要非常精確的數據，只是想幫我們分析可能存在的利多和不利因素。你們在2022年進行了多次加薪。當然，員工流失率的下降肯定有幫助，但你能幫我們預測今年的毛利率範圍嗎？

Well, that I cannot do. But I think I can give you a few, David. Good to hear your voice as well and I'll give you a few pointers that I think are kind of important for the modeling that we have prior disclosed. So the usual merit increase that puts negative pressure on our gross margin in the fourth quarter will now occur in the second quarter.

嗯，我做不到。但我可以給你一些建議，大衛。很高興聽到你的想法，我會給你一些我認為對我們之前披露的模型比較重要的提示。通常情況下，第四季會對我們的毛利率造成負面影響的績效薪資成長，現在將提前到第二季。

So that will disturb a little bit our pattern of regular margin development throughout the year. If anything, you know that second and third quarter traditionally are our strongest margin patterns and then we have the fourth quarter, due the merits and investment shift a little bit. But other than that, we are not really thinking that the general dynamic of our pattern of the year is going to shift in a very meaningful way.

因此，這會對我們全年正常的利潤率發展模式造成一定程度的干擾。通常來說，第二季和第三季是我們利潤率最高的時期，而第四季則由於業績和投資策略的調整而略有起色。但除此之外，我們並不認為全年的整體利潤率模式會發生顯著變化。

So I think it's like if -- even our past performance, there's no guarantee for future performance. But I -- like, when I think about our year, I think that the principal dynamics remain unchanged. We have seen -- maybe just this one point. I'm getting into trouble here as I look at Tyler, but we have seen actually moderate to good success with our pricing initiatives.

所以我覺得，即便我們過去的業績表現良好，也不能保證未來的業績。但是，回顧過去一年，我認為主要因素仍然不變。我們看到──或許只有這一點。說到泰勒，我這麼說可能會有點棘手，但我們的定價策略確實取得了中等偏上的成功。

And so the contribution of our pricing initiative to gross margin in the fourth quarter was the highest. So we have really built quarter-after-quarter momentum, and it was 50% higher than all other quarters together. And so we're entering with a little bit of pricing momentum, and then we have -- that's going to be partially offset or offset by our wage increases in the second quarter.

因此，我們的定價策略對第四季毛利率的貢獻最高。我們確實實現了季度環比增長，第四季度的貢獻比其他所有季度加起來高出50%。所以我們帶著一定的定價成長動能進入第二季度，但第二季度的薪資成長將部分抵銷這一成長。

And then, as you said, coming up with some sort of metric, which of how attrition is going to help us in revenue or fulfillment and fund efficiencies is going to be then for the modeling. That's what we also undergo right now, David. So I really don't have those numbers yet for you, and we're planning to do the update in the second quarter then.

然後，正如你所說，我們需要找到某種指標來衡量人員流失對收入、訂單履行和資金效率的影響，這將用於建模。這也是我們目前正在進行的工作，David。所以我目前還沒有這些數據，我們計劃在第二季進行更新。

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。

Congrats to Steve and Ravi. Ravi, maybe just to start with you. I know you obviously need time to study the organization, develop your plan. But just at a high level, is your initial sense that Cognizant has more room to improve in terms of strategy? Or in terms of execution?

恭喜史蒂夫和拉維。拉維，或許我們可以先從你開始聊天。我知道你肯定需要時間來了解公司，制定計劃。但就目前而言，你初步感覺到 Cognizant 在策略上還有提升空間嗎？還是在執行方面？

Here is how I will see it. And of course, I need more time to assess, as I said, it's a listening tour with both clients and my associates. But the way I see it is the opportunity ahead of us. I think we have an extraordinary set of client relationships, extraordinary talent pool. Looking from outside, I've always been impressed by the entrepreneurial spirit the Board ambitions and some very good teamwork at Cognizant.

我是這樣看待這件事的。當然，我還需要更多時間來評估，正如我所說，這是與客戶和同事們的深入交流。但我認為我們面前的機會非常巨大。我們擁有卓越的客戶關係和傑出的人才儲備。從外部觀察，我一直對董事會的創業精神、雄心壯志以及Cognizant出色的團隊合作印象深刻。

The one strength I've always been excited about at Cognizant is the confluence of industry vertical experience with technology expertise, a very unique part. It's a very, very unique part. So I could almost see this as a way forward strength and look for opportunities, which will fit the bill. And I do believe that we have been necessary organizational infrastructure to attract employees, retail employees, attract clients, retail clients and also win large deals.

在 Cognizant，我一直很看好我們的一項優勢，那就是將業界垂直經驗與技術專長完美融合，這非常獨特。真的非常獨特。所以我認為這幾乎可以算是我們未來的發展優勢，我會尋找符合這項優勢的機會。而且我相信，我們已經建立了必要的組織架構，能夠吸引員工（包括零售員工）、客戶（包括零售客戶），並贏得大單。

That is how I see it. The opportunity in front of us is what I'm kind of configuring and calibrating the firm to. Instead of actually looking back, I'm looking forward and trying to gear up for that opportunity with what we have and what we need to build. So that's broadly what I can say how I'm actually trying to approach my way forward direction.

我是這麼看的。擺在我們面前的機會正是我調整和調整公司發展方向的重點。與其回顧過去，我更著眼未來，努力利用我們現有的資源和需要建造的東西，為抓住這個機會做好準備。這就是我目前的發展方向。

Very helpful. And just as a follow-up, this might be more for Jan. But how close are we, do you think, to fully remediating the fulfillment issues? And then just any, at least, directional commentary you can give us on first quarter operating margins?

非常有幫助。另外，還有一個後續問題，可能更適合一月。您認為我們距離徹底解決訂單履行問題還有多遠？還有，您能否至少就第一季的營業利潤率給予一些方向性的看法？

Yes. The fulfillment in the fourth quarter really improved very meaningfully. And it gives us part, I think, as part of the optimism we have, that we can go to clients and fulfill their needs, which as we have talked in the third and fourth quarter. In the third quarter, it was hampered at times by our resource constraints. So I think the improvement in fulfillment will translate into accelerated and enhanced sales activity. That's at least part of our thesis that we have. And it should obviously lower our need for recruiting and have efficiencies and the support for all of this will make clients happier and so forth.

是的。第四季的訂單履行情況確實有了顯著改善。我認為這在某種程度上增強了我們的信心，讓我們相信能夠更好地滿足客戶的需求。正如我們在第三季和第四季所討論的，第三季我們有時會受到資源限制的限制。因此，我認為訂單履行情況的改善將轉化為銷售活動的加速和提升。這至少是我們部分預期。顯然，這將降低我們的招募需求，提高效率，而所有這些支援都將使客戶更加滿意等等。

So the underlying engine running smoother is really a shift compared to where we were throughout last fiscal year. So I think that's really -- that gives us hope and gives us optimism for it. Yes, we're not giving first quarter margins, unfortunately, so I can't help you with any direction there.

所以，底層引擎運作更加順暢，這確實是與上個財年相比的重大轉變。我認為這確實給了我們希望和樂觀。是的，很遺憾，我們不公佈第一季的利潤率，所以我無法就此提供任何建議。

Yes. So just to add to what Jan said, I think my initial few weeks, one of the observations is I think our talent supply chain is grinding well or it's kind of moving very, very well. Some of the clients I've spoken to in the last few weeks have started to tell us that we can start to get some of the demand moved to Cognizant with the fulfillment starting to look good.

是的。補充一下Jan剛才說的，我最初幾週的觀察是，我們的人才供應鏈運作良好，或者說進展非常順利。過去幾週我接觸的一些客戶也開始告訴我們，隨著交貨情況的改善，我們可以開始將部分需求轉移到Cognizant。

So I'm actually very excited about the progress we've made on fulfillment. I think we are ready to take more, and we're ready to continuously sharpen the talent supply chain for the opportunity with our clients. Our clients are starting to see that traction with us.

所以，我對我們在交付方面取得的進展感到非常興奮。我認為我們已經準備好承擔更多任務，並且會不斷優化人才供應鏈，以便更好地服務客戶。我們的客戶也開始感受到我們在這方面所取得的成效。

Ladies and gentlemen, that is all the time we have for questions. I'd like to hand the call back to management for closing remarks.

女士們、先生們，提問時間到此結束。現在我把電話交給管理階層，請他們做總結發言。

Great. Thank you all for joining us. We look forward to catching up with you in a couple of months on our first quarter earnings call.

太好了。感謝各位的參與。我們期待在幾個月後的第一季財報電話會議上與大家再次相聚。

Thank you.

謝謝。

Thank you.

謝謝。

Thank you.

謝謝。

Ladies and gentlemen, this does conclude today's teleconference. Thank you for your participation. You may disconnect your lines at this time, and have a wonderful day.

女士們、先生們，今天的電話會議到此結束。感謝各位的參與。現在可以掛斷電話了，祝您有美好的一天。