高知特 (CTSH) 2023 Q1 法說會逐字稿

Ladies and gentlemen, welcome to the Cognizant Technology Solutions First Quarter 2023 Earnings Conference Call. (Operator Instructions) I would like now to turn the conference over to Mr. Tyler Scott, Vice President Head of Investor Relations. Please go ahead, sir.

女士們，先生們，歡迎參加 Cognizant Technology Solutions 2023 年第一季度收益電話會議。 （操作員說明）我現在想將會議轉交給投資者關係副總裁泰勒斯科特先生。請繼續，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 first quarter 2023 results. If you have not, copies are available on our website, cognizant.com. The speakers we have on today's call are Ravi Kumar, Chief Executive Officer; and Jan Siegmund, Chief Financial Officer.

謝謝接線員，大家下午好。到目前為止，您應該已經收到公司 2023 年第一季度業績的收益發布和投資者補充文件的副本。如果您還沒有，可以在我們的網站 cognizant.com 上獲得副本。我們今天電話會議的發言人是首席執行官 Ravi Kumar；和首席財務官 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.

在我們開始之前，我想提醒您，在今天的電話會議上發表的一些評論和對您問題的一些答复可能包含前瞻性陳述。這些聲明受公司收益發布和提交給美國證券交易委員會的其他文件中所述的風險和不確定性的影響。

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

此外，在我們今天的電話會議中，我們將參考某些我們認為可以為我們的投資者提供有用信息的非 GAAP 財務指標。非 GAAP 財務指標與相應 GAAP 指標的對賬可以在公司的收益發布和提交給美國證券交易委員會的其他文件中找到。

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

有了這個，我想把電話轉給拉維。請繼續。

Thank you, Tyler. Good afternoon, everyone. When I spoke to you early February, I was just 3 weeks into my role. I explained my plan to move rapidly up the learning curve by embarking on a global listening and learning tour with associates, clients and partners. I also mentioned that I would meet with more than 100 clients and as many of our associates as possible. In addition, I outlined 3 interrelated priorities: making Cognizant an employer of choice in its industry; accelerate revenue growth, especially by winning large deals; and enhancing our operational discipline. I'll comment on progress of each of these areas, but first, I want to cover a few of the quarter's financial and operational highlights.

謝謝你，泰勒。大家下午好。當我在 2 月初與您交談時，我才剛剛上任 3 週。我解釋了我的計劃，即通過與同事、客戶和合作夥伴一起開展全球聆聽和學習之旅，快速提升學習曲線。我還提到我將與 100 多個客戶和盡可能多的同事會面。此外，我概述了 3 個相互關聯的優先事項：使 Cognizant 成為其行業的首選雇主；加速收入增長，尤其是通過贏得大筆交易；加強我們的運營紀律。我將評論每個領域的進展，但首先，我想介紹本季度的一些財務和運營亮點。

In quarter 1, we delivered revenue of $4.8 billion, a decline of 0.3% year-over-year as reported, but a growth of 1.5% in constant currency, above the high end of our guidance range. Our adjusted operating margin was 14.6%. We recorded strong quarterly bookings growth of 28% year-over-year and ended quarter 1 with record trailing 12 months bookings of $25.6 billion in the trailing 12 months book-to-bill of 1.3x. Approximately 30% of our in-quarter or quarter 1 bookings were large deals, which we define as total contract value above $50 million compared to approximately 20% for all of 2022.

第一季度，我們實現收入 48 億美元，同比下降 0.3%，但按固定匯率計算增長 1.5%，高於我們指導範圍的上限。我們調整後的營業利潤率為 14.6%。我們錄得強勁的季度預訂量同比增長 28%，在第一季度結束時，過去 12 個月的預訂量達到創紀錄的 256 億美元，過去 12 個月的訂單出貨比為 1.3 倍。我們季度或第一季度的預訂中約有 30% 是大宗交易，我們將其定義為合同總價值超過 5000 萬美元，而 2022 年全年這一比例約為 20%。

We were very pleased with our first quarter bookings performance as well as the build in our pipeline, which includes a strong mix of large new opportunities. I'm especially pleased to see the continuing reduction in our attrition with trailing 12-month voluntary attrition for our technology services business declining to 23%, down 3% points sequentially and 7% points Y-on-Y year-on-year. While Jan will cover our financial performance at the business segment level, given the importance of financial services on our momentum, I want to comment on the state of this business and the emerging opportunities we see in this segment.

我們對第一季度的預訂表現以及我們的管道構建感到非常滿意，其中包括大量新機會的強大組合。我特別高興地看到我們的技術服務業務連續 12 個月的自願減員率持續下降至 23%，環比下降 3%，同比下降 7%。雖然 Jan 將介紹我們在業務部門層面的財務業績，但鑑於金融服務對我們發展勢頭的重要性，我想評論一下這項業務的狀況以及我們在該部門看到的新機遇。

For starters, we believe our company-specific operational challenges in financial services have largely subsided, and we are beginning to stabilize the business. Our client portfolio has shown resilience, both in U.S. and internationally, but we're also seeing the impact from softer discretionary spending and decision delays by existing and potential clients. In the U.S., our banking clients are generally large institutions, and we have seen an uptick in our deal pipeline. Overall, we have seen early green shoots that we are moving this portfolio in the right direction while navigating the macro dynamics. We are encouraged by leading indicators such as strong Q1 global bookings growth for financial services at a rate above the company average as well as an uptick in our large deal pipeline.

首先，我們相信我們公司在金融服務方面的特定運營挑戰已基本消退，我們開始穩定業務。我們的客戶組合在美國和國際上都顯示出彈性，但我們也看到了現有和潛在客戶的可自由支配支出減少和決策延遲的影響。在美國，我們的銀行客戶通常是大型機構，而且我們的交易渠道也在增加。總的來說，我們已經看到了早期的綠芽，表明我們在駕馭宏觀動態的同時，正在朝著正確的方向推動這一投資組合。我們對領先指標感到鼓舞，例如第一季度全球金融服務預訂量以高於公司平均水平的強勁速度增長，以及我們的大宗交易渠道增加。

I'm particularly encouraged by my conversations with about 2 dozen of our financial services clients. I came away from these meetings with many new opportunities to pursue related to cost takeout, vendor consolidation, post-merger integration and a new wave of outsourcing in fintechs. Having said that, we still have a lot of work ahead, and we will be closely monitoring the environment to anticipate shifts in our clients' needs. To date, I have met either in person or virtually with C-suite executors from more than 100 of our clients representing nearly all of our industry segments and all of our major geographies.

我與大約 2 打金融服務客戶的談話特別鼓舞了我。這些會議結束後，我獲得了許多新機會，可以追求與成本削減、供應商整合、合併後整合和金融科技新一波外包相關的機會。話雖如此，我們仍有許多工作要做，我們將密切監測環境以預測客戶需求的變化。迄今為止，我已經與 100 多家客戶的最高管理層執行人員進行了面對面或虛擬會面，他們代表了我們幾乎所有的行業領域和所有主要地區。

Several themes have surfaced from these candid conversations. We have a strong goodwill with our clients and they continue to recognize our culture of client centricity. They say we are easy to work with, attentive to nurturing our client relationships and deeply understand their businesses. They like our entrepreneurial approach to developing solutions to their challenges. They also appreciate our humility, our willingness to learn, listen and adapt. I believe the longevity and depth of our relationships have created a lot of accumulated trust.

這些坦誠的談話中出現了幾個主題。我們對客戶懷有強烈的善意，他們繼續認可我們以客戶為中心的文化。他們說我們很容易合作，注重培養我們的客戶關係並深入了解他們的業務。他們喜歡我們的創業方法來為他們的挑戰開發解決方案。他們也欣賞我們的謙遜，以及我們學習、傾聽和適應的意願。我相信我們之間長久而深入的關係已經積累了很多信任。

By the way, none of our clients I spoke to mentioned about Cognizant's digital mix. I believe that's because digital and nondigital capabilities have converged to the point where the distinction between the two is less significant. Instead, the differentiator many clients have spoken about is how well positioned Cognizant is at the confluence of technology and industry domains. Given that our digital mix is no longer a true measure of the value we are providing to clients, we have decided to stop disclosing this metric.

順便說一句，我採訪過的客戶中沒有一個提到 Cognizant 的數字組合。我相信這是因為數字和非數字能力已經融合到兩者之間的區別不那麼重要的地步。相反，許多客戶談到的差異化因素是 Cognizant 在技術和行業領域交匯處的定位。鑑於我們的數字組合不再是我們為客戶提供的價值的真實衡量標準，我們決定停止披露該指標。

With that said, clients want more from us. They trust us with their agenda, strategies and competitive challenges. They tell me Cognizant has earned the right to challenge their thinking and be a strategic partner who co-create solutions with them and offers insights on improving their operations. Overall, I came away with the sense that many clients are fans of our company.

話雖如此，客戶希望從我們這裡得到更多。他們在議程、戰略和競爭挑戰方面信任我們。他們告訴我，Cognizant 已經贏得了挑戰他們思維的權利，並成為與他們共同創建解決方案並提供改善他們運營的見解的戰略合作夥伴。總的來說，我覺得很多客戶都是我們公司的粉絲。

What also surfaced is that most clients are grappling with largely similar challenges, although with variations by industry. Their cost basis reflect the higher growth levels seen during the pandemic era, prompting an intensified focus on optimizing cost and efficiency and building greater resilience. They need to digitize workflows, enhance their customer and employee experiences and boost the efficiency of their commercial and operational teams.

同樣浮出水面的是，大多數客戶都在努力應對大致相似的挑戰，儘管各行業有所不同。他們的成本基礎反映了大流行時期更高的增長水平，促使人們更加關注優化成本和效率以及建立更大的彈性。他們需要將工作流程數字化，增強客戶和員工體驗，並提高商業和運營團隊的效率。

In that context, I thought it would be useful to mention a few recent client wins that underscore the strategic cloud-focused work we do for clients and a skill-as-a-systems integrator. We are partnering with Microsoft to build an integration road map between our TriZetto health products and the cloud for Healthcare. Our shared aim is to give payers and providers easy access to cutting-edge technology solutions, streamlined claims management and improved interoperability to deliver better patient and member experiences.

在這種情況下，我認為提及最近的一些客戶勝利會很有用，這些勝利強調了我們為客戶和系統集成商所做的以雲為中心的戰略工作。我們正在與 Microsoft 合作，在我們的 TriZetto 健康產品和醫療保健雲之間構建集成路線圖。我們的共同目標是讓付款人和提供者輕鬆獲得尖端技術解決方案、簡化索賠管理和改進互操作性，以提供更好的患者和會員體驗。

In a new win, we are working with Boehringer Ingelheim to speed the development and improve the accuracy of their life-saving therapies. We help our clients unify medicinal development processes and data into unified cloud platform and enhance the collaboration across clinical, regulatory and quality functions. We've been engaged by works within Group Ireland to reengineer its siloed contact center platform into omnichannel customer service landscape that will deliver more personalized agent and customer experiences using Salesforce Cloud and Amazon Connect. And last week, we announced a new 5-year agreement to transform and support the global technology operations of a long-term client, Nike. We will help drive customer, employee and partner experiences from Nike by leveraging hyper-automation, AI and processing reengineering. These are just a few examples. In short, our capabilities are in demand as clients navigate an uncertain macroeconomic environment.

在一項新的勝利中，我們正在與勃林格殷格翰合作，以加快開發並提高其救生療法的準確性。我們幫助客戶將藥物開發流程和數據統一到統一的雲平台中，並加強臨床、監管和質量職能部門之間的協作。我們已與 Group Ireland 的工作合作，將其孤立的聯絡中心平台重新設計為全渠道客戶服務環境，這將使用 Salesforce Cloud 和 Amazon Connect 提供更加個性化的代理和客戶體驗。上週，我們宣布了一項新的 5 年協議，以轉變和支持長期客戶耐克的全球技術運營。我們將利用超級自動化、人工智能和流程再造，幫助提升耐克的客戶、員工和合作夥伴體驗。這些只是幾個例子。簡而言之，隨著客戶應對不確定的宏觀經濟環境，我們的能力受到追捧。

Let's turn to the company's 3 focus areas of growth enablers and the progress we are beginning to make. The first of these is to become an employer of choice. We recognize this as a multiyear undertaking. To take the pulse of employee sentiment, I've been using every communication channel available to get unfiltered feedback from tens of thousands of associates to learn what's working well and what needs to improve. As a part of my immersion, I spent 2 weeks in India visiting a half a dozen cities where we have major facilities, along with traveling to see associates in the U.K., Switzerland, Canada and across the U.S. I've been moved by our associates warmth, enthusiasm and energy, and what I'm hearing from them is very encouraging. In this post-pandemic era, we are back to walking the corridors of our clients, mining relationships and building new ones, and we're revitalizing our ability to land and expand within existing clients as we steadily bring on new accounts.

讓我們談談公司的 3 個增長推動因素的重點領域以及我們開始取得的進展。首先是成為首選雇主。我們認識到這是一項多年的事業。為了把握員工情緒的脈搏，我一直在利用所有可用的溝通渠道從數万名員工那裡獲得未經過濾的反饋，以了解哪些方面運作良好，哪些方面需要改進。作為沈浸式體驗的一部分，我在印度度過了 2 週時間，參觀了我們擁有主要設施的六個城市，同時還拜訪了英國、瑞士、加拿大和美國各地的同事。我被我們的同事感動了熱情、熱情和活力，我從他們那裡聽到的消息非常鼓舞人心。在這個大流行後時代，我們又回到了走客戶的走廊，挖掘關係並建立新客戶，並且在穩步吸引新客戶的同時，我們正在重振我們在現有客戶中登陸和擴展的能力。

Across the organization, I see a rising pride in the company. Associates at all levels of our company want to partner with me to begin writing the next chapter in Cognizant's nearly 30-year history and are moving forward with renewed confidence about the future. To be an employer of choice, we need to meet the demands of a diverse workforce that spans geographies, generation and the range of work and life priorities. Here are a few of our approaches.

在整個組織中，我看到了對公司日益增長的自豪感。我們公司各級員工都希望與我合作，開始書寫 Cognizant 近 30 年曆史的新篇章，並對未來充滿信心地向前邁進。要成為首選雇主，我們需要滿足跨越地域、世代以及工作和生活優先事項範圍的多元化勞動力的需求。以下是我們的一些方法。

We have made career progression easier by expanding our internal job board process and redesigning the promotion process to increase more movement across our organization. We have intensified our focus on continuous upscaling and learning by expanding our learning library, running internal learning and development campaigns and launching a new leadership training initiative for people at all levels. We have had 3 merit increases in 18 months for the majority of our associates who are in the levels up to associate director. And over the past couple of years, we've invested significantly more in compensation. In addition, we are stepping up the efforts to get our associates to return to office because doing so, we believe, helps build and sustain our culture and helps associates build their social capital with colleagues.

我們通過擴展內部招聘流程和重新設計晉升流程來增加整個組織的流動性，從而使職業發展變得更加容易。我們通過擴大我們的學習庫、開展內部學習和發展活動以及為各級人員推出新的領導力培訓計劃，加強了對持續升級和學習的關注。對於大多數處於副總監級別的員工，我們在 18 個月內獲得了 3 次績效提升。在過去幾年中，我們在薪酬方面投入了更多資金。此外，我們正在加緊努力讓我們的員工重返辦公室，因為我們相信這樣做有助於建立和維持我們的文化，並幫助員工與同事建立社會資本。

To tap into the creativity of our more than 350,000 associates, we are launching a grassroots innovation movement because I believe innovative ideas can come from everyone. This program called Blue Bold encourages and celebrates the thousands of flashes of inspiration that our associates have every day as they innovate for our clients. Over the coming months, we plan to train more than 20,000 additional project leads in our innovation methods and generate over 100,000 ideas for client to use rapid prototyping and the identification of new opportunities.

為了挖掘我們超過 350,000 名員工的創造力，我們正在發起一項草根創新運動，因為我相信創新想法可以來自每個人。這個名為 Blue Bold 的計劃鼓勵並慶祝我們的員工在為客戶創新時每天閃現的成千上萬的靈感。在接下來的幾個月裡，我們計劃在我們的創新方法中培訓超過 20,000 名額外的項目負責人，並為客戶產生超過 100,000 個想法，以使用快速原型製作和識別新機會。

A second focus area I've spoken about is accelerating revenue growth and building commercial momentum, especially by strengthening our ability to win large deals. Our Q1 bookings were a balance of renewals, expansions and new engagements, which we believe will provide revenue opportunities for us later in the year and well into 2024. Our strong bookings growth in the quarter, including 4 deals with a total contract value of about $100 million.

我談到的第二個重點領域是加速收入增長和建立商業勢頭，尤其是通過加強我們贏得大宗交易的能力。我們第一季度的預訂是續約、擴展和新合同的平衡，我們相信這將為我們在今年晚些時候和 2024 年提供收入機會。我們在本季度的預訂增長強勁，包括 4 筆交易，合同總價值約為1億美元。

To cite one large deal, one recent large deal, Horizon Healthcare Services selected us to manage their claims processing and counter submissions to the state and enrollment services for their 1.2 million members. In the 7-year renewal agreement, we will bring to bear advanced automation solutions for our TriZetto product suite to help Horizon expedite the claims payment process and ensure accuracy in support of their member services. Our large deal pipeline remains healthy for the next couple of quarters. Large deal bookings that aligned with our risk appetite are essential to building commercial momentum, but they can take time to ramp up and realize revenue. We are working on strengthening and industrializing delivery to support our execution of large deals.

引用一筆大交易，最近的一筆大交易，Horizon Healthcare Services 選擇我們來管理他們向州政府提交的索賠處理和櫃檯提交以及他們 120 萬會員的註冊服務。在為期 7 年的續約協議中，我們將為我們的 TriZetto 產品套件帶來先進的自動化解決方案，以幫助 Horizon 加快理賠支付流程並確保支持其會員服務的準確性。在接下來的幾個季度中，我們的大宗交易管道仍然健康。符合我們風險偏好的大宗交易預訂對於建立商業勢頭至關重要，但它們可能需要時間來增加和實現收入。我們正在努力加強和工業化交付，以支持我們執行大型交易。

Moving to our third priority, operational excellence. As you may recall from our last call, I said that internal simplification would be a theme we will carry forward to help achieve the company's full potential. Our drive for simplification will include operating with fewer layers to deliver greater agility along with realigning the business to be closer to our clients and employees, and of course, to increase a growth mindset. This endeavor named NextGen is aimed at building the enterprise of the future by simplifying our business operations, optimizing our corporate functions and realigning our workforce to a post-pandemic era of hybrid and redistributed work. This shift will provide an opportunity to rationalize the workspaces across the world and especially in India's largest cities where we're distributing some real estate to smaller cities where we can expand and by modernizing some existing space. We expect the structural shift in our real estate costs to help eliminate 80,000 seats and 11 million square feet in large cities in India. This shift will also enable us to invest in collaboration spaces in smaller cities while creating structural savings for the future that we can invest in our people and growth opportunities.

轉到我們的第三個優先事項，卓越運營。您可能還記得我們上次電話會議時說過，內部簡化將是我們將推進的一個主題，以幫助實現公司的全部潛力。我們對簡化的推動將包括以更少的層級運營以提供更大的敏捷性，同時重新調整業務以更貼近我們的客戶和員工，當然，還要增強成長心態。這項名為 NextGen 的努力旨在通過簡化我們的業務運營、優化我們的企業職能以及重新調整我們的員工隊伍以適應混合和重新分配工作的後大流行時代來建設未來的企業。這種轉變將提供一個機會，使世界各地的工作空間合理化，尤其是在印度最大的城市，我們正在將一些房地產分配到我們可以擴展的較小城市，並通過對現有空間進行現代化改造。我們預計房地產成本的結構性轉變將有助於消除印度大城市的 80,000 個座位和 1,100 萬平方英尺。這種轉變還將使我們能夠投資於較小城市的協作空間，同時為未來創造結構性儲蓄，我們可以投資於我們的人員和增長機會。

We expect this program to help enable us to deliver margin expansion in the range of 20 to 40 basis points in 2024 while supporting a large deal pipeline. Combined with our efforts to increase utilization, improve delivery efficiency, maintain disciplined pricing and a lower attrition, we believe we have the levers to drive modest margin expansion over the next several years while we continue to fund growth investments in 2024 and beyond. Recognizing how much work we have ahead of us, I plan to provide periodic updates about our progress in achieving these 3 priorities.

我們預計該計劃將幫助我們在 2024 年實現 20 至 40 個基點範圍內的利潤率擴張，同時支持大量交易管道。結合我們在提高利用率、提高交付效率、保持有紀律的定價和降低人員流失方面所做的努力，我們相信我們有能力在未來幾年推動適度的利潤率擴張，同時我們將繼續為 2024 年及以後的增長投資提供資金。認識到我們面前有多少工作要做，我計劃定期更新我們在實現這 3 個優先事項方面的進展。

Let's spend a moment on the demand environment and tech trends. We are carefully monitoring what remains an uncertain macroeconomic environment and with its potential for shifts in client priorities. That said, we are optimistic about our long-term opportunity within the IT services market. The demand for solutions and business outcomes remain solid as technology becomes core to nearly every business. The tech trend on everyone's mind is Generative AI with recent breakthroughs offering the potential to fundamentally transform our clients' businesses and increase our own productivity. To that end, we are accelerating our investment in generative AI. Our AI accelerator process uses studio environments to collaborate with clients to identify priority AI use cases and rapidly implement prototype solutions for field testing. We have conducted ideation sessions with over 30 clients and are now working to industrialize solutions to their common challenges. We believe generative AI will revolutionize the technology services industry, creating higher rates of productivity and driving greater prominence for software and data engineering expertise. We are using AI to enhance our own creativity and productivity. We are operating pilots that use generative AI to accelerate consulting, design, engineering and operations with the long-term goal of doubling the productivity of our associates.

讓我們花點時間了解需求環境和技術趨勢。我們正在仔細監測仍然不確定的宏觀經濟環境及其改變客戶優先事項的可能性。也就是說，我們對我們在 IT 服務市場中的長期機會持樂觀態度。隨著技術成為幾乎所有業務的核心，對解決方案和業務成果的需求依然強勁。每個人心目中的技術趨勢是生成式人工智能，其最近的突破提供了從根本上改變客戶業務並提高我們自己的生產力的潛力。為此，我們正在加速對生成人工智能的投資。我們的 AI 加速器流程使用工作室環境與客戶協作，以確定優先 AI 用例并快速實施用於現場測試的原型解決方案。我們已經與 30 多個客戶進行了構思會議，現在正致力於將解決方案工業化以應對他們面臨的共同挑戰。我們相信生成式 AI 將徹底改變技術服務行業，創造更高的生產力，並推動軟件和數據工程專業知識更加突出。我們正在使用人工智能來提高我們自己的創造力和生產力。我們正在運營使用生成式 AI 來加速諮詢、設計、工程和運營的試點，其長期目標是將我們員工的生產力提高一倍。

With that in mind, last month, we launched a Neuro IT Operations, a next-generation platform that brings new levels of automation and intelligence to applications and infrastructure operations. By applying an AI-led automation-first approach, we are enabling enterprises to innovate faster and drive down cost and risk. We believe that enacting new IT operations can actually reduce operational costs by 25% to 45%, reduce mean time to delivery and mean time to detect by 30% to 50% and reduce FTEs by 15% to 30% compared with the use of traditional approaches.

考慮到這一點，上個月，我們推出了 Neuro IT Operations，這是一個下一代平台，可為應用程序和基礎設施運營帶來更高水平的自動化和智能。通過應用以人工智能為主導的自動化優先方法，我們使企業能夠更快地創新並降低成本和風險。我們認為，與使用傳統技術相比，實施新的 IT 運營實際上可以將運營成本降低 25% 到 45%，平均交付時間和平均檢測時間減少 30% 到 50%，FTE 減少 15% 到 30%方法。

Across every industry, the cloud is today the biggest transformational opportunity, and therefore, our clients need a partner that can orchestrate cloud in a heterogeneous environment. In response, we just introduced a new cloud platform called Cognizant Skygrade. This multi-hybrid cloud and edge management platform applies an industry-focused approach designed to help clients transition to a modern cloud-native architecture, develop modern applications that evolve with the pace of business and streamline the cloud management operations. With Skygrade, we believe we can accelerate migration and modernization programs by shortening transformation time by 20% to 40%, resulting in faster value realization while reducing ongoing run and governance costs by 15% to 25%.

在每個行業中，雲是當今最大的轉型機會，因此，我們的客戶需要一個能夠在異構環境中協調雲的合作夥伴。作為回應，我們剛剛推出了一個名為 Cognizant Skygrade 的新雲平台。這種多混合雲和邊緣管理平台採用以行業為中心的方法，旨在幫助客戶過渡到現代云原生架構，開發與業務同步發展的現代應用程序，並簡化雲管理操作。借助 Skygrade，我們相信我們可以通過將轉型時間縮短 20% 至 40% 來加速遷移和現代化計劃，從而更快地實現價值，同時將持續運行和治理成本降低 15% 至 25%。

To wrap up, I stand behind my initial assessment that Cognizant has the strong foundation in place on which we could accelerate growth. I am especially optimistic about the strength of our portfolio and partner ecosystem, combined with our ability to create value for our clients at the intersection of technology and industry use cases. We recognize that our renewed strength in bookings momentum is helping us replenish a softer backlog from the past 9 months, and we believe we can demonstrate improved growth towards the end of this year and in 2024.

總而言之，我支持我的初步評估，即 Cognizant 擁有堅實的基礎，我們可以在此基礎上加速增長。我特別看好我們的產品組合和合作夥伴生態系統的實力，以及我們在技術和行業用例的交叉點為客戶創造價值的能力。我們認識到，我們在預訂勢頭方面的新實力正在幫助我們補充過去 9 個月以來較疲軟的積壓訂單，我們相信我們可以在今年年底和 2024 年展示出更好的增長。

With that, I'll turn the call over to Jan to provide additional details on the quarter and our outlook for 2023. Jan, over to you.

有了這個，我將把電話轉給 Jan，提供有關本季度的更多細節和我們對 2023 年的展望。Jan，交給你。

Thank you, Ravi, and good afternoon, everyone. Before I touch on the details of the first quarter, I would like to spend a moment on the NexGen program we announced today. During the second quarter, we initiated NexGen to simplify our operating model, optimize our corporate functions and realign our office space to reflect our hybrid work environment. We expect to record total estimated NexGen costs of $400 million, approximately $350 million in 2023 and $50 million in 2024. This consists of $200 million of employee severance and other costs primarily related to non-billable and corporate personnel which we expect to mostly incur in 2023. The personnel-related actions under this program are expected to impact approximately 3,500 associates or approximately 1% of our total workforce. We expect to realize savings from our NexGen initiative in the back half of this year.

謝謝拉維，大家下午好。在談到第一季度的細節之前，我想花點時間談談我們今天宣布的 NexGen 計劃。在第二季度，我們啟動了 NexGen 以簡化我們的運營模式、優化我們的公司職能並重新調整我們的辦公空間以反映我們的混合工作環境。我們預計 NexGen 的總估計成本為 4 億美元，2023 年約為 3.5 億美元，2024 年約為 5000 萬美元。這包括 2 億美元的員工遣散費和其他主要與非計費人員和公司人員相關的費用，我們預計這些費用主要發生在2023 年。該計劃下的人事相關行動預計將影響大約 3,500 名員工或我們員工總數的大約 1%。我們希望在今年下半年通過我們的 NexGen 計劃實現節約。

The NexGen program also includes $200 million of costs related to the consolidation of office space and approximately $150 million in 2023 and $50 million in 2024. We do not anticipate these real estate actions will begin to generate savings until 2024. By 2025, we expect to reduce our annual real estate costs by approximately $100 million versus 2022. This reduction is net of investments to expand our real estate footprint in smaller cities, primarily in India, in support of our hybrid work strategy.

NexGen 計劃還包括與辦公空間整合相關的 2 億美元成本，2023 年約為 1.5 億美元，2024 年約為 5000 萬美元。我們預計這些房地產行動要到 2024 年才會開始產生節省。到 2025 年，我們預計與 2022 年相比，我們的年度房地產成本減少了約 1 億美元。這一減少扣除了為支持我們的混合工作戰略而擴大我們在較小城市（主要是印度）的房地產足蹟的投資。

Our full year operating margin outlook includes the anticipated impact of these actions. As Ravi mentioned, we expect this program to help enable us to deliver 20 to 40 basis points of margin expansion in 2024, in addition to funding revenue growth opportunities. This 2024 expectation assumes no further deterioration of the economic environment. Beyond 2024, we are focused on driving structural cost improvements to fund investments to support revenue growth, our people and modernization of facilities while driving consistent, modest margin expansion.

我們的全年營業利潤率展望包括這些行動的預期影響。正如 Ravi 提到的那樣，我們希望該計劃能夠幫助我們在 2024 年實現 20 至 40 個基點的利潤率擴張，此外還為收入增長機會提供資金。這一 2024 年的預期假設經濟環境不會進一步惡化。 2024 年以後，我們將專注於推動結構性成本改善，為投資提供資金，以支持收入增長、我們的員工和設施現代化，同時推動持續、適度的利潤增長。

Now moving on to the details for the quarter. We were pleased to deliver revenue above the high end of our guidance range, strong free cash flow and healthy large deal bookings, which has helped us to begin to replenish our backlog following muted bookings growth throughout 2022. First quarter revenue was $4.8 billion, representing a decline of 30 basis points year-over-year or growth of plus 1.5% in constant currency. Year-over-year growth includes approximately 100 basis points of growth from our recent acquisitions. As Ravi mentioned, we were pleased with our bookings performance in the first quarter, including the mix shift towards larger deals. We also exited the quarter with a strong pipeline of larger opportunities across industries. At the same time, we also saw pressure in smaller contracts, which we believe is a result of a softer discretionary spending being driven by the macro environment. This environment has a near-term impact on our revenue in the second quarter, which I will touch on in my guidance commentary.

現在繼續討論本季度的細節。我們很高興實現高於指導範圍高端的收入、強勁的自由現金流和健康的大宗交易預訂，這幫助我們在整個 2022 年的預訂增長緩慢後開始補充積壓訂單。第一季度收入為 48 億美元，代表按固定匯率計算同比下降 30 個基點或增長 1.5%。同比增長包括我們最近收購的約 100 個基點的增長。正如 Ravi 所提到的，我們對第一季度的預訂表現感到滿意，包括向更大交易的組合轉變。我們在本季度結束時還擁有大量跨行業的更大機會。與此同時，我們也看到了較小合同的壓力，我們認為這是宏觀環境推動可自由支配支出走軟的結果。這種環境對我們第二季度的收入有短期影響，我將在我的指導評論中談到這一點。

Moving on to segment results for the first quarter where all growth rates provided will be year-over-year in constant currency. Within Financial Services, revenue declined 1%. Revenue pressure within our North American portfolio was partially offset by growth in our global growth markets, which was driven by public sector and insurance clients. In the first quarter, bookings growth within financial services outpaced the total company, and we are seeing an improving pipeline of opportunities over the next 12 months. While we have begun to see signs of stabilization, we are still rebuilding our backlog as we continue to navigate an uncertain macro environment. We believe this uncertainty has impacted the pace of client decision-making and put pressure on discretionary budgets. It has also resulted in new pipeline opportunities around cost savings, efficiency and vendor consolidation which we are actively pursuing.

繼續第一季度的細分結果，其中提供的所有增長率都將按固定匯率計算。在金融服務中，收入下降了 1%。我們北美投資組合的收入壓力部分被我們全球增長市場的增長所抵消，這是由公共部門和保險客戶推動的。第一季度，金融服務領域的預訂增長超過了整個公司，我們看到未來 12 個月的機會渠道有所改善。雖然我們已經開始看到穩定的跡象，但隨著我們繼續應對不確定的宏觀環境，我們仍在重建積壓的訂單。我們認為，這種不確定性影響了客戶決策的速度，並對可自由支配的預算施加了壓力。它還在我們積極追求的成本節約、效率和供應商整合方面帶來了新的管道機會。

Health Sciences revenue grew 4%, consistent with last quarter. Growth was driven by increased demand from health care payer clients for our integrated software solutions. Products and Resources revenue grew 1%, reflecting inorganic contribution from recently completed acquisitions and continued strength among logistics, utility and travel and hospitality customers. This was partially offset by pressure from retail, consumer goods and manufacturing customers, which we believe reflects the economic environment. Communications, Media and Technology revenue grew 4%, reflecting slower growth among our largest technology clients and muted growth among communications and media clients. Similar to our other segments, we believe the macroeconomic environment is impacting the pace of decision-making and discretionary spending among our CMT clients.

健康科學收入增長 4%，與上一季度一致。醫療保健支付客戶對我們的集成軟件解決方案的需求增加推動了增長。產品和資源收入增長 1%，反映了最近完成的收購的無機貢獻以及物流、公用事業、旅遊和酒店客戶的持續增長。這部分被來自零售、消費品和製造業客戶的壓力所抵消，我們認為這反映了經濟環境。通信、媒體和技術收入增長 4%，反映出我們最大的技術客戶增長放緩以及通信和媒體客戶增長緩慢。與我們的其他部門類似，我們認為宏觀經濟環境正在影響我們 CMT 客戶的決策速度和可自由支配的支出。

Continuing with our year-over-year growth in constant currency from a geographic perspective in Q1. North America revenue declined 1%. This performance reflected declines within Financial Services and Products and Resources, partially offset by growth in Health Sciences. Our global growth markets, or GGM, which includes all revenue outside of North America, grew approximately 7%. Growth was again led by the U.K., which grew 14% and included strong double-digit growth within Financial Services, including public sector clients and CMT.

從第一季度的地理角度來看，我們繼續以固定匯率計算同比增長。北美收入下降 1%。這一業績反映了金融服務和產品與資源業務的下滑，部分被健康科學業務的增長所抵消。我們的全球增長市場或 GGM（包括北美以外的所有收入）增長了約 7%。增長再次由英國引領，增長 14%，其中包括金融服務領域的強勁兩位數增長，包括公共部門客戶和 CMT。

Now moving on to margins. In Q1, both our GAAP and adjusted operating margins were 14.6% as there were no non-GAAP adjustments in the quarter. On a year-over-year basis, both GAAP and adjusted operating margin declined by 40 basis points. This primarily reflects gross margin pressure from increased compensation costs, partially offset by tailwinds from the depreciation of the Indian rupee, lower SG&A expenses and the benefit of 2022 pricing actions. Our GAAP tax rate in the quarter was 21.4%. The adjusted tax rate in the quarter was 22.5%. Our effective tax rate included a discrete benefit from a settlement of prior year tax audits. Year 1, diluted GAAP EPS was $1.14 and adjusted EPS was $1.11, up 7% and 3% year-over-year, respectively.

現在轉向利潤率。在第一季度，我們的 GAAP 和調整後營業利潤率均為 14.6%，因為本季度沒有進行非 GAAP 調整。與去年同期相比，GAAP 和調整後的營業利潤率均下降了 40 個基點。這主要反映了薪酬成本增加帶來的毛利率壓力，部分被印度盧比貶值、較低的 SG&A 費用和 2022 年定價行動的好處所抵消。我們本季度的 GAAP 稅率為 21.4%。本季度調整後的稅率為 22.5%。我們的有效稅率包括來自上一年稅務審計結算的離散收益。第 1 年，攤薄後的 GAAP 每股收益為 1.14 美元，調整後的每股收益為 1.11 美元，同比分別增長 7% 和 3%。

Now turning to the balance sheet. We ended the quarter with cash and short-term investments of $2.5 billion or net cash of $1.8 billion. DSO of 73 days was down 1 day sequentially and increased 1 day year-over-year. Free cash flow in Q1 was $631 million, representing approximately 110% of net income. This compares to free cash flow of $186 million in the prior year period, which represented approximately 35% of net income. The increase in free cash flow was driven by strong collections. During the quarter, we repurchased 3.2 million shares for $200 million under our share repurchase program and returned $150 million to shareholders through our regular dividend. We also closed 2 acquisitions in the quarter, Mobica, which helps bolster our IoT software engineering capabilities; and the professional and application management services business of OneSource Virtual, a Workday partner. Over the last 6 months, we have deployed approximately $800 million of capital across 4 acquisitions.

現在轉向資產負債表。我們以 25 億美元的現金和短期投資或 18 億美元的淨現金結束了本季度。 73 天的 DSO 環比下降 1 天，同比增加 1 天。第一季度的自由現金流為 6.31 億美元，約占淨收入的 110%。相比之下，去年同期的自由現金流為 1.86 億美元，約占淨收入的 35%。強勁的收款推動了自由現金流的增加。本季度，我們根據股票回購計劃以 2 億美元的價格回購了 320 萬股股票，並通過定期股息向股東返還了 1.5 億美元。我們還在本季度完成了 2 項收購，Mobica，這有助於增強我們的物聯網軟件工程能力；以及 Workday 合作夥伴 OneSource Virtual 的專業和應用程序管理服務業務。在過去 6 個月中，我們通過 4 次收購部署了大約 8 億美元的資金。

Before we move to our outlook, I would like to spend a moment to discuss the change in our attrition disclosure. As you heard Ravi mentioned, we are now disclosing voluntary attrition tech services on a trailing 12-month basis, which we believe is most relevant to our business. This new metric includes all employees, except those in our intuitive operations automation practice, and replaces our prior disclosure.

在我們轉向我們的展望之前，我想花點時間討論一下我們的減員披露的變化。正如你聽到 Ravi 提到的那樣，我們現在在過去 12 個月的基礎上披露自願減員技術服務，我們認為這與我們的業務最相關。這個新指標包括所有員工，除了我們直觀的操作自動化實踐中的員工，並取代了我們之前的披露。

Now turning to our forward outlook. For the second quarter, we expect revenue in the range of $4.83 billion to $4.88 billion, representing a year-over-year decline of 1.6% to minus 0.6%, or a decline of minus 1% to flat in constant currency. Our guidance assumes currency will have a negative 60 basis points impact as well as an inorganic contribution of approximately 100 basis points. We are also providing initial full year 2023 revenue and operating margin guidance. Our focus for the remainder of the year is to continue to replenish our backlog to successive quarters of strong bookings performance, which we believe would improve revenue momentum towards the end of this year and as we enter 2024. For the full year, we are guiding revenue in the range of $19.2 billion to $19.6 billion, representing a decline of minus 1.2% to growth of plus 0.8%, or a decline of minus 1% to growth of plus 1% in constant currency. Inorganic contribution is expected to be approximately 100 basis points. This assumes no major deterioration in the demand environment, and our assumption that large deals we have signed and expect to sign in Q2 begin to ramp more meaningfully in the second half of the year.

現在轉向我們的前瞻性展望。對於第二季度，我們預計收入在 48.3 億美元至 48.8 億美元之間，同比下降 1.6% 至負 0.6%，或按固定匯率計算下降負 1% 至持平。我們的指導假設貨幣將產生 60 個基點的負面影響以及約 100 個基點的無機貢獻。我們還提供了初步的 2023 年全年收入和營業利潤率指導。我們今年剩餘時間的重點是繼續補充我們連續幾個季度強勁預訂表現的積壓訂單，我們相信這將在今年年底和我們進入 2024 年時改善收入勢頭。全年，我們正在指導收入在 192 億美元至 196 億美元之間，即下降 -1.2% 至增長 0.8%，或按固定匯率計算下降 -1% 至增長 1%。無機貢獻預計約為 100 個基點。這是假設需求環境沒有明顯惡化，我們假設我們已經簽署和預計將在第二季度簽署的大型交易在今年下半年開始更有意義地增加。

Moving on to the adjusted operating margin. We are guiding operating margin to be in the range of 14.2% to 14.7%. Our margin outlook is impacted by several factors. First, we expect the macroeconomic environment will impact pricing, which was a key lever for us in 2022 to help offset the elevated wage inflation. Second, we are achieving a faster pace of large deals than we initially anticipated. These larger deals generally have a dilutive impact in the first year. Finally, as mentioned, the NexGen program is not expected to drive meaningful savings until the back half of this year. For real estate, we anticipate initial savings in 2024 and a full run rate in 2025. Our operating margin guidance also assumes a sequential decline in Q2 as a result of the merit cycle that took effect from April 1. As a reminder, this is our second merit cycle for the majority of our employees in the last 6 months. We anticipate 2023 interest income of approximately $85 million, reflecting the higher interest rate environment, and an adjusted tax rate in the range of 24% to 26%. In 2023, we expect to deploy approximately $800 million on share repurchases, including the activity in Q1. This assumes repurchase activity above our long-term capital allocation framework and will reduce our weighted average share count by approximately 2.5% in 2023. Based on the share repurchase activity, we anticipate full year average shares outstanding of approximately 506 million. This leads to our full year adjusted earnings per share guidance of $4.11 to $4.34, which reflects our wider-than-typical operating margin guidance.

繼續調整後的營業利潤率。我們指導營業利潤率在 14.2% 至 14.7% 的範圍內。我們的利潤率前景受到多種因素的影響。首先，我們預計宏觀經濟環境將影響定價，這是我們在 2022 年幫助抵消工資上漲的關鍵槓桿。其次，我們實現大型交易的速度比我們最初預期的要快。這些規模較大的交易通常會在第一年產生稀釋影響。最後，如前所述，NexGen 計劃預計要到今年下半年才能帶來有意義的節省。對於房地產，我們預計 2024 年將實現初步節省，2025 年將實現全面運行。我們的營業利潤率指導還假設，由於 4 月 1 日起生效的績效週期，第二季度將連續下降。提醒一下，這是我們的在過去 6 個月中，我們大多數員工的第二個績效週期。我們預計 2023 年的利息收入約為 8500 萬美元，這反映了較高的利率環境以及 24% 至 26% 的調整後稅率。到 2023 年，我們預計將部署約 8 億美元的股票回購，包括第一季度的活動。這假設回購活動超出了我們的長期資本配置框架，並將在 2023 年將我們的加權平均股份數量減少約 2.5%。根據股份回購活動，我們預計全年平均流通股數約為 5.06 億股。這導致我們的全年調整後每股收益指引為 4.11 美元至 4.34 美元，這反映了我們高於典型的營業利潤率指引。

Finally, we are targeting free cash flow conversion of approximately 90% of net income, which assumes the negative impact from the changes in the U.S. tax law that we discussed in February. We now estimate the negative year-over-year impact of $540 million from this change, which is slightly down from our prior estimate. This includes approximately $300 million in deferred payments relating to 2022.

最後，我們的目標是將自由現金流轉換為大約 90% 的淨收入，這假設了我們在 2 月份討論的美國稅法變化帶來的負面影響。我們現在估計這一變化的同比負面影響為 5.4 億美元，略低於我們之前的估計。這包括與 2022 年相關的大約 3 億美元的延期付款。

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

有了這個，我們將打開您的問題的電話。

(Operator Instructions) Our first question comes from Lisa Ellis with MoffettNathanson.

（操作員說明）我們的第一個問題來自 Lisa Ellis 和 MoffettNathanson。

Terrific. Good nice uptick here on the bookings side. I just wanted to talk about this dynamic a little bit, maybe understand it a little bit more as it's something that has been a little bit of a struggle with Cognizant over the last few years. You're showing 9%, I think, bookings growth year-on-year, but that was a book-to-bill of like 1.3x, which is -- implies a bit of a disconnect in sort of how bookings translate to revenues. Can you just talk a little bit -- I know you mentioned you're refilling the backlog and you're expecting to come in later in the year. Can you just help us a little bit again with how we should think about that dynamic, the translation of bookings into revenue and the timing and maybe what's going on with the backlog or with the underlying base of revenue?

了不起。預訂方面的增長非常好。我只是想稍微談談這種動態，也許對它有更多的了解，因為在過去的幾年裡，它一直在與 Cognizant 進行一些鬥爭。你顯示的是 9%，我認為，預訂量同比增長，但這是一個大約 1.3 倍的訂單出貨量，這意味著預訂轉化為收入的方式有點脫節.你能談一談嗎——我知道你提到過你正在補充積壓的工作，你預計會在今年晚些時候進來。您能否再次幫助我們了解一下我們應該如何考慮這種動態，將預訂轉化為收入和時間以及積壓或潛在收入基礎的情況？

Thank you, Lisa. I'm going to -- this is Ravi here. I'm going to start off and then ask Jan to add. We recorded very strong bookings, 28% year-on-year and 12-month trailing bookings of $25.6 billion. And you're right, book-to-bill ratio is about 1.3x. I think the way to see it is it has multiple factors associated with it. First and foremost, how much of it is renewable? How much of it is new? How much of it is expansion? While we don't give those numbers out, we had healthy expansion and new business in comparison to the past. We had 4 large deals more than total contract value of $100 million. Just to give you an order of magnitude, last year, same quarter, we did not have any large deals. Large deals come with a little bit of -- it comes with a runway where a lot of it is at the end of the cycle or rather at the back of the cycle. Short deals, small deals come with immediate short-fuse demand, which gives you revenue on the short run. Large deals give you revenue on the medium to long run, while in the short run, they take a little time to ramp up. So in summary, how this translates to revenue in the short and the medium and the long run is dependent on what percentage of it is large deals, what percentage of it is small deals. You would appreciate small deals are actually a little softer for us because we've -- we know that the discretionary spend is softening in the economic environment we are in. So the large deals gives us the opportunity to accrue revenues at the back end of this year and the next year while we build the pipe for the future. Our pipeline is looking strong as well.

謝謝你，麗莎。我要——我是 Ravi。我要開始了，然後請 Jan 補充。我們的預訂量非常強勁，同比增長 28%，過去 12 個月的預訂量為 256 億美元。你是對的，訂單出貨比約為 1.3 倍。我認為看待它的方式是它有多種相關因素。首先，其中有多少是可再生的？有多少是新的？其中有多少是擴張？雖然我們沒有給出這些數字，但與過去相比，我們有健康的擴張和新業務。我們有 4 筆大交易，總合同價值超過 1 億美元。只是給你一個數量級，去年同一季度，我們沒有任何大交易。大宗交易伴隨著一點——它伴隨著一條跑道，其中很多都在周期的末尾，或者更確切地說是在周期的末尾。做空交易，小額交易伴隨著即時的短期需求，這可以在短期內為您帶來收入。從中長期來看，大宗交易會給你帶來收入，而在短期內，它們需要一點時間才能增加。因此，總而言之，這如何轉化為短期、中期和長期的收入取決於大交易的百分比，小交易的百分比。你會明白小交易對我們來說實際上有點軟，因為我們知道，在我們所處的經濟環境中，可自由支配的支出正在減弱。所以大交易讓我們有機會在後端增加收入今年和明年，我們將為未來建造管道。我們的管道看起來也很強大。

Yes. Lisa, the 9% trailing 12 months bookings growth is really entirely driven by the very strong bookings growth in the quarter. In this quarter, as you know, we had 3 quarters of flat bookings that contributed to this overall trailing 12-month result. And so the revenue growth, in this case, will be picking up. We expect a model in our revenue guidance, some revenue impact from these larger deals picking and starting and ramping up in the second quarter -- in the second half of this fiscal year and then have a full year impact next year.

是的。麗莎，過去 12 個月 9% 的預訂量增長實際上完全是由本季度非常強勁的預訂量增長推動的。如您所知，在本季度，我們有 3 個季度的持平預訂促成了過去 12 個月的整體業績。因此，在這種情況下，收入增長將會加快。我們預計我們的收入指引中會有一個模型，這些較大的交易在第二季度開始和增加會產生一些收入影響——在本財年下半年，然後在明年產生全年影響。

So for the second quarter, impacting our guidance is also the anticipation that we see softness in the small-scale bookings. So the second quarter, in a sense, it's kind of a transition quarter, I would say, because we have the high bookings growth, hopefully, continued momentum in bookings as we go through the year. But we do have a short-term revenue impact from the decline of these shorter and smaller deals that are impacted by the economy, by discretionary spend. So that's kind of how I think best to understand the relationship between bookings and revenue growth.

因此，對於第二季度，影響我們指引的還有我們預計小規模預訂量將出現疲軟。所以第二季度，從某種意義上說，這是一個過渡季度，我想說，因為我們有很高的預訂增長，希望在我們全年的預訂中繼續保持勢頭。但我們確實對短期收入產生了影響，因為這些受經濟影響的可自由支配支出的短期和小型交易的減少。所以這就是我認為最好理解預訂和收入增長之間關係的方式。

And then maybe for my follow-up. Ravi, this one is for you. I know you mentioned you've been out talking to 100-plus clients and have now been at Cognizant for 3.5 months or so. Can you just articulate, when you're talking out there with clients, how you see Cognizant, like, really uniquely differentiated in the market when you're -- with what you're hearing back from them, what you're hearing from associates, et cetera?

然後可能是我的後續行動。拉維，這是給你的。我知道你提到你已經與 100 多個客戶交談，現在已經在 Cognizant 工作了 3.5 個月左右。當你在外面與客戶交談時，你能不能清楚地表達你如何看待 Cognizant，就像，當你從他們那裡聽到什麼，你從他們那裡聽到什麼時，在市場上真正與眾不同同事等等？

Thank you, Lisa. I've met more than 100 clients in my first 100 days across all geographies, and traveled extensively to meet them and my associates. I would say, just to keep the high-level observations, I think our clients love the confluence of technology and industry demand which Cognizant really comes with. Cognizant, if you go back to the history of Cognizant, it was bought at a time when there was a tail end of the Y2K boom, and it was born to the application outsourcing wave, which was starting off. And Cognizant built the capability on a confluence of industry and domain. And industry and domain, the confluence is very important now than ever before because we all know that we are living in a golden era of technology where the core of every business in every industry is transitioning to a technology-led core or a technology most core. So I would say we have to progressively make sure that the confluence of technology and industry, we actually demonstrate the differentiation in every industry we represent. Our biggest exposure is health care, life sciences, financial services, which is where I think we have really doubled down on this confluence and we now have to progressively build in every other industry.

謝謝你，麗莎。在我入職的前 100 天裡，我在所有地區會見了 100 多位客戶，並四處奔波與他們和我的同事會面。我想說，為了保持高水平的觀察，我認為我們的客戶喜歡 Cognizant 真正帶來的技術和行業需求的融合。 Cognizant，如果你回顧一下 Cognizant 的歷史，它是在 Y2K 繁榮末期被收購的，它誕生於剛剛起步的應用程序外包浪潮。 Cognizant 在行業和領域的融合上構建了這種能力。而行業和領域，現在的匯合比以往任何時候都非常重要，因為我們都知道我們生活在一個技術的黃金時代，每個行業的每個業務的核心都在過渡到以技術為主導的核心或以技術為核心。 .所以我想說我們必須逐步確保技術與行業的融合，我們實際上展示了我們所代表的每個行業的差異化。我們最大的風險敞口是醫療保健、生命科學、金融服務，我認為我們在這種融合方面真正加倍努力，現在我們必須逐步建立其他所有行業。

The second piece, I would say, is client centricity. I think over the years, Cognizant's growth has actually come from mining accounts with the breadth of capability Cognizant brings. And of course, the entrepreneur spirit of our teams. These are the 3 things which stood out for me. And in fact, some clients actually who have worked with us for very long, actually said we are fans of Cognizant. I mentioned that on my initial remarks. And that was -- that really stuck to me that these are clients who want us to move with them, who want us to challenge them and to want us to co-create along with them for their technology future, if I may. So there can never be a better time for the confluence of technology and industry, and I think we are so well positioned for that.

第二點，我想說的是，以客戶為中心。我認為多年來，Cognizant 的增長實際上來自挖掘賬戶以及 Cognizant 帶來的廣泛能力。當然，還有我們團隊的企業家精神。這些是讓我印象深刻的三件事。事實上，一些與我們合作了很長時間的客戶實際上說我們是 Cognizant 的粉絲。我在最初的發言中提到了這一點。那就是——真正讓我印象深刻的是，這些客戶希望我們與他們一起移動，希望我們挑戰他們，並希望我們與他們一起為他們的技術未來共同創造，如果可以的話。因此，現在是技術與工業融合的最佳時機，我認為我們已經做好了充分的準備。

Our next question comes from Bryan Bergin with TD Cowen.

我們的下一個問題來自 TD Cowen 的 Bryan Bergin。

My first one is a margin, and I guess, a NexGen program clarification. And sorry if I missed this, but can you give us a sense of what the run rate cost reduction or the net savings you expect to achieve by the end of 2024? And I'm trying to understand if the 20 to 40 bps of '24 operating margin is incremental to what you would normally have planned for? Or if that's kind of the total level of operating margin expansion, which would align with prior targets?

我的第一個是邊距，我猜是 NexGen 程序說明。抱歉，如果我錯過了這一點，但您能否告訴我們您希望到 2024 年底實現的運行成本降低或淨節省是多少？我想了解 24 年營業利潤率的 20 到 40 個基點是否比您通常計劃的有所增加？或者，如果這是營業利潤率擴張的總體水平，這將與先前的目標保持一致？

Yes, Bryan, there's many moving parts here. So let me talk first about the overall program of $400 million of restructuring charges, of which $200 million comes from severance and $200 million comes from real estate. We provided really only an expected run rate savings rate to materialize in '25 at the full range of $100 million for the real estate component. We offer that savings opportunity because we feel it's hard from the outside to calculate of how restructuring charges in the real estate space translate actually into full run rate savings. So that's kind of we wanted to help you with the impact of the $200 million component for real estate with that. A portion of that, a meaningful portion of that will be achieved in '24 and then the full run rate in '25.

是的，布萊恩，這裡有很多活動部件。那麼我先說一下4億美元重組費用的整體方案，其中2億美元來自遣散費，2億美元來自房地產。我們實際上只提供了一個預期的運行率儲蓄率，以在 25 年實現房地產部分的全部 1 億美元。我們提供這種節省機會，因為我們覺得從外部很難計算房地產領域的重組費用如何實際轉化為全額運行率節省。所以這就是我們想幫助您解決 2 億美元的房地產部分的影響。其中的一部分，其中有意義的一部分將在 24 年實現，然後在 25 年實現全速運行。

On the severance, we haven't given you a net impact or a gross impact. Number one, I think you can fairly easily calculate by the number of employees affected in the severance volume that we anticipate and make an assumption about the cost savings that we would see. There are many factors, and you see this reflected in a relatively wide range of margin that we gave for the year. There's wage inflation, there's an uncertain pricing environment and other things that we will have to manage through. So we haven't given more detail about the $200 million severance charge at this point in time.

關於遣散費，我們沒有給你淨影響或總影響。第一，我認為你可以很容易地根據我們預計的遣散費中受影響的員工人數來計算，並對我們將看到的成本節約做出假設。有很多因素，你看到這反映在我們今年給出的相對廣泛的保證金範圍內。有工資通脹，有不確定的定價環境和其他我們必須管理的事情。因此，目前我們還沒有提供有關 2 億美元遣散費的更多細節。

For '24, the 20 to 40 basis points of margin expansion would be off the exit rate in '23, and that would be our current outlook to '24. It should signal from our point of view, our confidence that the full run rate of this program will help us to not only offset large deal pressure that we're going to see for this first year, business cases of the larger deals plus the wage inflation plus other elements for '24. So it's a little unusual that we give that early an expectation on the margin. But we felt, given that the program is fairly sizable and only a portion it is going to be realized in '23, it would be helpful for you to know that we are confident about return to margin expansion in '24.

對於 24 年，利潤率擴張 20 到 40 個基點將低於 23 年的退出率，這將是我們目前對 24 年的展望。從我們的角度來看，這應該表明我們有信心該計劃的全部運行率將幫助我們不僅抵消我們將在第一年看到的大型交易壓力，大型交易的業務案例以及工資通貨膨脹加上 '24 的其他因素。因此，我們這麼早給出邊際期望有點不尋常。但我們認為，鑑於該計劃規模相當大，並且只有一部分將在 23 年實現，如果您知道我們有信心在 24 年恢復利潤率擴張，這將對您有所幫助。

Just adding one additional thing out here. I think these are 2 structural shifts in our cost as well. Real estate costs in a hybrid environment as well as the structural shift in our personnel cost, which is a part of our SG&A., I think is an important part of this program, it's a structural shift.

只是在這裡添加一件額外的東西。我認為這也是我們成本的兩個結構性轉變。混合環境中的房地產成本以及我們人員成本的結構性轉變，這是我們 SG&A 的一部分。我認為這是該計劃的重要組成部分，這是一個結構性轉變。

Yes, we -- we should mention that we did, I think, in our script that we are focusing on non-billable and corporate functions. So these are intended to actually lower our SG&A rate basically.

是的，我們應該提到，我認為我們在我們的腳本中確實專注於非計費和公司職能。所以這些實際上是為了基本上降低我們的 SG&A 率。

Okay. Okay. I appreciate that. That's helpful. And then a follow-up, Ravi, on the large deal front, I guess, maybe the sales force. Can you talk about what you're doing specifically in these large deal pursuits and maybe your initial assessment of the sales force and the [sem] structure. I'm curious what you may have put in place here early on in 1Q to give you some quick wins.

好的。好的。我很感激。這很有幫助。然後是跟進，拉維，在大宗交易方面，我想，也許是銷售人員。你能談談你在這些大交易中具體做什麼，也許你對銷售隊伍和 [sem] 結構的初步評估。我很好奇您可能在 1Q 早些時候在這裡放置了什麼來給您帶來一些快速的勝利。

Yes. So we're very excited about the large deal momentum. This is initial momentum based on the bookings this quarter as well as a good pipeline. I would say there are 2 swim lanes to this. One is a swim lane on transformation deals, which I think, in some ways, now a little slowdown with the current economics environment.

是的。所以我們對大筆交易的勢頭感到非常興奮。這是基於本季度預訂的初步勢頭以及良好的管道。我會說這裡有 2 條泳道。一個是轉型交易的泳道，我認為，在某些方面，在當前的經濟環境下，現在有點放緩。

There is a second swim lane on cost takeout, cost takeout, specifically in industries, which went through a higher growth rate in the last few years, but are starting to go back to the post pre-pandemic growth rates. They're starting to see that there is significant opportunity to take out cost, and they're using vendor consolidation or cost takeout as a way to construct a large deal. I see more of them now. And I would say both the swim lanes are equally important. As the economy takes an upturn, you're going to see more transformational digital work coming the other way.

成本外賣有第二條泳道，成本外賣，特別是在過去幾年增長率較高的行業，但現在開始回到大流行前的增長率。他們開始看到削減成本的重要機會，並且他們正在使用供應商整合或成本削減作為構建大宗交易的方式。我現在看到更多了。我會說兩條泳道同樣重要。隨著經濟好轉，您將看到更多變革性的數字工作以相反的方式出現。

So I would really say both -- these are the 2 big categories of large deals. And the industries where we see more of it are the ones where there was a swing of growth during the upswing -- forward trajectory of growth in the last few years where that growth has started to taper down. And timing wise, also the labor market is a little softened so this is a good time for all our clients to start to get efficiencies and cost takeout and use a partner like Cognizant to support it. So we see more of them now than before. And of course, it's also reflective that our clients have the confidence to -- for us to execute to those deals.

所以我真的會說兩者——這是大宗交易的兩大類。我們看到更多的行業是那些在上升過程中出現增長波動的行業 - 在過去幾年中增長開始放緩的前瞻性增長軌跡。在時機方面，勞動力市場也有所疲軟，因此現在是我們所有客戶開始提高效率和降低成本並使用像 Cognizant 這樣的合作夥伴來支持它的好時機。所以我們現在比以前看到更多。當然，這也反映出我們的客戶有信心——讓我們執行這些交易。

Our next question comes from Ashwin Shirvaikar with Citi.

我們的下一個問題來自花旗的 Ashwin Shirvaikar。

Sorry. I didn't recognize it was my name being called, sorry. Clearly, you guys have both been very busy. I appreciate the well thought-out commentary. I guess I wanted to ask, first, about the cadence that you expect. Obviously, you've given Q2 outlook. Is there more of a ratable improvement from that rate to get to the full year? Or is it more of a -- I don't want to call it a 4Q hockey stick, but is it a sharper improvement to the positive for 4Q? And then a similar question on margins, if you can talk about cadence.

對不起。對不起，我沒認出這是我的名字。顯然，你們倆都很忙。我很欣賞深思熟慮的評論。我想我想先問一下您期望的節奏。顯然，您已經給出了第二季度的展望。從這個比率到全年，是否有更多可評價的改進？或者它更像是——我不想稱它為 4Q 曲棍球棒，但它是否是對 4Q 的積極改進？然後是關於邊距的類似問題，如果你能談談節奏的話。

Yes. I mean you see our revenue guidance for the second quarter is largely in line with our revenue guidance in the first quarter. And so we do not anticipate a really material contribution of the large deals that we signed until the third and fourth quarter of this year. So we do anticipate revenue growth acceleration throughout the fiscal year throughout the quarters. And I think we're giving you a fair revenue guidance for the second quarter. We did still see basically pressure on some discretionary projects and smaller deals, as I mentioned in my comments before. So I think the revenue guidance is kind of where we really solidly think we're going to be at.

是的。我的意思是你看到我們第二季度的收入指導與我們第一季度的收入指導基本一致。因此，我們預計我們在今年第三和第四季度之前簽署的大型交易不會做出真正的實質性貢獻。因此，我們確實預計整個財年各個季度的收入增長都會加速。而且我認為我們為您提供了第二季度的公平收入指導。正如我之前在評論中提到的，我們確實仍然看到一些可自由支配的項目和較小的交易基本上面臨壓力。所以我認為收入指導是我們真正堅定地認為我們將要達到的目標。

The margin guidance is a very important question, Ashwin. Keep in mind, we do implement for the vast majority, or have implemented in April, a merit increase. And the second quarter will, therefore, be different from our historic profile of margin that we have shown in the past year. So our second quarter, I think, warrants a good look of what happens when we implement that merit increase, which happens historically in our fourth quarter. And so think of it as a normal merit increase and the margin pressure that we will get from it. And that's going to be some material impact for us in the second quarter. That's why I'm mentioning it. And if you do the math of our comparable merit increase in the fourth quarter and exclude the onetime components of the fourth quarter that we had, you'll see that in the fourth quarter, we recorded about a 100 basis points impact of that merit increase on our margins. And fair to assume that things wouldn't be that different in the second quarter, there may be actually probably slightly a little bit more pressure because the economy is changing a little bit. But that's kind of the framework. That's why I want to point that out.

保證金指導是一個非常重要的問題，Ashwin。請記住，我們確實為絕大多數人實施了績效加薪，或者已經在 4 月份實施了加薪。因此，第二季度將不同於我們在過去一年中展示的歷史利潤率概況。因此，我認為，我們的第二季度值得好好看看當我們實施業績增長時會發生什麼，這在歷史上發生在我們的第四季度。因此，將其視為正常的業績增長和我們將從中獲得的利潤壓力。這將在第二季度對我們產生一些實質性影響。這就是我提到它的原因。如果你計算我們在第四季度的可比績效增長並排除我們在第四季度的一次性組成部分，你會發現在第四季度，我們記錄了績效增長的大約 100 個基點的影響在我們的邊緣。可以公平地假設第二季度的情況不會有那麼大的不同，因為經濟正在發生一些變化，實際上可能會稍微增加一點壓力。但這就是框架。這就是為什麼我要指出這一點。

So -- and then the people action of our NexGen program, we're going to start to execute in the second quarter, but given of how we're going to be executing, of course, third quarter and the fourth quarter will be reflecting the impact of a big portion of (inaudible) the good portion of that program.

所以 - 然後我們的 NexGen 計劃的人員行動，我們將在第二季度開始執行，但考慮到我們將如何執行，當然，第三季度和第四季度將反映該計劃大部分（聽不清）的影響。

And Ashwin, if you -- just to jog your memory on this, we actually did one in October, a merit cycle, and we're doing one more in April. So these are 2 merit cycles. In fact, 3 merit cycles in 18 months. It's good for our associates. It starts to reflect on our attrition numbers starting to drop. And you've already seen that. It's an investment for the future, but it equally has pressure on our margins.

Ashwin，如果你 - 只是為了讓你記住這一點，我們實際上在 10 月份做了一個，一個績效週期，我們在 4 月份又做了一個。所以這是 2 個績效週期。事實上，18 個月內有 3 個績效週期。這對我們的同事有好處。它開始反映我們的減員數字開始下降。你已經看到了。這是對未來的投資，但它同樣對我們的利潤率造成壓力。

Understood. Understood. I guess the first part of that question was on revenue cadence, if you could address that. But then I also want to ask you, your headcount did go down sequentially. When do you expect that to stabilize and start to grow, I guess, in anticipation of revenue growth in the future? And what part do you think, increased automation, applying AI to yourselves, might play as you think of head count in the future?

明白了。明白了。我想這個問題的第一部分是關於收入節奏，如果你能解決的話。但是我也想問你，你的人數確實是依次下降的。你預計什麼時候會穩定下來並開始增長，我猜，在未來收入增長的預期中？您認為自動化程度的提高、將 AI 應用到自己身上可能會在未來的員工人數方面發揮什麼作用？

Ashwin, that's a great question actually. One of the things, as I mentioned my priority, is to get commercial momentum, large deals, reduce our attrition and be an employer of choice. The third piece I spoke about is simplification of our operations. The NexGen program is an important program to de-layer our organization and to simplify our operations. Equally, one of the things we want to bring a huge cadence on, I think in the last 12 months or so, we had some -- we had a very good initiative around pricing in the market. And that's a way to actually keep your margins intact. One of the focus areas for me moving forward is increased utilization, higher offshoring, better pyramid ratios, better leverage of Gen C program. And the fourth is what you just mentioned, which is -- which is embrace of automation in everything we do. In fact, just a few weeks ago, I launched a platform called Neuro IT Operations where we want to go relentless on a client automation to ourselves, both on technology as well as IT operations and of course, on the process side. So we do think this is going to be a little bit of a structural shift in the way we see our operating model, where we look at an uplift of margins, not just through pricing but also through operational efficiencies and the leverage of automation.

Ashwin，這實際上是一個很好的問題。正如我提到的我的首要任務之一，其中一件事是獲得商業動力、大筆交易、減少我們的人員流失並成為首選雇主。我談到的第三點是簡化我們的操作。 NexGen 計劃是一項重要的計劃，旨在降低我們的組織層次並簡化我們的運營。同樣，我想在過去 12 個月左右的時間裡，我們想要帶來巨大節奏的事情之一——我們在市場定價方面有一個非常好的舉措。這是一種真正保持利潤不變的方法。我前進的重點領域之一是提高利用率、更高的離岸外包、更好的金字塔比率、更好地利用 Gen C 計劃。第四個是你剛才提到的，也就是——在我們所做的每一件事中都採用自動化。事實上，就在幾週前，我推出了一個名為 Neuro IT Operations 的平台，我們希望在該平台上堅持不懈地實現客戶自動化，包括技術和 IT 運營，當然還有流程方面。因此，我們確實認為這將是我們看待運營模式的方式的一點結構性轉變，我們著眼於利潤率的提升，不僅僅是通過定價，還通過運營效率和自動化的槓桿作用。

Automation is a moving scale. When everybody moves on that scale, you then start to share those benefits with your clients. And when you start to share those benefits with your clients, you have to reinnovate so that you can actually be ahead of the curve and keep it for yourself. So it's kind of a cycle you have to keep working on. And when everybody -- when you start to share it with your clients, when there is a new baseline, you have to rebaseline it with more innovation. So I would say we are now -- we've got into that rhythm. So we are very excited about how we could be complimentative to our deals, which we are starting to see and how we could also on the downstream price deals to win and deliver them to margins using automation as a lever. So it's an important shift in the way we are seeing our operating model. And it's an evolving scale because of the fact that technology in that space is evolving so fast, including the leverage of generative AI to increase developer productivity, which is the new thing we are working on.

自動化是一個移動的規模。當每個人都達到這種規模時，您便開始與您的客戶分享這些好處。當你開始與你的客戶分享這些好處時，你必須進行創新，這樣你才能真正走在曲線的前面，並為自己保留它。所以這是一個你必須繼續努力的循環。當每個人——當你開始與你的客戶分享它時，當有一個新的基準時，你必須用更多的創新來重新設定它。所以我想說我們現在 - 我們已經進入了那種節奏。因此，我們對如何讚美我們的交易感到非常興奮，我們開始看到這些交易，以及我們如何在下游價格交易中以自動化為槓桿贏得併交付利潤。因此，這是我們看待運營模式方式的一個重要轉變。這是一個不斷發展的規模，因為該領域的技術發展如此之快，包括利用生成人工智能來提高開發人員生產力，這是我們正在努力的新事物。

Our next question comes from Surinder Thind with Jefferies.

我們的下一個問題來自 Jefferies 的 Surinder Thind。

Following up on the last question, Ravi, can you maybe talk about the level of productivity gains in terms of potentially automation and the level of disruption here? And what I'm getting to here is, is there the potential for a step function change? And if there's a step function change, how does that impact the revenue model as you look over the long term, right? I assume you won't be able to generate the same level of revenues for a given level of service.

跟進最後一個問題，Ravi，你能否談談潛在自動化方面的生產力提高水平和這裡的中斷水平？我要說的是，階躍函數是否有可能發生變化？如果有階躍函數變化，從長遠來看，這對收入模型有何影響，對嗎？我假設您無法為給定的服務水平產生相同水平的收入。

It's an interesting question because it all depends on how much you want to leverage the productivity you generate out of these tools and instrumentation and platforms into your deals and use that to win more and share it with your clients. And how much you could actually constantly innovate beyond the time when you start to win the deals to when you start to execute the deals. So it's a very difficult one because it's a moving scale because nobody spoke about generative AI in 2022. Everybody is speaking about it because just the scale at which it's come to disrupt various businesses in the world, including ours, right? So I would say it's a hard one to put a quantifiable impact on revenue and on margins.

這是一個有趣的問題，因為這完全取決於您希望在多大程度上利用這些工具、儀器和平台產生的生產力來進行交易，並利用它來贏得更多並與您的客戶分享。從開始贏得交易到開始執行交易，你實際上可以不斷創新多少。所以這是一個非常困難的問題，因為它是一個不斷變化的規模，因為在 2022 年沒有人談論生成人工智能。每個人都在談論它，因為它的規模已經開始擾亂世界上的各種業務，包括我們的業務，對吧？所以我想說很難對收入和利潤率產生可量化的影響。

It is a moving scale. We have to be constantly ahead of the curve. And again, constantly ahead of the curve not to execute programs but also equally to win business because these are the same productivity baselines we actually take it to our proposals. So sometimes, we wonder as the baselines constantly change whether it will translate that back to your bottom line, or it will translate that back to better win ratios. So you have to keep that balance so that you have growth. And equally, you are able to generate that growth in a profitable way by not just deleveraging the traditional levers of higher utilization, higher offshoring, better roll mix, but also using technology as a lever to do this.

這是一個移動的規模。我們必須始終保持領先地位。再一次，不斷領先於曲線，不是為了執行計劃，而是為了贏得業務，因為這些是我們實際將其納入提案的相同生產力基準。所以有時候，我們想知道隨著基線的不斷變化，它是否會把它轉化回你的底線，或者它會把它轉化回更好的贏率。所以你必須保持這種平衡，這樣你才能成長。同樣，您不僅可以通過去槓桿化更高利用率、更高的離岸外包、更好的滾動組合等傳統槓桿，而且還可以利用技術作為實現這一目標的槓桿，從而以有利可圖的方式實現增長。

So I know I've given you a high-level answer, but it's very hard to simulate and put a revenue model attached to it because it is just such a fast moving curve. I actually think we are well equipped to capitalize on the advances in the space and we are well equipped to generate the value for our clients, and we're well equipped to actually evolve our business model, which is potentially going to go from people to a people-plus-machines model, if I may, or a people-plus-AI or AI-amplified-human model, which I've been very fascinated about.

所以我知道我已經給了你一個高層次的答案，但是很難模擬並附加一個收入模型，因為它是一條快速移動的曲線。事實上，我認為我們有能力利用該領域的進步，我們有能力為我們的客戶創造價值，我們也有能力真正發展我們的商業模式，這可能會從人到一個人加機器模型，如果可以的話，或者一個人加人工智能或人工智能放大人類模型，我一直非常著迷。

Our next question comes from Bryan Keane with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Bryan Keane。

I just had a question on the overall IT services environment. Just thinking in your conversations you had with the 100 or so clients, Ravi. Are people expecting the environment to stay similar in their IT spending budgets? Or do you think people will put further pressure on budgets and IT spend as we go forward through this year?

我剛剛對整體 IT 服務環境有疑問。想想你與大約 100 名客戶的談話，Ravi。人們是否期望環境在他們的 IT 支出預算中保持相似？還是您認為隨著今年的推進，人們會對預算和 IT 支出施加更多壓力？

Yes, it's a great question, actually. I will kind of pivot this in a little different direction. If you are working on traditional technologies or classical technologies, as I call it, which is enabling a business, the pressure on IT budgets is going to be very high because a lot of it is cost driven if you're building a CRM system, if you're building an HR system, a supply chain system. I think the pressure of IT budgets with the economic uncertainty is going to be very -- it's going to be tight. That's how I see it. If you're leveraging technology to disrupt the core of a business, as an example, if you're doing the connected car initiative of an automotive company, I don't think budgets will come on the way because it's a disruption of the business model. Equally, the capability you need is going to be deep as well, which means you have to build different swim lanes in your operating model so that you could cater to classical technologies on one side, but equally cater to deep expertise needed for disrupting the core of businesses. This is a swim lane which did not exist before because most businesses enable the businesses using technology now, technologies emerged into businesses, which I think will have more flexibility on budgets because the paranoia about the core changing means you could become irrelevant if you don't make the change, and therefore, you allocate more for securing your future as a business. Some industries are doing it more paranoid because there is more change in the core products and services, and some are actually not as worried about this issue. I would say, depending on where you are, this would -- you would find IT budgets to be under stress or you're able to find IT budgets not to be under stress.

是的，實際上這是一個很好的問題。我會把它轉向一個不同的方向。如果你正在研究傳統技術或經典技術，正如我所說的那樣，它正在推動一項業務，那麼 IT 預算的壓力將會非常大，因為如果你正在構建 CRM 系統，其中很多都是成本驅動的，如果你正在構建一個人力資源系統，一個供應鏈系統。我認為 IT 預算的壓力和經濟的不確定性將會非常 — 它會很緊。我就是這麼看的。如果你正在利用技術來破壞業務的核心，例如，如果你正在執行一家汽車公司的互聯汽車計劃，我認為預算不會出現，因為它會破壞業務模型。同樣，你需要的能力也很深，這意味著你必須在你的運營模式中建立不同的泳道，這樣你就可以一方面迎合經典技術，但同樣迎合顛覆核心所需的深厚專業知識企業。這是一條以前不存在的泳道，因為現在大多數企業都使企業能夠使用技術，技術出現在企業中，我認為這將在預算上具有更大的靈活性，因為對核心變化的偏執意味著如果你不這樣做，你可能會變得無關緊要。不做出改變，因此，您分配更多資金來確保您的企業未來。一些行業在做這件事時更加偏執，因為核心產品和服務發生了更多變化，而有些行業實際上並不那麼擔心這個問題。我會說，根據您所在的位置，您會發現 IT 預算處於壓力之下，或者您能夠發現 IT 預算沒有壓力。

The second piece, I would say, we all have to think about is our universe is not as much just tech spend of enterprises. Our universe is operations spend of enterprises because technology is so deeply immersed into operations. So if you put that lens in, operations, which have to be automated for better experience, for lower cost, for higher -- for high-touch services, you could potentially immerse in technology, outsource and immerse a technology for companies like Cognizant to benefit out of it. So if I see that as the universe, that's a very different universe. In fact, just to give you a case in point, there are companies which have accumulated cost equivalent to the growth rate during the pandemic. And when they go back to the prepandemic era, those growth rates start to taper down, they have to take their operations cost down. So they could either do it by automating it, or they could do it by outsourcing and off-shoring it. So you can have a benefit there.

第二點，我想說，我們都必須考慮的是，我們的宇宙不僅僅是企業的技術支出。我們的宇宙是企業的運營支出，因為技術深深地融入了運營。因此，如果你把鏡頭放在運營上，必須自動化才能獲得更好的體驗、更低的成本、更高的服務——對於高接觸服務，你可能會沉浸在技術中，外包並沉浸在像 Cognizant 這樣的公司的技術中從中受益。因此，如果我將其視為宇宙，那將是一個非常不同的宇宙。事實上，舉個例子，有些公司的成本積累相當於疫情期間的增長率。當他們回到大流行前時代時，這些增長率開始下降，他們必須降低運營成本。因此，他們可以通過自動化來完成，也可以通過外包和離岸外包來完成。所以你可以在那裡受益。

So I would say these are 3 different things to look at. Even today, there is a consolidation of providers, cost takeout, which is actually winning on the terms, as I call it, where customers don't spend more but there is a swap of the portfolio between one provider to another provider, which means one wins and one loses. So it's kind of -- if I just look at straight IT spend in classical technologies, you have a different answer, for whole you would have a different answer and of course, if you're consolidating providers, it's a win for one and loss for somebody else.

所以我想說這是 3 個不同的東西要看。即使在今天，也有供應商的合併，成本外賣，這實際上是在條款上取勝，正如我所說的那樣，客戶不會花費更多，但一個供應商與另一個供應商之間會交換產品組合，這意味著一贏一輸。所以這有點——如果我只看傳統技術的直接 IT 支出，你會有不同的答案，總的來說你會有不同的答案，當然，如果你正在整合供應商，這是一個贏家和一個損失為別人。

Thank you. At this time, I would like to turn the floor back over to management for closing comments.

謝謝。現在，我想將發言權交還給管理層以徵求結束意見。

Great. Thank you, everyone, for joining. We look forward to catching up with you next quarter.

偉大的。謝謝大家的加入。我們期待在下個季度與您見面。

This concludes today's Cognizant Technology Solutions First Quarter 2023 Earnings Conference Call. You may disconnect now.

今天的 Cognizant Technology Solutions 2023 年第一季度收益電話會議到此結束。您現在可以斷開連接。