高知特 (CTSH) 2023 Q2 法說會逐字稿

Greetings, and welcome to the Cognizant Second Quarter 2023 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Tyler Scott, Vice President of Investor Relations. Please go ahead.

您好，歡迎參加 Cognizant 2023 年第二季度收益電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。現在我很高興向您介紹主持人，投資者關係副總裁泰勒·斯科特。請繼續。

Thank you, operator, and good afternoon, everyone. By now, you should have received a copy of the earnings release and the investor supplement for the company's second quarter 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，您應該已經收到了該公司 2023 年第二季度業績的收益發布副本和投資者補充資料。如果您還沒有，可以在我們的網站 cognizant.com 上獲取副本。今天電話會議的發言者是首席執行官拉維·庫馬爾 (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，今天電話會議中發表的一些評論以及對您問題的一些答复可能包含前瞻性陳述。這些聲明受到公司收益報告和向 SEC 提交的其他文件中所述的風險和不確定性的影響。

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

此外，在今天的電話會議中，我們將參考某些非公認會計原則財務指標，我們認為這些指標為我們的投資者提供了有用的信息。非 GAAP 財務指標（如果適用於相應的 GAAP 指標）的調節表可以在公司向 SEC 提交的收益報告和其他文件中找到。現在我想把電話轉給拉維。請繼續。

Thank you, Tyler. Good afternoon, everyone. I would like to discuss 4 topics with you today: our second quarter results, the demand environment, our comprehensive commitment to generative AI and an update on our long-term priorities. We've made continued progress during the quarter in what remains an uncertain global macroeconomic environment. Q2 came in at $4.9 billion, at the high end of our guidance range.

謝謝你，泰勒。大家下午好。今天我想與大家討論 4 個主題：我們的第二季度業績、需求環境、我們對生成式人工智能的全面承諾以及我們長期優先事項的最新情況。在全球宏觀經濟環境仍然不確定的情況下，我們在本季度取得了持續進展。第二季度收入為 49 億美元，處於我們指導範圍的上限。

We were pleased to return to sequential revenue growth of more than 1%. Year-over-year, Q2 revenue showed a modest decline of 40 basis points or essentially flat in constant currency. Our adjusted operating margin was 14.2% and adjusted EPS was $1.10. We recorded another quarter of strong bookings growth, up 17% year-over-year, ending quarter 2 with record trailing 12 months bookings of $26.4 billion, a book-to-bill of 1.4x. Approximately 30% of our in-quarter Q2 bookings were large deals, and 5 of these deals exceeded $100 million each.

我們很高興能夠恢復超過 1% 的環比收入增長。與去年同期相比，第二季度收入小幅下降 40 個基點，或者按固定匯率計算基本持平。調整後的營業利潤率為 14.2%，調整後的每股收益為 1.10 美元。我們的預訂量又錄得強勁增長，同比增長 17%，截至第 2 季度，過去 12 個月的預訂量達到創紀錄的 264 億美元，預訂比為 1.4 倍。我們第二季度的預訂中大約有 30% 是大型交易，其中 5 筆交易每筆超過 1 億美元。

Our bookings continue to be a balanced mix of renewals, extensions and new opportunities. The leadership team and I remain intensely focused on our talent, so I'm glad to see the continued reduction in our attrition with trailing 12 months voluntary attrition for our tech services business declining to 19.9%, down 3 percentage points sequentially and 11 percentage points year-over-year. While Jan will cover our performance in the business segment level, I want to offer a quick word about Financial Services.

我們的預訂仍然是續訂、延期和新機會的平衡組合。我和領導團隊仍然高度關注我們的人才，因此我很高興看到我們的人才流失持續減少，過去12 個月我們技術服務業務的自願離職率下降至19.9%，比上一季度下降3 個百分點，又下降11 個百分點一年又一年。雖然 Jan 將介紹我們在業務部門層面的表現，但我想簡單介紹一下金融服務。

Our quarterly year-over-year revenue decline in this segment reflects the soft market and continuing weakness in discretionary spending. In response, we are transitioning more existing work in this sector towards managed services as many clients remain focused on driving cost takeout, vendor consolidation and productivity initiatives. We're also stepping up our engagement with fintech companies, which we believe offer a great opportunity for digital transformation. And we are strengthening our capabilities with the goal of capturing discretionary spending on transformation work when it returns.

我們在該領域的季度收入同比下降反映了市場疲軟和可自由支配支出的持續疲軟。作為回應，我們正在將該領域的更多現有工作轉向託管服務，因為許多客戶仍然專注於推動成本削減、供應商整合和生產力計劃。我們還加強了與金融科技公司的合作，我們相信這為數字化轉型提供了絕佳的機會。我們正在加強我們的能力，目標是在轉型工作回歸時捕獲可自由支配的支出。

For example, we continue to support the modernization of S&P Global's configure price quote system to enable end-to-end digitization in what we believe is the world's largest CPQ implementation on Salesforce. And we are collaborating with Max Life Insurance to launch an innovation and development center in Chennai to help accelerate their digital transformation efforts. With a flexible client-centric operating model, we can assist clients across industry sectors, take out costs, consolidate their vendors and achieve both technology and operational efficiencies, which provide opportunities for large deals.

例如，我們繼續支持 S&P Global 配置報價系統的現代化，以實現端到端數字化，我們認為這是 Salesforce 上全球最大的 CPQ 實施。我們正在與 Max Life Insurance 合作，在欽奈設立創新和開發中心，以幫助加速他們的數字化轉型工作。憑藉以客戶為中心的靈活運營模式，我們可以幫助各行業的客戶降低成本、整合供應商並實現技術和運營效率，從而為大型交易提供機會。

We can also help them develop digital platforms to deliver richer and more personalized experiences to their customers. What's more, we can engineer technology into their products and services. As an example, we recently extended our partnership with Gilead Sciences. This agreement includes the renewal and expansion of Cognizant's services for a total expected value of $800 million over the next 5 years. We'll manage Gilead's global IT infrastructure while leading digital transformation initiatives designed to enhance their overall client experience and enable faster time to market for their products. We will apply the power of Gen AI and intelligent automation to help improve Gilead's customer service experience and assist in driving greater manufacturing efficiencies.

我們還可以幫助他們開發數字平台，為客戶提供更豐富、更個性化的體驗。更重要的是，我們可以將技術融入到他們的產品和服務中。例如，我們最近擴大了與吉利德科學公司的合作夥伴關係。該協議包括更新和擴展 Cognizant 的服務，預計未來 5 年內總價值達 8 億美元。我們將管理吉利德的全球 IT 基礎設施，同時領導數字化轉型計劃，旨在增強其整體客戶體驗並加快其產品的上市時間。我們將利用 Gen AI 和智能自動化的力量，幫助改善吉利德的客戶服務體驗，並協助提高製造效率。

To support clients' transformation leads, we have established a distinctive position across industries using a platform-centric approach designed to speed clients' consumption of technology. You've seen the emphasis we have given to this platform approach. For example, Cognizant, TriZetto and Healthcare, our shared investigator platform in life sciences, asset performance excellence and smart manufacturing and cloud-to-cloud and automotive.

為了支持客戶的轉型領導，我們使用旨在加速客戶技術消耗的以平台為中心的方法，在各個行業中建立了獨特的地位。您已經看到我們對這種平台方法的重視。例如，Cognizant、TriZetto 和 Healthcare，這是我們在生命科學、資產績效卓越、智能製造以及雲到雲和汽車領域的共享研究者平台。

Last quarter, we launched 2 new platforms with applications across industries, Neuro IT Operations, which enables AI-led autonomous operations; and Cognizant Skygrade designed to help clients maximize the full potential of cloud.

上季度，我們推出了兩個具有跨行業應用程序的新平台：Neuro IT Operations，它支持人工智能主導的自主運營； Cognizant Skygrade 旨在幫助客戶最大限度地發揮雲的全部潛力。

Turning to AI. In quarter 2, we expanded our platform portfolio further with Cognizant Neuro AI. It's designed to speed the adoption of generative AI and harness its value in a flexible, secure, scalable and responsible way. With Neuro AI, we are helping clients advance from identifying company-specific use cases to operationalizing AI. I should point out that generative AI is a natural evolution of our work across cognitive AI, enterprise applications and data and analytics services.

轉向人工智能。在第二季度，我們通過 Cognizant Neuro AI 進一步擴展了我們的平台組合。它旨在加速生成式人工智能的採用，並以靈活、安全、可擴展和負責任的方式利用其價值。借助 Neuro AI，我們正在幫助客戶從識別公司特定用例推進到實施人工智能。我應該指出，生成式人工智能是我們在認知人工智能、企業應用程序以及數據和分析服務方面工作的自然演變。

To extract value from gen AI, the data must be curated, trained, modernized and made production-ready. You also need a deep understanding of clients' data estates, data architectures, data usage patterns and business applications of the data. Our current approach to leverage third-party foundational models and enhance them with our platforms and IP and then fine-tune the models for our clients. Today, we have more than 100 active client engagements in various stages with a focus on cognitive and generative AI as well as hundreds more projects using AI services within the context of delivery.

為了從新一代人工智能中獲取價值，必須對數據進行整理、培訓、現代化並做好生產準備。您還需要深入了解客戶的數據資產、數據架構、數據使用模式和數據的業務應用。我們目前的方法是利用第三方基礎模型，並通過我們的平台和 IP 對其進行增強，然後為我們的客戶微調模型。如今，我們有超過 100 個處於不同階段的活躍客戶參與，重點關注認知和生成人工智能，以及數百個在交付環境中使用人工智能服務的項目。

We are designing our generative AI offerings for industry-specific solutions across industry use cases and productivity enablement under themes like transforming code processes, improving the customer and employee experience, product innovation, software and coding and knowledge management, to name a few. For example, one of the world's largest health care product companies, we are helping to speed up their research process by deploying gen AI to author scientific content. We developed a workbench that uses GPT models to summarize and generate content from unstructured and structured data such as laboratory information management systems with the aim of automating the generation of regulatory content.

我們正在為跨行業用例和生產力支持的特定行業解決方案設計生成式人工智能產品，其主題包括轉變代碼流程、改善客戶和員工體驗、產品創新、軟件和編碼以及知識管理等。例如，作為世界上最大的醫療保健產品公司之一，我們通過部署 gen AI 來創作科學內容來幫助加快他們的研究進程。我們開發了一個工作台，使用 GPT 模型從非結構化和結構化數據（例如實驗室信息管理系統）中匯總和生成內容，目的是自動生成監管內容。

For a top 20 property and casualty insurer, we have helped frame its gen AI strategy and conduct real-world tests based on company data. For example, we built a gen AI-based digital virtual assistant that analyze loss complex claims submissions. By referencing the insurer's claim data, the virtual assistant was able to guide a human claims handler to gather nearly 100% of missing claims information. This simple application is expected to produce millions of dollars in savings through improved operational efficiency and reduced claim costs.

對於排名前 20 的財產和意外傷害保險公司，我們幫助制定了其新一代人工智能戰略，並根據公司數據進行了實際測試。例如，我們構建了一個基於人工智能的數字虛擬助理，可以分析損失複雜的索賠提交。通過參考保險公司的理賠數據，虛擬助理能夠指導理賠處理人員收集近 100% 的缺失理賠信息。這個簡單的應用程序預計將通過提高運營效率和降低索賠成本節省數百萬美元。

In addition, we signed a new multiyear agreement with Nuance Communications, a Microsoft company, to help scale their resources for Nuance's Dragon Ambient eXperience operations. This solution is at the forefront of conversational and ambient clinical intelligence.

此外，我們還與 Microsoft 公司 Nuance Communications 簽署了一項新的多年期協議，以幫助擴大其資源用於 Nuance 的 Dragon Ambient eXperience 運營。該解決方案處於對話式和環境臨床智能的前沿。

Let's turn to the essential role partners play in delivering our AI capabilities. We expanded our alliance with Google Cloud to help enterprise clients create, migrate and modernize their AI journeys and offer clients innovative industry solutions founded on the tenet of responsible AI. Our investments in developing generative AI capabilities include launching the Cognizant Google Cloud AI University, a program designed to train 25,000 Cognizant professionals on Google Cloud AI technologies. We'll offer this program to our clients as well.

讓我們來看看合作夥伴在提供我們的人工智能功能方面發揮的重要作用。我們擴大了與 Google Cloud 的聯盟，幫助企業客戶創建、遷移和現代化其 AI 之旅，並為客戶提供基於負責任的 AI 宗旨的創新行業解決方案。我們在開發生成式人工智能功能方面的投資包括推出 Cognizant Google Cloud AI 大學，該計劃旨在培訓 25,000 名 Cognizant 專業人員掌握 Google Cloud AI 技術。我們也將向我們的客戶提供此計劃。

And earlier today, we announced that as a part of our expanded partnership with Google, we'll be building on Google Cloud's generative AI technology with Cognizant's AI domain expertise to create a health care large language model. This LLM is designed to simplify and improve the accuracy of complex health care administrative tasks and strengthen business outcomes for health care organizations.

今天早些時候，我們宣布，作為與 Google 擴大合作夥伴關係的一部分，我們將利用 Google Cloud 的生成式 AI 技術以及 Cognizant 的 AI 領域專業知識來創建醫療保健大型語言模型。該法學碩士旨在簡化和提高複雜的醫療保健管理任務的準確性，並增強醫療保健組織的業務成果。

We've also expanded our relationship with Microsoft to deliver industry solutions and enable AI-led transformation. This includes expanding the focus of our Microsoft Center of Excellence in AI and other next-gen technologies to drive competencies across architecture technology leadership, value delivery tools and enablement.

我們還擴大了與 Microsoft 的關係，以提供行業解決方案並實現人工智能主導的轉型。這包括擴大微軟卓越中心在人工智能和其他下一代技術方面的重點，以提高架構技術領導力、價值交付工具和支持的能力。

Cognizant and ServiceNow have announced a strategic partnership to accelerate the adoption of AI-driven automation across industries. Our industry expertise and solutions integrated with ServiceNow's intelligent platform for end-to-end digital transformation will bring to market offerings that are designed to solve complex problems, automate operations and enhance employee as well as end customer experiences through the use of AI.

Cognizant 和 ServiceNow 宣佈建立戰略合作夥伴關係，以加速跨行業採用人工智能驅動的自動化。我們的行業專業知識和解決方案與 ServiceNow 的端到端數字化轉型智能平台相結合，將為市場帶來旨在解決複雜問題、自動化運營並通過使用人工智能增強員工和最終客戶體驗的產品。

Now a quick update on our 3 long-term performance objectives: becoming an employer of choice in our industry; accelerating revenue growth; and enhancing operational discipline. Let's start with the employer of choice. During our Q4 call, I talked about how tightly linked the client and the employee experience are, giving Cognizant the opportunity to create self-reinforcing cycles, 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.

現在快速更新我們的 3 個長期績效目標：成為我們行業的首選雇主；加速收入增長；並加強操作紀律。讓我們從選擇的雇主開始。在我們第四季度的電話會議中，我談到了客戶和員工體驗之間的緊密聯繫，這讓Cognizant 有機會創造自我強化的循環，高度敬業的人才對客戶充滿熱情，並以成長心態吸引最好的客戶。這些客戶反過來又吸引了更多最優秀的人才，使飛輪轉動得更快。

Now 2 quarters later, we are seeing the early benefits of this interdependent relationship between employees and clients. Our trailing 12-month voluntary attrition has been trending downwards for the last 4 quarters. And a just-completed annual people engagement survey showed meaningfully improved engagement results. Among the many questions the survey poses to associates, we saw multi-point increases in 3 areas strongly correlated to engagement. Would you recommend Cognizant as a great place to work? Are you excited about Cognizant's future? And do you plan to be working at Cognizant 2 years from now?

現在兩個季度後，我們看到了員工和客戶之間這種相互依賴關係的早期好處。我們過去 12 個月的自願離職率在過去 4 個季度一直呈下降趨勢。剛剛完成的年度人員敬業度調查顯示，敬業度結果顯著改善。在調查向員工提出的眾多問題中，我們發現與敬業度密切相關的 3 個領域的多點增長。您會推薦 Cognizant 作為一個理想的工作場所嗎？您對 Cognizant 的未來感到興奮嗎？您計劃 2 年後在 Cognizant 工作嗎？

On the client side, data from our project-level client feedback process, through the first half of this year, shows solid improvement over the previous period scores as well as our best Net Promoter Score since launching this program in 2021. I see us making real progress on creating a self-reinforcing cycle. From day 1, my commitment to our associates has been to cultivate a diverse organization that reflects the world in which we operate. Our top priority has been to increase a diverse talent, including at leadership levels.

在客戶端方面，今年上半年我們項目級客戶反饋流程的數據顯示，與上一時期的分數相比，以及我們自2021 年推出該計劃以來的最佳淨推薦值有了顯著改善。我看到我們正在取得進展在創建自我強化循環方面取得真正進展。從第一天起，我對員工的承諾就是培養一個多元化的組織，反映我們經營所在的世界。我們的首要任務是增加多元化人才，包括領導層人才。

I'm delighted to say that in the past couple of months, we have appointed 7 women to fill strategic roles at the senior vice president level. We are resolved to help all our associates bring their best selves to work, and that means focusing on all aspects of the Cognizant experience. For example, we develop talent early through educational partnerships and apprenticeships. We invest heavily in upskilling and reskilling current employees through our award-winning leadership and development ecosystem. We also employ innovative train-to-hire initiatives, such as the Cognizant Skills Accelerator, aimed at people seeking to kickstart a technology career in the U.S. and the Cognizant Returnship Program for technology professionals looking to restart their careers.

我很高興地說，在過去的幾個月裡，我們任命了 7 名女性擔任高級副總裁級別的戰略職位。我們決心幫助所有員工在工作中展現出最好的自己，這意味著關注 Cognizant 體驗的各個方面。例如，我們通過教育合作夥伴關係和學徒制儘早培養人才。我們通過屢獲殊榮的領導力和發展生態系統大力投資現有員工的技能提升和再培訓。我們還採用創新的培訓到僱用計劃，例如針對尋求在美國開啟技術職業生涯的人員的 Cognizant 技能加速器，以及針對希望重新開始職業生涯的技術專業人員的 Cognizant Returnship 計劃。

Our next priority is to accelerate revenue growth, which is the absolute focus of the entire management team. We are differentiating Cognizant and large deal opportunities by scaling our capabilities for cost takeout and optimization and focusing more on managed services. And we continue to see a strong pipeline of opportunities on the cost and efficiency side. Given the groundswell of interest in generative AI, the number of projects we have underway focused on cognitive and generative AI, we see this technology generating a new wave of opportunities for us. Accordingly, we expect to invest approximately $1 billion in our generative AI capabilities over the next 3 years.

我們的下一個優先事項是加速收入增長，這是整個管理團隊的絕對關注點。我們通過擴展我們的成本削減和優化能力以及更多地關注託管服務來區分 Cognizant 和大型交易機會。我們繼續在成本和效率方面看到大量的機會。鑑於人們對生成式人工智能的興趣高漲，以及我們正在進行的專注於認知和生成式人工智能的項目數量，我們看到這項技術為我們帶來了新一波的機會。因此，我們預計在未來 3 年內投資約 10 億美元用於我們的生成式人工智能能力。

Our third long-term priority is to enhance our operational discipline. We are working to fortify our day-to-day business execution and optimize cost of delivery by driving higher productivity powered by advances in tooling platforms and automation technologies and by improving our operational leader in areas like billable utilization. Our NextGen program, which we announced last quarter, is on track. We are making progress on removing structural costs as we continue to simplify our operating model and realign our office space for the future of hybrid work.

我們的第三個長期優先事項是加強我們的運營紀律。我們正在努力加強我們的日常業務執行並優化交付成本，通過工具平台和自動化技術的進步來提高生產力，並通過提高我們在計費利用率等領域的運營領先地位。我們上季度宣布的 NextGen 計劃正在步入正軌。隨著我們繼續簡化運營模式並重新調整辦公空間以適應未來的混合工作，我們在消除結構性成本方面取得了進展。

On our last call, I talked about a plan to redistribute some of our development centers from India's largest cities to smaller cities. I'm pleased to announce the first phase of this shift with the planned opening of 2 new centers, 1 in Bhubaneswar and the other in Indore, India, which offer great talent pools. Keep in mind, the next generation, NextGen program's overriding aim is to generate savings to invest in our people and our growth. Jan will provide additional details in his remarks on the NextGen program.

在我們上次通話中，我談到了一項將我們的一些開發中心從印度最大的城市重新分配到較小城市的計劃。我很高興地宣布這一轉變的第一階段計劃開設兩個新中心，一個位於布巴內斯瓦爾，另一個位於印度印多爾，這兩個中心提供了大量的人才庫。請記住，下一代、NextGen 計劃的首要目標是產生儲蓄以投資於我們的員工和我們的增長。 Jan 將在有關 NextGen 計劃的評論中提供更多詳細信息。

In closing, I'm now 7 months into my tenure as a CEO. I have met with more than 200 clients, dozens of our partners and through in-person and virtual town halls with most of our workforce. I've also made a point to continuously soliciting ideas and perspectives from our top 1,000 leaders on strategic topics of importance to our future.

最後，我擔任首席執行官已經 7 個月了。我與 200 多名客戶、數十位合作夥伴進行了會面，並通過面對面和虛擬的市政廳與我們的大多數員工進行了會面。我還特別強調，要不斷徵求我們 1,000 名頂尖領導人對對我們未來具有重要意義的戰略主題的想法和觀點。

Further, our company-wide grassroots innovation movement launched earlier this year, BlueBolt has led to such a surge of fresh ideas with more than 32,000 generated so far that it's now serving as our company's innovation engine.

此外，今年早些時候，我們在全公司範圍內發起了草根創新運動，BlueBolt 引發瞭如此多的新鮮想法，迄今為止已產生了 32,000 多個想法，它現在已成為我們公司的創新引擎。

I'm convinced Cognizant's path to winning in the marketplace runs through fully embracing our heritage and DNA. We are leaning into a heritage at the intersection of industry and technology, a flexible client-centric operating model and a distributed delivery network that bring together global and local capabilities. All in all, we've been making good progress but recognize how much more work lies ahead. Continuing to build on our growth imperatives is the goal on which everyone in the company is focused. I especially want to express my heartfelt gratitude to all our associates for the extraordinary work they do each day.

我堅信 Cognizant 贏得市場的道路在於充分擁抱我們的傳統和 DNA。我們正在依靠行業與技術交叉點的傳統、以客戶為中心的靈活運營模式以及匯集全球和本地能力的分佈式交付網絡。總而言之，我們已經取得了良好的進展，但我們也認識到還有很多工作要做。繼續發展我們的增長要務是公司每個人都關注的目標。我特別想對我們所有員工每天所做的出色工作表示衷心的感謝。

Before I turn the call to Jan, I want to comment on his plans for the future. Jan let me and the Board know of his intention to retire from Cognizant early next year. Jan has been a wonderful business partner to me. And over the past 3 years, he's played an instrumental role in designing and executing our strategic financial and operating plan while developing superb talent with our finance organization. As we begin the search for the company's next CFO, I'm grateful for Jan's willingness to work closely with his eventual successor to ensure a smooth transition.

在給簡打電話之前，我想談談他的未來計劃。 Jan 讓我和董事會知道他打算明年初從 Cognizant 退休。簡對我來說是一位出色的商業夥伴。在過去的三年裡，他在設計和執行我們的戰略財務和運營計劃方面發揮了重要作用，同時為我們的財務組織培養了優秀的人才。當我們開始尋找公司的下一任首席財務官時，我很感激 Jan 願意與他的最終繼任者密切合作，以確保順利過渡。

With that, I'll turn the call over to him to provide additional details on the quarter. Thank you.

這樣，我會將電話轉給他，以提供有關該季度的更多詳細信息。謝謝。

Thank you, Ravi, for the kind words. I'm proud of what we have accomplished over the last 3 years, including our work together over the last 7 months. I'm looking forward to continuing our partnership in the months ahead while the search for my successor is underway. Until then, it's business as usual. So with that, let's turn now to our second quarter results.

謝謝拉維的客氣話。我對我們過去 3 年所取得的成就感到自豪，包括我們過去 7 個月的共同努力。我期待著在未來幾個月繼續我們的合作夥伴關係，同時尋找我的繼任者。在那之前，一切照常進行。那麼，現在讓我們來看看第二季度的業績。

We delivered second quarter revenue at the high end of our guidance range and adjusted operating margins above expectations. We were pleased to deliver another strong quarter of bookings growth driven by larger and longer duration deals. Our pipeline for larger bookings also remains strong and is up meaningfully year-over-year. Additionally, our NextGen program is on track and yielding early savings through our efforts to structurally reduce our cost base and fund investments for growth.

我們第二季度的收入達到了指導範圍的上限，調整後的營業利潤率高於預期。我們很高興在規模更大、期限更長的交易的推動下，預訂量再次實現強勁增長。我們的大額預訂渠道也依然強勁，並且逐年大幅增長。此外，我們的 NextGen 計劃正在步入正軌，並通過我們努力從結構上降低成本基礎並為增長投資提供早期節省。

Moving on to the details of the quarter. Second quarter revenue was $4.9 billion, representing an increase of over 1% sequentially and a decline of 40 basis points year-over-year or roughly flat in constant currency. Year-over-year growth includes approximately 130 basis points of contribution from our recent acquisitions. Bookings growth in the quarter was again driven by a mix shift towards larger deals, which had, in turn, led to longer average duration of our bookings. We are pleased with our bookings performance in the quarter and are focused on building momentum in the quarters ahead.

繼續討論本季度的細節。第二季度收入為 49 億美元，環比增長超過 1%，同比下降 40 個基點，按固定匯率計算大致持平。同比增長包括我們最近收購帶來的約 130 個基點的貢獻。本季度的預訂增長再次受到向大型交易的混合轉變的推動，這反過來又導致我們預訂的平均持續時間更長。我們對本季度的預訂表現感到滿意，並致力於在未來幾個季度建立動力。

Consistent with the first quarter, we have continued to experience softness in smaller, shorter duration contracts, which we attribute to weaker discretionary spending. The translation of bookings to revenue growth is impacted by this change in deal mix. As duration has increased, the conversion to revenue will be longer but helps to improve our forward visibility.

與第一季度一致，我們繼續經歷規模較小、期限較短的合同的疲軟，我們將其歸因於可自由支配支出的疲軟。預訂量向收入增長的轉化受到交易組合變化的影響。隨著持續時間的增加，轉化為收入的時間將會更長，但有助於提高我們的前瞻性可見度。

Moving on to segments result for the second quarter, where all growth rates provided will be year-over-year in constant currency. Within Financial Services, revenues declined 5%, which reflects a softer overall demand environment and weak discretionary spending. As we navigate this environment, we have continued to strengthen our leadership team and sharpened our client engagement. While our pipeline for work related to cost takeout and productivity-led initiatives remains healthy and meaningfully higher than prior year period, we expect the uncertainties of the macro environment to continue to impact the pace of client spending over the next several quarters.

接下來是第二季度的細分結果，其中提供的所有增長率都將以固定匯率計算的同比增長率。在金融服務領域，收入下降了 5%，反映出整體需求環境疲軟和可自由支配支出疲軟。在應對這種環境的過程中，我們不斷加強我們的領導團隊並提高我們的客戶參與度。雖然我們與成本削減和生產力主導的計劃相關的工作渠道仍然健康，並且顯著高於去年同期，但我們預計宏觀環境的不確定性將繼續影響未來幾個季度客戶支出的步伐。

Health Sciences revenue grew 2%. Growth was again driven by strong demand from health care clients for our integrated software solutions, which increased mid-teens year-over-year. While the Life Sciences was down year-over-year and impacted by softer discretionary spending, we experienced strong sequential growth driven by increased volumes with existing customers. Products and Resources revenue grew 4%, reflecting the benefit from recently completed acquisitions, ramp of recent wins and demand from automotive and travel and hospitality clients. This was partially offset by softer discretionary spending across industries.

健康科學收入增長 2%。醫療保健客戶對我們的集成軟件解決方案的強勁需求再次推動了增長，該需求同比增長了十幾歲。雖然生命科學業務同比下降並受到可自由支配支出疲軟的影響，但由於現有客戶數量的增加，我們經歷了強勁的環比增長。產品和資源收入增長 4%，反映出最近完成的收購、近期勝利的增加以及汽車、旅遊和酒店客戶的需求帶來的好處。這被各行業可自由支配支出的疲軟部分抵消。

Communications, Media and Technology revenue declined 40 basis points, reflecting softness among both technology and our communications and media clients. We expect growth to improve in Q3 as recent new bookings have already begun to ramp. Continuing with year-over-year revenue growth in constant currency, from a geographic perspective in Q2, North America revenue declined 2%, reflecting softness within our Financial Services and CMT portfolio. This was partially offset by growth in Health Sciences and Products and Resources. Our growth -- our global growth markets, or GGM, which includes all revenue outside North America, grew approximately 5%. Growth was led by Europe, which grew 6% and included strong growth within CMT and Products and Resources, particularly within automotive.

通信、媒體和技術收入下降了 40 個基點，反映出技術以及我們的通信和媒體客戶的疲軟。我們預計第三季度的增長將有所改善，因為最近的新預訂量已經開始增加。按固定匯率計算，收入繼續同比增長，從第二季度的地域角度來看，北美收入下降了 2%，反映出我們的金融服務和 CMT 投資組合的疲軟。這被健康科學以及產品和資源的增長部分抵消。我們的增長——我們的全球增長市場（GGM），其中包括北美以外的所有收入，增長了約 5%。增長以歐洲為主導，增長了 6%，其中 CMT 以及產品和資源領域的強勁增長，尤其是汽車領域。

Now moving on to margins. During the quarter, we incurred approximately $117 million cost related to our previously announced NextGen program. This negatively impacted our GAAP operating margin by approximately 240 basis points. Excluding this impact, adjusted operating margin was 14.2%. Operating margin included the negative impact from an increase in compensation cost, primarily the result of our 2 merit cycles since October 2022. This has impacted both gross margin and SG&A.

現在轉向邊緣。本季度，我們因之前宣布的 NextGen 計劃而產生了約 1.17 億美元的成本。這對我們的 GAAP 運營利潤率產生了約 240 個基點的負面影響。排除這一影響，調整後營業利潤率為 14.2%。營業利潤率包括薪酬成本增加的負面影響，這主要是自 2022 年 10 月以來我們的 2 個績效週期的結果。這對毛利率和銷售管理費用均產生了影響。

This was partially offset by tailwinds from the depreciation of the Indian rupee and higher utilization. It also included an approximate 60 basis points benefit from an insurance recovery related to our previously disclosed 2020 cyber incident. Our GAAP tax rate in the quarter was 21.1%. Adjusted tax rate in the quarter was 21.7%. Our effective tax rate included a discrete benefit from a settlement related to U.S. state income taxes. Q2 diluted GAAP EPS was $0.91 and adjusted EPS was $1.10.

印度盧比貶值和利用率提高帶來的利好部分抵消了這一影響。它還包括與我們之前披露的 2020 年網絡事件相關的保險賠償帶來的約 60 個基點的收益。本季度我們的 GAAP 稅率為 21.1%。本季度調整後稅率為21.7%。我們的有效稅率包括與美國州所得稅相關的和解所帶來的離散收益。第二季度稀釋後 GAAP 每股收益為 0.91 美元，調整後每股收益為 1.10 美元。

Now turning to the balance sheet. We ended the quarter with cash and short-term investments of $2.1 billion or net cash of $1.4 billion. DSO of 75 days increased 2 days sequentially and 1 day year-over-year. Free cash flow in Q2 was a negative $32 million, which reflects the previously disclosed impact from the change in the U.S. law that we discussed earlier this year. This change negatively impacted Q2 free cash flow by approximately $420 million, which included tax payments of approximately $300 million related to 2022. This impact was largely in line with our expectations, and we continue to expect free cash flow to represent approximately 90% of net income this year.

現在轉向資產負債表。截至本季度末，我們的現金和短期投資為 21 億美元，淨現金為 14 億美元。 DSO 為 75 天，環比增加 2 天，同比增加 1 天。第二季度的自由現金流為負 3200 萬美元，這反映了我們今年早些時候討論過的美國法律變化所帶來的影響。這一變化對第二季度自由現金流產生了約4.2 億美元的負面影響，其中包括與2022 年相關的約3 億美元的稅款。這一影響在很大程度上符合我們的預期，我們仍然預計自由現金流將占淨現金流的約90%今年的收入。

During the quarter, we've repurchased about 3 million shares for $200 million under our share repurchase program and returned $148 million to shareholders through our regular dividend. Year-to-date, we have repurchased approximately 6 million shares for about $400 million. At quarter end, we had $2.4 billion remaining under our share repurchase authorization.

本季度，我們根據股票回購計劃以 2 億美元的價格回購了約 300 萬股股票，並通過定期股息向股東返還了 1.48 億美元。今年迄今為止，我們已以約 4 億美元的價格回購了約 600 萬股股票。截至季度末，我們的股票回購授權尚有 24 億美元。

Turning to our forward outlook. For the third quarter, we expect revenue in the range of $4.89 billion to $4.94 billion, representing a year-over-year increase of 0.6% to 1.6% or a decline of 50 basis points to an increase of 50 basis points in constant currency. Our guidance assumes currency will have a positive impact of 110 basis points as well as an inorganic contribution of approximately 100 basis points. For the full year, we are reiterating our constant currency revenue growth guidance range is slightly wider than our historical practice, reflecting a heightened level of uncertainty and the recent pace of client decision-making.

轉向我們的未來展望。我們預計第三季度營收在 48.9 億美元至 49.4 億美元之間，同比增長 0.6% 至 1.6%，或按固定匯率計算下降 50 個基點至增長 50 個基點。我們的指導假設貨幣將產生 110 個基點的積極影響以及約 100 個基點的無機貢獻。對於全年，我們重申我們的恆定貨幣收入增長指導範圍略寬於我們的歷史實踐，反映了不確定性的增加和近期客戶決策的步伐。

For 2023, we expect revenue of $19.2 billion to $19.6 billion, representing a decline of 0.9% to a growth of 1.1% or a decline of 1% to growth of 1% in constant currency. Inorganic contribution is still expected to be approximately 100 basis points. The midpoint of our guidance suggests a softer fourth quarter relative to historic norms as we anticipate softer demand and more volatile discretionary spending patterns driven by macroeconomic uncertainty to continue throughout the end of the year.

2023 年，我們預計收入為 192 億美元至 196 億美元，即下降 0.9% 至增長 1.1%，或按固定匯率計算下降 1% 至增長 1%。預計無機貢獻仍約為 100 個基點。我們的指引中點表明，第四季度相對於歷史正常水平將更為疲軟，因為我們預計，宏觀經濟不確定性導致的需求疲軟和可自由支配支出模式將在年底持續波動。

As I mentioned earlier, the NextGen program is on track and our assumptions for cost savings are unchanged. However, we now expect to incur $350 million in total charges versus $400 million previously. This reflects our assumption for lower employee separation costs as a result of voluntary attrition trend. We now expect to incur approximately $250 million of NextGen costs in 2023, including approximately $100 million relating to employee severance and an unchanged $150 million related to net consolidation of office space.

正如我之前提到的，NextGen 計劃正在步入正軌，我們對成本節約的假設沒有改變。然而，我們現在預計總費用將達到 3.5 億美元，而之前為 4 億美元。這反映了我們對自願離職趨勢導致員工離職成本降低的假設。目前，我們預計 2023 年將產生約 2.5 億美元的 NextGen 成本，其中包括與員工遣散費相關的約 1 億美元，以及與辦公空間淨整合相關的未變動的 1.5 億美元。

Moving on to adjusted operating margin. Our guidance is unchanged at 14.2% to 14.7%. Our margin outlook is impacted by several factors but primarily the negative impact from recent merit cycles. It also reflects our assumption for NextGen savings and growth investments, including the dilutive early impact associates with large deals. We anticipate 2023 interest income of approximately $115 million versus $85 million previously, reflecting the higher interest rate environment. Adjusted tax rate is expected to be in the range of 23% to 24% versus 24% to 26% previously due to several discrete items in the first half of the year.

接下來是調整後的營業利潤率。我們的指引保持在 14.2% 至 14.7% 不變。我們的利潤前景受到多種因素的影響，但主要是近期績效週期的負面影響。它還反映了我們對下一代儲蓄和增長投資的假設，包括與大型交易相關的稀釋性早期影響。我們預計 2023 年利息收入約為 1.15 億美元，而之前為 8500 萬美元，反映了較高的利率環境。由於上半年的一些離散項目，調整後的稅率預計將在 23% 至 24% 之間，而此前為 24% 至 26%。

In 2023, we continue to expect to return approximately $1.4 billion to shareholders through share repurchases and our regular quarterly dividend. We continue to expect full year average shares outstanding of approximately 506 million. This leads to our full year adjusted earnings per share guidance of $4.25 to $4.48 versus $4.11 to $4.34 previously. With that, we will open the call for your questions.

2023 年，我們繼續預計通過股票回購和定期季度股息向股東返還約 14 億美元。我們繼續預計全年平均已發行股數約為 5.06 億股。這導致我們全年調整後每股收益指引為 4.25 美元至 4.48 美元，而之前為 4.11 美元至 4.34 美元。至此，我們將開始電話詢問您的問題。

(Operator Instructions) Your first question comes from Ashwin Shirvaikar with Citi.

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

Good execution in the quarter. I think my first question is just with regards to the bookings. If you can provide maybe a little bit more color with regard to the matter of bookings instead of discussions with clients. And maybe even on TCV versus ACV that you can maybe talk because I think the bigger issue here is not the bookings but the conversion.

本季度執行情況良好。我想我的第一個問題只是關於預訂。如果您可以在預訂問題上提供更多的信息，而不是與客戶討論。也許您甚至可以討論 TCV 與 ACV 的問題，因為我認為這裡更大的問題不是預訂，而是轉化。

Thank you, Ashwin. This is Ravi. We had another good quarter of bookings growth, 17% Y-on-Y. We are excited about -- I've spoken about this before. There are 2 swim lanes on large deals. One is related to transformation, one is related to efficiencies, productivity, cost takeout. I think the -- I would -- it's fair to say that we are, at this point of time, the deals we are seeing in the market are over-indexed to efficiency, cost takeout, consolidation kind of deals.

謝謝你，阿什溫。這是拉維。我們的預訂量又實現了良好的季度增長，同比增長 17%。我們對此感到興奮——我之前已經談過這一點。大型交易有 2 條泳道。一與轉型有關，一與效率、生產力、成本支出有關。我認為——我會——可以公平地說，目前我們在市場上看到的交易過度依賴於效率、成本削減、整合等交易。

We are excited about the fact that we are starting to win them and translate that into revenues for the future. And you also -- you would understand that these deals come with a gestation period, which is longer than the smaller deals or the transformational deals because of the nature of them. We had 5 deals more than $100 million TCV in the bookings. Two of them were renewals, 1 of them had renewals plus expansion. Two of them are net new. So very healthy mix, if I may, of our bookings.

我們很高興我們開始贏得這些獎項，並將其轉化為未來的收入。你也會明白，這些交易都有一個醞釀期，由於它們的性質，它比小型交易或轉型交易要長。我們的預訂中有 5 筆交易的 TCV 超過 1 億美元。其中兩個是續訂，其中 1 個是續訂加擴展。其中兩個是全新的。如果可以的話，我們的預訂組合非常健康。

The interesting part of doing large deals is you build that rhythm so that even if the period is long enough, as you keep building the rhythm, it will start to contribute to the next year and the next year. I wish I had a big pipe the year before so that, that would have contributed this year. So that's how you see it. I mean you have to create that rhythm. Financial Services, of course, is less on small deals. I mean Financial Services and, for that matter, most of the sectors are muted on discretionary spend on small deals.

進行大型交易的有趣之處在於你建立了節奏，這樣即使周期足夠長，當你不斷建立節奏時，它將開始為明年和下一年做出貢獻。我希望前一年我有一根大煙斗，這樣今年就會有所貢獻。所以這就是你所看到的。我的意思是你必須創造那種節奏。當然，金融服務較少涉及小額交易。我指的是金融服務業，就這一點而言，大多數行業在小額交易上的可自由支配支出方面都處於沉默狀態。

So that's the color of what we are seeing. We continue to be excited about our ability to win, our ability to also build the organizational infrastructure to execute them, including the productivity gains, which we have baked into those deals as we factor them to win and execute. Jan, do you want to add anything to that?

這就是我們所看到的顏色。我們繼續對我們獲勝的能力感到興奮，我們也有能力建立組織基礎設施來執行它們，包括生產力的提高，我們在考慮這些交易以贏得和執行時將其融入到這些交易中。 Jan，你想補充什麼嗎？

Yes. So Ashwin, to your question of translating on those bookings into revenue, I think intuitively, you had already your finger on one of the components of the characteristics of our bookings this quarter. And that's basically, on average, the duration of the deals that we signed up in the quarter has very meaningfully lengthened basically. So we have been signing up longer-term deals on average with a higher deal value.

是的。因此，阿什溫（Ashwin），對於您將這些預訂轉化為收入的問題，我直觀地認為，您已經了解了我們本季度預訂特徵的組成部分之一。平均而言，我們在本季度簽署的交易的期限基本上已經顯著延長。因此，我們平均簽署了具有更高交易價值的長期交易。

We actually saw an absolute decline on smaller deals below $5 million in our pipeline, and that softness in discretionary spending and smaller type of deals was just offset by the really excellent performance that we had on the larger deal volume, and so that led to the 17% overall bookings growth. But with respect to translating into revenue, the actual contribution of this bookings volume, just to give you an example, for the rest of the year, revenue is actually lower than it was in the comparable quarter.

實際上，我們看到我們的管道中 500 萬美元以下的小型交易的絕對下降，並且可自由支配支出和小型交易的疲軟恰好被我們在較大交易量上的出色表現所抵消，因此導致了整體預訂量增長17%。但就轉化為收入而言，這個預訂量的實際貢獻，僅舉個例子，在今年剩餘時間裡，收入實際上低於可比季度的收入。

So we really have built a pipeline for longer type revenue streams in the future, which obviously gives us good comfort into the quality of revenue stream going forward. But it also explains why we're not seeing an immediate uptick on our revenues as these bookings will take time to translate into revenues.

因此，我們確實為未來更長的收入流建立了一條管道，這顯然讓我們對未來收入流的質量感到滿意。但這也解釋了為什麼我們的收入沒有立即增加，因為這些預訂需要時間才能轉化為收入。

That's very useful. Just second question on margins. Pretty solid performance here. And the question with regards to why you might not increase the full year range. I think Jan, you answered part of that question in your prepared remarks when you said that there's a ramp cost. I just want to make sure. Are there other things, investments you're making from an R&D perspective, perhaps into gen AI capabilities or things like that, investment in talent? Are there nondeal-related factors also included in your decision to leave margins unchanged?

這非常有用。只是關於利潤的第二個問題。這裡的表現相當穩定。以及關於為什麼您可能不增加全年範圍的問題。我想簡，當你說存在斜坡成本時，你在準備好的發言中回答了這個問題的一部分。我只是想確定一下。您是否還從研發角度進行了其他投資，也許是對人工智能能力或類似的投資，對人才的投資？您維持利潤率不變的決定中是否還包括與交易無關的因素？

Yes. I think the starting point for the margin discussion is for the rest of the year, the one thing that's different compared to prior period is that we won't have an October -- a fourth quarter merit cycle in our -- in this year because, as you know, we moved forward our merit cycle into April. So that's going to be important as you build a quarterly model to consider.

是的。我認為利潤率討論的起點是今年餘下的時間，與上一時期相比的一件事是，今年我們不會有 10 月——第四季度的績效週期，因為如您所知，我們將績效週期提前至四月。因此，當您構建要考慮的季度模型時，這一點非常重要。

Secondly, I use this moment maybe to talk a little bit about the progress we have been making on our NextGen initiative. We have been recording severance costs in the quarter as well as costs related to the restructuring of our real estate portfolio. And we're going to start seeing increased impact of the NextGen action relative to our people in the third and fourth quarter, which gives us basically the room to offset some of the pressures that we're seeing, namely some of expected pressure on the large deal rollout and letting those larger deals season in.

其次，我可能會利用這個機會談談我們在 NextGen 計劃上取得的進展。我們一直在記錄本季度的遣散費以及與房地產投資組合重組相關的成本。在第三季度和第四季度，我們將開始看到下一代行動對我們員工的影響越來越大，這基本上為我們提供了抵消我們所看到的一些壓力的空間，即對推出大型交易並讓這些較大的交易到來。

And I think the general expectation of -- given the higher uncertainty in our business environment that will create, I think -- could create some kind of unspecified yet-to-be-seen pressures in our portfolio. We do have seen a number of clients kind of reacting to their own economic pressures, reaching out to us. So we do see an economic environment in which there is pressure. And so I think it turns out that I think NextGen is well-timed to help us through this. But not -- it would be too early to celebrate basically full success of that. But we're kind of really moving along in the execution of that program, gave us confidence to just reaffirm basically that operating margin outlook.

我認為，考慮到我們的商業環境將產生更高的不確定性，我認為，總體預期可能會給我們的投資組合帶來某種尚未明確的壓力。我們確實看到許多客戶對自己的經濟壓力做出反應，向我們伸出援手。所以我們確實看到了一個存在壓力的經濟環境。所以我認為 NextGen 來得正是時候來幫助我們度過這個難關。但事實並非如此——現在慶祝這基本上完全成功還為時過早。但我們在執行該計劃方面確實取得了進展，這讓我們有信心基本上重申營業利潤率前景。

Next question, Lisa Ellis with MoffettNathanson.

下一個問題是麗莎·埃利斯（Lisa Ellis）和莫菲特·內桑森（MoffettNathanson）。

A follow-up maybe first on the gen AI thread. I know Ravi, you commented extensively on what Cognizant, you're doing on gen AI externally with partners and to help clients transform their businesses. Can you comment maybe in a little bit more detail on how you are deploying gen AI internally at Cognizant and how you see it over time being able to transform your business operations and maybe give you more competitive edge relative to peers?

後續可能會先在 gen AI 線程上進行。我知道 Ravi，您對 Cognizant 與合作夥伴在外部人工智能領域所做的工作以及幫助客戶轉型業務的工作進行了廣泛的評論。您能否更詳細地評論一下您如何在 Cognizant 內部部署 gen AI，以及您如何看待它隨著時間的推移能夠改變您的業務運營，並可能為您帶來相對於同行更多的競爭優勢？

Thank you for that question. I did extensively speak about it because it is in the middle of everything we do in the company today. I see this as 3 -- the gen AI embraces -- going to be in 3 parts. The first part is how do we apply to our business to run our business, which is like eating our own dog food. The second is how do we make sure that we build our operating model powered by gen AI? How do we make the average developer productivity increase multifold? How do we make sure that we build the platforms, the instrumentation, the technology needed?

謝謝你提出這個問題。我確實廣泛談論了它，因為它是我們今天在公司所做的一切的核心。我認為這 3——新一代人工智能所擁抱的——將分為 3 個部分。第一部分是我們如何應用到我們的業務中來經營我們的業務，這就像吃我們自己的狗糧一樣。第二個問題是我們如何確保我們建立由人工智能驅動的運營模型？我們如何使平均開發人員生產力提高數倍？我們如何確保構建所需的平台、儀器和技術？

I also call it the ability to arbitrage on technology. I mean over the last 40 or 50 years, tech services companies did labor arbitrage and capability arbitrage I would say. This is our time to actually do an arbitrage on technology. The more the instrumentation we create, the more we can make our model efficient enough with productivity gains. The question is how much of the productivity has to be shared with our clients so that we stay competitive to win as well as keep a part of it for ourselves.

我也稱其為技術套利能力。我的意思是，在過去的 40 或 50 年裡，科技服務公司進行了勞動力套利和能力套利。現在是我們真正進行技術套利的時候了。我們創建的儀器越多，我們就越能讓我們的模型足夠高效並提高生產力。問題是我們必須與客戶分享多少生產力，以便我們保持競爭力以贏得勝利，並為自己保留一部分生產力。

So I'm not as concerned about a smart developer. I'm concerned about an average developer. How do I lift the productivity so that the productivity of the organization goes up? So that's my -- that's the second part of gen AI. We have extensively worked on building those platforms and we've also started to partner with big tech companies. I would say our ability to train, in fact, we made an announcement with Google to train 25,000 people. We made great progress on it. We ran an initiative with Microsoft on gen AI and the Copilot initiative.

所以我不太關心聰明的開發人員。我擔心的是普通開發人員。如何提高生產力，從而提高組織的生產力？這就是我的——這是人工智能時代的第二部分。我們廣泛致力於構建這些平台，並開始與大型科技公司合作。我會說我們的培訓能力，事實上，我們與穀歌宣布要培訓25,000人。我們在這方面取得了很大進展。我們與 Microsoft 共同發起了一項關於 gen AI 和 Copilot 計劃的計劃。

Today, along with the earnings, we also timed a large language model in partnership with Google. I think that's a step up. I mean generative AI can -- we could use the curation of data, the ability to use the model to contextualize to a business. I would say that's the last mile on generative AI. But leveraging our health care expertise, leveraging the assets we have in health care, the installed base we have in health care, we potentially thought it's a good bold move to actually build a large language model with Google.

今天，除了收益之外，我們還與穀歌合作對大型語言模型進行了計時。我認為這是一個進步。我的意思是生成式人工智能可以——我們可以利用數據的管理，以及使用模型將其與業務聯繫起來的能力。我想說這是生成人工智能的最後一英里。但是，利用我們的醫療保健專業知識，利用我們在醫療保健領域擁有的資產，我們在醫療保健領域擁有的安裝基礎，我們可能認為與穀歌實際構建大型語言模型是一個很好的大膽舉措。

Now the third part of the mix -- before I go to the third part, equally, we are starting to think about how do we actually build cognitive skills in the company, which are different to the past. I mean if generative AI is going to coexist with humans in tech services, the reality is you need a very different cognitive diversity. We could potentially need people who don't have a STEM background because there are people who have a STEM background, engineer those platforms and the people who come with a cognitive diversity of, say, human sciences can actually apply generative AI to our client landscapes.

現在是第三部分——在我進入第三部分之前，同樣，我們開始思考如何在公司中真正建立與過去不同的認知技能。我的意思是，如果生成式人工智能要在技術服務中與人類共存，那麼現實是你需要一種非常不同的認知多樣性。我們可能需要沒有 STEM 背景的人，因為有些人有 STEM 背景，可以設計這些平台，而具有認知多樣性（例如人文科學）的人實際上可以將生成式人工智能應用到我們的客戶環境中。

Now coming to the third part of our generative AI story is how do we actually embrace with our clients. I've actually spoken about a couple of examples in my earnings script, which is starting with a client in Financial Services. We have one on Healthcare. All of those need front-end consultative skills to start with and back-end platforms to support it. So our clients, we almost have 100-plus early engagements either on a proof of concept or on a prototype model, where we are experimenting on how do we embrace generative AI with our clients.

現在我們的生成式人工智能故事的第三部分是我們如何真正擁抱我們的客戶。事實上，我已經在我的收益腳本中談到了幾個例子，這是從金融服務領域的客戶開始的。我們有一個關於醫療保健的內容。所有這些都需要前端諮詢技能來啟動，並需要後端平台來支持。所以我們的客戶，我們幾乎有 100 多個早期參與，要么是概念驗證，要么是原型模型，我們正在試驗如何與客戶一起擁抱生成人工智能。

These 100 early engagements in different areas, the most, I would say, is in customer service. And the most I would say is related to efficiency, productivity and better experience. So I'm excited about all of what we have done. We've also committed $1 billion in the next 3 years to continue our investments in this space. And we want to stay ahead of the curve and be the cutting-edge partner, which our clients are looking for.

這 100 個不同領域的早期參與，我想說，最多的是客戶服務。我最想說的是與效率、生產力和更好的體驗有關。所以我對我們所做的一切感到興奮。我們還承諾在未來 3 年內投入 10 億美元，繼續在這一領域進行投資。我們希望保持領先地位，成為客戶所尋求的尖端合作夥伴。

Terrific. And then maybe for my follow-up, I was, I guess, thinking about it as I'm being sad about Jan's departure, but Ravi maybe back on you. Now that you've been at Cognizant, I guess, coming up on a year or so, how are you thinking about kind of shaping the senior executive team at Cognizant? Are there some other kind of senior leaders you would point to that you're bringing in? And as you're thinking about finding a replacement for Jan, sort of what's the profile of folks that you're looking at and bringing in? Given the priority you highlighted about making the Cognizant a top place, an employer of choice.

了不起。然後也許對於我的後續行動，我想，我正在思考這個問題，因為我對簡的離開感到難過，但拉維可能會回到你身邊。我猜你已經在 Cognizant 工作了一年左右，你是如何考慮塑造 Cognizant 的高級管理團隊的？您是否會指出您要引進的其他類型的高級領導者？當你考慮尋找簡的替代者時，你正在尋找和引進的人的概況如何？鑑於您強調的​​優先事項是讓 Cognizant 成為首選雇主。

Thank you for that question. Jan is going to be with us until we identify a new CFO, and we'll have some overlap period to it. And he's been kind enough to partner with me in the last 7 months. I've not spent a year yet, but in the last 7 months but I'm very hopeful as we finish the transition, I will continue to have his support for the next few quarters.

謝謝你提出這個問題。 Jan 將和我們在一起，直到我們確定新的 CFO，並且我們會有一些重疊期。在過去的 7 個月裡，他非常友善地與我合作。我還沒有花一年的時間，但在過去的 7 個月裡，我非常希望當我們完成過渡時，我將在接下來的幾個季度繼續得到他的支持。

On leadership, per se, we have a very healthy bench. As I put my structure in place, I am excited about promoting and progressing people inside the company and giving them the opportunities. In fact, we have a sizable workforce, which has spent more than 7 to 8 years at Cognizant. And I'm actually leading on to build that leadership from inside. We've also -- I'm excited about Cognizant employees coming back to Cognizant. I mean some of the leadership, which left us in the last few years, which we believe are worthwhile and they call Cognizant their home, we have got them back.

就領導力本身而言，我們有一個非常健康的替補席。當我建立我的結構時，我很高興能在公司內部提拔和進步員工，並為他們提供機會。事實上，我們擁有大量員工，他們在 Cognizant 工作了 7 到 8 年以上。事實上，我正在領導從內部建立這種領導力。我們還——我對 Cognizant 員工回到 Cognizant 感到很興奮。我的意思是一些在過去幾年裡離開我們的領導層，我們認為這是值得的，他們稱高知特為家，我們已經把他們找回來了。

I have 1 leader who's come back to do my Industry Solutions group. I have 1 leader who has come back to run my infrastructure sales. I'm also excited about other external hires we've done. We've hired a leader for our telecom business. So the excitement of being a part of this journey allows me to straddle between the 3, look for people inside the company who can be on that. And I think we have a very good bench of people who have been in the company for a long time, and I'm excited about grooming them to the future leadership.

我有 1 位領導回來負責我的行業解決方案小組。我有 1 位領導回來負責我的基礎設施銷售。我也對我們所做的其他外部招聘感到興奮。我們為我們的電信業務聘請了一位領導者。因此，成為這段旅程的一部分的興奮讓我能夠跨越這三者，尋找公司內部能夠參與其中的人。我認為我們有一批非常優秀的人員，他們已經在公司工作了很長時間，我很高興能夠將他們培養成未來的領導層。

The second is bringing some of the people, who want to come back, and we believe that they will add significant value to our future. And of course, the external hiring we could do. In fact, I hired a senior leader for running my partner and alliances organization. So we have made some good progress on putting a leadership team to support us for the future.

第二是帶一些想要回來的人，我們相信他們將為我們的未來增加重大價值。當然，我們可以進行外部招聘。事實上，我聘請了一位高級領導來管理我的合作夥伴和聯盟組織。因此，我們在組建領導團隊來支持我們的未來方面取得了一些良好進展。

Next question, Bryan Bergin with TD Cowen.

下一個問題是 TD Cowen 的 Bryan Bergin。

So Ravi, I wanted to follow up with a demand question here. Just did you get a sense of any real changes in demand KPIs over the past 3 months? Or would you say it's been largely consistent as it relates to the level of macro and spending uncertainty that you have been conveying here over the course of 2023? And I guess based on these current client conversations, are you getting any sense of how long you anticipate discretionary spending to remain under pressure?

拉維，我想在這裡跟進一個需求問題。您是否感受到過去 3 個月需求 KPI 的實際變化？或者您是否認為這在很大程度上是一致的，因為它與您在 2023 年期間在此傳達的宏觀和支出不確定性水平有關？我想根據目前與客戶的對話，您是否知道預計可自由支配支出將面臨壓力多久？

That's a great question, actually. I mean the demand profile has certainly been very volatile. I mean if you are capturing opportunities related to discretionary spend, capturing opportunities related to future transformation of enterprise landscapes, it's either been uncertain or it's been kind of, in some places, it has fallen off. And that's one of the reasons why Jan mentioned that smaller deals have -- we have lesser volume of smaller deals and which is true for what the market situation is. Of course, Financial Services is the most impacted but we do see that in other sectors as well.

實際上，這是一個很好的問題。我的意思是需求狀況肯定非常不穩定。我的意思是，如果你正在抓住與可自由支配支出相關的機會，抓住與未來企業格局轉型相關的機會，那麼它要么是不確定的，要么是在某些地方已經消失了。這就是簡提到較小型交易的原因之一——我們的較小型交易數量較少，這對於市場情況來說是正確的。當然，金融服務受到的影響最大，但我們確實在其他行業也看到了這種情況。

I equally believe it also opens up an opportunity in places to consolidate. It opens up an opportunity to proactively go to our clients, who are paranoid about the costs and give them a value proposition, which appeals to them where their total cost -- the total cost of ownership goes down but we've been in the process. It's a win-win value proposition. So I'm seeing more of those deals and I'm doubling down on those deals, and that is allowing me to keep the large deal pipeline in good health.

我同樣相信，這也為一些地方的整合提供了機會。它為我們提供了一個機會，讓我們能夠主動接觸對成本偏執的客戶，並為他們提供價值主張，這對他們有吸引力，因為他們的總成本（總擁有成本）下降了，但我們一直在這個過程中。這是一個雙贏的價值主張。因此，我看到了更多這樣的交易，並且我正在加倍投資這些交易，這使我能夠保持大型交易渠道的良好健康。

And it is an opportunity for us to even proactively go and bid for some of the business. I mean one of the deals we announced is the Gilead Sciences deal, which is an existing customer. And we not only renewed the contract but we actually got an expansion on it. The key point there is in the past, those consolidation initiatives were run by a smaller productivity attached to technology and a bigger productivity attached to the efficiency of running your labor model, including offshoring, including a better pyramid, including a better role ratio.

這對我們來說是一個機會，甚至可以主動去競標一些業務。我的意思是，我們宣布的交易之一是與吉利德科學公司的交易，它是我們的現有客戶。我們不僅續簽了合同，而且實際上還擴大了合同範圍。關鍵的一點是，在過去，這些整合舉措是通過與技術相關的較小生產力和與運行勞動力模型的效率相關的較高生產力來運行的，包括離岸外包，包括更好的金字塔，包括更好的角色比例。

I think we have a unique opportunity to switch that into a technology arbitrage, which I spoke about, which is using technology to get better productivity and then sharing the benefits to your clients. And that can happen more with consolidation and I think we are trying to seize those opportunities. So I see like these 2 swim lanes, one which has kind of shrunk and another which is continuing to be in good shape. The idea is to double down on the one which is continuing to have traction so that you could set off against what you're losing on the other side. But discretionary spend is pretty weak. That is something I should highlight.

我認為我們有一個獨特的機會將其轉變為我談到的技術套利，即利用技術獲得更好的生產力，然後將利益分享給您的客戶。通過整合，這種情況可能會發生更多，我認為我們正在努力抓住這些機會。所以我看到這兩條泳道，一條已經縮小，另一條仍然保持良好狀態。這個想法是在繼續具有吸引力的方面加倍下注，這樣你就可以對抗另一邊所失去的東西。但可自由支配支出相當薄弱。這是我應該強調的一點。

Okay, okay. Understood. Appreciate all the color. And then just shifting to the workforce. So understanding headcount down quarter-over-quarter a bit more, I think, in the second quarter, but you do have NextGen flowing through there. Just thinking forward in the second half, is it fair to assume this workforce level remains relatively flat to down, just given the optimization in workforce and utilization?

好吧好吧。明白了。欣賞所有的顏色。然後就轉向勞動力市場。因此，我認為，第二季度的員工人數逐季度下降更多，但確實有 NextGen 流經那裡。展望下半年，考慮到勞動力和利用率的優化，假設勞動力水平保持相對平穩或下降是否公平？

The way I see it is there is opportunity for us to increase billable utilization, and I think there is some more headroom for me to do that. And as I continue to do that, we all want to hit end of a runway on increased utilization. That's when you will see a flip on how you need more headcount to increase billable headcount. So I've said this in my last quarter as well that there was a cushion for us to increase utilization, billable utilization, that also contributed to our margin trajectory a bit.

我認為我們有機會提高計費利用率，而且我認為我還有更多的空間來做到這一點。當我繼續這樣做時，我們都希望在提高利用率方面達到跑道終點。那時您會發現如何需要更多員工來增加可計費員工數量。因此，我在上個季度也說過，我們有一個緩衝來提高利用率，可計費利用率，這也對我們的利潤率軌蹟有所貢獻。

And I think we have some more headroom to increase our operational efficiency to run our business so that we can then get to a point where we then start to increase our net headcount. What also is important is we've also had a good trend of lower attrition. In fact, we ended up with 19.9% on a trailing 12 months, which is 3 percentage points lower than last quarter and almost 11 percentage points lower than Y-on-Y.

我認為我們還有更多的空間來提高運營效率來運營我們的業務，這樣我們就可以開始增加我們的淨員工人數。同樣重要的是，我們也有較低流失率的良好趨勢。事實上，過去 12 個月的增長率為 19.9%，比上一季度下降了 3 個百分點，比去年同期下降了近 11 個百分點。

And as we can keep that down, it will also help us to keep the headcount up. And then as we get to the other end of the NextGen cycle, it will kind of help. So I think we have some headroom for operational efficiency to conduct more billable work before we start to see headcount increase.

由於我們可以降低這一數字，這也將有助於我們保持員工人數。然後，當我們到達下一代周期的另一端時，它將有所幫助。因此，我認為在員工人數開始增加之前，我們還有一定的運營效率空間來開展更多計費工作。

Next question, Rayna Kumar with UBS.

下一個問題是瑞銀 (UBS) 的 Rayna Kumar。

My name is Karan Singhania. I'm dialing in for Rayna. I had a question around generative AI. So the benefits of gen AI have been widely discussed but we haven't heard as much about the potential risks. Given that gen AI can potentially improve the internal productivity, do you think there's a risk to the top line over the medium term from like shortened contract lengths or pricing pressures?

我叫卡蘭·辛哈尼亞。我正在撥通雷娜的電話。我有一個關於生成人工智能的問題。因此，新一代人工智能的好處已經被廣泛討論，但我們還沒有聽到太多關於潛在風險的信息。鑑於新一代人工智能有可能提高內部生產力，您認為中期內收入是否會因合同期限縮短或定價壓力而面臨風險？

This industry has always had productivity tools. If you go back to the last 20, 25 years, productivity tools have been a way to differentiate. And it has very nicely got baked into our estimation model and then, subsequently, our execution model. And in addition to labor arbitrage, those productivity tools were the reason why our clients actually came to us because we had capability, we had -- we, of course, had capacity and we had productivity tooling to help them to deliver projects.

這個行業一直都有生產力工具。如果你回顧過去 20 年、25 年，生產力工具一直是實現差異化的一種方式。它很好地融入了我們的估計模型，然後，融入了我們的執行模型。除了勞動力套利之外，這些生產力工具也是我們的客戶真正來找我們的原因，因為我們有能力，我們有——當然，我們有能力，我們有生產力工具來幫助他們交付項目。

I would say the advent of automation technologies in the last, I would believe, 5 years or so, including robotic process automation has been a continual embedment into our services. And I want to highlight that the universe we operate in is no longer tech spend of enterprises. The universe we operate in is operations spend of enterprises because technology is deeply embedded into operations. So these tools -- embedding these tools has been -- the industry as well as Cognizant has been very habituated to it. I mean the ones who do it more are the ones who benefit out of it, and they then bake it into the estimation models. And the estimation models then allow you to stay more competitive than your peers to win business.

我想說的是，我相信過去 5 年左右的時間裡，自動化技術的出現，包括機器人流程自動化，已經不斷嵌入到我們的服務中。我想強調的是，我們所處的世界不再是企業的技術支出。我們所處的世界是企業的運營支出，因為技術深深嵌入到運營中。因此，這些工具——嵌入這些工具——行業以及 Cognizant 已經非常習慣了。我的意思是那些做得更多的人是那些從中受益的人，然後他們將其納入估計模型中。然後，估算模型可以讓您比同行保持更具競爭力，從而贏得業務。

And then as you win the business, you then keep working on engineering more so that you stay ahead of the curve. Gen AI in a way has been a bigger inflection point. It's not different in that continuum but it's a much bigger inflection point. It is a complete game changer. So my belief is, and at least on behalf of Cognizant, I would say, we want to embrace that as much, to make it an opportunity for us for the future. If you don't embrace it, it's going to become a threat for you.

然後，當您贏得業務時，您將繼續致力於更多的工程設計，以便保持領先地位。從某種程度上來說，人工智能時代是一個更大的轉折點。在這個連續體中並沒有什麼不同，但它是一個更大的拐點。它徹底改變了遊戲規則。因此，我的信念是，至少代表 Cognizant，我想說，我們希望同樣擁抱這一點，使其成為我們未來的機會。如果你不接受它，它就會成為你的威脅。

If you embrace it and create that technology arbitrage I spoke about, it will allow us to get our clients to partner with us, even get our clients to partner with us at points where they believe that they could in-source. They would potentially outsource because they see us as a unique way to bring productivity to them. So I'm excited about the fact that this is going to be an opportunity. And it's a tectonic shift in the way our operating model will be.

如果你接受它並創造我談到的技術套利，它將允許我們讓我們的客戶與我們合作，甚至讓我們的客戶在他們認為可以內包的地方與我們合作。他們可能會外包，因為他們認為我們是為他們帶來生產力的獨特方式。所以我很高興這將是一個機會。這是我們運營模式的結構性轉變。

Next question, Jamie Friedman with SIG.

下一個問題是 SIG 的傑米·弗里德曼 (Jamie Friedman)。

I'm just curious as to -- in terms of the environment for the second half, what do you see as the factors that could put you, say, towards the higher or lower end of the guidance, with furloughs contemplated potentially for the fourth quarter?

I'm just curious as to -- in terms of the environment for the second half, what do you see as the factors that could put you, say, towards the higher or lower end of the guidance, with furloughs contemplated potentially for the fourth四分之一?

Yes. We -- well, we try to give guidance that reflects at the midpoint our true expectations of what we achieve. So that's really our core belief. And the elements that we are watching carefully in the next couple of quarters are the scaling of and the implementation of a couple of our large contracts that we signed. Those are complex deals that need to be rolled out in partnership with our clients. And that can be just the practicalities of a complex project, can give delays or can give you positive news. So that's something that I'm very carefully watching.

是的。我們——嗯，我們試圖提供反映我們對所取得成就的真實期望的指導。這確實是我們的核心信念。我們在接下來的幾個季度中密切關注的因素是我們簽署的幾項大型合同的擴展和實施。這些都是複雜的交易，需要與我們的客戶合作推出。這可能只是複雜項目的實際情況，可能會導致延誤，也可能會給您帶來積極的消息。所以這是我非常仔細觀察的事情。

And certainly, there could be a theoretical path that some of these projects scale a little faster than we anticipated and that would give us some upside. But also in the quarter, we have observed this economic uncertainty hitting us, and you always get also some unanticipated bad news that happens. Certain deals get either canceled or scaled down or less visible, smaller deals just dissipate into nothing. So the general economic environment and the climate of our clients, and Ravi just gave you the assessment, we kind of feel that, that pressure will continue in the second -- 2 quarters on discretionary spend. That puts the pressure on it.

當然，理論上可能存在一些項目的擴展速度比我們預期的要快一些，這會給我們帶來一些好處。但同樣在本季度，我們觀察到這種經濟不確定性對我們造成打擊，而且你總是會收到一些意想不到的壞消息。某些交易要么被取消，要么縮小規模，要么變得不那麼引人注目，較小的交易就消失得無影無踪。因此，總體經濟環境和我們客戶的氣氛，拉維剛剛給了你評估，我們覺得，可自由支配支出的壓力將在第二個季度繼續存在。這給它帶來了壓力。

And so in a sense, it's really a balanced outlook that I have. We are lucky that we are able to add the revenue stream of large deals into our revenue mix compared to our competitors in our market. We didn't have that last year, and so this is a truly incremental opportunity for us. But as everybody, we are facing also with a downward pressure in the rest of our portfolio. So I think the outlook that I gave is a fair and balanced view of the expectations that we have.

所以從某種意義上說，我的觀點確實是平衡的。幸運的是，與市場上的競爭對手相比，我們能夠將大型交易的收入流添加到我們的收入組合中。去年我們沒有這樣的機會，所以這對我們來說是一個真正的增量機會。但與每個人一樣，我們的其他投資組合也面臨著下行壓力。所以我認為我給出的前景是對我們期望的公平和平衡的看法。

Okay. And for my follow-up. Jan, that's a great answer. But just wondering, could you double click on the assumptions by vertical? I realize you don't guide by vertical but, are at a higher level, any of these contemplated to be above or below the corporate average?

好的。以及我的後續行動。簡，這是一個很好的答案。但只是想知道，你能雙擊垂直的假設嗎？我知道您不按垂直方向進行指導，但是處於更高的水平，其中任何一個都被認為高於或低於公司平均水平？

Yes. I think the one that what we're trying to signal in my comments also is that we feel that for the next couple of quarters, we're going to continue to see the pressure in Financial Services performing below our own. I hope, basically, but then the reality of a sector that has shown weakness really, I think, across in our industry. I don't anticipate that to change. And there's some strength, as you saw in the quarter and now have strength on a relative basis in health care.

是的。我認為我們在評論中試圖傳達的信號是，我們認為在接下來的幾個季度中，我們將繼續看到金融服務業表現低於我們自己的壓力。我基本上希望如此，但我認為，在我們整個行業中，這個行業確實表現出了疲軟的現實。我預計這種情況不會改變。正如您在本季度看到的那樣，現在在醫療保健領域的相對基礎上也有一定的實力。

And that reflects our strong market position that we have with our clients in health care. So those would be the 2 big factors. Those trends are relatively consistent, I think, with what we have seen in the first 2 quarters of the year.

這反映了我們在醫療保健領域與客戶的強大市場地位。所以這些將是兩個重要因素。我認為這些趨勢與我們在今年前兩個季度看到的情況相對一致。

Next question, Tien-Tsin Huang with JPMorgan.

下一個問題是來自摩根大通的黃天欽。

Jan, congrats on the retirement news. I want to ask on the booking success, especially on the larger deals you have been talking about here. What changes are working? Is there a way to rank that for us because we get a lot of questions on pricing, of course. Where does pricing rank amongst all the factors with you winning on the larger deal side? And is there any impact here on gross margins for the second half to consider?

簡，恭喜你退休的消息。我想詢問預訂成功的情況，尤其是您在這裡談論的較大交易。哪些改變正在發揮作用？有沒有辦法為我們排名，因為當然，我們收到了很多關於定價的問題。在您贏得大筆交易的所有因素中，定價排名如何？這對下半年的毛利率有什麼影響需要考慮嗎？

I think from my perspective, pricing is definitely a very important factor. All these deals are -- or the vast, vast majority of these deals is competitive and you just have to be in the range of the expectations and meet the clients. And that is kind of table-fixed. The commitment that the company brings to the table as we now compete for these large deals, from Ravi at the top to the entire team, from our markets to our integrated service lines, is really different and I think has made a difference in winning the deals.

我認為從我的角度來看，定價絕對是一個非常重要的因素。所有這些交易都是——或者說這些交易中的絕大多數都是有競爭力的，你只需要在期望範圍內並滿足客戶即可。這有點固定在桌子上。當我們現在爭奪這些大型交易時，公司所做出的承諾，從高層拉維到整個團隊，從我們的市場到我們的綜合服務線，都是非常不同的，我認為這對贏得競爭產生了影響。交易。

Our clients have seen the commitment that we are making and the importance that we are giving to their specific deals just by the, I think, pure exposure and access to our teams and then, obviously, the strength of our solutions that we have brought to the table. So it's that whole package that plays into it. I would say these deals that you have seen here in the quarter and really starting in the year, a little bit stronger focus on traditional deals, focusing on cost takeout and some on consolidation, more classic deals, bread-and-butter type deals, large in nature that have made the portfolio of those wins. Maybe Ravi, you add a little?

我們的客戶已經看到了我們正在做出的承諾以及我們對他們的具體交易給予的重視，我認為，僅僅通過我們團隊的純粹曝光和接觸，然後，顯然，我們為客戶帶來的解決方案的實力桌子。所以這就是整個方案的作用。我想說的是，你在本季度看到的這些交易，實際上是從今年開始的，更多地關注傳統交易，關注成本削減，還有一些關注整合，更經典的交易，麵包和黃油類型的交易，規模龐大，使得這些勝利的投資組合得以實現。也許拉維，你補充一點？

Yes. So large deals come with a very different rhythm, right? We have made sure that we have an outreach now to our -- to a chance, I mean, partners, hyperscalers, deal advisories and a whole bunch of players in the mix. The second is our ability to build institutional infrastructure because a lot of deals don't just need the heavy lifting upstream. They need the heavy lifting downstream as well, so that you price them to win but you deliver them to margins.

是的。如此大的交易有著截然不同的節奏，對嗎？我們已經確保我們現在能夠接觸到我們的——我的意思是，接觸到合作夥伴、超大規模企業、交易諮詢和一大堆參與者。第二個是我們建立機構基礎設施的能力，因為很多交易不僅僅需要上游的繁重工作。他們也需要下游的繁重工作，因此你可以為他們定價以贏得勝利，但你卻可以讓他們獲得利潤。

Our ability to put all of that together, I think the company had it before. I have kind of assembled it together and then we have strengthened it further. And our entrepreneurial spirit to go and tell our clients some provocative opportunities, which could create a win-win situation for our clients and us, and therefore, create value for the process, has helped us to create a large deal mindset or a growth mindset. And I'm very confident that, that's now a part of the muscle of the company.

我們有能力將所有這些整合在一起，我認為公司以前就有這種能力。我把它組裝在一起，然後我們進一步加強它。我們的企業家精神去告訴我們的客戶一些具有挑釁性的機會，這可以為我們的客戶和我們創造雙贏的局面，從而為這個過程創造價值，幫助我們創造了大交易心態或成長心態。我非常有信心，這現在已成為公司實力的一部分。

So as we continue to invest on deal infrastructure into the market, as well as the mindset to be provocative with your clients and support that bold vision by building downstream infrastructure, organizational infrastructure including the tooling on new age AI-led productivity, that's very important. The deals could be traditional but the levers you press could be relatively new.

因此，當我們繼續投資市場交易基礎設施，以及對客戶進行挑釁的心態，並通過構建下游基礎設施、組織基礎設施（包括新時代人工智能主導的生產力工具）來支持這一大膽願景時，這一點非常重要。這些交易可能是傳統的，但你按下的槓桿可能是相對較新的。

I mean the amount of automation infrastructure, the amount of AI infrastructure you could use to actually create straight-through processing and operations kind of work and create higher productivity to run, maintain as well as build businesses for our clients, I think, is -- it's a new lever. And I think we -- I'm confident that we are ahead of the curve and therefore, we are competitive in the market to win these deals.

我的意思是自動化基礎設施的數量，你可以用來實際創建直通式處理和操作類型的工作並創造更高的生產力來運行、維護以及為我們的客戶建立業務的人工智能基礎設施的數量，我認為是 - - 這是一個新的槓桿。我認為我們——我相信我們處於領先地位，因此，我們在市場上具有競爭力以贏得這些交易。

We've come to the end of the Q&A session. I would like to turn the call over to management for closing remarks.

我們的問答環節已經結束了。我想將電話轉交給管理層進行總結髮言。

Great. Thank you very much, Stacey, and thank you all for joining us tonight. We look forward to catching up with you on our next earnings call. Talk to you soon.

偉大的。非常感謝你，史黛西，也感謝大家今晚加入我們。我們期待在下一次財報電話會議上與您聯繫。以後再聊。

This concludes today's teleconference. You may disconnect your lines at this time, and thank you for your participation.

今天的電話會議到此結束。此時您可以斷開線路，感謝您的參與。