高知特 (CTSH) 2024 Q1 法說會逐字稿

Ladies and gentlemen, welcome to the Cognizant Technology Solutions First Quarter 2024 Earnings Conference Call. (Operator Instructions)

女士們、先生們，歡迎參加 Cognizant 技術解決方案 2024 年第一季財報電話會議。 （操作員說明）

I would now like to turn the conference over to Mr. Tyler Scott, Vice President, Investor Relations. Please go ahead, sir.

我現在想將會議交給投資者關係副總裁泰勒·史考特先生。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 2024 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 Jatin Dalal, 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 2024 年第一季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 上取得副本。今天電話會議的發言者是首席執行官拉維·庫馬爾 (Ravi Kumar)；和財務長 Jatin Dalal。

Before we begin, I would like to remind you that some of the comments made on today's call and some of the responses to your questions may contain forward-looking statements. These statements are subject to the risks and uncertainties as described in the company's earnings release and other filings with the SEC. Additionally, during the call today, we will reference certain non-GAAP financial measures that we believe provide useful information to our investors. Reconciliations of non-GAAP financial measures, where appropriate, to the corresponding GAAP measures can be found in the company's earnings release and other filings with the SEC.

在我們開始之前，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案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。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資訊。非公認會計原則財務指標（如適用）與相應公認會計原則指標的調節可以在公司向美國證券交易委員會提交的收益報告和其他文件中找到。

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

說到這裡，我想把電話轉給拉維。請繼續。

Thank you, Tyler, and good afternoon, everyone.

謝謝泰勒，大家下午好。

Thank you for joining our first quarter 2024 earnings call. I'm pleased to report that during the quarter, we continued to make progress against the strategic priorities I laid out last year while navigating a challenging demand environment. We delivered revenue growth that exceeded the high end of our guidance range and expanded our adjusted operating margin year-over-year. Voluntary attrition improved again, and we ended Q1 with trailing 12-month voluntary attrition for our technology services business at 13.1%, representing a decline of 10 percentage points year-over-year.

感謝您參加我們的 2024 年第一季財報電話會議。我很高興地向大家報告，在本季度，我們在應對充滿挑戰的需求環境的同時，繼續在我去年制定的策略重點方面取得進展。我們的收入成長超過了指導範圍的上限，並比去年同期擴大了調整後的營業利潤率。自願離職率再次改善，截至第一季度，我們的科技服務業務過去 12 個月的自願離職率為 13.1%，年減 10 個百分點。

And our NextGen program remains on track as we continue to focus on simplification and operational excellence. As we have all seen in recent earnings results for our peer companies and economic headlines, the demand environment remains uncertain and geopolitical risks continue. These dynamics are shifting near-term client spending priorities from discretionary projects towards projects that will drive near-term cost savings and fund innovation for the future.

隨著我們繼續專注於簡化和卓越運營，我們的 NextGen 計劃仍然步入正軌。正如我們從同行公司最近的盈利結果和經濟頭條中看到的那樣，需求環境仍然不確定，地緣政治風險仍然存在。這些動態正在將近期客戶支出優先事項從可自由支配的項目轉向將推動近期成本節約並為未來創新提供資金的項目。

Now moving on to Q1 highlights. We delivered revenue of $4.8 billion, which was sequentially flat and represented a decline of 1% year-over-year, both as reported and in constant currency. We expanded our adjusted operating margin by 50 basis points to 15.1% as we continue to execute our cost optimization strategy and take out structural costs. First year -- first quarter bookings on a trailing 12-month basis were $25.9 billion, an increase of 1% year-over-year.

現在轉向第一季的亮點。我們實現了 48 億美元的收入，與上一季持平，按報告和以固定匯率計算均年減 1%。隨著我們繼續執行成本優化策略並消除結構性成本，我們將調整後的營業利潤率擴大了 50 個基點，達到 15.1%。第一年——第一季過去 12 個月的預訂量為 259 億美元，年增 1%。

While there is good sustained traction with our large deals, we saw softness in smaller deals in the range of 0 to $10 million total contract value, reflecting the tight discretionary environment. Our strong deal momentum in the quarter was evidenced by the fact we signed 8 deals, each with TCV of $100 million or more compared to only 4 in the prior year period. We've also seen early green shoots in our efforts to diversify our large deals outside of North America. And in quarter 1, two of the 8 greater than $100 million contracts we signed with in the APJ region.

雖然我們的大型交易具有良好的持續吸引力，但我們看到合約總價值在 0 至 1000 萬美元範圍內的小型交易疲軟，這反映了緊張的自由裁量環境。我們簽署了 8 筆交易，每筆 TCV 達 1 億美元或以上，而去年同期僅為 4 筆，這證明了我們本季強勁的交易勢頭。我們在北美以外的大型交易多元化方面也看到了早期的萌芽。第一季度，我們在亞太及日本地區簽署了 8 份價值超過 1 億美元的合同，其中有兩份是我們簽署的。

On a trailing 12-month basis, our book-to-bill ratio of 1.3x remains strong, which we believe provides a healthy backlog of opportunities to improve revenue performance over the next several quarters. We continue to grow our pipeline for larger deals and make progress against our goal of increasing the value of large deals in our bookings.

在過去 12 個月的基礎上，我們 1.3 倍的訂單出貨比仍然強勁，我們相信這為未來幾季改善營收表現提供了良好的積壓機會。我們繼續擴大大額交易的管道，並在提高預訂中大額交易價值的目標上取得進展。

From a segment perspective, demand trends were consistent with what we have seen in recent quarters. We saw sequential growth in Health Sciences and Communications, Media and Technology, offset by declines in Financial Services and Products and Resources. While Financial Services has been impacted more meaningfully than other segments by weaker discretionary spending, we did see sequential growth among our banking and financial services clients, which represents about 60% of our Financial Services segment, and are encouraged by the opportunities we are seeing in the overall pipeline, particularly within our intuitive operations and automation practice area.

從細分市場的角度來看，需求趨勢與我們最近幾季所看到的一致。我們看到健康科學和通訊、媒體和技術領域連續成長，但被金融服務、產品和資源領域的下降所抵消。雖然金融服務受到可自由支配支出疲軟的影響比其他細分市場更嚴重，但我們確實看到銀行和金融服務客戶的連續增長，這些客戶約占我們金融服務細分市場的60%，並且我們對我們在金融服務領域看到的機會感到鼓舞。

We see several themes that we believe are helping drive demand for our services. This includes clients' continued investments in developing a modern technology infrastructure related to AI, cloud and digital technologies, data engineering, prioritization of hyper-personalization and customer experience projects and the need to deliver innovation.

我們認為有幾個主題有助於推動對我們服務的需求。這包括客戶對開發與人工智慧、雲端和數位技術、數據工程、超個人化和客戶體驗項目的優先順序以及提供創新的需求相關的現代技術基礎設施的持續投資。

One example of infrastructure modernization this quarter was an agreement we signed with a new client, McCormick & Company, a global leader in flavor. Over the next 5 years, we will help transform and manage its global technology infrastructure, leveraging AI automated tools to enhance McCormick's employee and customer experience while improving productivity and driving financial savings for our clients.

本季基礎設施現代化的一個例子是我們與新客戶味好美公司（全球調味品領導者）簽署的協議。未來 5 年，我們將協助其全球技術基礎設施轉型和管理，利用 AI 自動化工具增強味好美的員工和客戶體驗，同時提高生產力並為客戶節省金錢。

Another example of monetization hyper-personalization is our recently announced new strategic alliance with Shopify and Google Cloud. Under this alliance, we will help drive digital transformation and platform modernization, enabling global retailers and brands to unlock business value from generative AI. We believe today's retailers must drive a modernization agenda while investing in innovation to elevate their end users and customers' experiences.

另一個貨幣化超個人化的例子是我們最近宣布與 Shopify 和 Google Cloud 建立新的策略聯盟。在這個聯盟下，我們將幫助推動數位轉型和平台現代化，使全球零售商和品牌能夠從生成式人工智慧中釋放商業價值。我們相信，現今的零售商必須推動現代化議程，同時投資創新，以提升最終用戶和客戶的體驗。

Earlier this week, we signed a strategic agreement with Telstra, Australia's leading telecom and technology company, to elevate their software engineering capabilities and enhance their customers' experience. We believe this is a key strategic win in our APJ market. And we will leverage our AI tools to drive innovation, enable more efficient software engineering and ID operations, and decommission legacy systems to improve operational efficiency and support their employee experience by building them a superior engineering experience.

本週早些時候，我們與澳洲領先的電信和技術公司 Telstra 簽署了一項策略協議，以提升他們的軟體工程能力並增強客戶體驗。我們相信這是我們亞太及日本市場的一個關鍵策略勝利。我們將利用人工智慧工具推動創新，實現更有效率的軟體工程和 ID 運營，並退役遺留系統，以提高營運效率並透過為員工打造卓越的工程體驗來支援員工體驗。

And as a fourth example, we extended our long-standing relationship with CNO Financial Group during the quarter. Under this expanded agreement, we will implement cloud and digital technologies to help CNO deliver more personalized digital and convenient solutions to their customers. We'll also leverage gen AI technologies to help drive efficiencies across infrastructure, applications, enterprise software and engineering services.

第四個例子是，我們在本季延長了與 CNO Financial Group 的長期合作關係。根據這項擴展協議，我們將實施雲端和數位技術，幫助 CNO 為其客戶提供更個人化的數位化和便利的解決方案。我們還將利用新一代人工智慧技術來幫助提高基礎設施、應用程式、企業軟體和工程服務的效率。

Our clients' desire and need to drive innovation is apparent in all our client interactions, but funding for that innovation is being impacted by demand uncertainties in our clients' own end markets. The timing of a return in discretionary spending remains unknown, but our thesis remains simple. We plan to be prepared when it returns by continuing our organic investments in learning and development, people, platforms and innovation, while supporting those initiatives with inorganic capability-enhancing investments.

我們的客戶推動創新的願望和需求在我們所有的客戶互動中都很明顯，但創新的資金卻受到客戶自身終端市場需求不確定性的影響。可自由支配支出回歸的時間仍然未知，但我們的論點仍然很簡單。我們計劃在其回歸時做好準備，繼續對學習和發展、人員、平台和創新進行有機投資，同時透過無機能力增強投資來支持這些舉措。

On the client side, data from our project-level client feedback process for the first quarter of this year shows a 39% improvement in our Net Promoter Score regarding our project delivery quality over the last 2 years. We believe this is a result of a self-reinforcing cycle we created through tighter client collaboration since the beginning of 2023. As a testament to our longtime focus on helping clients innovate, during the quarter, Fortune Magazine recognized Cognizant as one of the America's Most Innovative Companies in 2024.

在客戶端方面，今年第一季專案級客戶回饋流程的數據顯示，過去 2 年我們的專案交付品質淨推薦值提高了 39%。我們相信，這是我們自2023 年初以來透過更緊密的客戶合作創建的自我強化循環的結果。之一2024 年創新公司。

Our focus on innovation is reflected in our Bluebolt grassroots innovation initiative, which we launched a year ago in April. Bluebolt has already generated more than 130,000 ideas from our associates, 23,000 of which have been implemented with clients. Overall, more than 220,000 Cognizant associates have been trained on Bluebolt.

我們對創新的關注體現在我們一年前 4 月推出的 Bluebolt 草根創新計畫中。 Bluebolt 已從我們的員工產生了超過 130,000 個想法，其中 23,000 個已與客戶一起實施。總體而言，超過 22 萬名 Cognizant 員工接受了 Bluebolt 培訓。

In addition, Google named Cognizant a Google Cloud 2024 Breakthrough Partner of the Year. This is one of our industry's most distinguished awards. I will elaborate more on Google Cloud in a moment. And just this month, LinkedIn recognized Cognizant as a #3 on its Top Companies 2024 Employer List in India, which is home to more than 250,000 of our valued associates. This repeat recognition is a reminder that our focus on becoming the employer of choice is paying off in the country that is at the heart of Cognizant's success in India.

此外，Google 也將 Cognizant 評為 Google Cloud 2024 年度突破性合作夥伴。這是我們行業最傑出的獎項之一。稍後我將詳細介紹 Google Cloud。就在本月，LinkedIn 將 Cognizant 評為印度 2024 年頂級公司雇主名單中的第三名，印度擁有超過 25 萬名尊貴的員工。這種重複的認可提醒我們，我們致力於成為首選雇主的努力正在印度得到回報，而這個國家是 Cognizant 在印度取得成功的核心。

These client wins and industry recognitions demonstrate one of our core differentiators, our collaborative innovation. And nowhere else is the demand for innovation higher than in gen AI. To date, we have more than 450 early client engagements in more than 500 additional opportunities in the pipeline. We have seen increased demand for AI services across 4 key areas.

這些客戶贏得和行業認可證明了我們的核心優勢之一，即我們的協作創新。沒有其他地方比新一代人工智慧對創新的需求更高。到目前為止，我們已經與 450 多個早期客戶進行了合作，還有 500 多個其他機會正在醞釀中。我們看到 4 個關鍵領域對人工智慧服務的需求不斷增加。

First, customer and employee experience as clients seek to deliver improved interactions through hyper-personalization. Second, content summarization and insights to empower decision-making. Third, content generation. And finally, leveraging gen AI to accelerate innovation and technology development cycles.

首先，客戶和員工的體驗，因為客戶尋求透過超個人化提供更好的互動。二是內容總結與洞察，為決策賦能。第三，內容生成。最後，利用人工智慧加速創新和技術開發週期。

We continue to see strong interest from clients as they assess proofs of concept and the return on investment of these opportunities. These efforts are supported by our recently launched Advanced Artificial Intelligence Lab in San Francisco, where we are investing in state-of-the-art core AI research aimed to position us at the forefront of innovation in our industry. This builds upon our network of AI innovation studios in London, New York, San Francisco, Dallas and Bengaluru. Incidentally, our Advanced Artificial Intelligence Lab has already produced 53 AI patents with applications for many more pending. This quarter alone, we had 7 new AI patents approved and granted to us. In quarter 1, we announced a series of new partnerships and co-innovations behind this strategy we announced last year to invest $1 billion in generative AI over 3 years.

我們繼續看到客戶在評估這些機會的概念驗證和投資回報時表現出濃厚的興趣。這些努力得到了我們最近在舊金山成立的高級人工智慧實驗室的支持，我們正在該實驗室投資最先進的核心人工智慧研究，旨在使我們處於行業創新的前沿。這建立在我們位於倫敦、紐約、舊金山、達拉斯和班加羅爾的人工智慧創新工作室網路的基礎上。順便說一句，我們的高級人工智慧實驗室已經獲得了 53 項人工智慧專利，還有更多正在申請中。光是本季度，我們就有 7 項新的人工智慧專利獲得批准和授予。在第一季度，我們宣布了一系列新的合作夥伴關係和共同創新，這是我們去年宣布的在3 年內向生成人工智慧投資10 億美元的策略背後的一系列新的合作夥伴關係和共同創新。

This includes our collaboration with Microsoft to infuse gen AI into health care administration. The TriZetto Assistant on our Facets platform will leverage Azure OpenAI Service and Semantic Kernel to provide access to gen AI within the TriZetto user interface. We are already progressing from proof of concept to the piloting phase and are seeing strong interest from some of our largest health care customers.

這包括我們與微軟的合作，將人工智慧融入醫療保健管理中。 Facets 平台上的 TriZetto 助理將利用 Azure OpenAI 服務和語意核心在 TriZetto 使用者介面中提供對 gen AI 的存取。我們已經從概念驗證進入試點階段，並且看到一些最大的醫療保健客戶的濃厚興趣。

And last week, we announced another element of our expanded partnership with Microsoft. We plan to leverage Microsoft Copilot and Cognizant's advisory and digital transformation services to help our employees and enterprise customers operationalize generative AI and realize strategic business transformation benefits from this technology.

上週，我們宣布了與微軟擴大合作關係的另一個內容。我們計劃利用 Microsoft Copilot 和 Cognizant 的諮詢和數位轉型服務來幫助我們的員工和企業客戶實施生成式 AI，並從該技術中實現策略性業務轉型效益。

In addition, as a part of Cognizant's Synapse skilling program, Cognizant will train 25,000 developers of the use of Github Copilot, doubling the number trained on the technology.

此外，作為 Cognizant Synapse 技能計畫的一部分，Cognizant 將培訓 25,000 名開發人員使用 Github Copilot，使該技術培訓人數增加一倍。

We are also collaborating with NVIDIA to leverage our deep life sciences and AI domain expertise with NVIDIA's pretrained industry-specific generative AI models offered as a part of BioNeMo. There -- through this collaboration, we will provide clients access to a suite of model-making services, including pretrained models, cutting-edge frameworks and application programming interfaces, that offer clients an accelerated path to train and customize enterprise models using the proprietary data. By leveraging gen AI-infused models, clinical researchers can rapidly sift through extensive data sets, more accurately predict interactions between drug compounds and create a new viable drug development pathway.

我們還與 NVIDIA 合作，利用我們深厚的生命科學和 AI 領域專業知識以及作為 BioNeMo 一部分提供的 NVIDIA 預訓練的行業特定生成 AI 模型。透過這次合作，我們將為客戶提供一套模型製作服務，包括預訓練模型、尖端框架和應用程式編程接口，為客戶提供使用專有資料訓練和客製化企業模型的加速路徑。透過利用人工智慧注入的模型，臨床研究人員可以快速篩選大量資料集，更準確地預測藥物化合物之間的相互作用，並創建新的可行的藥物開發途徑。

We also expanded our partnership with Google Cloud. We'll adopt Gemini for Google Cloud in two ways: first, by training Cognizant associates to use Gemini for software development assistance; and second, by integrating Gemini's advanced capabilities within Cognizant's internal operations and platforms. Using Gemini for Google Cloud, Cognizant's developers will be equipped to write, test and deploy code faster and more effectively with the help of AI-powered tools, improving the reliability and cost efficiency of building and managing client applications.

我們也擴大了與 Google Cloud 的合作關係。我們將透過兩種方式在 Google Cloud 中採用 Gemini：首先，培訓 Cognizant 員工使用 Gemini 進行軟體開發協助；其次，將 Gemini 的先進功能整合到 Cognizant 的內部營運和平台中。使用 Gemini for Google Cloud，Cognizant 的開發人員將能夠在人工智慧工具的幫助下更快、更有效地編寫、測試和部署程式碼，從而提高建置和管理客戶端應用程式的可靠性和成本效率。

Over the next 12 months, Cognizant expects to up-skill more than 70,000 cross-functional associates on Google Cloud's AI offerings. This is another milestone in our Synapse initiative to up-skill 1 million individuals globally by 2026. Additionally, Cognizant will work to integrate Gemini into its suite of automated platforms and accelerators beginning with the recently announced Cognizant Flowsource platform for developers.

在接下來的 12 個月內，Cognizant 預計將提高 70,000 多名跨職能員工使用 Google Cloud 人工智慧產品的技能。這是我們Synapse 計畫的另一個里程碑，該計畫旨在到2026 年在全球範圍內提高100 萬人的技能。的開發人員的Cognizant Flowsource 平台。

As a part of our social responsibility platform, we recently announced that since 2018, we have awarded $70 million in philanthropic funds to global skilling programs for underrepresented communities. These 117 grants combined Cognizant's culture of continuous skilling, our focus on prioritization on empowering diversity through technology, and the philosophy that AI and other advanced technologies can be a great equalizer for the future of work. We intend to continue following and participating in the AI innovation cycles by investing in last-mile platform infrastructure, productivity studies and capabilities to enable better and faster integration into enterprise landscapes.

作為我們社會責任平台的一部分，我們最近宣布，自 2018 年以來，我們已向針對代表性不足社區的全球技能項目提供了 7000 萬美元的慈善資金。這 117 項資助結合了 Cognizant 不斷提高技能的文化、我們對透過科技增強多樣性的優先重視，以及人工智慧和其他先進技術可以成為未來工作的重要均衡器的理念。我們打算透過投資最後一哩平台基礎設施、生產力研究和能力，繼續專注並參與人工智慧創新週期，以更好更快地融入企業環境。

In the last 12 months, our AI platforms gained significant traction as we on-boarded clients on the Neuro, Skygrade and Flowsource platforms to cover various phases of AI deployment cycles. By investing in productivity studies, which dissect the anatomy of skills and occupations and map the AI exposure scores to different roles, we have assisted our clients in realizing value and driving the scaled embrace of newer AI use cases.

在過去 12 個月中，我們的 AI 平台獲得了巨大的關注，因為我們在 Neuro、Skygrade 和 Flowsource 平台上吸引了客戶，以涵蓋 AI 部署週期的各個階段。透過投資生產力研究，剖析技能和職業並將人工智慧暴露分數映射到不同的角色，我們幫助客戶實現價值並推動新人工智慧用例的大規模採用。

As we continue to navigate this ongoing soft demand environment, we remain focused on investing in areas to help our clients reduce total cost of ownership, boost productivity, enhance technology intensity and enable better adoption of new age technologies like AI to capture the current demand and be prepared for the future. And we remain differentiated by investing in industry domain capabilities and platforms in select industries.

隨著我們繼續應對這種持續的軟需求環境，我們仍然專注於投資於幫助我們的客戶降低總擁有成本、提高生產力、增強技術強度以及更好地採用人工智慧等新時代技術來捕捉當前需求和為未來做好準備。我們透過投資特定行業的行業領域能力和平台來保持差異化。

We also believe inorganic opportunities remain an important element of our investment strategy. We continue to seek to expand and deepen capabilities, diversify our business, including into industries where we are underexposed and improve our geographic mix.

我們也認為，無機機會仍然是我們投資策略的重要組成部分。我們繼續尋求擴大和深化能力，實現業務多元化，包括進入我們尚未涉足的行業，並改善我們的地理組合。

For example, we are pleased with the early traction of our Q1 acquisition of Thirdera, an industry-leading ServiceNow platform, which has significantly expanded our capabilities and credentials. We already see a healthy pipeline of opportunities as direct result of this acquisition to cross-sell within our existing client base.

例如，我們對第一季收購 Thirdera（業界領先的 ServiceNow 平台）的早期吸引力感到高興，這顯著擴展了我們的能力和資格。作為此次收購的直接結果，我們已經看到了在我們現有客戶群中進行交叉銷售的健康機會。

In closing, I want to thank our 345,000 employees around the world for their dedication to our clients and Cognizant. In 2024, we will keep working to increase our revenue growth, become the employer of choice in our industry, and to simplify our operations. Jatin, over to you.

最後，我要感謝我們世界各地的 345,000 名員工對我們的客戶和 Cognizant 的奉獻。 2024 年，我們將繼續努力提高收入成長、成為行業首選雇主並簡化營運。賈廷，交給你了。

Thank you, Ravi, and thank you all for joining us.

謝謝你，拉維，也謝謝大家加入我們。

As I enter my sixth month as Cognizant's CFO, I remain deeply impressed by the culture, passion and client centricity across the organization. I am pleased with our execution in the first quarter in what remains a tough economic environment. Revenue exited the high end of our guidance range, supported by our Communications, Media and Technology segments. The sequential growth of our healthcare segment was also heartening. Strong execution on our NextGen program and disciplined cost optimization actions allowed us to deliver a 15.1% adjusted operating margin, representing 50 basis points of expansion year-on-year.

當我擔任 Cognizant 財務長的第六個月時，整個組織的文化、熱情和以客戶為中心的理念給我留下了深刻的印象。我對我們第一季在經濟環境依然嚴峻的情況下的執行情況感到滿意。在我們的通訊、媒體和技術部門的支持下，收入超出了我們指導範圍的高端。我們的醫療保健領域的連續成長也令人振奮。我們對 NextGen 計劃的強有力執行和嚴格的成本優化行動使我們能夠實現 15.1% 的調整後營運利潤，相當於同比擴張 50 個基點。

Looking ahead, I am focused on several objectives in support of our broader strategic priorities. First, continue to strengthen our partnerships and collaborations across the organization to improve revenue growth. Second, improve our margin profile through our NextGen cost programs and process enhancements, driven in part by leveraging AI tools. Next, continue to invest in our people with a focus on supporting our company-wide employee skilling programs designed to train our employees on the latest technology, including gen AI. And finally, drive disciplined execution with a focus on maximizing value creation from our M&A investments and improving our large deals risk management framework.

展望未來，我將重點放在幾個目標，以支持我們更廣泛的策略重點。首先，持續加強整個組織內的合作夥伴關係和協作，以提高收入成長。其次，透過我們的下一代成本計劃和流程增強來改善我們的利潤狀況，這在一定程度上是透過利用人工智慧工具來推動的。接下來，繼續投資我們的員工，重點支持我們全公司範圍內的員工技能計劃，旨在培訓我們的員工了解最新技術，包括 gen AI。最後，推動嚴格的執行，重點是最大限度地提高併購投資的價值創造並改善我們的大型交易風險管理框架。

First quarter revenue was $4.8 billion, representing a decline of 1.1% year-over-year or a decline of 1.2% in constant currency. Year-over-year performance includes approximately 70 basis points of growth from recent acquisitions. On a sequential basis, revenue was flat from the prior quarter. Across global industry segments and geographies, we have seen the uncertain economic outlook and volatile geopolitical environment weigh on our client spending priorities, which has kept their discretionary spend muted. These headwinds are more pronounced in Financial Services, which is more susceptible to higher interest rates. Health Sciences customers are also being impacted by the inflationary environment and industry-specific headwinds.

第一季營收為 48 億美元，年減 1.1%，以固定匯率計算下降 1.2%。年比業績包括近期收購帶來的約 70 個基點的成長。從環比來看，營收與上一季持平。在全球產業領域和地區，我們看到不確定的經濟前景和不穩定的地緣政治環境對我們的客戶支出優先事項造成壓力，這使得他們的可自由支配支出受到抑制。這些不利因素在金融服務業更為明顯，因為金融服務業更容易受到利率上升的影響。健康科學客戶也受到通膨環境和產業特定不利因素的影響。

At the same time, clients continue to prioritize spending that can deliver cost savings quickly and continue to fund investments in transformation and innovation. For example, within our Products and Resources segment, we have seen resiliency among utility customers where grid modernization remains a critical priority. This has been further supported by our 2022 acquisitions of Utegration, which helps drive SAP S/4 cloud opportunities with the utilities customers. In addition, we have seen positive trends amongst automotive customers in area like software-defined vehicles and in our Products and Resources segment, where the convergence of IT and operational technology is driving transformation and digitization priorities.

同時，客戶繼續優先考慮能夠快速節省成本的支出，並繼續為轉型和創新投資提供資金。例如，在我們的產品和資源部門，我們看到公用事業客戶的彈性，其中電網現代化仍然是關鍵優先事項。我們在 2022 年收購 Utegration 進一步支持了這一點，這有助於為公用事業客戶帶來 SAP S/4 雲端機會。此外，我們在軟體定義汽車等領域以及我們的產品和資源領域看到了汽車客戶的積極趨勢，其中 IT 和營運技術的融合正在推動轉型和數位化優先事項。

Finally, we were pleased with the performance of our Communications, Media and Technology segment, which grew year-over-year, driven by contribution of recently completed acquisitions and wins with the communications and media customers. This has helped offset discretionary spending pressure among our technology customers, which we believe have been impacted by clients focused on reducing costs.

最後，我們對通訊、媒體和技術部門的業績感到滿意，該部門在最近完成的收購以及贏得通訊和媒體客戶的貢獻的推動下逐年增長。這有助於抵消我們技術客戶的可自由支配支出壓力，我們認為這種壓力受到了專注於降低成本的客戶的影響。

Now moving on to margins. Our NextGen optimization program has progressed well in helping us drive structural cost savings and simplification of our operations. During the quarter, we incurred approximately $23 million of costs related to this program. This negatively impacted our GAAP operating margin by approximately 50 basis points. Excluding this impact, adjusted operating margin was 15.1%, which benefited from savings related to our NextGen program and the depreciation of the Indian rupee. Both our GAAP and adjusted tax rate in the quarter were 24.8%. Q1 diluted GAAP EPS was $1.10 and Q1 adjusted EPS was $1.12.

現在轉向邊緣。我們的 NextGen 優化計劃在幫助我們節省結構性成本和簡化營運方面進展順利。本季度，我們產生了與該計劃相關的約 2,300 萬美元的成本。這對我們的 GAAP 營業利潤率產生了約 50 個基點的負面影響。排除此影響，調整後的營業利潤率為 15.1%，這得益於與我們的 NextGen 計劃相關的節省以及印度盧比的貶值。本季我們的 GAAP 和調整後稅率均為 24.8%。第一季稀釋後 GAAP 每股收益為 1.10 美元，第一季調整後每股收益為 1.12 美元。

Now turning to cash flow and the balance sheet. DSO of 78 days was up 1 day sequentially and increased 5 days year-over-year, primarily driven by our business mix. Free cash flow in Q1 was $16 million and included the impact of previously disclosed $360 million payments made to Indian tax authorities as well as the payout of bonuses that were accrued last year. As a reminder, the tax payment to the Indian tax authority was required to proceed with the appeals process relating to our 2016 tax matter. The appeal is ongoing and final amounts refunded to Cognizant or due to tax authorities will be determined at the end of the process.

現在轉向現金流和資產負債表。 DSO 為 78 天，環比增加 1 天，比去年同期增加 5 天，這主要是由我們的業務組合推動的。第一季度的自由現金流為 1,600 萬美元，其中包括先前披露的向印度稅務機關支付的 3.6 億美元付款以及去年應計獎金的支付的影響。謹此提醒，需要向印度稅務機關繳納稅款才能繼續與我們 2016 年稅務事項相關的上訴程序。上訴仍在進行中，退還給 Cognizant 或稅務機關的最終金額將在流程結束時確定。

We also returned $284 million to shareholders, including $133 million through share repurchases and $151 million through our regular remit. In addition, we completed our acquisition of Thirdera in January for a total consideration, net of cash acquired, of approximately $420 million. These factors drove quarter end cash and short-term investments of $2.2 billion or net cash of $1.6 billion.

我們也向股東返還 2.84 億美元，其中透過股票回購返還 1.33 億美元，透過常規匯款返還 1.51 億美元。此外，我們在 1 月完成了對 Thirdera 的收購，扣除所收購現金後的總對價約為 4.2 億美元。這些因素推動季末現金和短期投資達到 22 億美元，即淨現金 16 億美元。

In 2024, we continue to expect to return over $1 billion to our shareholders, including at least $400 million through share repurchases and $600 million through regular dividends. We will also continue to evaluate inorganic strategic investment opportunities to help accelerate our growth profile, expand our capabilities and diversify our portfolio.

到 2024 年，我們仍預期向股東回報超過 10 億美元，其中透過股票回購至少 4 億美元，透過定期股息回報 6 億美元。我們也將繼續評估無機策略投資機會，以幫助加速我們的成長、擴大我們的能力並使我們的投資組合多樣化。

Now let me speak about the forward outlook. For the second quarter, we expect revenue to be flat to growth of 1.5% sequentially, in constant currency. Year-over-year, this implies a decline of 2.5% to a decline of 1% in constant currency. On a reported basis, this translates to a revenue of $4.75 billion to $4.82 billion, representing a year-over-year decline of 2.9% to a decline of 1.4%.

現在讓我談談未來的展望。對於第二季度，我們預計營收將持平，以固定匯率計算，季增 1.5%。與去年同期相比，這意味著以固定匯率計算下降 2.5% 至 1%。根據報告，這意味著收入為 47.5 億美元至 48.2 億美元，年減 2.9% 至 1.4%。

For the full year, we continue to expect a revenue decline of 2% to a growth of 2% in constant currency. On a reported basis, this translates to revenue in range of $18.9 billion to $19.7 billion and a decline of 2.2% to a growth of 1.8%, reflecting our latest exchange assumptions. The guidance we are providing as of today assumes up to 100 basis points of inorganic contribution. We see an active pipeline of acquisition opportunities, and we continue to evaluate assets for the right capabilities to support our strategic priorities. Our NextGen program remains on track, and there are no changes to our assumptions regarding the program. We still intend to reinvest the majority of NextGen savings in our growth opportunities in 2024 and beyond.

對於全年，我們繼續預期營收以固定匯率計算將下降 2%，成長 2%。根據報告，這意味著收入在 189 億美元至 197 億美元之間，下降 2.2% 至增長 1.8%，反映了我們最新的交易所假設。截至今天，我們提供的指導假設無機貢獻高達 100 個基點。我們看到了一系列積極的收購機會，並且我們繼續評估資產以獲得適當的能力來支持我們的策略重點。我們的 NextGen 計劃仍在按計劃進行，我們對該計劃的假設沒有改變。我們仍打算將 NextGen 的大部分儲蓄再投資於 2024 年及以後的成長機會。

Moving on to adjusted operating margin. We are pleased with our Q1 performance and we continue to expect the full year to be in the range of 15.3% to 15.5%. For Q2, we expect adjusted operating margin will be in a narrow range around Q1's number, with NextGen cost savings and improved utilization being offset by initial negative impact from the ramp of large deals and the revenue mix. I am pleased with our sequential improvement in utilization during the quarter, and we are sharply focused on driving further improvements to support margins next quarter.

接下來是調整後的營業利益率。我們對第一季的業績感到滿意，並繼續預計全年將在 15.3% 至 15.5% 的範圍內。對於第二季度，我們預計調整後的營業利潤率將在第一季度左右的狹窄範圍內，NextGen 成本節約和利用率提高將被大型交易和收入組合增加帶來的最初負面影響所抵消。我對本季利用率的連續改善感到高興，我們將重點放在推動進一步改善以支持下季度的利潤率。

For the full year, we anticipate net interest income of approximately $60 million, which compares to $40 million previously, primarily reflecting updated interest rate and cash balances assumptions. Our adjusted tax rate guidance of 24% to 25% remains unchanged. Our full year free cash flow guidance is also unchanged, and we continue to expect it will represent 80% of our net income. This includes the previously discussed negative impact of $360 million payment made with Indian tax authorities in relation to our ongoing appeal of our 2016 tax matter.

我們預計全年淨利息收入約為 6,000 萬美元，而之前為 4,000 萬美元，主要反映了更新的利率和現金餘額假設。我們調整後的 24% 至 25% 稅率指引保持不變。我們的全年自由現金流指引也保持不變，我們仍然預期它將占我們淨利潤的 80%。這包括先前討論的因我們對 2016 年稅務問題持續上訴而向印度稅務機關支付的 3.6 億美元的負面影響。

Our guidance for shares outstanding is unchanged at approximately 497 million. This leads to our full year adjusted earnings per share guidance of $4.50 to $4.68, unchanged from our previous guidance. With that, we'll open the call for your questions.

我們對已發行股票的指引維持在約 4.97 億股不變。這導致我們全年調整後每股盈餘指引為 4.50 美元至 4.68 美元，與先前的指引持平。至此，我們將開始電話詢問您的問題。

(Operator Instructions)

（操作員說明）

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

我們的第一個問題來自 Bryan Bergin 和 TD Cowen 的對話。

I guess to start, can you comment on what areas performed better than your expectations here on growth in 1Q versus your guide? And then as we see an implied sequential improvement in the coming quarters, at least at the midpoint, how do we reconcile that with some of the commentary about the unknown timing of discretionary recovery? I'm curious if it's kind of an improvement driven by the ramp of the large deals and easier comps or if you're actually forecasting some improvement in that discretionary -- in that decision-making environment too.

我想首先，您能否評論一下哪些領域在第一季度的成長方面與您的指導相比表現優於您的預期？然後，當我們看到未來幾個季度（至少在中期）隱含的連續改善時，我們如何將這一點與一些關於酌情復甦時間未知的評論相協調？我很好奇這是否是由大型交易和更容易的競爭的增加所推動的一種改進，或者您是否真的預測在決策環境中的自由裁量權方面也會有所改進。

Thank you, Bryan. Thank you for that question. This is Ravi here, and let me give it a try, and then I will ask Jatin to add in. The way we look at our guidance range is based on the visibility we get to the middle of the range. And then we look for what's the upside available. The upside available is based on large deal momentum. There is 30 to 40 basis points of M&A, which we are yet to do because this guidance includes 100 basis points of M&A. And the committed spend from many of our clients, sometimes, you can get an upside on it if you ramp up well. So that's the starting point.

謝謝你，布萊恩。謝謝你提出這個問題。我是拉維，讓我嘗試一下，然後我會請賈廷補充。然後我們尋找有什麼好處。可用的上行空間基於大宗交易勢頭。有 30 到 40 個基點的併購，我們尚未這樣做，因為本指南包括 100 個基點的併購。有時，我們許多客戶的承諾支出如果進展順利，可以獲得好處。這就是起點。

Why did we put this in a broad range? We put it in a broad range -- normally, at this point of time, you would have 200 basis points of range. We have 400 basis points of a range because the market is sluggish. While we are doing well, we've performed well in quarter 1, the market is sluggish, so we kind of kept a broader range.

為什麼我們把它放在一個廣泛的範圍內？我們把它放在一個廣泛的範圍內——通常，在這個時候，你會有 200 個基點的範圍。由於市場低迷，我們有 400 個基點的區間。雖然我們做得很好，但我們在第一季表現良好，但市場低迷，所以我們保持了更廣泛的範圍。

How do we see discretionary today? We don't see discretionary changed since we spoke to all of you last quarter. So it remains the same. It hasn't changed. Now let's come to performance of quarter 1. If you've noticed, I mean, the biggest drop in discretionary has been in Financial Services in the past. And that has been for us as well as for the sector and the industry. If you've noticed, the sequential drop from quarter 4 to quarter 1 for us is only $10 million in banking, financial services and insurance. And we are seeing green shoots in BFS, which is 60% of BFSI.

今天我們如何看待自由裁量權？自從上個季度與大家交談以來，我們認為自由裁量權沒有改變。所以它保持不變。它沒有改變。現在讓我們來看看第一季的業績。這對我們以及整個產業來說都是如此。如果您注意到了，銀行、金融服務和保險業務從第四季度到第一季的連續下降僅為 1000 萬美元。我們看到 BFS 開始復甦，佔 BFSI 的 60%。

Health care is doing well. We have managed to continue on our strong portfolio with sequential growth. You've heard about communications, CMT, it's been a phenomenal run for us. We have had year-on-year growth as well as sequential growth that is backed by some large deals we won in the last 12 months.

醫療保健狀況良好。我們成功地繼續我們強大的投資組合併實現連續成長。您聽說過通訊、CMT，這對我們來說是一次非凡的運行。我們實現了同比增長和環比增長，這得益於我們在過去 12 個月中贏得的一些大型交易。

This is also a quarter where we have 8 large deals. If you compare that with quarter 1 of last year, it is 4 large deals last year. And these -- out of the 8, 5 were expansion plus renewal, and that gives me a lot of confidence about the fact that we're continuing to expand on large deals. The large deal momentum continues. Of course, there is softness in 0 to $10 million and 0 to $20 million of kind of deals, which are discretionary in [India]. So that's broadly how I shape it.

這也是我們有 8 筆大交易的季度。如果與去年第一季相比，去年有 4 筆大交易。在這 8 項中，有 5 項是擴張加更新，這讓我對我們繼續擴大大型交易這一事實充滿信心。大宗交易的勢頭仍在繼續。當然，0 至 1000 萬美元和 000 至 2000 萬美元的交易存在軟性，這些交易在[印度]是自由裁量的。這就是我大致上的塑造方式。

And if I have to add manufacturing and products, that is pretty stable. So this is how I see how we got to the guidance range. This is how we performed in quarter 1. We have also seen expansion of our deals outside of Americas to Asia Pacific. We have 2 deals out of the 8, which have actually come from Asia Pacific. You've already seen the announcement we did with Telstra, which is a part of our release. Jatin, anything else?

如果我必須添加製造和產品，那是相當穩定的。這就是我如何看待我們如何達到指導範圍的。這就是我們在第一季的表現。這 8 筆交易中有 2 筆實際上來自亞太地區。您已經看到了我們與 Telstra 發布的公告，這是我們發布的內容的一部分。賈廷，還有什麼嗎？

Yes. No, Bryan, we are good. If you have any follow-up, we can take it.

是的。不，布萊恩，我們很好。如果您有任何後續行動，我們可以採取。

No, that was very detailed. I appreciate that. My thoughts on margin, so just kind of unpacking the margin attribution with the gross margin contraction year-over-year but a strong SG&A reduction. Is that a trend we should expect that will continue as you move through '24, just given the large deal ramping? And just maybe, Jatin, talk about your comfort level in reducing the SG&A profile in NextGen still?

不，那是非常詳細的。我很感激。我對利潤率的看法是，毛利率年減，但銷售管理費用（SG&A）大幅下降，這只是解釋利潤率的歸因。考慮到大宗交易的增加，我們是否應該預期這種趨勢會在 24 世紀繼續下去？ Jatin，也許您仍然可以談談在 NextGen 中降低 SG&A 概況的舒適程度？

There will be puts and takes every quarter, as you very well know. But directionally, SG&A should continue to show a right momentum around improvement, but not so much because we have taken a large action in '23. So you would see the [back] end of our NextGen program acting through the SG&A line during the course of the rest of the year, but it won't be as large an impact or a big number compared to 2023. That's the view on SG&A.

正如您所知道的，每個季度都會有調整和調整。但從方向上看，SG&A 應該繼續在改進方面表現出正確的勢頭，但幅度不會太大，因為我們在 23 年採取了大規模行動。因此，您會看到我們的 NextGen 計劃在今年剩餘時間內透過 SG&A 線發揮作用，但與 2023 年相比，其影響或數字不會那麼大。

I would say the only thing I would add to what Jatin said is SG&A also has leverage with growth. So if growth comes back, you will see leverage on SG&A.

我想說，我唯一要補充的是，SG&A 也對成長有槓桿作用。因此，如果成長恢復，您將看到 SG&A 的槓桿作用。

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

我們的下一個問題來自黃天欽與摩根大通的對話。

Just following on Bryan's question there. Just thinking about bookings ahead in the second quarter, maybe second half as well. Any call-outs there around expectations, new deals or logos versus renewals, short versus large? What do you see on the horizon there?

接下來是布萊恩的問題。只是考慮第二季的提前預訂，也許下半年也是如此。有沒有關於期望、新交易或標誌與續約、短與大的呼籲？你在地平線上看到了什麼？

Tien-Tsin, thank you so much for that question. We continue to see good large deals momentum through the whole of 2023. I mean, whatever we did in 2023 is helping us on ramp-ups this year, and we'll continue to build that for the rest of the year. This has been a good quarter. In fact, if you just see the announcements we made with clients as a part of our earnings release, you would notice that the number of announcements have also gone up. So I'm very pleased with the progress. I'm also pleased with the fact that we have now started to expand that into Europe and Asia Pacific.

田進，非常感謝你提出這個問題。整個2023 年，我們繼續看到良好的大型交易勢頭。 。這是一個不錯的季度。事實上，如果您只看到我們與客戶發布的公告作為我們收益發布的一部分，您會注意到公告的數量也有所增加。所以我對進展感到非常滿意。我還很高興我們現在開始將其擴展到歐洲和亞太地區。

The softer nature of smaller deals between 0 to $10 million and, I would say, 0 to $15 million or $20 million, that hasn't changed much since we spoke last. And it's hard to predict how that's going to look like for the rest of the year. I do see some improvements, some green shoots in it, and that is reflected in our Financial Services BFSI results, but we should -- we are continuing to watch that area very keenly.

0 到 1000 萬美元之間的小額交易的軟性性質，我想說，0 到 1500 萬美元或 2000 萬美元之間，自我們上次談話以來沒有太大變化。很難預測今年剩餘時間會是什麼樣子。我確實看到了一些改進，其中出現了一些新芽，這反映在我們的金融服務 BFSI 結果中，但我們應該 - 我們將繼續非常敏銳地關注該領域。

Essentially, most of the large deals are on cost takeout, vendor consolidation, productivity, efficiency kind of deals. And we are very, very excited about the fact that, that momentum is going to continue for us. Those are deals the market offers, and we are -- we seem to be winning well on that. Of course, the period -- because these large deals are cost-takeout deals, the period of -- the duration of those deals is longer, so you will see realization of revenues over a period of time.

從本質上講，大多數大型交易都是關於成本削減、供應商整合、生產力、效率等交易。我們非常非常興奮，因為我們將繼續保持這種勢頭。這些是市場提供的交易，而我們——我們似乎在這方面贏得了很好的勝利。當然，由於這些大型交易是成本外購交易，這些交易的持續時間較長，因此您會在一段時間內看到收入的實現。

But it is also sticky, and it gives you an opportunity to create better fulfillment through managed services. So one of the other things we are tracking internally is annual contract value in addition to the total contract value, so that we start to know how much is it contributing to this year. What will be exciting for us is we now have a runway from 2023 into 2024. And going into 2025, we'll have a runway from 2024.

但它也具有黏性，它讓您有機會透過託管服務創造更好的滿足感。因此，我們內部追蹤的另一件事是除了合約總價值之外的年度合約價值，以便我們開始了解它對今年的貢獻有多大。讓我們興奮的是，我們現在擁有一條從 2023 年到 2024 年的跑道。

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

我們的下一個問題來自德意志銀行的布萊恩‧基恩 (Bryan Keane)。

I just wanted to ask about pricing in the environment right now since demand is low. Wondering if you're seeing pressure on the rate card in the industry right now? And any kind of bottom insight for that?

由於需求較低，我只想詢問目前環境的定價狀況。想知道您現在是否看到該行業的價目表面臨壓力嗎？對此有什麼底層見解嗎？

Yes. Bryan, thanks for your question. This is Jatin. Fundamentally, the current environment is that of consolidation of spend, of cost management, improvement in the productivity and so on and so forth. So this is the characteristics of the deals that we are seeing in the market. By design, these deals come with an expectation of superior pricing than what is the pricing which is inherent in the current work. So yes, there is a downward pressure on pricing, but it is nothing out of ordinary that one would expect in the current demand environment. We are not seeing out-of-ordinary behavior in the market as we compete. And I think it's a fair play from that expectation standpoint.

是的。布萊恩，謝謝你的提問。這是賈廷。從根本上來說，目前的環境是支出整合、成本管理、生產力提升等等。這就是我們在市場上看到的交易的特徵。按照設計，這些交易的預期定價比目前工作固有的定價更高。因此，價格確實存在下行壓力，但在當前的需求環境下，這並不奇怪。在競爭過程中，我們沒有看到市場上出現異常行為。我認為從期望的角度來看這是一場公平的比賽。

Got it. And then as my follow-up, you mentioned that normally, you guys would narrow the range for the revenue guide, but you've kept it due to some of the uncertainties. What would need to happen for you guys to get towards the high end of the range? Would you need some of that short-term demand work to come back? And would it even come back fast enough to hit the P&L to impact this fiscal year to get up towards the, I think, 2% constant currency revenue range?

知道了。然後，作為我的後續行動，您提到，通常情況下，您會縮小收入指南的範圍，但由於一些不確定性，您保留了它。你們需要做什麼才能達到該範圍的高端？您是否需要一些短期需求工作才能回來？它的恢復速度是否足以影響本財年的損益表，以達到我認為 2% 的恆定貨幣收入範圍？

Sure. So overall, the reason for large -- a larger range is as follows. I mean, as Ravi mentioned, we start with the midpoint and we look at what is the expected outcome that one can get to. Then we see the range of possibilities. Now if you see our own guidance vis-a-vis quarter 1 to quarter 2, there is an improvement in the guidance range that we gave in -- we are giving in quarter 2 versus quarter 1. And that also means that we will grow sequentially in quarter 2. So overall, we are making good progress. But if you see the demand environment remains reasonably tough, no different than what we spoke in the beginning of the year. And hence, there is a sort of uncertainty in the environment that we are factoring in as we look at our own performance as well as we look at the environment, which is surrounding us.

當然。總的來說，範圍較大的原因如下。我的意思是，正如拉維所提到的，我們從中點開始，看看可以達到的預期結果是什麼。然後我們就會看到可能性的範圍。現在，如果你看到我們自己相對於第一季度到第二季度的指導，我們給出的指導範圍有所改善——我們在第二季度給出的指導範圍與第一季度相比。意味著我們將會成長第二季依序進行。但如果你看到需求環境仍然相當嚴峻，這與我們年初所說的沒有什麼不同。因此，當我們審視自己的表現以及周圍的環境時，我們所考慮的環境存在某種不確定性。

Now what can help us go towards the higher end of the range are a few things, and one or more of this could help us. One is that there is some improvement in discretionary spend in the later part of the year. The second is, as Ravi mentioned earlier, a lot of times, when we win a large deal, there is a committed business and there is a right to go after sort of business, which is not committed. But if you fulfill well, if your delivery is good, you can naturally go after that upside to the committed business. That's second.

現在可以幫助我們走向更高端的是一些事情，其中​​的一個或多個可以幫助我們。一是下半年可自由支配支出有改善。第二個是，正如拉維之前提到的，很多時候，當我們贏得一筆大交易時，就會有一項承諾的業務，並且有權利追求某種未承諾的業務。但如果你履行得好，如果你的交付良好，你自然可以追求承諾業務的優勢。那是第二。

The third is we spoke about the inorganic component of our guidance. We have maybe 30 to 40 basis points of potential to execute on. And that could mean in the second half, that could get added to the performance because we have done only one acquisition since the beginning of the year. And fourth is sometimes, a re-batch kind of deal, which comes with a large volume of revenue getting ramped up at a relatively faster pace than the normal ramp-up that you see in a deal. So one or more of this could be at play.

第三，我們談到了指導的無機部分。我們可能有 30 到 40 個基點的執行潛力。這可能意味著在下半年，這可能會增加業績，因為自年初以來我們只進行了一次收購。第四種有時是重新批量交易，這種交易會帶來大量收入的增加，其速度比您在交易中看到的正常增加速度相對更快。因此，其中的一個或多個可能在起作用。

Right now, we have remained sort of true to our original guidance. We will narrow the range when we meet you next time. But right now, considering all of this, sitting where we are in the year, we thought we'll keep the range same as it was in the beginning of the year.

目前，我們仍然忠於我們最初的指導方針。下次見面時我們會縮小範圍。但現在，考慮到所有這些，考慮到今年的情況，我們認為我們將保持與年初相同的範圍。

Our next question comes from the line of Jonathan Lee with Guggenheim Securities.

我們的下一個問題來自古根漢證券公司的喬納森李（Jonathan Lee）。

Ravi, given your call-out in your prepared remarks to your commentary, can you talk through any sort of deal leakage or cancellations or delays you may have seen in recent months? And if so, across which types of projects or verticals are you seeing this in?

拉維，考慮到您在準備好的評論中提出的觀點，您能談談您最近幾個月可能看到的任何類型的交易洩漏、取消或延誤嗎？如果是這樣，您在哪些類型的專案或垂直領域中看到了這種情況？

Yes. So let me start and get Jatin to add. Discretionary has to be earned every year, so the discretionary doesn't come back. You could call it as structural leakage, if I may, but it isn't as much. It's not like somebody else is taking that away. So discretionary is always the unknown part, if I may. On the -- when I started the year in 2023, we had leakages because when there was a consolidation, somebody else was winning it and not us. That isn't happening anymore. I mean we are very stable with our clients. Our clients are continuing to invest in customers. There's no company-specific challenges, which have led to leakage or there is a potential of leakage. We see that as a very stable platform.

是的。那麼，讓我開始並讓賈汀補充一下。自由裁量權必須每年賺取，所以自由裁量權不會回來。如果可以的話，你可以稱之為結構洩漏，但並沒有那麼嚴重。這不像是其他人把它拿走的。因此，如果可以的話，自由裁量權始終是未知的部分。當我在 2023 年開始的時候，我們出現了漏洞，因為當進行整合時，是其他人而不是我們贏得了勝利。這種情況不再發生了。我的意思是我們與客戶的關係非常穩定。我們的客戶正在繼續投資於客戶。不存在導致洩漏或存在洩漏可能性的公司特定挑戰。我們認為這是一個非常穩定的平台。

In fact, my Net Promoter Scores with the clients is continuing to scale up every quarter since 2023. Our attrition rates have fallen significantly, the 10 percentage points we have dropped Y-o-Y this quarter. That's an important part of what clients trust, providers like us. So there is no structural leakage, if I may.

事實上，自 2023 年以來，我的客戶淨推薦值每季都在持續擴大。這是像我們這樣的客戶信任提供者的重要組成部分。所以，如果可以的話，不存在結構洩漏。

The discretionary, which is -- the behavior of discretionary spend leads to it not coming back sometimes, coming back in shorter spurts, coming back in a delayed way. Those are the ones you would be watchful about. So that's broadly how I see it. I mean most of the managed services deals, we are winning, both with existing clients, new business as well, some which are proactively bid. We are on the winning side. We are mostly on the winning side in the last, I would say, 15 months or so.

可自由支配的支出，即可自由支配支出的行為導致它有時不會回來，以較短的速度回來，以延遲的方式回來。這些都是你要警惕的。這就是我的大致看法。我的意思是，我們正在贏得大多數託管服務交易，包括現有客戶和新業務，其中一些是主動投標的。我們是勝利的一方。我想說，在過去 15 個月左右的時間裡，我們基本上處於勝利的一方。

Yes. And if I just add a perspective of the deals that we have won in last, let's say, 18 months. Typically, you would see that compared to what you expected at the time when you won the deal, typically, you will go sometimes faster because you are fulfilling better, you are executing better than what you initially thought and customer thought. And sometimes, it would be slower because there are more change management issues they need to deal with, et cetera. So I think we are evenly placed regarding the pace versus expectation. I don't see anything out of ordinary. There will always be one of the deals that is taking a little longer time to ramp up because there is some change in the client organization, but nothing that is out of ordinary on a win versus execution of the deal.

是的。如果我只是補充一下我們在過去（比如說 18 個月）中贏得的交易的觀點。通常情況下，您會發現，與贏得交易時的預期相比，您有時會做得更快，因為您的履行情況更好，您的執行情況比您最初的想法和客戶的想法更好。有時，它會更慢，因為他們需要處理更多的變更管理問題等等。所以我認為我們在速度與期望方面處於平衡狀態。我沒看出有什麼異常。總是會有一筆交易需要更長的時間才能完成，因為客戶組織發生了一些變化，但與交易的執行相比，勝利並沒有什麼異常。

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

我們的下一個問題來自美國銀行的 Jason Kupferberg。

I just wanted to start on gen AI. I kind of had a 2-part question there because I know, Ravi, you mentioned rural gen AI and accelerating software development a couple of times. Just curious what your longer-term views are on role of a human software developer will change as gen AI tools potentially do more of the actual coding. And then just you mentioned 450 active gen AI client engagements. Can you give us a sense of the average project size there?

我只是想從人工智慧時代開始。我有一個由兩部分組成的問題，因為我知道拉維，你多次提到了農村一代人工智慧和加速軟體開發。只是好奇你對人類軟體開發人員角色的長期看法會發生什麼變化，因為人工智慧工具可能會做更多的實際編碼。然後你剛才提到了 450 個活躍的人工智慧客戶參與。您能為我們介紹一下那裡的平均專案規模嗎？

Thank you, Jason. The 450 -- let me start with the first one. The 450-odd client engagements, we've come a long way. If you remember, in quarter 2, 2023, we spoke about 100, and now we have 400 early client engagements. And these are very short prototype, rapid prototype kind of deals. 500 of them -- more than 500 of them, we have in the pipeline, and the thing to watch for now is how many of these will go into scaled execution for our clients. And that's where the monetize-able opportunities are. So we are continuing to work on it.

謝謝你，傑森。 450——讓我從第一個開始。與 450 多家客戶合作，我們已經取得了長足的進步。如果你還記得，在 2023 年第 2 季度，我們談了大約 100 次，現在我們有 400 名早期客戶參與。這些都是非常短的原型、快速原型類型的交易。其中 500 個——超過 500 個，我們正在醞釀中，現在需要關注的是其中有多少將進入為我們的客戶大規模執行的階段。這就是可獲利的機會所在。所以我們正在繼續努力。

There are broadly 2 things we are investing on -- or rather, three: first, follow the innovation cycles of AI; second, build the last-mile infrastructure so that the raw power of AI can be made production grade, enterprise grade for our clients. That means last-mile infrastructure related to managing AI platforms, orchestration. In case of AI and like other discontinuities, how do you improve the accuracy of the models? How do you create explainability because this is a black box? How do you create explainability? How do you create observability? So all of those platforms we have built and we have announced is the last-mile infrastructure I kind of referred to, which helps us to take the drop over and make it production grade.

我們主要投資兩件事——或者更確切地說，三件事：第一，遵循人工智慧的創新週期；第二，建造最後一公里基礎設施，讓人工智慧的原始力量為我們的客戶提供生產級、企業級。這意味著與管理人工智慧平台、編排相關的最後一哩基礎設施。對於人工智慧以及其他不連續性，如何提高模型的準確性？因為這是一個黑盒子，所以如何創建可解釋性？如何創造可解釋性？如何創建可觀察性？因此，我們已經建造並宣布的所有這些平台都是我提到的最後一哩基礎設施，這有助於我們接管並使其達到生產等級。

The second thing we're investing on is productivity studies. I mean, what does AI do to different roles and different operations of different industries? And how do we make embrace of AI much faster on larger cohorts? And we partnered with Oxford Economics and we created templates for every industry, every role, so that we can do an anatomy of tasks, as I call it. And then we then start to figure out how to create a much faster and a much broader embrace in enterprises. So this is preparing for the future where we believe enterprises are going to be a people-plus-machine endeavor.

我們投資的第二件事是生產力研究。我的意思是，人工智慧對不同產業的不同角色、不同運作有何作用？我們如何讓更多人更快接受人工智慧？我們與牛津經濟研究院合作，為每個產業、每個角色創建了模板，這樣我們就可以對任務進行剖析，正如我所說的那樣。然後我們開始思考如何在企業中創造更快、更廣泛的擁抱。因此，這是為未來做準備，我們相信企業將成為人加機器的事業。

Now what does it do to our operating model? Our tech for tech, as I call it. It, of course, changes the productivity of a developer. When the cloud came into picture a couple of years ago, it flipped the productivity where, as a developer, you spend very little time on the plumbing, but you spend a lot of time on innovation. You spend a lot of time on building. This is our second shot at improving developer productivity and not actually spending time on repetitive tasks, not actually spending time on things which a machine can write, but you could actually pivot the developer productivity on innovation. So this is the second shot at it. And I would believe this is probably more disruptive than what the cloud did. And we think what will happen is this will lead to reducing backlog, improving the throughput to our clients, increasing the tech intensity at a lower cost.

現在它對我們的營運模式有何影響？正如我所說，我們的技術是技術。當然，它會改變開發人員的生產力。幾年前，當雲端出現時，它改變了生產力，作為開發人員，您在管道上花費的時間很少，但在創新上花費了大量時間。您花費大量時間進行建置。這是我們提高開發人員生產力的第二次嘗試，而不是實際上把時間花在重複性任務上，實際上不是把時間花在機器可以編寫的東西上，但實際上你可以將開發人員的生產力轉向創新。所以這是第二次嘗試。我相信這可能比雲端更具破壞性。我們認為這將減少積壓，提高客戶的吞吐量，以更低的成本提高技術強度。

So I always believe that this is going to be an opportunity than a threat if we can pivot ourselves well. And the opportunity is about creating the tech intensity. Every industry doesn't have that intensity, so we have this unique opportunity to create that intensity at a lower cost and a lower entry barrier. I mean you don't need to be a developer to embrace software code, which means the entry barrier goes down. So we think we have a bigger opportunity than before as long as we can embrace this into our own landscape and equally build the use cases for our clients to embrace it. So I see this as a uniquely big opportunity for companies like Cognizant.

所以我始終相信，如果我們能夠很好地調整自己，這將是一個機會而不是威脅。機會在於創造技術強度。每個行業都沒有這種強度，因此我們有這個獨特的機會以較低的成本和較低的進入門檻創造這種強度。我的意思是，您不需要成為開發人員就可以接受軟體程式碼，這意味著進入門檻降低了。因此，我們認為，只要我們能夠將其納入我們自己的領域，並平等地為我們的客戶建立用例來擁抱它，我們就有比以前更大的機會。因此，我認為這對於像 Cognizant 這樣的公司來說是一個獨特的巨大機會。

That's good color. And then just a quick follow-up. You mentioned 8 large deals you won in the quarter, $100 million-plus TCV, I think. Are those expected to contribute materially to 2024 revenue? And if so, were they already contemplated in your original revenue guidance?

這顏色真好啊然後進行快速跟進。您提到了本季贏得的 8 筆大筆交易，我認為 TCV 超過 1 億美元。這些預計會對 2024 年收入做出重大貢獻嗎？如果是這樣，它們是否已經在您最初的收入指導中考慮過？

Yes, I mean the visibility we have so far on the deals we have won, we have baked it into our guidance range. But Jason, you know this, the deals we won last year have a better throughput this year. And the deals we win this year will have a better throughput in the second half of this year and in 2025. The challenge in 2023 was we did have that backlog as we got into 2023 because we were not playing on large deals. Right now, I don't have that challenge because I had a good, healthy pipeline in 2023 that's contributing to 2024. And then we keep doing this in the same sustained manner, we will exit into 2025 with tail velocity. So the first year is normally lower than the second year. And by the end of the second year, you get to the run rate you have to. Normally, the span of the deals has changed. Earlier, it used to be lower. Now, it's 3.5 years or plus because large deals now come on a cost-takeout model, unlike transformation related to -- unlike transformation-related large deals.

是的，我的意思是我們迄今為止對所贏得的交易的可見性，我們已將其納入我們的指導範圍。但是傑森，你知道這一點，我們去年贏得的交易今年的吞吐量更好。我們今年贏得的交易將在今年下半年和 2025 年獲得更好的吞吐量。現在，我沒有這個挑戰，因為我在 2023 年有一個良好、健康的管道，這將為 2024 年做出貢獻。 然後我們繼續以同樣持續的方式這樣做，我們將以尾部速度進入 2025 年。所以第一年通常低於第二年。到第二年年底，您就達到了所需的運作率。通常情況下，交易的跨度會改變。早些時候，它曾經較低。現在，它是 3.5 年或更長時間，因為大型交易現在採用成本外購模式，這與與轉型相關的大型交易不同。

But once we start to execute and get the bid versus bid in a good shape, then the committed spend will then flip over to new spend because you're already in the groove. So that's what we are betting on as well. I mean, once you start to perform well, you have the license to take more from our clients.

但是，一旦我們開始執行並使出價與出價處於良好狀態，那麼承諾的支出就會轉向新的支出，因為您已經處於最佳狀態。這也是我們所押注的。我的意思是，一旦你開始表現良好，你就有資格從我們的客戶那裡獲得更多。

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

我們的下一個問題來自摩根士丹利的 James Faucette。

Wanted to ask a couple of follow-up questions. You kind of laid out what needed to happen, particularly in the return of discretionary deals in order to get to the high end of your guidance range. Conversely, what would be the scenario in your mind that would end up with you towards the lower end of that guided range? I mean, are we looking at incremental pushouts and delays of starting of deals? Or I'm just trying to get a gauge there on the bottom end.

想問幾個後續問題。您列出了需要發生的事情，特別是在酌情交易的回報方面，以便達到您的指導範圍的高端。相反，您心目中的哪種情況最終會導致您走向該指導範圍的下限？我的意思是，我們是否正在考慮增量推出和延遲交易開始？或者我只是想在底部找到一個儀表。

Yes, sure. So if you do that mathematically, I'm sure you already looked at those numbers, and those numbers really mean a very flattish performance for rest of the year and a negative performance that typically happens in quarter 4, given the furloughs. So that's the sort of trajectory we are looking at if markets really tanked and our performance didn't show any positive progress.

是的，當然。因此，如果您從數學上進行計算，我相信您已經看過這些數字，這些數字確實意味著今年剩餘時間的業績非常平淡，並且考慮到休假，通常會在第四季度出現負面業績。因此，如果市場確實下跌並且我們的業績沒有顯示出任何積極的進展，那麼這就是我們正在考慮的軌跡。

Got it. Got it. Okay. And then there's been a lot of talk about the transformational or discretionary deals and more focus on transformation. And it seems like that that's directly impacting your bookings and the types of things that you're able to put in into the pipeline right now. But is that having any impact on what you're doing from a hiring or skilling perspective? And how should we think about that as we go into next year if this kind of environment persists? Are there other considerations we should be taking into account in terms of how you'll be hiring and what impact that could have on profitability, et cetera?

知道了。知道了。好的。然後有很多關於轉型或酌情交易的討論，並且更多地關注轉型。這似乎直接影響您的預訂以及您現在可以放入管道中的事物類型。但這對您在招募或技能方面所做的事情有任何影響嗎？如果這種環境持續下去，當我們進入明年時，我們該如何思考這一點？在如何招募以及這可能對獲利能力產生什麼影響等方面，我們是否應該考慮其他因素？

Yes. So discretionary is small projects. Normally, in smaller projects, you have a different kind of a pyramid versus large deals, where you have a much healthy pyramid, if I may. So with discretionary -- normally, when discretionary comes in, you hire more lateral hires with experience. And when you deal with managed services deals, you hire the pyramid because the pyramid rightly fits in there. So that's probably how it is.

是的。所以酌情是小專案。通常，在較小的專案中，你有一個與大型交易不同類型的金字塔，如果可以的話，你有一個非常健康的金字塔。因此，對於全權委託－通常，當全權委託出現時，你會僱用更多有經驗的橫向員工。當您處理託管服務交易時，您會僱用金字塔，因為金字塔正好適合那裡。大概就是這樣。

If you've noticed, we improved utilization from quarter 4 to quarter 1. So that gave us the extra runway, and we'll continue to sharpen our utilization. So that gives us the continued extra runway to grow and keep the engine agile enough to hire the senior people you need and rotate the people from existing teams into newer projects as that happens. So I think we have that agility now on our fulfillment engines.

如果您注意到了，我們從第四季度到第一季提高了利用率。因此，這為我們提供了持續成長的額外跑道，並保持引擎足夠敏捷，以僱用您需要的高級人員，並在發生這種情況時將人員從現有團隊輪換到新專案。所以我認為我們的履行引擎現在擁有這種敏捷性。

I'm very pleased not just about the -- how we have tackled the demand environment. We're very pleased with what we have done on utilization and what we have done on fulfillment of deals we have won as well as getting prepared for the discretionary spend whenever it eventually comes back. So the engine is as agile enough for the current demand situation as well as if there is a spike in the demand. We think we are well placed to seize those opportunities.

我感到非常高興的不僅僅是我們如何應對需求環境。我們對我們在利用率方面所做的工作以及我們在履行我們贏得的交易方面所做的工作以及為最終恢復的可自由支配支出做好準備感到非常滿意。因此，引擎對於當前的需求狀況以及需求激增時足夠靈活。我們認為我們有能力抓住這些機會。

Our next question comes from the line of Moshe Katri with Wedbush Securities.

我們的下一個問題來自韋德布希證券公司的 Moshe Katri。

It's Moshe Katri from Wedbush. Ravi, congrats on strong execution in a pretty tough environment. I just want to go back to the booking kind of metrics, 1.3x book-to-bill. Is there a way to kind of break it down by new logos to the renewals and extensions and maybe compared to last year of, I guess, you mentioned ACV? I think you said bookings on a 12-month basis were up 1%. Is there a way to kind of get the same comps for ACVs?

我是來自韋德布希的摩西·卡特里。拉維，恭喜您在相當艱難的環境中表現出色。我只想回到預訂類型的指標，1.3 倍的預訂比。有沒有一種方法可以透過新徽標來進行續約和延期，也許與去年相比，我猜，你提到了 ACV？我想你說過 12 個月的預訂量增加了 1%。有沒有辦法讓 ACV 獲得相同的補償？

Moshe, good to hear from you. So we do have that visibility. We have not published that externally. What we track is multiple things. We track the total contract value, the size of the deals, the duration of the deals, how much of that translates to ACV for this year and ACV for the next year, so for the first 12 months or the next 12 months. And we also track the pyramid attached to it and the capability set needed. So I pretty much have that information to rely on so that we can get our fulfillment engine intact as well as forecast better. So it is something we have. We have not published that externally, but I'm keeping a constant track on it.

摩西，很高興收到你的來信。所以我們確實有這樣的知名度。我們尚未對外發布該資訊。我們追蹤的是多種事物。我們追蹤合約總價值、交易規模、交易持續時間、其中有多少轉化為今年的 ACV 和明年的 ACV，即前 12 個月或接下來的 12 個月。我們還追蹤附加到它的金字塔和所需的功能集。所以我幾乎有這些資訊可以依賴，這樣我們就可以讓我們的履行引擎完好無損並更好地進行預測。所以這是我們擁有的東西。我們尚未向外部發布該訊息，但我一直在對其進行追蹤。

And in the book-to-bill ratios, Moshe, you know this, it also depends on what are the duration of the deals. I'm sure you asked this question because of that. The duration of the deals, when you take large deals, they go up. When you take small deals, it goes down. So the book-to-bill has a meaningful impact between the 2. So one of the other metrics we are internally tracking is ACV because then that gives us what is the incremental revenue we'll get for the current calendar year. So it's a combination of things you have to put together to get to a point where you know how much is it going to incrementally contribute to growth.

摩西，你知道，在訂單出貨比中，它還取決於交易的持續時間。我確信你是因為這個才問這個問題的。交易的持續時間，當你進行大筆交易時，它們就會上升。當你進行小額交易時，它就會下降。因此，訂單到帳單在兩者之間具有有意義的影響。因此，這是您必須將多種因素組合在一起才能知道它將對成長做出多大貢獻的程度。

Okay. And then is there a way to get that mix of new logos to renewals? Or that's also kind of internal and you don't disclose that?

好的。那麼有沒有辦法讓新標誌組合更新呢？還是這也是內部的，而你沒有透露？

So we have had a very healthy new logo program, Moshe. Since I've come on board, we have a specific program for new logos. We also have a program to ramp new logos to, say, a $50 million or $100 million client, an annual spend of $100 million, $50 million client. I mean opening new logos is one thing, but ramping them up to a $50 million account is another thing. So we have put both swim lanes. We're very, very active in our journey.

所以我們有一個非常健康的新標誌計劃，Moshe。自從我加入以來，我們有一個針對新徽標的特定計劃。我們還有一個計劃，向價值 5,000 萬美元或 1 億美元的客戶、年支出 1 億美元、5,000 萬美元的客戶推出新商標。我的意思是，開設新徽標是一回事，但將其增加到 5000 萬美元的帳戶則是另一回事。所以我們設置了兩條泳道。我們在我們的旅程中非常非常積極。

We also have a target list now of new logos and geo-based. And we have kind of separated that from the mining engine because the hunting engine has to -- the hunting engine is humming very well. And there's a transition to the mining engine as the annual size of those accounts changes.

我們現在還有一個新徽標和基於地理的目標清單。我們已經將其與採礦引擎分開，因為狩獵引擎必須——狩獵引擎嗡嗡作響。隨著這些帳戶的年度規模發生變化，就會向挖礦引擎過渡。

What we have not done is we have not expressed this to our market on how many new logos we are opening, and we have not created that information pack in the external market. But internally, we're very, very pleased with where we are on new logos and how we are ramping it up.

我們沒有做的是，我們沒有向市場表達我們將開放多少個新徽標，也沒有在外部市場上創建該資訊包。但在內部，我們對新標誌的進展以及我們如何提升它感到非常非常滿意。

Thank you. Our next question comes from the line of Jamie Friedman with SIG.

謝謝。我們的下一個問題來自 SIG 的 Jamie Friedman。

Jatin, I just want to make sure I'm understanding how you're thinking about the shape of the year. If I take the midpoint of your Q2 sequential and if I make the assumption that the Q4 is flat, and I know in most years, it's not, but just for simple math, I'm getting about a 2.5% sequential in the Q3. Does that sound about right to you?

Jatin，我只是想確保我理解你對今年的形狀的看法。如果我取第二季度序列的中點，並且假設第四季度是持平的，我知道在大多數年份，情況並非如此，但僅出於簡單的數學計算，我在第三季度中得到的序列約為2.5%。這對你來說聽起來合適嗎？

I'm -- I don't have the math in front of me, but yes, I mean, qualitatively, I would agree with you that we'll have to have a strong quarter 3 and a flattish quarter 4 for us to get to the -- towards the higher range -- higher end of our range, for sure.

我——我面前沒有數學，但是，是的，我的意思是，從質量上來說，我同意你的觀點，我們必須有一個強勁的第三季度和一個平淡的第四季度才能獲得當然，到我們範圍的更高範圍的高端。

Okay. And then Ravi, you, I think, used the word green shoot in the context of the BFS letters in BFSI. And it's the first time I've heard your company or most companies use that language with those 3 letters in years. Can you elaborate on that?

好的。然後，拉維，我想，你在 BFSI 中的 BFS 字母的上下文中使用了“綠芽”這個詞。這是我多年來第一次聽到你們公司或大多數公司使用帶有這 3 個字母的語言。能詳細說明一下嗎？

Yes. So the context was if you look at the last few quarters of sequential drop in BFS, you would notice that the sequential drop is relatively smaller between quarter 4 and quarter 1. So something has happened in between. So in the last 12 months, we have worked on reorganizing our BFSI vertical. We have energized the teams with some new hires. We have now a exceptionally good list of offerings. I mean, I now have an operating list for banking and financial services or for insurance. We have opened doors on fintech. We have taken AI and created small discretionary spend opportunities for ourselves. Just to give you a sense in insurance, we have quite a few AI projects running. So we have a variety of things happening.

是的。因此，背景是，如果您查看 BFS 的最後幾季的連續下降，您會注意到第四季度和第一季度之間的連續下降相對較小。因此，在過去 12 個月中，我們致力於重組 BFSI 垂直領域。我們聘請了一些新員工，為團隊注入了活力。我們現在有一份非常好的產品清單。我的意思是，我現在有一份銀行和金融服務或保險的營運清單。我們已經打開了金融科技的大門。我們採用了人工智慧，並為自己創造了小型可自由支配的支出機會。為了讓您對保險有所了解，我們正在運行相當多的人工智慧專案。所以我們發生了各種各樣的事情。

I'll give you one or 2 examples. In insurance, there is mainframe modernization, which is a important initiative. In P&C insurance, there is digitizing the distribution network, which is primarily agents and platforms. The group benefits and the policy admin platforms are going through a significant change. In banking and financial services, customer service is going through a significant transformation. So we have an offering that -- and it is an offering which is bundled with AI.

我舉一兩個例子給你聽。在保險業，大型主機現代化是一項重要措施。在財產險中，分銷網絡（主要是代理商和平台）正在數位化。團體福利和政策管理平台正在經歷重大變化。在銀行和金融服務領域，客戶服務正在經歷重大轉變。所以我們有一個產品——它是一個與人工智慧捆綁在一起的產品。

We have fraud detection and prevention, which is an important opportunity. The regional banks are going through massive cost takeout. We have an offering out there. So I think we now have -- I mean, there is a market reality of what is happening in BFSI. And there is the organizational strength to counter that market reality. So we are a stable shop with all the offerings in place with the right teams, and we are climbing up the ladder. We are trying everything we can in a tough market.

我們有詐欺偵測和預防，這是一個重要的機會。地區銀行正在經歷大規模的成本削減。我們有一個產品。所以我認為我們現在——我的意思是，BFSI 正在發生的事情是一個市場現實。並且有組織力量來應對這個市場現實。因此，我們是一家穩定的商店，擁有合適的團隊提供所有產品，我們正在不斷攀登。我們正在艱難的市場中盡一切努力。

Yes. Sorry, Jamie. I just add to what I just said before. It's -- I want to go back to what I said in response to an earlier question saying, our expected likely outcome is what we see at the midpoint of the guidance. And then we see the range of possibility on the both ends. And when you specifically asked, I was reacting to the range of possibility on the upper end. I mean, I just want to reflect accordingly so that I respond to you in its completeness.

是的。對不起，傑米。我只是補充一下我之前所說的。我想回到我在回答之前的問題時所說的話，我們預期的可能結果是我們在指導的中點看到的結果。然後我們看到兩端的可能性範圍。當你具體詢問時，我正在對上限的可能性範圍做出反應。我的意思是，我只是想進行相應的反思，以便完整地回應你。

Thank you. This concludes today's Cognizant Technology Solutions Q1 2024 Earnings Conference Call. You may now disconnect.

謝謝。今天的 Cognizant 技術解決方案 2024 年第一季財報電話會議到此結束。您現在可以斷開連線。