高知特 (CTSH) 2024 Q2 法說會逐字稿

Ladies and gentlemen, welcome to the Cognizant Technology Solutions second quarter of 2024 earnings conference call. (Operator Instructions) I would now like to turn the conference over to Mr. Tyler Scott, Vice President, Investor Relations. Please go ahead, sir.

女士們、先生們，歡迎參加 Cognizant Technology Solutions 2024 年第二季財報電話會議。（操作員指示）現在我將會議交給投資者關係副總裁泰勒·斯科特先生。請繼續，先生。

Thank you, operator, and good afternoon, everyone. By now, you should have received a copy of the earnings release and the investor supplement for the company's second 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。現在，您應該已經收到公司 2024 年第二季業績的收益報告和投資者補充資料。如果您還沒有收到，可以從我們的網站 cognizant.com 取得副本。今天電話會議的發言人是執行長 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.

在開始之前，我想提醒各位，今天電話會議上的一些評論以及對你們提問的一些回答可能包含前瞻性陳述。這些聲明受到公司獲利報告和向美國證券交易委員會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 provide certain non-GAAP financial measures that we believe provide useful information for our investors. Reconciliations of non-GAAP financial measures, where appropriate, to the corresponding GAAP measures, can be found in the company's earnings release and other filings with the SEC.

此外，在今天的電話會議中，我們將提供一些我們認為對投資者有用的非GAAP財務指標。在適當情況下，非GAAP財務指標與相應的GAAP指標的調節表可以在公司的獲利報告和向美國證券交易委員會提交的其他文件中找到。

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

接下來，我想把電話交給拉維。請繼續。

Thank you, Tyler, and good afternoon, everyone. Thank you for joining our second quarter 2024 earnings call. I'm pleased with our strong execution and results in what remains a challenging market. We delivered revenue above the high end of our guidance range, expanded our adjusted operating margin, both quarter-over-quarter and year-over-year, sustained our large deal momentum by signing 5 deals each with a total contract value of $100 million or more, and announced an agreement to acquire Belcan, which is expected to expand our ER&D capabilities while diversifying into the high-growth aerospace and defense sectors.

謝謝你，泰勒，大家下午好。感謝您參加我們2024年第二季財報電話會議。我對我們在依然充滿挑戰的市場中所取得的出色執行力和成果感到滿意。我們實現了高於預期範圍上限的收入，環比和同比均擴大了調整後的營業利潤率，透過簽署 5 項總合約價值達 1 億美元或以上的交易，保持了大型交易的勢頭，並宣布了收購 Belcan 的協議，預計這將擴大我們的工程研發能力，同時向高增長的航空航天和國防領域發展。

Although the demand environment remains challenging and clients' discretionary spending behavior is unchanged from recent quarters, we believe these results demonstrate our rigorous execution against the strategic priorities we set forth last year.

儘管市場需求環境依然充滿挑戰，客戶的可自由支配支出行為與近幾季相比沒有變化，但我們相信這些結果證明了我們嚴格執行了去年制定的策略重點。

Q2 revenue was $4.85 billion, which was $30 million above the high end of our guidance range and grew 2.1% sequentially in constant currency. This was the highest quarter-over-quarter growth since 2022. With strong execution of our NextGen program and overall cost discipline, we achieved adjusted operating margin of 15.2%, an increase of 10 basis points sequentially and 100 basis points year over year. Our trailing 12-month voluntary attrition for tech services was 13.6% compared to nearly 20% in the prior year period.

第二季營收為 48.5 億美元，比我們預期範圍的上限高出 3,000 萬美元，以固定匯率計算較上季成長 2.1%。這是自 2022 年以來最高的季度環比增長率。憑藉我們強有力的 NextGen 計劃執行和整體成本控制，我們實現了 15.2% 的調整後營業利潤率，環比增長 10 個基點，同比增長 100 個基點。過去 12 個月，我們的技術服務人員自願離職率為 13.6%，而去年同期這一數字接近 20%。

Second quarter bookings grew 5% year-over-year. And on a trailing 12-month basis, bookings were $26.2 billion, representing a 1.4x book-to-bill. In addition to the 5 deals, each with TCV of over $100 million, we signed two deals that were above $90 million each. In the first half of this year, we have now signed 13 deals each with TCV of over $100 million, well ahead of our 2023 pace, which included 17 deals of this size for the entire year.

第二季預訂量較去年同期成長 5%。過去 12 個月的預訂金額為 262 億美元，預訂出貨比為 1.4 倍。除了 5 筆交易（每筆交易的總合約價值超過 1 億美元）之外，我們還簽署了兩筆交易，每筆交易的總合約價值均超過 9,000 萬美元。今年上半年，我們已經簽署了 13 份總合約價值超過 1 億美元的協議，遠遠超過了我們 2023 年的進度，當時我們計劃全年簽署 17 份此類規模的協議。

From a segment perspective, we are especially pleased with Financial Services, which grew 5% sequentially in constant currency, driven by growth in the Americas. Within Financial Services, our banking business posted a second consecutive quarter of sequential growth and returned to modest year-over-year growth in constant currency for the first time since Q2 of 2022. We are seeing demand being driven by client investments in hyper personalization, infrastructure and platform modernization.

從業務部門來看，我們尤其對金融服務板塊感到滿意，該板塊以固定匯率計算環比增長 5%，主要得益於美洲地區的增長。在金融服務領域，我們的銀行業務連續第二個季度實現環比增長，並且自 2022 年第二季度以來首次恢復了按固定匯率計算的同比小幅增長。我們看到，客戶在高度個人化、基礎設施和平台現代化方面的投資正在推動需求成長。

Our insurance subsegment also grew sequentially in Q2. And one of the $500 million-plus TCV deals we signed this quarter was with a large American insurance provider. I believe these results reflect our actions to stabilize the BFSI business since last year.

我們的保險業務部門在第二季也實現了環比成長。本季我們簽署的超過 5 億美元的總合約價值 (TCV) 交易中，有一筆是與一家大型美國保險公司簽訂的。我認為這些結果反映了我們自去年以來為穩定金融服務業所採取的行動。

Over that period, we put new leadership in place and drove greater industry focus on these customer segments. We also aligned our go-to-market approach and launched industry-led service offerings in areas like real-time payment fraud detection, payments hub modernization and digital banking.

在此期間，我們任命了新的領導層，並推動行業更加關注這些客戶群。我們還調整了市場推廣策略，並在即時支付詐欺偵測、支付中心現代化和數位銀行等領域推出了業界主導的服務產品。

Health Sciences grew by 3% sequentially in constant currency, and we see a number of positive secular trends. For example, payers and providers remain focused on reducing the cost of care. We believe this is benefiting our TriZetto platform, where we are helping clients manage more than $500 billion in complex claims and improve patient outcomes.

健康科學產業以固定匯率計算較上季成長 3%，我們看到了一些正面的長期趨勢。例如，支付方和提供方仍然專注於降低醫療成本。我們相信這將有利於我們的 TriZetto 平台，我們正在該平台上幫助客戶管理超過 5000 億美元的複雜索賠，並改善患者的治療效果。

TriZetto's end-to-end capabilities are gaining traction as clients see the value of -- in our ability to provide both revenue cycle management and clearing house services. On the payer side, we are seeing demand being driven by data and cloud monetization as our clients seek to deliver a modern, best-in-class consumer experience for their members.

TriZetto 的端到端能力正日益受到客戶的青睞，因為客戶看到了我們能夠同時提供收入週期管理和清算服務的價值。在支付方方面，我們看到，隨著客戶尋求為其會員提供現代化的一流消費者體驗，數據和雲端貨幣化正在推動需求成長。

And in Life Sciences, clients have begun moving beyond cost optimization projects to one that accelerates the GenAI digital transformation in R&D and continue to drive enterprise modernization with SAP S/4HANA. By region, we are very pleased with the performance in Americas, where revenue grew 2.8% sequentially and returned to growth year-over-year. I am extremely proud of the progress the team has made, and I'm confident in our opportunities ahead.

在生命科學領域，客戶已經開始超越成本優化項目，轉向加速研發領域 GenAI 數位轉型，並持續利用 SAP S/4HANA 推動企業現代化。按地區劃分，我們對美洲地區的業績非常滿意，該地區的收入環比增長了 2.8%，並恢復了同比增長。我為團隊所取得的進步感到無比自豪，並且對我們未來的機會充滿信心。

Looking back over the last 18 months, we believe our strategic investments and focus on improving our operational rigor has further strengthened the foundation on which we can drive sustainable revenue and earnings growth. We invested in our leadership team and attracted new talent to the organization. We drove internal process improvements, particularly around large deals and our talent. And we focus sharply on strengthening our relevance with clients through investments in our innovation strategy and platform offerings.

回顧過去 18 個月，我們相信，我們的策略投資和對提高營運效率的重視，進一步加強了我們實現永續收入和獲利成長的基礎。我們對領導團隊進行了投資，並為公司吸引了新的人才。我們推動了內部流程改進，尤其是在大型交易和人才方面。我們高度重視透過投資創新策略和平台產品來增強我們與客戶的相關性。

We believe these changes are starting to pay off and are reflected in our recent revenue performance and year-over-year operating margin expansion in the first half of this year. We have maintained our focus on becoming an employer of choice in our industry, and we're recognized by the Newsweek as one of America's Greatest Places to Work and Greatest Places for Job Starters.

我們相信這些改變已經開始見效，並反映在我們近期的收入表現以及今年上半年同比營業利潤率的成長。我們一直致力於成為業內首選雇主，並被《新聞周刊》評為美國最佳工作場所之一和最適合求職者起步的工作場所之一。

We also continue to expand our footprint in smaller cities in India with the opening of our newest office in Indore, as we remain committed to bringing offices closest to where our employees are.

我們也透過在印多爾開設最新辦事處，繼續擴大我們在印度較小城市的業務版圖，因為我們始終致力於將辦事處設在離員工最近的地方。

And I'm pleased with Bluebolt, our grassroots innovation program, which has generated 210,000 ideas by our associates since its inception last year. We're also hearing positive feedback from our customers through our project level Net Promoter Score, which I'm pleased to say has improved consistently since 2021 through the first half of 2024. This quarter marks our highest NPS to date.

我對我們的草根創新計劃 Bluebolt 感到滿意，該計劃自去年啟動以來，已從我們的員工那裡獲得了 21 萬個創意。我們也透過專案層面的淨推薦值 (NPS) 收到了客戶的正面回饋，我很高興地說，自 2021 年以來，NPS 一直穩步提升，直至 2024 年上半年。本季我們的淨推薦價值 (NPS) 創歷史新高。

We have taken a number of actions to date to accelerate growth and drive operational improvements, and we look forward to continuing to update shareholders on our progress.

迄今為止，我們已採取多項措施來加速成長和推動營運改進，我們期待繼續向股東匯報我們的進展。

To that end, we plan to provide an investor update in the first half of 2025 to discuss, among other things, our strategy and differentiation of the market, our efforts to create long-term value for our shareholders and other stakeholders. A prime example of our investments in higher growth industries and expanding capabilities is our agreement to acquire Belcan, a leading global supplier of engineering, research and development or ER&D services.

為此，我們計劃在 2025 年上半年向投資者提供最新信息，討論我們的戰略和市場差異化優勢，以及我們為股東和其他利益相關者創造長期價值的努力。我們投資於高成長產業和擴大自身能力的典型例子是我們同意收購 Belcan，Belcan 是全球領先的工程、研發 (ER&D) 服務供應商。

We have seen growing demand in ER&D services and estimated $190 billion market whose high growth has been fueled by the convergence of digital technology and the physical world. Over the last three years, we have strengthened our ER&D capabilities, starting with our 2021 acquisition of ESG Mobility, a digital automotive ER&D provider for connected autonomous and electric vehicles. And at the start of my term last year, we acquired Mobica, which focuses on IoT embedded software engineering capabilities from the chip to the cloud.

我們看到，ER&D 服務的需求不斷增長，市場規模估計達 1,900 億美元，其高速成長是由數位技術與實體世界的整合所推動的。過去三年，我們加強了我們的工程研發能力，從 2021 年收購 ESG Mobility 開始，該公司是一家為互聯自動駕駛和電動車提供數位汽車工程研發服務的公司。去年我上任之初，我們收購了 Mobica，該公司專注於從晶片到雲端的物聯網嵌入式軟體工程能力。

We expect the Belcan acquisition to provide an opportunity for us to expand our service offerings into growth vectors that help move the physical world of manufacturing aerospace and automotive into the age of digital data and AI.

我們期望收購 Belcan 將為我們提供機會，將我們的服務擴展到有助於推動航空航太和汽車製造等實體世界邁向數位數據和人工智慧時代的成長領域。

Earlier this week, we introduced the next evolution of our experience practice area called Cognizant Moment, which is a new integrated business within Cognizant that builds on our over 20 years of expertise in digital experience. Cognizant Moment will focus on next-generation experience services that are dynamic, data-led and AI powered, harnessing the content generation and personalization power that Generative AI brings, combined with human ingenuity to help clients innovate to differentiate and grow.

本週早些時候，我們推出了體驗實踐領域的下一個發展階段，名為 Cognizant Moment，這是 Cognizant 內部一個新的綜合業務，建立在我們 20 多年數位體驗方面的專業知識之上。Cognizant Moment 將專注於下一代體驗服務，這些服務動態、數據驅動且由人工智慧驅動，利用生成式人工智慧帶來的內容生成和個人化能力，結合人類的智慧，幫助客戶進行創新，從而實現差異化和成長。

The creative and programmatic services life cycle is expected to go through significant transformation in the years ahead. And we see an opportunity to disrupt the status quo agency model as creative content becomes increasingly generated and orchestrated by GenAI-led models.

預計未來幾年，創意和程序化服務的生命週期將經歷重大變革。我們看到，隨著創意內容越來越多地由 GenAI 主導的模型生成和編排，我們有機會顛覆現有的代理模式。

Moving on to rational highlights from the quarter. We extended our relationship with Victory Capital to provide IT infrastructure and data analytics support. Over the next five years, we aim to provide this client with new service management capabilities, improved service productivity, opportunities for cost savings and the ability for Victory Capital to cost effectively scale in support of business growth.

接下來是本季理性分析的亮點。我們擴大了與Victory Capital的合作關係，為其提供IT基礎設施和數據分析支援。在接下來的五年裡，我們的目標是為該客戶提供新的服務管理能力、提高服務效率、創造節省成本的機會，並使 Victory Capital 能夠以經濟高效的方式擴展規模，以支持業務成長。

Additionally, we signed an agreement to provide engineering services to Gentherm, the global market leader of innovative thermal management and pneumatic comfort technologies for the automotive industry. Under this agreement, we'll expand our existing services to help develop a next generation of products aimed at elevating customer vehicle experiences.

此外，我們還與 Gentherm 簽署了一項協議，為其提供工程服務。 Gentherm 是汽車產業創新熱管理和氣動舒適技術的全球市場領導者。根據這項協議，我們將擴展現有服務，以協助開發下一代產品，旨在提升客戶的車輛體驗。

Our expertise in firmware development and verification and validation from the Mobica acquisition played a critical role in differentiating our value proposition. We have also seen increased demand for infrastructure-led transformation to cloud boosted in part by our Thirdera business, which we acquired in the first quarter. And our platform investments have helped drive increased Gen-AI adoption. As of this quarter, we have over 200 clients on our AI-led platforms, including Neuro IT operations, Skygrade and Flowsource.

收購 Mobica 後，我們在韌體開發、驗證和確認方面的專業知識在提升我們的價值主張方面發揮了關鍵作用。我們也看到，對以基礎設施為主導的雲端轉型需求不斷增長，這在一定程度上得益於我們在第一季收購的 Thirdera 業務。我們的平台投資也促進了人工智慧技術的普及應用。截至本季度，我們的 AI 驅動平台已有 200 多家客戶，其中包括 Neuro IT operations、Skygrade 和 Flowsource。

Now where are we with GenAI? We see one of the biggest opportunities for GenAI as tech for tech, which applies GenAI to our software development cycles. With higher cost of capital in recent times, we believe that the need to do more with less combined with the leveraging of Generative AI with lead companies into an era of hyper productivity. We believe this will fuel the next wave of digital transformation as clients seek to modernize the tech stack and reimagine business workflows with partners like Cognizant.

GenAI 目前進展如何？我們認為 GenAI 最大的機會之一是作為技術對技術的應用，將 GenAI 應用於我們的軟體開發週期。近年來資本成本上升，我們認為，以更少的資源做更多的事情，再加上利用生成式人工智慧，將引領企業進入一個超高生產力的時代。我們相信，隨著客戶尋求與 Cognizant 等合作夥伴一起實現技術堆疊現代化並重新構想業務工作流程，這將推動下一波數位轉型浪潮。

In fact, in recently released a follow-on analysis to our 2023 study with Oxford Economics, 70% of the respondents globally indicated, they're not moving fast with GenAI. And 82% indicated a delay in execution could put them at a disadvantage. We are seeing a desire from our own clients to move more quickly.

事實上，在我們最近發布的與牛津經濟研究院合作進行的 2023 年研究的後續分析中，全球 70% 的受訪者表示，他們並沒有快速推進 GenAI 的發展。82% 的人表示，執行延遲可能會讓他們處於不利地位。我們發現，我們的客戶希望加快行動速度。

Over the past few quarters, we have become more deeply involved in our clients' GenAI journeys. As of the end of second quarter, we have over 750 early client engagements, up from 450 in Q1. And we have over 600 opportunities in the pipeline compared to 500 last quarter. These early engagements have been across verticals with healthy activity in products and resources along with financial services and health sciences.

在過去的幾個季度裡，我們更深入地參與客戶的 GenAI 之旅。截至第二季末，我們已有超過 750 個早期客戶合作項目，高於第一季的 450 個。我們目前有超過 600 個潛在項目，而上一季為 500 個。這些早期合作涉及多個垂直領域，在產品和資源、金融服務和健康科學領域都有良好的發展勢頭。

We're seeing demand across four key areas: first, customer and employee experience; second, content summarization; third, content generation; and finally, tech for tech to accelerate innovation and technology development cycles. As an example of our recent work, Cognizant designed and recommended a business and technology architecture for AI development for a multinational accounting and audit services firm. This work define the relevant technologies, infrastructure, skill sets, processes and data required to support AI development across the organization.

我們看到四個關鍵領域的需求：第一，客戶和員工體驗；第二，內容摘要；第三，內容生成；最後，用於加速創新和技術開發週期的技術。例如，在我們最近的工作中，Cognizant 為一家跨國會計和審計服務公司設計並推薦了人工智慧開發的業務和技術架構。這項工作定義了支援整個組織人工智慧開發所需的相關技術、基礎設施、技能、流程和數據。

And we are building a strong partnership ecosystem to support our GenAI strategy. This quarter, we have selected as an AWS GenAI competency partner, driven by our capabilities in addressing complex industry problems and our expertise in AWS-specific GenAI solutions. And we have signed a strategic collaboration agreement with AWS to bring smart manufacturing solutions powered by GenAI to market and transform manufacturing operations across various industries.

我們正在建立強大的合作夥伴生態系統，以支持我們的 GenAI 策略。本季度，我們憑藉解決複雜行業問題的能力以及在 AWS 特定 GenAI 解決方案方面的專業知識，被選為 AWS GenAI 能力合作夥伴。我們已與 AWS 簽署策略合作協議，將由 GenAI 提供支援的智慧製造解決方案推向市場，並改變各行業的製造營運。

As another example, we helped set up the world's largest pharmaceutical companies AWS infrastructure as a part of the GenAI journey. We also automated that clients channeling of desperate data sources into a single vector data store to build the foundation for the GenAI programs.

再舉一個例子，作為 GenAI 之旅的一部分，我們幫助全球最大的製藥公司建立了 AWS 基礎設施。我們還實現了將客戶的各種資料來源自動匯入單一的向量資料儲存中，從而為 GenAI 程式奠定了基礎。

In Health Sciences, we launched a first set of health care large language model solutions and Google Cloud's GenAI technology, including Google's Vertex AI platform and Gemini models. The suite of solutions addressing four workflows: marketing operations, call center operations, provider management and contracted. Our aim is to improve health care administrative process and experiences for our clients and their clients.

在健康科學領域，我們推出了首批醫療保健大型語言模型解決方案和Google雲端的 GenAI 技術，包括Google的 Vertex AI 平台和 Gemini 模型。此套件解決方案針對四個工作流程：行銷營運、呼叫中心營運、供應商管理和合約管理。我們的目標是改善客戶及其客戶的醫療保健管理流程和體驗。

We believe GenAI &A has become a catalyst for clients who are behind in the data modernization or cloud journey, and we're pursuing these projects to help them lay the foundation for enterprise-grade GenAI implementations.

我們相信 GenAI & A 已成為那些在數據現代化或雲端轉型方面落後的客戶的催化劑，我們正在推進這些項目，以幫助他們為企業級 GenAI 實施奠定基礎。

In closing, I want to thank our employees around the world for their dedication to our clients and Cognizant. We have been executing well in a challenging macro environment. In the back half of 2024, we'll remain focused on our strategic priorities to drive revenue growth, become the employer of choice in our industry and to simplify our operations.

最後，我要感謝世界各地的員工對顧客和 Cognizant 的奉獻精神。我們在充滿挑戰的宏觀環境下表現出色。2024 年下半年，我們將繼續專注於我們的策略重點，以推動收入成長，成為我們行業內首選的雇主，並簡化我們的營運。

With that, I'll hand it over to Jatin.

這樣，我就把它交給賈廷了。

Thank you, Ravi, and thank you all for joining us. Second quarter revenue and operating margin came in above our expectations. Despite customer behavior and discretionary spending trends remaining largely unchanged, strong execution and the ramp-up of large deals supported sequential revenue growth of 2.1% in constant currency. This provides us with revenue exit velocity to Q3 and has allowed us to increase the midpoint of our organic revenue growth guidance for the full year.

謝謝你，拉維，也謝謝各位的參與。第二季營收和營業利潤率均超乎預期。儘管客戶行為和可自由支配支出趨勢基本上保持不變，但強勁的執行力和大型交易的增加支撐了固定匯率計算的2.1%的環比收入成長。這為我們帶來了第三季的營收成長速度，並使我們能夠提高全年有機收入成長預期的中點。

Our cost optimization efforts, including structural actions under the NextGen program helped us deliver adjusted operating margins of 15.2%. This was a modest increase sequentially and 100 basis point increase from the prior year period. We are pleased with the cost savings we have achieved under the program, which allowed us to expand adjusted operating margin while funding growth investments.

我們在成本優化方面所做的努力，包括根據 NextGen 計劃採取的結構性措施，幫助我們實現了 15.2% 的調整後營業利潤率。與上年同期相比，增幅不大，比上年同期成長了100個基點。我們對該計劃下實現的成本節約感到滿意，這使我們能夠在為成長投資提供資金的同時，擴大調整後的營業利潤率。

Now let's turn to the details. Second quarter revenue was approximately $4.9 billion, which Ravi mentioned, exceeded the higher end of our guidance range. This represented a decline of 0.7% year-over-year or a decline of 0.5% in constant currency. In constant currency, growth was approximately 50 basis points better than the high end of our guidance range. Year-over-year performance includes approximately 60 basis points of growth from the recent acquisitions.

現在讓我們來看看細節。第二季營收約 49 億美元，正如 Ravi 所說，這超過了我們預期範圍的上限。這相當於年減0.7%，或以固定匯率計算下降0.5%。以固定匯率計算，成長率比我們預期範圍的上限高出約 50 個基點。與上年同期相比，業績成長約 60 個基點，這主要得益於近期的收購。

Q2 bookings grew 5% year-over-year and were driven by midsized deals. Our trailing 12-month book-to-bill ticked up slightly to 1.4x from 1.3x in Q1. We continue to see a lengthening of contract durations driven by a shift to larger longer-term contracts. This has extended the revenue conversion timing but also provided improved forward visibility.

第二季預訂量年增 5%，主要由中等規模的交易推動。過去 12 個月的訂單出貨比從第一季的 1.3 倍略微上升至 1.4 倍。我們持續看到合約期限延長的趨勢，這是由於合約規模增加、期限延長所致。這延長了收入轉換時間，但也提高了未來的可視性。

As Ravi mentioned, we were pleased with the improved performance in Financial Services, which grew 5% sequentially. Our Health Sciences business grew over 3% sequentially with solid growth across payer, provider and life sciences customers. Products and Resources revenue was down quarter-over-quarter, and down approximately 4% year-over-year in constant currency. The decline was due to ongoing discretionary spending among our customers.

正如 Ravi 所提到的，我們對金融服務業務的業績改善感到滿意，該業務環比增長了 5%。我們的健康科學業務環比成長超過 3%，在支付方、醫療服務提供者和生命科學客戶中均實現了穩健成長。產品和資源收入較上季下降，以固定匯率計算年減約 4%。下降的原因是客戶持續增加可自由支配的支出。

We have seen demand in areas like grid modernization, and cloud modernization investments among our utility customers. We have also seen pockets of strength in the travel and hospitality sector, led by improved travel demand as well as interest in GenAI power personalization to deliver differentiated guest experiences.

我們看到，我們的公用事業客戶對電網現代化和雲端現代化等領域的投資需求不斷增長。我們也看到旅遊和酒店業出現了一些強勁的成長點，這主要得益於旅遊需求的改善以及人們對利用人工智慧實現個性化以提供差異化賓客體驗的興趣。

Our pipeline in products and resources remains healthy and we are excited to close the Belcan acquisition, which we expect will provide new growth opportunities in this segment. Communications, Media & Technology grew year-over-year, again, supported by recently completed acquisitions. We have also continued to benefit from the ramp of new business within comms and media, which has helped offset lower level of discretionary spending among the technology customers.

我們的產品和資源儲備仍然充足，我們很高興完成對 Belcan 的收購，預計這將為該領域帶來新的成長機會。通訊、媒體和科技產業年增，這再次得益於近期完成的收購。我們也持續受益於通訊和媒體領域新業務的成長，這有助於抵消科技客戶可支配支出水準的下降。

By geography, we were pleased with the growth in North America, driven in part by large bills ramping up over the last few quarters. However, other parts of the world, particularly Europe, remained challenged by soft discretionary spending. Despite this, we were also pleased with our return to sequential growth in our Rest of the World region, where we are seeing early progress from recently won large deals and new logos and a healthy pipeline of new opportunities.

從地理上看，我們對北美地區的成長感到滿意，這在一定程度上是由於過去幾個季度大額帳單的增加所推動的。然而，世界其他地區，特別是歐洲，仍面臨可自由支配支出疲軟的挑戰。儘管如此，我們也對世界其他地區恢復連續成長感到滿意，我們看到最近贏得的大訂單和新客戶都取得了初步進展，並且還有大量新機會正在醞釀之中。

Now moving to margins. NextGen cost savings continue to progress and helped us offset the margin impact of recent large steel rents. During the quarter, we incurred approximately $29 million in costs related to NextGen, which negatively impacted our GAAP operating margin by approximately 60 basis points. Excluding this impact, adjusted operating margin was 15.2%, an increase of 10 basis points sequentially and 100 basis points year-over-year. As a reminder, the prior year period included a 60 basis points benefit from an insurance recovery.

現在來看邊距。NextGen 的成本節約持續推進，幫助我們抵銷了近期高額鋼材租金對利潤率的影響。本季度，我們因 NextGen 專案產生了約 2,900 萬美元的成本，這使我們的 GAAP 營業利潤率下降了約 60 個基點。剔除此影響後，調整後的營業利益率為 15.2%，較上季成長 10 個基點，較去年同期成長 100 個基點。提醒一下，去年同期包含來自保險賠償的 60 個基點收益。

Our GAAP tax rate for the quarter was 22.7% and adjusted tax rate in the quarter was 23%, reflecting a benefit from the timing of discrete items. Q2 diluted GAAP EPS was $1.14 and Q2 adjusted EPS was $1.17.

本季我們的 GAAP 稅率為 22.7%，調整後的稅率為 23%，這反映了個別專案時間表帶來的好處。第二季稀釋後GAAP每股盈餘為1.14美元，第二季調整後每股盈餘為1.17美元。

Turning to the balance sheet. We ended the quarter with cash and short-term investments of $2.2 billion or net cash of $1.6 billion. DSO of 80 days was up two days sequentially and increased 5 days year-over-year driven by our business mix. Free cash flow in Q2 was $183 million, primarily reflecting the seasonality.

接下來看一下資產負債表。本季末，我們持有現金及短期投資22億美元，淨現金為16億美元。 DSO80 天的周期比前一年增加了兩天，比前一年增加了 5 天，這主要得益於我們的業務組合。第二季自由現金流為 1.83 億美元，主要反映了季節性因素。

During the quarter, we returned $226 million to the shareholders, including $76 million through share repurchases and $150 million through our regular dividend. At the end of Q2, we had $1.6 billion remaining under our share repurchase authorization.

本季度，我們向股東返還了 2.26 億美元，其中包括透過股票回購返還的 7,600 萬美元和透過定期分紅返還的 1.5 億美元。第二季末，我們的股票回購授權額度還剩 16 億美元。

As of today, other than the expected closing of Belcan, we do not anticipate any material inorganic activity for the remainder of the year as our immediate focus is on closing the Belcan acquisition and its initial integration work. We expect to return approximately $600 million to shareholders in form of share repurchases and dividends in the second half of this year. This is expected to bring total capital return to the shareholders to approximately $1 billion for the full year. These amounts exclude the expected additional share repurchase activity to offset the new shares we plan to issue as part of Belcan acquisition.

截至今日，除了預計完成對 Belcan 的收購外，我們預計今年剩餘時間不會有任何重大的非內生性活動，因為我們目前的重點是完成對 Belcan 的收購及其初步整合工作。我們預計將在今年下半年以股票回購和股利的形式向股東返還約 6 億美元。預計這將使股東全年的總資本回報達到約10億美元。這些金額不包括為抵銷我們計劃在收購 Belcan 時發行的新股而預期的額外股票回購活動。

Turning to our forward outlook now. Our updated guidance does not include contribution from Belcan. We plan to update our outlook after the acquisition has closed, which we still expect to occur in the third quarter. There are no changes to the estimated financial impact that we provided at the time of the announcement.

現在讓我們展望一下未來。我們更新後的指南不包含 Belcan 的貢獻。我們計劃在收購完成後更新我們的展望，我們仍然預計收購將在第三季完成。我們當時發布的預期財務影響沒有任何變化。

For the third quarter, we expect revenue to be flat to up 1.5% year-over-year in constant currency. Sequentially, this implies a growth of 0.7% to 2.2% in constant currency. For the full year, our organic revenue growth outlook has modestly improved. We now expect revenue to be in the range of $19.3 million to $19.5 billion, which is a decline of 0.5% to growth of 1% year-over-year, both as reported and in constant currency.

我們預計第三季營收將與去年同期持平或成長 1.5%（以固定匯率計算）。按此計算，這意味著以固定匯率計算，成長率為 0.7% 至 2.2%。全年來看，我們的有機收入成長預期略有改善。我們現在預計營收將在 1,930 萬美元至 195 億美元之間，年減 0.5% 至成長 1%，無論以報告匯率或固定匯率計算都是如此。

Our updated guidance includes approximately 70 basis points of inorganic contribution versus our prior guidance of up to 100 basis points. This reflects the contribution from only our completed transactions. Therefore, at the midpoint, our organic growth outlook has improved by approximately 55 basis points.

我們更新後的績效指引包括約 70 個基點的非有機成長貢獻，而我們先前的指引為最多 100 個基點。這僅反映了我們已完成交易的貢獻。因此，中點來看，我們的有機成長預期提高了約 55 個基點。

Moving on to adjusted operating margin. We are pleased with our first half performance, and we continue to expect the full year to be in the range of 15.3% to 15.5%. Our guidance includes the expected impact of our merit cycle, which will take effect on August 1. We expect this will be partially offset by the savings from our NextGen program and operational discipline. For the full year, we anticipate net interest income of approximately $80 million, which compares to $60 million previously.

接下來是調整後的營業利益率。我們對上半年的業績感到滿意，並繼續預計全年成長率將在 15.3% 至 15.5% 之間。我們的指導意見包含了將於 8 月 1 日生效的績效考核週期的預期影響。我們預計，透過我們的下一代計劃和營運紀律所節省的成本將部分抵消這一損失。我們預計全年淨利息收入約為 8,000 萬美元，而此前為 6,000 萬美元。

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 net income. This includes the negative impact from $360 million payment made to Indian tax authorities in the first quarter in relation to our ongoing appeal of our 2016 tax matter.

我們調整後的稅率預期仍為 24% 至 25%。我們全年自由現金流預期也保持不變，我們仍然預期它將佔淨收入的 80%。這包括因我們正在就 2016 年稅務問題提起上訴，於第一季向印度稅務機關支付的 3.6 億美元而產生的負面影響。

Our guidance for shares outstanding is unchanged at approximately $497 million. This leads to our full year adjusted earnings per share guidance of $4.62 to $4.70, which reflects a $0.07 increase in the midpoint versus our prior range of $4.50 and $4.68.

我們對流通股數量的預期不變，約為 4.97 億美元。因此，我們全年調整後每股收益預期為 4.62 美元至 4.70 美元，其中點值較我們之前的 4.50 美元至 4.68 美元區間增加了 0.07 美元。

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

接下來，我們將開放提問環節。

(Operator Instructions) Jim Schneider, Goldman Sachs.

（操作說明）吉姆‧施耐德，高盛。

Good afternoon and thanks for taking my questions on. First of all, on Generative AI, helpful commentary, and Ravi, you mentioned the 750 early client engagements. Could you indicate whether any of your clients are moving beyond the proof-of-concept stage? And what are those larger engagements -- what form are they taking? And can you maybe quantify the amount of bookings you currently have tied to Generative AI at this stage?

下午好，感謝您回答我的問題。首先，關於生成式人工智慧、有益的評論以及 Ravi，您提到了 750 個早期客戶專案。能否告知您的客戶中是否有任何客戶已經超越了概念驗證階段？那麼，這些規模更大的合作項目是什麼？它們採取了什麼形式？您能否量化一下目前與生成式人工智慧相關的預訂數量？

Yes. Thank you for that question. I think the one thing you want to know is Generative AI is diffusing into all our technology-led projects in a very, very fast way. So the ability to ring fence it and start to think about what it does to a technology, what it doesn't do to a technology or how do you place it back is always hard. So the best metric for us was to find out the number of projects we are doing around Generative AI.

是的。謝謝你的提問。我認為你最想知道的一點是，生成式人工智慧正在以非常非常快的速度滲透到我們所有以技術為主導的專案中。因此，要將其隔離起來，並開始思考它對一項技術的影響、它對一項技術沒有的影響，或者如何將其放回原位，總是很困難的。因此，對我們來說，最好的衡量標準是找出我們正在進行的圍繞生成式人工智慧的專案數量。

So the number we gave this quarter was 750, which is up from 450 last quarter. So we're very, very pleased with the number of early engagements. We have 600 more in the pipeline. And if you remember, quarter two of last year, we spoke about 100 active engagement. So we've gone all the way from 100 to 750.

因此，本季我們給出的數字是 750，比上季的 450 有所增加。我們對早期參與人數非常非常滿意。我們還有600個項目正在籌備中。如果你還記得的話，去年第二季度，我們談到了 100% 的活躍參與。所以我們已經從 100 一路成長到了 750。

Now how much of this is going into real production work? I would say very small number of projects are going into production work. And that number is small because of multiple reasons. One is, as you get the production grade work, you need to start to think about your data architecture, you need to start to think about your cloud infrastructure. And you also need to start to think about the cost of compute, the availability of talent and everything else. So only a small minor portion of it is going into live production work.

那麼，其中有多少是真正投入實際生產工作呢？我認為只有極少數項目真正進入生產階段。這個數字之所以很小，原因有很多。第一，當你開始做生產級工作時，你需要開始考慮你的資料架構，你需要開始考慮你的雲端基礎架構。你還需要考慮計算成本、人才供應以及其他所有因素。所以只有一小部分用於現場製作。

But what we are pleased is as we get past these inhibitors, if I may, we're going to see a sharpest curve. I actually believe the season going to be a sharpest curve. A lot of them are related to productivity and task automation. So the benefits are very tangible. And hence, it will go through the sharpest curve.

但令人欣慰的是，一旦我們克服了這些抑制劑，恕我直言，我們將看到一條最陡峭的曲線。我個人認為這個賽季將會是起起伏伏的一年。其中許多都與生產力和任務自動化有關。因此，這些好處非常明顯。因此，它將經歷最急的曲線。

But progressively, we will start to see more projects related to innovation, more projects related to change in operating model. And in fact, all of the surveys we did just a few weeks ago, with 2,200 business executives from 15 countries, has also started to tell us that productivity doesn't mean just cost reduction. Productivity also means new revenue streams and new products and new services.

但隨著時間的推移，我們將看到更多與創新相關的項目，更多與營運模式變革相關的項目。事實上，就在幾週前，我們對來自 15 個國家的 2200 名企業高管進行了調查，結果也開始表明，生產力不僅僅意味著降低成本。生產力提高也意味著新的收入來源、新產品和新服務。

So we are, again, excited about the fact that if it is revenue generating, the acceleration to the smart -- the sharpest curve is going to be much quicker. So that's one metric to know how well we are doing.

因此，我們再次感到興奮的是，如果它能帶來收入，那麼向智慧轉型——最陡峭的曲線——的速度將會快得多。所以這是衡量我們做得如何的一個指標。

The second metric I would say, which we -- which I spoke about is, we have 200-plus clients on all our platforms, AI platforms. The AI platforms, we have at Cognizant, are all related to how do you take foundation models and make them production great, be it accuracy of the models, be it governance, be it management, be it responsible AI. So these 200 clients are experimenting with us to make sure that they're getting ready for production because they're a part of our platform.

第二個指標，也就是我剛才提到的，是我們所有平台（包括人工智慧平台）上擁有 200 多個客戶。Cognizant 的所有 AI 平台都與如何利用基礎模型並將其轉化為優秀的生產模型有關，無論是模型的準確性、治理、管理還是負責任的 AI。因此，這 200 位客戶正在與我們進行試驗，以確保他們為生產做好準備，因為他們是我們平台的一部分。

So that gives me indication that there is a good momentum in the future. We also dissect this into four different categories. A lot of it is content aggregation and customer experience and employee experience. Again, the benefits in the business case are very tangible here. So we see -- we will see faster acceleration.

這讓我覺得未來發展勢頭良好。我們也將其細分為四個不同的類別。很多方面都與內容聚合、客戶體驗和員工體驗有關。再次強調，商業案例中的好處在這裡是非常切實的。所以我們看到——我們會看到更快的加速。

Then, of course, the biggest use case is tech for tech, which is applying into development cycles. The challenges in that particular case you have to share the productivity benefits with your clients. So the good news is it increases our win rates. And if we are ahead of the curve, we get to save some of that.

當然，最大的應用場景是技術對技術的應用，也就是將其應用於開發週期中。在這種情況下，你面臨的挑戰是如何與客戶分享生產力提升所帶來的好處。好消息是，它提高了我們的勝率。如果我們走在時代前沿，就能節省一部分費用。

And the last one, I would say, is content generation, which is more accretive. It will take a little longer time. So overall, we're very pleased with where we are. We are very pleased with the fact that some of this is leading to more structural work related to data and cloud, which by itself is a heavy lift for us, which will then get monetized into services dollars.

最後一點，我認為是內容創作，它更具累積性。需要的時間會稍長。總的來說，我們對目前的狀況非常滿意。我們非常高興地看到，其中一些成果正在促成更多與資料和雲端相關的結構性工作，這本身對我們來說就是一項艱鉅的任務，而這些工作最終將轉化為服務收入。

So that's broadly where the Generative AI story is. And I think the excitement about how much productivity we can generate for our clients and create a flywheel of this, makes it the biggest opportunity for us to tap into the future.

以上就是生成式人工智慧發展歷程的大致情況。我認為，我們能夠為客戶創造如此巨大的生產力，並由此形成良性循環，這讓我們感到無比興奮，也讓我們看到了進入未來的最大機會。

Thanks for that. And second one, if I may, on gross margins. In the quarter, revenue was up sequentially. Headcount was down, I believe, and utilization was up. So what were some of the factors that are pressuring the gross margins such as project pricing and the higher startup costs on large deals? And can you maybe comment on the prospects for expanding those gross margins over the next couple of quarters?

謝謝。第二個問題，如果可以的話，是關於毛利率的。本季營收季增。我認為，員工人數減少了，而利用率提高了。那麼，有哪些因素正在對毛利率構成壓力，例如專案定價和大型交易中較高的啟動成本？您能否談談未來幾季毛利率成長的前景？

Sure. So quarter two was a good execution -- quarter where we improved our utilization. We continue to deliver sequential growth while actually reducing the trajectory of employees in terms of the headcount. So overall, good execution. Why you are not seeing it get reflected in the gross margin is really what you mentioned, the growth or the ramp-up of the large deals that we have won in past and they are ramping up and there is an initial investment of slightly lower margin as those deals ramp up. And that's the reason that gross margin number has remained flattish between quarter one and quarter two. We are optimistic that as we move into quarter three, quarter four, you should start seeing a slightly better performance on gross margin as we get through quarter.

當然。所以第二季執行得不錯​​——我們提高了利用率。我們持續實現穩定成長，同時實際上卻在減少員工人數。總體而言，執行得很好。之所以沒有在毛利率中看到這種變化，正如你所提到的，是因為我們過去贏得的大筆交易正在增長或加速推進，而隨著這些交易的推進，初始投資的利潤率會略低一些。這就是為什麼第一季和第二季毛利率基本上保持不變的原因。我們樂觀地認為，隨著第三季和第四季的推進，毛利率的表現會逐漸改善。

Just to link back to your AI question on this, if you look at the math, we sequentially dropped by 8,000 odd people. And year-on-year, we dropped by 9,000 people. But we sequentially grew by 2%. And what that really means is, a part of it is running with tight utilization. A part of it is related to AI, doing work with lesser number of people, and therefore, creating a productivity benefit for us. So just to add to the AI -- the reason why some of that -- some of that is explainable is also because AI and automation is starting to be applied to our projects.

回到你關於人工智慧的問題，如果你看一下數學計算，我們會發現我們依次減少了 8000 多人。與前一年相比，我們的人數減少了9000人。但我們連續成長了 2%。而這實際上意味著，其中一部分是在嚴格的利用率下運作的。部分原因與人工智慧有關，它可以減少工作人員數量，從而提高我們的生產力。所以，除了人工智慧之外，還要補充一點——之所以會出現這種情況，部分原因是人工智慧和自動化開始應用在我們的專案中。

Bryan Bergin, Cowen.

Bryan Bergin，Cowen。

I wanted to ask on bookings. So nice to see a return to growth here. And it does seem like you've had a recent uptick in deal activity just based on your announcements. Can you comment on the level of bookings that you kind of net new work versus renewals? And just any common threads to highlight across the latest deals that were announced?

我想問一下預訂方面的問題。很高興看到這裡恢復了增長。從你們發布的公告來看，你們最近的交易活動似乎確實有所增加。您能否談談您目前透過預訂獲得的新增訂單量與續約訂單量之間的關係？最近公佈的這些交易有哪些共同點值得強調？

So let me take a shot at it, and I'll ask Jatin to add. We don't give the renewal and -- the split of renewable and new business. But I can tell you one thing, that our new business is significantly higher than the renewals in 2024 versus 2023. So we're very, very happy about it.

那我就先試一試，然後我請 Jatin 補充。我們不提供續約和——再生能源和新業務的拆分。但我可以告訴你一件事，2024 年的新業務量將遠高於 2023 年的續約業務量。所以我們對此感到非常非常高興。

The second is there is also new logos and expansion in the bookings. So we are, again, very pleased. One of the reasons why financial services grew well. I mean financial services grew sequentially after 2022, and it grew well because we also opened new logos. We started to look for expansion in existing customers. So that's all contributing to our bookings. We had 5 large deals with more than $100 million, and we had two of them in the range of $90-plus-million. In fact, all 5 of them actually had expansion in new business in the mix. So we are, again, very pleased about how the amount of work we're getting, which is new and expansion is increasing.

第二點是，還有新的標誌和預訂量的增加。所以我們再次感到非常高興。金融服務業蓬勃發展的原因之一。我的意思是，金融服務在 2022 年之後持續成長，而且成長良好，因為我們也新增了一些客戶。我們開始在現有客戶中尋找擴張機會。所以這些因素都對我們的預訂量產生了影響。我們有 5 筆金額超過 1 億美元的大交易，其中兩筆金額超過 9,000 萬美元。事實上，這 5 家公司都進行了新業務的擴張。因此，我們再次對目前獲得的工作量感到非常滿意，而且業務也不斷拓展。

Of course, the duration of deals is also increasing. On the higher end, I mean, the larger deals, above $50 million, the duration is increasing. While it creates stickiness, but it also creates a little bit of a tail on when the revenue is going to be realized as we go forward.

當然，交易持續時間也在延長。對於金額較大的交易，也就是超過 5,000 萬美元的交易，交易期限正在延長。雖然這能增強用戶黏性，但隨著我們不斷推進，也會導致收入實現的時間有所延遲。

Okay. I appreciate that detail. And then my follow-up on Belcan. So I understand still waiting to close the deal, I believe you mentioned it was estimated to be about 40 bps of a margin headwind and then some revenue synergies over three years. Can you detail kind of the transitory costs, the deal cost in that 40 bps versus the structural margin of Belcan? And then just any further detail on kind of how you thought about the phasing of the $100 million plus revenue synergies over three years?

好的。我很欣賞這個細節。然後是我關於貝爾坎的後續報導。所以我了解到仍在等待完成交易，我相信您提到預計會造成約 40 個基點的利潤率逆風，然後在三年內實現一些收入協同效應。能否詳細說明這筆交易的過渡性成本，也就是40個基點的交易成本，以及Belcan的結構性利潤率？那麼，關於您如何考慮在三年內分階段實現超過 1 億美元的收入綜效，能否再詳細說明？

Yes. So we -- I mean, the numbers that you mentioned are accurate, 40 basis point of margin dilution and the synergy numbers. We will share a more detailed update on Belcan on closing, including making sure that our guidance then reflects the Belcan acquisition for the rest of the year. There is no new data point or update to the numbers that we had shared before at this juncture.

是的。所以——我的意思是，你提到的數字是準確的，40個基點的利潤率稀釋和協同效應數字。我們將在交易完成後分享有關 Belcan 的更詳細最新信息，包括確保我們屆時的業績指引能夠反映 Belcan 收購對今年剩餘時間的影響。目前為止，我們還沒有新的數據點或更新，數據與我們先前分享的數據並無二致。

Jonathan Lee, Guggenheim Partners.

喬納森李，古根漢合夥公司。

Great. Thanks for taking my questions. I appreciate the insight here. I understand some of the efficiency gains you're seeing, but how much room do you have in utilization before perhaps runs too hot? And how are you thinking about pace of hiring for the remainder of the year, particularly as you look to support on the deal wins and pipeline? Additionally, any call-outs here around competition for talent given the higher attrition you saw?

偉大的。謝謝您回答我的問題。我很欣賞您提供的見解。我了解你們所看到的一些效率提升，但是你們的使用率還有多少提升空間，才不會導致機器過熱呢？那麼，您如何考慮今年剩餘時間的招募進度，尤其是在您需要支援已達成的交易和現有專案的情況下？此外，鑑於您觀察到的較高人員流失率，您是否對人才競爭方面有任何看法？

Yes. So -- this is Jatin and I'll go first, and I'll request Ravi to add. I think so far, there is stability in the talent marketplace. It is reflected in our attrition. We are seeing sufficient availability of the talent that we need to hire for the specific skill set that we need to hire from the marketplace. There will always be couple of skill sets, which are more hot or difficult to find than others. But on an aggregate basis, I think we still have a reasonably good market for talent as we look at the second half of the year.

是的。好了——我是 Jatin，我先來，然後請 Ravi 補充。我認為目前人才市場保持穩定。這反映在我們的人員流失率上。我們看到市場上有足夠的人才供應，能夠滿足我們招募特定技能人才的需求。總是會有一些技能比其他技能更熱門或更難找到。但總體而言，我認為展望下半年，我們的人才市場仍然相當不錯。

Was there a first part of the question as well, Jonathan?

喬納森，這個問題還有第一部分嗎？

Yeah, it was more about the room you have in utilization before it perhaps runs too hot?

是的，主要是在溫度過高之前，你還有多少空間可以利用？

I think we still have some head space for sure as we exit quarter two. Certainly, not as -- I mean, it's the headspace we have continued to sort of utilize and this is the third quarter of improvement in utilization. So we are continuing to improve it. We have some space. I wouldn't say it's a significant space, and we are managing the supply chain with that visibility of said space and the demand which is coming into the door. And we are confident that we'll be able to manage the demand and supply chain equation well as we execute through the second half of the year.

我認為，進入第二季後，我們肯定還有一些思考的空間。當然，並非像——我的意思是，這是我們一直在持續利用的思維空間，而且這是利用率連續第三個季度提高。所以我們正在不斷改進它。我們還有一些空位。我不會說這是一個很大的空間，我們正在根據這個空間和不斷湧入的需求來管理供應鏈。我們有信心，在下半年執行各項工作的過程中，能夠很好地管理供需關係。

Yes. So just to add some more color, Jonathan, on this. We are now at a spot where we have significant attractiveness in the market for employees to join us. I mean, our momentum in the market also is -- also allows us -- gives us the ability to hire. We also have returners. In fact, we have a historic return of returners, as I call it. I mean, it is people coming back who worked at Cognizant before.

是的。喬納森，我再補充一些細節。現在，我們在人才市場上對求職者有強烈的吸引力。我的意思是，我們在市場上的發展勢頭也——也使我們——賦予了我們招募的能力。我們也有返崗人員。事實上，我們迎來了歷史性的回歸潮，我稱之為「回歸者回歸」。我的意思是，都是以前在 Cognizant 工作過的人回來的。

And our fulfillment engine is a combination of four things: freshers, rotating talent inside the company, reskilling from the adjacencies and hiring lateral talent. All four, I think we are getting better and better and better since the last 18 months. So we are gearing up for a high demand situation whenever, but we're going to be prepared for it.

我們的執行引擎由四個面向組成：應屆畢業生、公司內部輪調人才、從相關領域引進再培訓人才、招募橫向人才。我認為，過去18個月以來，我們四個人都越來越好。所以我們正在為隨時可能出現的高需求情況做好準備，我們會確保萬無一失。

Our two big industries, Financial Services and Healthcare together is 60% of our business. They're both in great and in a good spot. So that gives us confidence. I mean these were two verticals where Cognizant's legacy and heritage was so strong. So we are back on those two verticals with a good positive momentum.

我們的兩大產業——金融服務和醫療保健——合計占我們業務的 60%。他們倆現在都處境很好。這給了我們信心。我的意思是，在這兩個垂直領域，Cognizant 的傳統和底蘊都非常強大。所以，我們在這兩個垂直領域又重新取得了良好的發展動能。

Thanks for all the color there. How should we think about potential stabilization around large deal project margin, especially given some of the elongation of the duration in these large deals? And how are you thinking about pyramid structure around staffing these large deals?

謝謝你帶來的繽紛色彩。我們應該如何看待大型交易專案利潤率的潛在穩定問題，尤其是考慮到這些大型交易的持續時間有所延長？您如何考慮圍繞這些大型交易的人員配備採用金字塔式結構？

Yes. So large deals -- and Jatin chip in as I complete. Large deals always have upfront cost and downstream revenue kind of a thing because you do transition and a lot of these are vendor consolidation, cost optimization kind of deal. So you will have to invest on transition and everything else. So there is lumpiness on how that works.

是的。所以，大額交易——在我完成的時候，Jatin會提供資金支持。大型交易總是存在前期成本和後續收入的問題，因為需要過渡，而且許多交易都涉及供應商整合和成本優化。所以你需要在轉型和其他方面進行投資。所以這方面的運作方式並不完美。

But we have now muscle to execute them pretty well. We have done this for 18 months now. We've been on the cycle of winning and delivering to large deals. So we're very confident of continuing on that process. We are not only doing this on application services now, which was the heritage of the historic muscle of Cognizant. We are doing it in BPO and infrastructure services. And now we are starting to see good traction in ER&D. And as Belcan can comes in Subsequently, we will -- hopefully, as it get closed, we'll hopefully have more of it as well. So it's a much more comprehensive breadth of capability and the breadth of large deals, which we are executing on.

但我們現在有能力很好地執行這些計劃。我們已經這樣做了18個月了。我們一直處於贏得並完成大訂單的良性循環中。因此，我們非常有信心繼續推進這項進程。我們現在不僅在應用服務領域這樣做，而這正是 Cognizant 歷史優勢的傳承。我們在業務流程外包和基礎設施服務領域正在這樣做。現在我們開始看到工程研發領域取得了良好的進展。隨著 Belcan 的到來，我們希望——隨著它的關閉，我們也能獲得更多。因此，我們擁有更全面的能力，並且正在執行更多大型交易。

We are competing in the market and the levers to compete are not just arbitrage on labor, the levers to compete are also productivity levers powered by automation and AI and I think we are ahead of the curve. That's one of the reasons why we're winning more. It is a wallet share, which we are picking up from our peers.

我們在市場上競爭，而競爭的手段不僅是勞動力套利，還有透過自動化和人工智慧提高生產力，我認為我們在這方面處於領先地位。這就是我們贏得更多比賽的原因之一。這是我們從同行那裡獲得的錢包份額。

Jatin, do you want to add anything?

賈廷，你還有什麼要補充的嗎？

Yes. I think the only additional color is there are two ways of looking at a large deals -- sort of dynamics or financials. One way is that they initially do come with lower margins. But if you see the construct of a large deal, there are typically fixed price projects over a long-term period, which means your ability to improve overall pyramid into the company, deploy Gen Z, as we call them internally, our fresh talent, at the bottom of the pyramid is much better, your ability to execute on your automation gold is far superior in a larger program.

是的。我認為唯一需要補充的是，看待大型交易有兩種方式——動態角度或財務角度。一種方式是，它們最初的利潤率確實較低。但如果你了解大型交易的結構，你會發現通常是長期的固定價格項目，這意味著你能夠更好地改善公司整體的金字塔結構，部署我們內部稱之為 Z 世代的新鮮人才，也就是金字塔底部的人才，在更大的項目中執行自動化黃金的能力也會更強。

So overall, the second way of looking at a large deal is that you can really push the envelope of efficiency and productivity much better than what you would be able to do in a time and material construct. So it has also a positive angle to it as the deal matures.

所以總的來說，看待大宗交易的第二種方式是，與按時間和材料計費的方式相比，你可以真正提高效率和生產力。因此，隨著交易的成熟，它也具有積極的一面。

Rod Bourgeois, DeepDive Equity Research.

Rod Bourgeois，DeepDive Equity Research。

Okay. Great. Ravi, a couple of big picture questions. Over the last 1.5 years, you've been in a turnaround situation while also wrestling with a cyclical downturn in demand. You've definitely made progress on shoring up talent and the culture and you're now winning these large deals. I just wanted to see if you can now speak to like your main goals for the next phase of Cognizant's improvement process.

好的。偉大的。拉維，幾個比較宏觀的問題。在過去的1.5年裡，你們一直處於轉型期，同時還要應對週期性的需求下滑。你們在人才儲備和企業文化建設方面肯定取得了進展，現在也贏得了這些大單。我只是想了解一下您現在能否談談 Cognizant 下一階段改進流程的主要目標。

Rod, thank you for that question. I've always been a believer of layering performance and change. So for the first 18 months have been constantly making changes and generating performance and using the performance to make more change. At the end of first year, we bought a company called Thirdera. And that was the time I started to believe that performance has changed as you layer it. You also start to get the license to do some big bets, big -- some big bets.

羅德，謝謝你的提問。我一直堅信應該將表演和變化層層疊加。因此，在最初的 18 個月裡，我們不斷做出改變，提升業績，並利用業績做出更多改變。第一年末，我們收購了一家名為 Thirdera 的公司。正是在那時，我開始相信隨著層次的疊加，表演效果也會改變。你也開始獲得進行大額投注的許可，非常大——一些非常大的投注。

So we made that big bet of buying Thirdera, which is the single largest ServiceNow stand-alone company. And right now, are probably one of the top two players of ServiceNow in the market, and I'm very confident that journey will continue.

所以我們孤注一擲，收購了 Thirdera，它是 ServiceNow 最大的獨立公司。目前，我們可能是 ServiceNow 市場上排名前二的公司之一，我非常有信心這一趨勢將會持續下去。

In the first half of this year, we started to think that we -- our business has four vectors, as I said: tech services, BPO, infrastructure-led services, which is security, cloud, everything put together and ER&D. We always wanted to take another big bet and look for a different buyer group and look for a different industry muscle, if I may. And we took a bet on Belcan, which gives us the opportunity to be in aerospace and automotive, embedded software and engineering research and development, which is a different buyer group in any of our clients.

今年上半年，我們開始思考，我們的業務有四個方向，正如我所說：技術服務、業務流程外包、基礎設施主導的服務（包括安全、雲端等所有服務）以及工程研發。如果我沒理解錯的話，我們一直想再做一次大膽的嘗試，尋找不同的買家群體，尋找不同的產業巨頭。我們投資了 Belcan，這使我們有機會涉足航空航太和汽車、嵌入式軟體以及工程研發領域，這與我們任何客戶的購買群體都不同。

And we took a bet because we think that's going to increase the breadth of services, and it's going to give us a new vector for growth. So I think I want to layer the performance and change on a constant basis and keep looking for big bets so that we make this a resilient platform.

我們之所以冒險嘗試，是因為我們認為這將擴大服務範圍，並為我們帶來新的成長方向。所以我認為，我希望能夠持續提升效能並進行變革，同時不斷尋找大膽的投資機會，從而打造一個具有強大韌性的平台。

Remember, Healthcare and Financial Services, we are heavy on it. Now we're going to create muscle on manufacturing, industrial, automotive, aerospace, which is going to be a very different industry vector. We are -- we will constantly keep looking for bridging those gaps in new industries and a breadth of capabilities and also expanding internationally as we go forward because we are over indexed on the US. So that will be my goal to create is to create sustained momentum and create a resilient platform for our employees and our clients.

記住，醫療保健和金融服務是我們重點關注的領域。現在我們要加強製造業、工業、汽車、航太業的實力，這將會是一個截然不同的產業方向。我們正在——並將繼續尋求彌合新行業和廣泛能力方面的差距，並隨著我們向前發展而向國際擴張，因為我們過度依賴美國市場。因此，我的目標是創造持續的發展勢頭，為我們的員工和客戶打造一個具有韌性的平台。

Great. That's very helpful. And maybe I'll change my follow-up, given your answer related to Belcan. One of the questions that we're seeing right now, in fact Gemini recently cited weakened demand in aerospace and automotive. Those are verticals that had been very strong over the last year at most players. Are you seeing similar trends in aerospace and automotive weakening? Or is that not really a concern, especially as you onboard the Belcan business?

偉大的。那很有幫助。鑑於你關於貝爾坎的回答，我或許會改變我的後續問題。事實上，我們目前看到的一個問題是，Gemini 最近指出航空航太和汽車產業的需求疲軟。在過去一年裡，大多數球員的垂直彈跳能力都非常強。您是否也觀察到航空航太和汽車產業出現類似的疲軟趨勢？或者說，這其實不是什麼值得關注的問題，尤其是當你收購 Belcan 業務的時候？

That's a great question. Organically, we are seeing strength in automotive. Our pivot on Belcan is very simple. We think the next decade is going to be about digitizing everything physical. So we believe the industry is like manufacturing, industrial, automotive, aero. If you pivot into services, which are embedded software, pivot into services, which are digital in nature, there's significant headroom and there is very little spend in the last 10 years. And therefore, I think the next 10 years are going to be much better.

這是一個很好的問題。從整體來看，汽車產業表現強勁。我們對貝爾坎的調整非常簡單。我們認為未來十年將是所有實體事物數位化的十年。所以我們認為這個產業就像製造業、工業、汽車業、航太業一樣。如果你轉型進入嵌入式軟體服務領域，或是轉型進入數位化服務領域，那麼發展空間很大，而且過去 10 年的投入非常少。因此，我認為未來十年將會好得多。

So therefore, I actually believe there are -- there is more space and more room for us. Our concentration is very high in Healthcare and Financial Services. So this actually gives us much -- a very different industry vertical but it also gives us an opportunity to bring technology closer to the physical manifestation of these industries.

所以，我確實相信──還有更多的空間，還有更多的發展空間。我們在醫療保健和金融服務領域的集中度非常高。所以這實際上為我們帶來了很多——一個非常不同的行業垂直領域，但也給了我們一個機會，讓技術更接近這些行業的實體表現。

So -- but thesis of mine still holds. And I think with AI in the mix now, I actually believe the offerings we will now present to that industry segment are going to be as contemporary and therefore, we'll continue to flourish. So that's my thesis when I looked at Belcan, and that would remain -- that would be the thesis that it would remain with me even now.

所以——但我的論點仍然成立。我認為，隨著人工智慧的融入，我們現在向該行業領域提供的產品和服務將更具現代感，因此，我們將繼續蓬勃發展。所以，這就是我研究貝爾坎時的論點，而這個論點至今仍然縈繞在我心頭。

James Faucette, Morgan Stanley.

詹姆斯‧福塞特，摩根士丹利。

Great. Thank you so much. Appreciate all the color. Encouraging to see the turnaround in financial services end market, et cetera. And it seems like we've reported some of the things from others. Kind of wondering what your visibility is on that part of your end market base? And what the nature of the work is that you're doing now, say, versus before it kind of turned down and if that's changed at all?

偉大的。太感謝了。欣賞這繽紛的色彩。令人鼓舞的是，金融服務終端市場等領域出現了改善。而且我們似乎已經報道過其他人的一些事情了。想了解您在終端市場這部分人群中的知名度如何？那麼，你現在所從事的工作性質與之前有何不同？比如說，工作性質是否有改變？

Financial Services, we've been working on it since 2023. 2023, we stabilized the teams. We ensured that the leaks we had -- we were on the other side, I think when consolidation happened, we lost business in 2022. We now are gaining market share when there is consolidation. And we did a very good job of leading that vertical with industry solutions. So that helped us to pivot into some of the small discretionary spend, which is coming back to -- we added behind it.

金融服務領域，我們從 2023 年就開始著手研究。 2023 年，我們穩定了團隊。我們確保了我們存在的漏洞——我認為，當行業整合發生時，我們處於另一邊，我們在 2022 年失去了業務。在市場整合的背景下，我們現在正在獲得市場份額。我們在引領該垂直領域，提供行業解決方案方面做得非常出色。所以這幫助我們轉向了一些小額可自由支配支出，這又回到了——我們隨後增加了。

So the industry solution approach, a stable team, working with corridors, proactively pitching for value-led work, breadth of capability now. I mean, we are no longer a tech services firm. We have a breadth of capability. All of that has helped us to stabilize financial services. Of course, there's going to be variability quarter-on-quarter. But we feel confident about the fact that each one of those subsegments underneath that are in good shape.

因此，產業解決方案方法、穩定的團隊、與走廊合作、積極爭取以價值為導向的工作、以及廣泛的能力，現在都具備了。我的意思是，我們不再是一家技術服務公司了。我們擁有廣泛的能力。所有這些都幫助我們穩定了金融服務業。當然，每季之間肯定會有波動。但我們有信心，其下屬的每一個子部分都處於良好狀態。

Our business in Americas and banking has sequentially done pretty well for two quarters in a row. So now we are starting to progressively take that -- take the same template to -- in the international market so that we could replicate that success.

我們在美洲的業務和銀行業務連續兩季表現都相當不錯。所以現在我們開始逐步將這個模式──同樣的模式──運用到國際市場上，以便複製這種成功。

Got it. Appreciate that. And then back on GenAI, I'm just wondering if you're seeing those projects crowd-out, other consulting priorities? And if so, which ones? Or are we still -- as you suggest, it's still so early before moving to full production, implementation of GenAI projects that is not really having much of an impact?

知道了。謝謝。回到 GenAI 的話題，我想知道您是否發現這些專案擠佔了其他諮詢工作的優先順序？如果是，是哪些？或者正如您所說，我們仍然處於早期階段，距離全面投產、實施 GenAI 專案還很遠，目前還沒有產生多大影響？

That's a very good question. In fact, I agree with you that a lot of the consulting dollars are getting diverted to Generative AI. I mean, all the way from business case creation to governance to -- some companies are reorganizing their -- I know companies which are now saying, we need to reestablish an enterprise 2.0. So that process and technology can be together and it could be a distributed network organization versus a hierarchal setup.

這是一個很好的問題。事實上，我同意你的觀點，許多諮詢資金都流向了生成式人工智慧領域。我的意思是，從商業案例創建到治理，再到——一些公司正在重組——我知道有些公司現在說，我們需要重建企業 2.0。這樣流程和技術就可以結合起來，它可以是一個分散式網路組織，而不是一個層級式組織。

So lots of organizational change and experimentation is actually led by Generative AI. So some of the discretionary is getting diverted there. But these are small prototypes. And as you finish the prototypes, you start to see the bottlenecks to take it to production. The good news is at least -- you start to know what the bottlenecks are, and then you start to work on it and then you take them to production grade. I have at least some projects which have started to go production grade.

因此，許多組織變革和實驗實際上都是由生成式人工智慧所驅動的。所以一部分可自由支配的資金被轉移到了那裡。但這些只是小型原型。當你完成原型製作後，你會開始發現將其投入生產所面臨的瓶頸。好消息是——你開始知道瓶頸在哪裡，然後你開始著手解決它，然後你把它提升到生產等級。我至少有一些項目已經開始進入生產階段。

I mentioned it in my earnings, which is -- a pharmaceutical company taking Generative AI for drug development. And insurers using Generative AI to support claims which come in, which need to be corrected because there are -- either fields which have not been filled up or there are clarifications. So I think at a task level, we are starting to see this go forward. The productivity studies we did in 2023, that's helped us also to put the business case up.

我在收益報告中提到過，這是一家製藥公司利用生成式人工智慧進行藥物研發。保險公司使用生成式人工智慧來支持收到的索賠，這些索賠需要糾正，因為要么是某些欄位未填寫，要么是需要澄清。所以我覺得從任務層面來看，我們開始看到這件事向前發展了。我們在 2023 年進行的生產力研究，也幫助我們提出了商業論證。

So we've seen in Healthcare in one of my clients, we have done auto adjudication of claims better using Generative AI. So the ability to make this a very outcome-centric business case will allow us to take this to more production-grade work and the ability to continue to look for new use cases will help us to build the pipeline as the old ones mature.

所以，在醫療保健領域，我的一個客戶已經看到，我們使用生成式人工智慧更好地實現了理賠的自動裁決。因此，將此作為以結果為導向的商業案例的能力，將使我們能夠將其推進到更高級的生產級工作中，而不斷尋找新的用例的能力將有助於我們在舊的用例成熟時構建新的流程。

Tien-Tsin Huang, JPMorgan.

黃天心，摩根大通。

Thanks so much. Just wanted to follow up on your answer to Bryan, I think, question on bookings. Ravi, you mentioned duration. I always ask you, but I'd love to hear your updated thoughts on just the ACV versus TCV dynamic? Has that changed, improved, worsened? And then also on incremental bookings, where is the work coming from? Is it new work or takeaway from other vendors? Has that changed at all in terms of sourcing deals? Thanks.

非常感謝。我想就您之前回答布萊恩（Bryan）關於預訂的問題做個後續說明。拉維，你提到了時長。我一直都問你這個問題，但我很想聽聽你對ACV和TCV之間關係的最新看法？情況發生了變化、改善還是惡化了？此外，新增訂單的工作量來自哪裡？這是新作品還是從其他供應商借鏡來的？採購交易方面是否有任何變化？謝謝。

Yes, sure. So I think fundamentally, not much change in ACV, as you can imagine, with the deal duration going up from one point -- I mean, over longer term, it has to reflect in a slightly slower growth in ACV and that dynamics continue. However, we are clearly winning market share in -- as we execute every quarter. So the deals that are ramping up or the deal announcement that we have done are really a reflection of new work that Cognizant is getting sometimes in new accounts, but also in many accounts where we were present, but we were not addressing that segment of the work with our customer.

當然可以。所以我認為，從根本上來說，ACV 並沒有太大變化，正如你所想，隨著交易持續時間的延長——我的意思是，從長遠來看，這必然會導致 ACV 的增長速度略微放緩，而且這種趨勢還會繼續下去。然而，隨著我們每季的執行，我們顯然正在贏得市場份額。因此，我們正在推進的交易或我們已經宣布的交易，實際上反映了 Cognizant 在新客戶中獲得的新工作，有時是在新客戶中獲得的，有時也是在我們之前已經存在但尚未與客戶一起處理這部分工作的許多客戶中獲得的。

And there's also a focus on new logos. So it's a combination of new logos expansion and new work. And I can certainly tell you that the new work is outpacing the renewals, at least in 2024.

此外，新標誌的設計也備受矚目。所以這是新標誌推廣和新作品的結合。我可以肯定地告訴你，至少在 2024 年，新作品的數量將超過續約作品的數量。

Thank you for that. Just my quick follow-up for the fourth quarter implied from the guide for the full year. This implies some sequential deceleration, any callouts there beyond seasonality?

謝謝。我只是根據全年業績指引，簡單補充一下第四季的狀況。這意味著增速會逐漸放緩，除了季節性因素之外，還有其他需要注意的地方嗎？

Yes. So you're right, it does -- at the midpoint of quarter three performance, it would imply a deceleration in quarter four, but that is really seasonality right now as we see it.

是的。所以你說得對，確實如此——第三季業績的中點意味著第四季度增速放緩，但就我們目前所見，這實際上是季節性因素造成的。

Dan Dolev, Mizuho.

Dan Dolev，瑞穗銀行。

Hey, guys, very strong results. Nice to see that. Can you maybe -- I mean, the number one question we get from investors right now is like, have we seen the bottom in IT services spend? I mean, this is pretty much what everyone is trying to figure out. Can you maybe make a more general comment from your seat on where we are in the cycle?

嘿，夥計們，結果非常出色。很高興看到這一點。您能否—我的意思是，我們現在從投資者那裡收到的首要問題是，IT 服務支出是否已經觸底？我的意思是，這幾乎是每個人都在努力弄清楚的問題。您能否從您的位置，就我們目前所處的周期階段發表一些更總體的看法？

So it's a broad question. Let me address it from the context of Cognizant. Clearly, for us, we see growth as a guidance range that we have given for quarter three after a decline -- sort of a performance for -- in part. So certainly, we are seeing an uptick and an improvement from where we were. So certainly, there is an uptick in the numbers in a positive growth trajectory as we progress through the year.

所以這是一個很廣泛的問題。讓我從 Cognizant 的角度來談談這個問題。顯然，對我們來說，成長是我們給出的第三季業績指引範圍，此前第三季業績有所下滑——某種程度上來說，這是業績下滑的結果。所以，我們確實看到情況有所好轉，比以前有所改善。因此，隨著時間的推移，各項數據確實呈現上升趨勢，並朝著正面的成長方向發展。

It's difficult to make a comment on a larger market as we covered in our prepared remarks, market still remains uncertain. But clearly, there are pockets where there are opportunities, and we are capitalizing on those opportunities, as it's been reflected in our BFSI performance, as has been reflected in our health performance with both of which our largest sector, we have delivered very strong sequential numbers.

正如我們在準備好的演講稿中所述，很難對更大的市場發表評論，市場仍然充滿不確定性。但顯然，有些領域存在機會，我們正在抓住這些機遇，這體現在我們的銀行、金融服務和保險 (BFSI) 業務表現以及醫療保健業務表現中，這兩個我們最大的業務板塊都取得了非常強勁的環比業績。

Just to add to that. I said this before, we don't see deterioration or improvement. We see the market unchanged, as I call it. However, our execution, our fulfillment rates and our win ratios continue to be very strong. So therefore, we are winning wallet share in a market which has remained unchanged.

補充一點。我之前說過，我們既沒有看到惡化，也沒有看到好轉。正如我所說，我們看到市場沒有改變。然而，我們的執行力、完成率和得標率依然非常強勁。因此，我們在一個未發生變化的市場中贏得了市場份額。

Understood. And then maybe a follow-up on GenAI. I know everyone is talking about this, but would you feel comfortable, I guess, at some point, providing dollar value of the scope of the AI projects?

明白了。接下來或許可以對 GenAI 進行後續報道。我知道大家都在談論這個問題，但我想，您是否願意在某個時候提供人工智慧專案規模的美元價值？

We will be able to keep thinking about what are the right ways to tell the market about Generative AI. It's a pervasive technology, and therefore, it diffuses into everything we do. And because it is diffusing so fast, you almost want to say -- you almost don't know what to categorize as GenAI and what not to categorize as GenAI. The only thing I can say is this -- in this market, you could win using Generative AI, you could increase your win rates, you could create new deals, you could generate more momentum with your clients. Equally, you could flip it around and use it on your own-self to disrupt your own development cycles of our teams and create productivity, which you can share with your clients and then create a flywheel of winability through it.

我們將繼續思考如何以正確的方式向市場介紹生成式人工智慧。這是一項無所不在的技術，因此，它滲透到我們所做的每一件事。因為它的擴散速度如此之快，你幾乎會想說——你幾乎不知道該把什麼歸類為 GenAI，又該把什麼不歸類為 GenAI。我唯一能說的是——在這個市場中，你可以利用生成式人工智慧贏得市場，你可以提高勝率，你可以達成新的交易，你可以與客戶建立更緊密的聯繫。同樣，你也可以反過來用它來擾亂你團隊自身的開發週期，創造生產力，然後與你的客戶分享，並透過它創造一個制勝的飛輪。

So I mean, right now, we are talking about projects which we are doing. We are talking about platforms and how many clients have onboarded on platforms. The traceability to revenues is -- I mean, anybody's guess, what you call Generative AI and what you can't? I mean today, data modernization project or a cloud monetization project, which we do because Generative AI is going to be the future, I actually can call it as Generative AI or I can say this is not Generative AI. However, it is creating more momentum because that foundation is needed for Generative AI.

所以我的意思是，現在我們正在談論我們正在進行的項目。我們正在討論平台以及有多少客戶已經進駐這些平台。收入的可追溯性——我的意思是，誰也說不準，你把生成式人工智慧稱為什麼，又不能稱之為什麼？我的意思是，今天，我們正在進行數據現代化項目或雲端貨幣化項目，因為生成式人工智慧將是未來，我實際上可以稱它為生成式人工智慧，或者我可以說這不是生成式人工智慧。然而，這正在創造更大的發展勢頭，因為生成式人工智慧需要這樣的基礎。

So I mean, we have to evolve this to an extent where we could communicate to all of you much in a much traceable way but nobody has found -- I mean, nobody seems to have found the right way to do it. We are trying our best to tell you the traction we have.

所以我的意思是，我們必須將這種方式發展到一定程度，以便我們能夠以更可追蹤的方式與大家溝通，但似乎沒有人找到——我的意思是，似乎沒有人找到正確的方法。我們正在盡最大努力向您報告我們的進展。

There are no further questions. I would like to turn the floor back over to management for closing comments.

沒有其他問題了。我謹將發言權交還給管理階層，請他們作總結發言。

Thank you so much. Thank you for joining in today and looking forward to the next quarter. And thank you for your support.

太感謝了。感謝各位今日的參與，期待下一季的到來。感謝您的支持。

This concludes today's Cognizant Technology Solutions second quarter 2024 earnings conference call. You may now disconnect.

本次 Cognizant Technology Solutions 2024 年第二季財報電話會議到此結束。您現在可以斷開連線了。