高知特 (CTSH) 2024 Q3 法說會逐字稿

Ladies and gentlemen, welcome to the Cognizant Technology Solutions third-quarter, 2024. earnings conference call. (Operator Instructions) I'd like to turn the conference over to our host, Mr. Tyler Scott, Vice President of Investor Relations. Please go ahead.

女士們、先生們，歡迎參加 Cognizant 技術解決方案 2024 年第三季財報電話會議。（操作員指示）我想將會議轉交給我們的東道主投資者關係副總裁泰勒·斯科特先生。請繼續。

Thank you, operator, and good afternoon, everyone. By now, you should have received a copy of the earnings release and investor supplement for the company's third-quarter 2024 results. If you have not, copies are available on our website, cognizant.com.

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 年第三季業績的收益發布和投資者補充資料的副本。如果您還沒有，可以在我們的網站 cognizant.com 上取得副本。

The speakers we have on today's call are Ravi Kumar, Chief Executive Officer; and Jatin Dalal, Chief Financial Officer. Before we begin, I would like to remind you that some of the comments made on today's call and some of the responses to your questions may contain forward-looking statements. These statements are subject to the risks and uncertainties as described in the company's earnings release and other filings with the SEC.

今天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。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。

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

此外，在今天的電話會議中，我們將參考某些非公認會計原則財務指標，我們認為這些指標為我們的投資者提供了有用的信息。非公認會計原則財務指標與相應公認會計原則指標的調節可以在公司的收益報告和向美國證券交易委員會提交的其他文件中找到。有了這個，我現在想把電話轉給拉維。請繼續

Thank you, Tyler, and good afternoon, everyone. Thank you for joining our third-quarter 2024 earnings call. We are pleased with our third-quarter results, which delivered revenue and earnings growth while expanding adjusted margins sequentially and represented strong execution of our strategic priorities to accelerate growth, become an employer of choice in our industry and modernize operations.

謝謝泰勒，大家下午好。感謝您參加我們的 2024 年第三季財報電話會議。我們對第三季的業績感到滿意，該業績實現了收入和盈利增長，同時調整後的利潤率連續擴大，代表了我們加速增長、成為行業首選雇主和實現運營現代化的戰略重點的有力執行。

We are seeing a gradual rebound of spend cycles and gaining wallet share in financial services. While our historical strength in health sciences is driving differentiation and growth. Meanwhile, a significant traction with large deals and AI-led revenue opportunities, investments in talent and a steadfast focus on operational rigor together led to a strong all-round performance.

我們看到支出週期逐漸反彈，金融服務領域的錢包份額不斷增加。我們在健康科學方面的歷史優勢正在推動差異化和成長。同時，大型交易和人工智慧主導的收入機會的巨大吸引力、人才投資以及對營運嚴謹性的堅定關注共同帶來了強勁的全面業績。

Let me begin with a quick summary of our results before an update on our strategic priorities. Third-quarter revenue was at the high end of our constant currency guidance range. Revenue of $5 billion grew 3.5% sequentially, in constant currency, including approximately 150 basis points of inorganic contribution from our recently completed acquisitions.

在更新我們的策略重點之前，讓我先快速總結一下我們的成果。第三季營收處於我們固定匯率指引範圍的高端。以固定匯率計算，營收為 50 億美元，季增 3.5%，其中包括我們最近完成的收購帶來的約 150 個基點的無機貢獻。

Year-over-year revenue grew by approximately 2.7% in constant currency, including approximately 200 basis points of inorganic contribution. Adjusted operating margin of 15.3% improved sequentially, driven by strong cost discipline despite investments in Belcan in the partial quarter impact from our annual minute cycle. Adjusted EPS grew approximately 7% year over year, our fourth consecutive quarter of year over year growth, bringing our year-to-date EPS growth to approximately 5%.

以固定匯率計算，營收年增約 2.7%，其中無機貢獻約成長 200 個基點。儘管對 Belcan 的投資受到我們年度分鐘週期的部分季度影響，但在嚴格的成本控制推動下，調整後的營業利潤率環比提高了 15.3%。調整後每股盈餘較去年同期成長約 7%，這是我們連續第四個季度年增，使我們年初至今的每股盈餘成長達到約 5%。

Now let me provide an update on the progress we made against our strategic priorities. First, accelerating growth. Our improving momentum was driven in the quarter by growth in our two largest segments, health sciences and financial services and contribution from our recently completed acquisitions. Health sciences increased 7.6% year over year in constant currency backed by our strong differentiated offerings.

現在讓我介紹一下我們在策略重點方面取得的最新進展。一是加快成長。本季我們的成長動能得益於健康科學和金融服務這兩個最大細分市場的成長以及我們最近完成的收購的貢獻。在我們強大的差異化產品的支持下，健康科學以固定匯率計算年增 7.6%。

Financial Services returned to year-over-year growth, driven by strong execution and partial return of discretionary spending. And we maintained our large deal momentum, signing six deals, each with a total contract value of $100 million or more.

在強勁的執行力和可自由支配支出的部分回報的推動下，金融服務業恢復了同比增長。我們保持了大筆交易的勢頭，簽署了六筆交易，每筆合約總價值都在 1 億美元或以上。

Year-to-date, we signed 19 sub deals compared to 17 during all of 2023. We are excited about the all-around sustained momentum in large deals across industries and service lines. I'm particularly pleased with the traction we are getting in digital engineering, infrastructure and cloud services.

今年迄今為止，我們簽署了 19 項轉包交易，而 2023 年全年為 17 項。我們對跨行業和服務線的大型交易的全面持續勢頭感到興奮。我對我們在數位工程、基礎設施和雲端服務方面取得的進展感到特別滿意。

We believe in order to sustain this momentum, we must remain at the forefront of our clients' innovation agenda where today, AI is at the top of the list. Our heritage of deep engineering and strong domain expertise intimate client relationships and flexible operating model has allowed us to quickly respond to this opportunity. We have rapidly developed practical tools to help our clients accelerate adoption while also applying it to ourselves as we aim to significantly accelerate our own productivity.

我們相信，為了保持這一勢頭，我們必須始終走在客戶創新議程的最前沿，而如今，人工智慧已成為重中之重。我們深厚的工程傳統和強大的領域專業知識密切的客戶關係和靈活的營運模式使我們能夠快速回應這一機會。我們快速開發了實用工具來幫助客戶加速採用，同時也將其應用到我們自己身上，因為我們的目標是顯著提高我們自己的生產力。

AI is a profound shift, what I call a double engine transformation because it offers Cognizant the chance to disrupt ourselves as much as it does for our clients. Consistent with our heritage, we spotted the AI opportunity early and in mid-2023, announced plans to invest $1 billion into AI-led initiatives, platforms, and capabilities.

人工智慧是一次深刻的轉變，我稱之為雙引擎轉型，因為它為高知特提供了顛覆我們自己的機會，就像它為我們的客戶帶來的機會一樣。秉承我們的傳統，我們在 2023 年初和中期發現了人工智慧機遇，宣布計劃投資 10 億美元用於人工智慧主導的計劃、平台和功能。

Let me share some examples, beginning with our platforms where our clients are co-creating with us. The foundation of our AI strategy is powered by the Cognizant data and toolkit, which we utilized to increase speed, reduce costs and improve the predictability of our clients' data modernization journeys. Today, we have over 225 project implementations supporting over 120 clients.

讓我分享一些例子，首先是我們的客戶與我們共同創建的平台。我們的人工智慧策略的基礎由 Cognizant 資料和工具包提供支持，我們利用它們來提高速度、降低成本並提高客戶資料現代化之旅的可預測性。如今，我們已實施超過 225 個項目，為 120 多個客戶提供支援。

And our Flowsource platform, which is a developer workbench that is integrating human and AI effort to improve productivity. Today, we are in various phases of testing and adoption with more than 150 clients. Using AI tooling, we are generating 150,000 lines of accepted code per month. That means an annualized basis, 2 million lines of code are accepted by our developers into the projects to deliver to our clients. It's a great example of how AI is enabling hyper productivity as we share these productivity gains with clients and lower the cost of technology deployment.

我們的 Flowsource 平台是一個開發人員工作台，它整合了人類和人工智慧的努力來提高生產力。如今，我們正處於與 150 多家客戶進行測試和採用的各個階段。使用 AI 工具，我們每月產生 150,000 行可接受的程式碼。這意味著每年我們的開發人員會接受 200 萬行程式碼進入專案並交付給我們的客戶。這是人工智慧如何實現超高生產力的一個很好的例子，我們與客戶分享這些生產力收益並降低了技術部署的成本。

Our Neuro IT Ops platform launched in late 2023 is also supporting 150 clients in various phases of testing and adoption. It enables end-to-end AI-driven automation for IT operations, bringing Ops and infrastructure in a single pane of glass. As an example, we are leveraging both our Neuro IT Ops and flow source platforms together with a strategic project for DIRECTV to modernize its technology infrastructure and enhance its operational capabilities.

我們於 2023 年底推出的 Neuro IT Ops 平台也為處於不同測試和採用階段的 150 位客戶提供支援。它為 IT 營運提供端到端人工智慧驅動的自動化，將營運和基礎設施置於單一管理平台中。例如，我們正在利用 Neuro IT Ops 和流源平台以及 DIRECTV 的策略項目來實現其技術基礎設施現代化並增強其營運能力。

Neuro IT Ops is helping DIRECTV increase efficiency and resiliency through intelligent detection and automated IT issue resolution. And Flowsource is scaling GenAI across DIRECTV software development life cycle, promoting innovation through faster time to market, increased collaboration, and greater transparency.

Neuro IT Ops 透過智慧檢測和自動化 IT 問題解決幫助 DIRECTV 提高效率和彈性。Flowsource 正在將 GenAI 擴展到 DIRECTV 軟體開發生命週期，透過縮短上市時間、加強協作和提高透明度來促進創新。

We've recently introduced two new additions to our Neuro suite. First, our enhanced Neuro AI platform incorporates market orchestration, aims to help enterprises by simplifying problem identification, data generation, and AI-model creation and improving decision-making and revenue opportunities.

我們最近在 Neuro 套件中引入了兩個新成員。首先，我們增強的神經人工智慧平台融入了市場編排，旨在透過簡化問題識別、數據生成和人工智慧模型創建以及改善決策和收入機會來幫助企業。

Clients like Gilead Sciences appraised its approach, while others like Bayer have tested several foundational capabilities now available on the platform. These enhancements aim to help our clients to navigate complex decision-making scenarios effectively.

其他客戶如吉利德科學 (Gilead Sciences) 評估了其方法，而拜耳 (Bayer) 等其他客戶則測試了該平台上現有的多項基礎功能。這些增強功能旨在幫助我們的客戶有效地應對複雜的決策場景。

Second, Cognizant Neuro Cybersecurity offers AI-enabled enterprise security orchestration for enhanced cyber resilience and risk management. This tool is designed to help improve cyber security resilience by integrating and orchestrating point cybersecurity solutions across the enterprise. We have also infused AI through our TriZetto product suite, helping improve end user productivity by at least 30%.

其次，Cognizant Neuro Cyber​​security 提供支援人工智慧的企業安全編排，以增強網路彈性和風險管理。該工具旨在透過在整個企業內整合和協調點網路安全解決方案來幫助提高網路安全彈性。我們也透過 TriZetto 產品套件注入了人工智慧，幫助最終用戶提高至少 30% 的生產力。

Looking across our enterprise, we now have more than 1,000 GenAI early engagements compared to about 750 at the end of the second quarter. We are seeing significant traction in four categories of use cases starting with Tech for tech or applying AI to software development cycles, which had the highest velocity, followed by customer and employee experience, content aggregation, and early use cases in content generation.

縱觀我們的整個企業，我們現在有超過 1,000 個 GenAI 早期參與項目，而第二季末這一數字約為 750 個。我們看到四類用例具有顯著的吸引力，首先是技術技術或將人工智慧應用於軟體開發週期，其速度最高，其次是客戶和員工體驗、內容聚合以及內容生成的早期用例。

We see broad-based demand across industries, including fraud detection, credit risk assessment, and regulatory compliance in financial services, drug discovery, medical imaging, and transcription, and health care, and design optimization, and predictive maintenance, and manufacturing.

我們看到了跨行業的廣泛需求，包括金融服務、藥物發現、醫學影像和轉錄、醫療保健、設計優化、預測性維護和製造領域的詐欺檢測、信用風險評估和監管合規性。

Partnerships and strategic acquisitions are also important levers in our strategy to accelerate growth for an update on our partnerships. I'm excited about our recently announced relationship with Palo Alto Networks through which we will deliver AI-driven cybersecurity capabilities and services for enterprises across industries. We see significant opportunities to leverage AI to keep with evolving cybersecurity threats and improve overall levels of security.

合作夥伴關係和策略收購也是我們加速成長策略的重要槓桿，以更新我們的合作關係。我對我們最近宣布的與 Palo Alto Networks 的合作關係感到興奮，透過該合作關係，我們將為各行業的企業提供人工智慧驅動的網路安全功能和服務。我們看到了利用人工智慧來應對不斷變化的網路安全威脅並提高整體安全水平的重大機會。

Just last week, ServiceNow announced that Cognizant will be the first system integrator to bring its new workflow data fabric to market, giving our joint customers the capability to integrate AI agents and real-time data orchestration layers that can be tightly integrated to their digital workflows. We also announced an expansion of our NVIDIA partnership, bringing together our capabilities with NVIDIA and RAPIDS, part of the NVIDIA AI software platform to enhance data modernization offering.

就在上週，ServiceNow 宣布Cognizant 將成為第一家將其新工作流程資料結構推向市場的系統整合商，使我們的共同客戶能夠整合人工智慧代理和即時資料編排層，這些層可以緊密整合到他們的數位工作流程中。我們也宣布擴大與 NVIDIA 的合作夥伴關係，將我們與 NVIDIA 和 RAPIDS 的能力結合起來，RAPIDS 是 NVIDIA AI 軟體平台的一部分，旨在增強資料現代化產品。

Together, we aim to help clients transition to GPU-based infrastructure and to accelerate the implementation of exciting new GenAI use cases. And earlier this week, we strengthened our partnership with Amazon Web Services by signing a strategic collaboration agreement with plans to deliver advanced technology solutions and cloud computing services focused on enhancing smart manufacturing capabilities for global enterprises across multiple industries

我們共同致力於協助客戶過渡到基於 GPU 的基礎設施，並加速實施令人興奮的新 GenAI 用例。本週早些時候，我們簽署了戰略合作協議，加強了與亞馬遜網路服務的合作夥伴關係，計劃提供先進的技術解決方案和雲端運算服務，專注於增強跨行業全球企業的智慧製造能力

Turning to our strategic acquisitions. Thirdera acquired earlier this year positioned us as one of the world's largest ServiceNow partners and as a leader in AI-driven automation and enterprise workflow solutions. And our acquisition of Belcan has significantly broadened our access to the $190 billion ER&D services market, which is projected to outpace the legacy IT services market through 2026.

轉向我們的策略收購。今年稍早收購的 Thirdera 使我們成為全球最大的 ServiceNow 合作夥伴之一以及人工智慧驅動的自動化和企業工作流程解決方案的領導者。我們對 Belcan 的收購極大地拓寬了我們進入價值 1,900 億美元的 E&D 服務市場的管道，預計到 2026 年該市場將超過傳統 IT 服務市場。

Additionally, it has notably increased our footprint in the aerospace and defense industries with an attractive blue-chip client base. I'm happy to report that our commercial integration is progressing well. We have already seen early pipeline opportunities and identified the potential for new joint offerings in areas such as model-based systems engineering where Belcan has significant expertise.

此外，它還顯著增加了我們在航空航太和國防產業的足跡，擁有有吸引力的藍籌客戶群。我很高興地報告，我們的商業整合進展順利。我們已經看到了早期的管道機會，並確定了在 Belcan 擁有豐富專業知識的基於模型的系統工程等領域推出新的聯合產品的潛力。

We believe these actions to accelerate growth are resonating in the market. Let me share a few additional highlights of the value we are bringing to our customers across industries. Within financial services, we continue to see traction from the changes in investments we have made over the last 20 months. We are bringing the breadth and depth of our capabilities to every opportunity.

我們相信這些加速成長的行動正在市場中引起共鳴。讓我分享一下我們為各行業客戶帶來的價值的其他亮點。在金融服務領域，我們持續看到過去 20 個月的投資變化所帶來的牽引力。我們將我們的能力的廣度和深度發揮到每一個機會上。

For example, we are supporting Citizen Bank's ongoing cloud transformation journey. We have collaborated with Citizens to revamp their fraud management capabilities with a new inthe-house system. And we are helping citizens elevate their customer banking experience with a modernized system that streamlines this resolution.

例如，我們正在支持公民銀行正在進行的雲端轉型之旅。我們與 Citizens 合作，透過新的內部系統改進了他們的詐欺管理能力。我們正在透過簡化此解決方案的現代化系統來幫助公民提升客戶銀行體驗。

In the UK, we continued to see success winning in the public sector. During the third quarter, we expanded our relationships with the UK valuation office agency of his Majesty's revenue and customs. This was one of a greater than $100 million contract signed in the quarter. Under the agreement, we'll provide the UK government with property valuations and advice needed to support taxation and benefits.

在英國，我們繼續看到公共部門取得了成功。第三季度，我們擴大了與英國稅務海關估價辦公室機構的關係。這是本季簽署的價值超過 1 億美元的合約之一。根據協議，我們將向英國政府提供房地產估價以及支持稅收和福利所需的建議。

And clients are still looking to drive productivity and underwrite future innovation. For example, we won a significant $200 million deal in the third quarter with a long-standing global technology client to transform the customer support operations using GenAI. This was a vendor consolidation opportunity where we leveraged GenAI to streamline operations, improve agent productivity, and reduce costs. A differentiated AI-led approach, which included elements of outcome-based pricing allowed us to displace the incumbent.

客戶仍在尋求提高生產力並支持未來的創新。例如，我們在第三季與長期的全球技術客戶贏得了價值 2 億美元的重大交易，以 GenAI 轉變客戶支援營運。這是一個供應商整合機會，我們利用 GenAI 來簡化營運、提高代理商生產力並降低成本。以人工智慧為主導的差異化方法，其中包括基於結果的定價要素，使我們能夠取代現有的方法。

Now, moving on to our next strategic priority of becoming the employer of choice in our industry. We believe our investments in talent are bearing fruit as well. We're adding more access to learning and upskilling, notably through AI in an effort to boost mobility and demonstrate that we are in an organization where our employees can grow.

現在，我們將繼續實施下一個策略重點，即成為我們行業的首選雇主。我們相信我們對人才的投資也正在取得成果。我們正在增加更多學習和技能提升的機會，特別是透過人工智慧，以提高流動性，並證明我們是一個員工可以成長的組織。

Our grassroots innovation initiative, Blueboard continues to build traction with more than 300,000 ideas, of which 40,000 ideas, mostly related to AI are being presented to clients. Employee engagement scores stayed strong. Trailing 12 months voluntary attrition for tech services is at 14.6%, near multiyear lows. And we were recently named for the second straight year to Forbes list of World's Best Employers.

我們的草根創新計畫 Blueboard 繼續以超過 30 萬個想法吸引人們的關注，其中 40,000 個想法（大部分與人工智慧相關）正在向客戶展示。員工敬業度得分保持強勁。過去 12 個月科技服務領域的自願離職率為 14.6%，接近多年低點。最近，我們連續第二年入選《富比士》全球最佳雇主排行榜。

Our Synapse program, which aims to provide technology training to nearly 1 million people worldwide is another great example of a deep commitment to learning. I was delighted when Fortune named us as the number 7 in the world on its prestigious change the well list while recognizing the impact of Synapse.

我們的 Synapse 計畫旨在為全球近 100 萬人提供技術培訓，這是堅定致力於學習的另一個很好的例子。當《財星》雜誌在其久負盛名的油井改造排行榜上將我們評為全球第七名時，我感到很高興，同時也認識到了 Synapse 的影響。

Just last week, we were named number 10 on Newsweek's list of America's most reliable companies. This recognition based on the independent survey of more than 1,700 decision-makers highlights our exceptional reliability in delivering services to our clients.

就在上週，我們在《新聞週刊》美國最可靠公司名單中名列第十。這項認可是基於對 1,700 多名決策者的獨立調查，突顯了我們在為客戶提供服務方面的卓越可靠性。

We are confident that our expanded breadth of portfolio of services, strengthened by our domain capabilities, talent, and partner ecosystem is more resilient and healthier than when I joined Cognizant nearly two years ago. And I believe we are in a strong position to capture the growing and developing AI opportunity for ourselves and our clients.

我們相信，透過我們的領域能力、人才和合作夥伴生態系統的加強，我們擴大的服務組合範圍比我近兩年前加入 Cognizant 時更有彈性、更健康。我相信我們處於有利地位，可以為自己和我們的客戶抓住不斷成長和發展的人工智慧機會。

In closing, a few weeks ago, we brought together over 200 clients to our America's Discovery event in Austin, Texas, to showcase the strength of our AI platforms, capabilities and offerings. The events buzz and enthusiasm was incredible.

最後，幾週前，我們召集了 200 多名客戶參加了在德克薩斯州奧斯汀舉行的 America's Discovery 活動，展示我們的 AI 平台、功能和產品的實力。活動的熱鬧和熱情令人難以置信。

We were excited about the early momentum of large deals with AI powered productivity and numerous initial products. Our belief is the AI productivity wave will evolve from task automation to business process to business model transformation, leading to new products and revenue streams and faster innovation cycles, aflywheel of new opportunities to tap into.

我們對人工智慧驅動的生產力和眾多初始產品的大型交易的早期勢頭感到興奮。我們相信，人工智慧生產力浪潮將從任務自動化發展到業務流程再到業務模式轉型，從而帶來新產品和收入流以及更快的創新週期，帶來新機會的飛輪。

I want to thank all our employees globally for their commitment to our clients and the work to strengthen our capabilities for the future. With that, I will turn the call over to Jatin who will cover the details of the quarter and progress against the third strategic priority of modernizing operations.

我要感謝我們全球所有員工對客戶的承諾以及為增強我們未來能力所做的工作。接下來，我將把電話轉給賈汀，他將介紹本季的詳細資訊以及現代化營運的第三個策略重點的進展。

Thank you, Ravi. Good afternoon, everyone and thank you for joining us. We delivered a solid third quarter performance with revenue at the high end of our constant currency growth guidance range and a return to organic year over year revenue growth for the first time in six quarters.

謝謝你，拉維。大家下午好，感謝您加入我們。我們第三季業績穩健，營收處於固定匯率成長指引範圍的高端，六季以來首次恢復年比營收有機成長。

During the quarter, we continue to focus on modernizing our operations. This helped us increase gross margin by 50 basis points sequentially, driven by improved utilization and increased adoption of automation and AI within delivery.

本季度，我們繼續專注於營運現代化。由於利用率的提高以及交付中自動化和人工智慧的更多採用，這幫助我們將毛利率連續提高了 50 個基點。

This allowed us to deliver adjusted operating margin of 15.3% which modestly exceeded our expectation despite headwinds from acquisition related costs and a partial quarter impact from our annual merit cycle that became effective on August 1. Year-to-date we deliver adjusted operating margin of 15.2%, a 40 basis point increase year over year.

這使我們能夠實現 15.3% 的調整後營業利潤率，儘管存在收購相關成本的不利因素以及 8 月 1 日生效的年度績效週期對季度的部分影響，但該利潤率略高於我們的預期。年初至今，我們的調整後營業利益率為 15.2%，較去年同期成長 40 個基點。

Now let's turn to the details. Third quarter revenue was $5 billion, growing 3.5% sequentially in constant currency including approximately 150 basis points of inorganic contribution from about five weeks of Belcan. Year-over-year, revenue increased 2.7% in constant currency. This included approximately 200 basis points of growth from recent acquisitions.

現在讓我們來看看細節。第三季營收為 50 億美元，以固定匯率計算，季增 3.5%，其中包括 Belcan 約五週的無機貢獻約 150 個基點。以固定匯率計算，營收年增 2.7%。其中包括近期收購帶來的約 200 個基點的成長。

From an industry standpoint, health sciences was our strongest segment, growing 7.6% year over year in constant currency. Growth here was broad-based across payer, provider, and life sciences.

從產業角度來看，健康科學是我們最強勁的細分市場，以固定匯率計算，較去年同期成長 7.6%。這裡的成長基礎廣泛，涉及付款人、提供者和生命科學領域。

On the payer and provider side, clients continue to seek our TriZetto platform solutions for modern scalable cloud solutions. In particular, our BPaaS offering has seen healthy demand for its delivery of true end-to-end revenue cycle management, including clearing house services.

在付款人和提供者方面，客戶繼續尋求我們的 TriZetto 平台解決方案來實現現代可擴展的雲端解決方案。特別是，我們的 BPaaS 產品已經看到了對其提供真正的端到端收入週期管理（包括清算所服務）的良好需求。

On the life sciences side, growth has been supported by the ramp-up of recent large deal wins. Our financial services segment grew 0.5% year-over-year in constant currency. This performance added to last quarter's momentum and benefited from an uptick in the discretionary demand environment and better execution. Growth was led by banking and financial services clients in North America. In Canada, we have seen strong performance across both banking and insurance customers.

在生命科學方面，近期大宗交易勝利的增加支撐了成長。以固定匯率計算，我們的金融服務部門年增 0.5%。這一業績增強了上季的勢頭，並受益於可自由支配需求環境的改善和更好的執行。成長主要由北美的銀行和金融服務客戶帶動。在加拿大，我們看到銀行和保險客戶的強勁表現。

Products and resources revenue grew 4.6% year over year in constant currency, driven by the contribution of Belcan. We have seen pockets of discretionary weakness with clients in manufacturing, logistics, aerospace, and automotive industries.

在 Belcan 的推動下，產品和資源收入以固定匯率計算年增 4.6%。我們發現製造、物流、航空航太和汽車業的客戶存在一些可自由裁量的弱點。

We are sharply focused on grid modernization, software-defined vehicles, and smart manufacturing. This area, we believe, will drive significant opportunity in the long run.

我們專注於電網現代化、軟體定義汽車和智慧製造。我們相信，從長遠來看，這一領域將帶來重大機會。

CMT declined 4% year over year in constant currency primarily reflecting a continued tight discretionary spending environment across customers in both technology and telecom and media. Moving on to the details by geography where all growth rates provided will be year over year in constant currency.

以固定匯率計算，CMT 年減 4%，主要反映了科技、電信和媒體領域客戶的可自由支配支出環境持續緊張。接下來按地理位置詳細介紹，其中提供的所有成長率將以固定匯率計算。

Growth in the third quarter was led by America's geography which increased about 4%. This was driven by the strength in financial services and health sciences and the contribution from Belcan.

第三季的成長主要由美國地區帶動，成長了約 4%。這是由金融服務和健康科學的實力以及 Belcan 的貢獻所推動的。

Europe declined about 2%, and has been impacted by software discretionary spending. However, recent wins in our largest segments help support positive sequential growth in Europe, and we are optimistic about the growth opportunity we see in areas like the UK, and Ireland, Germany, and the Nordics.

歐洲下降了約 2%，並受到軟體可自由支配支出的影響。然而，最近在我們最大的細分市場取得的勝利有助於支持歐洲的積極連續成長，我們對英國、愛爾蘭、德國和北歐等地區的成長機會感到樂觀。

We delivered healthy growth in our rest of the world region, which increased about 4%. Performance in this geography was driven by recent large deals, particularly within comms, media, and technology, and strength in financial services.

我們在世界其他地區實現了健康成長，增幅約為 4%。該地區的業績受到近期大型交易（特別是在通訊、媒體和技術領域）以及金融服務實力的推動。

Turning to bookings, third quarter, bookings were roughly flat year over year, driven in part by the lumpiness of large deals. On a trailing 12-month basis, bookings were $26.2 billion, down 2% year over year and represented a 1.3x book to bill.

談到預訂量，第三季的預訂量與去年同期基本持平，部分原因是大宗交易的不穩定。過去 12 個月的預訂量為 262 億美元，年減 2%，預訂量是預訂量的 1.3 倍。

As Ravi mentioned, we signed six deals in the quarter that each had a TCV value of more than $100 million. This included four deals in health sciences, one in financial services, and one in CMT. I am also pleased that two of these six deals were from outside of North America, one each in Europe and rest of all.

正如 Ravi 所提到的，我們在本季簽署了 6 筆交易，每筆交易的 TCV 價值超過 1 億美元。其中包括四項健康科學領域的交易、一項金融服務領域的交易和一項 CMT 領域的交易。我還很高興這六筆交易中有兩筆來自北美以外的地區，歐洲各一筆，其餘都是。

We also saw TCV from smaller deals stabilized, sequentially. This has led to a modest improvement in our trailing 12-month annual contract value trend from last quarter. We are seeing this reflected in our improved revenue performance this quarter despite muted TCV performance.

我們也看到較小交易的 TCV 連續穩定。這導致我們過去 12 個月的年度合約價值趨勢較上季略有改善。儘管 TCV 表現不佳，但我們本季營收表現的改善反映了這一點。

Now moving on to margins. In the third quarter, we incurred $33 million of costs related to NextGen, which negatively impacted our GAAP operating margin by approximately 70 basis points. Adjusted operating margin was 15.3%. An increase of 10 basis points sequentially and a decrease of 20 basis points year over year. Our sequential improvement was driven by gross margin which expanded approximately 50 basis points quarter over quarter.

現在轉向邊緣。第三季度，我們產生了 3,300 萬美元與 NextGen 相關的成本，這對我們的 GAAP 營業利潤率產生了約 70 個基點的負面影響。調整後營業利益率為 15.3%。環比上升10個基點，較去年同期下降20個基點。我們的連續改善是由毛利率推動的，毛利率環比增長約 50 個基點。

We delivered this through operational rigor, improved utilization, and corresponding lower bench costs. We are also making progress in modernizing our operation, increasingly leveraging our AI platforms in delivery to help improve fulfillment and increase productivity with fewer resources.

我們透過嚴格營運、提高利用率和相應降低工作台成本來實現這一目標。我們在營運現代化方面也取得了進展，在交付中越來越多地利用我們的人工智慧平台，以更少的資源幫助改善履行並提高生產力。

In Q3, our GAAP tax rate was 22.7%, and adjusted tax rate was 22.2%, reflecting a benefit from the timing of discrete items. Q3 diluted GAAP EPS was $1.17 and Q3 adjusted EPS was $1.25. This represented year-over-year growth of 13% and 7% respectively.

第三季度，我們的 GAAP 稅率為 22.7%，調整後稅率為 22.2%，反映出離散專案時機的好處。第三季稀釋後 GAAP 每股收益為 1.17 美元，第三季調整後每股收益為 1.25 美元。年比分別成長 13% 和 7%。

Now turning to the balance sheet, we ended the quarter with cash and short-term investments of $2 billion or net cash of about $800 million. This reflects our $1.3 billion acquisition of Belcan in the third quarter, which was funded primarily through combination of cash on hand and borrowings under our revolving credit facility.

現在轉向資產負債表，本季末我們的現金和短期投資為 20 億美元，淨現金約 8 億美元。這反映了我們在第三季斥資 13 億美元收購 Belcan，其資金主要來自手頭現金和循環信貸額度下的借款。

DSO of 81 days was one day up sequentially and increased four days year over year driven by our business mix. Free cash flow of Q3 was $791 million, bringing year-to-date free cash flow to approximately $1 billion.

在我們業務組合的推動下，DSO 為 81 天，較上季增加一天，較去年同期增加四天。第三季的自由現金流為 7.91 億美元，使年初至今的自由現金流達到約 10 億美元。

There is no change to our full-year free cash flow conversion guidance. We continue to expect full-year free cash flow to represent about 80% of the net income. This includes previously disclosed negative impact from $360 million payment made to the Indian tax authorities in relation to our ongoing appeal of 2016 tax matter in the first quarter.

我們的全年自由現金流轉換指引沒有變化。我們仍然預計全年自由現金流將佔淨利潤的 80% 左右。這包括先前披露的與我們第一季對 2016 年稅務問題持續上訴相關的 3.6 億美元向印度稅務機關付款的負面影響。

During the quarter, we returned $391 million to shareholders, including $242 million in aggregate through share repurchases and $149 million to shareholders through our regular dividend. As of September 30, we had $1.4 billion remaining under our share repurchase authorization.

本季度，我們向股東返還 3.91 億美元，其中透過股票回購總計 2.42 億美元，透過定期股息向股東返還 1.49 億美元。截至 9 月 30 日，我們的股票回購授權仍有 14 億美元。

Year-to-date, we have returned approximately $900 million to shareholders through share repurchases and dividends.

今年迄今為止，我們已透過股票回購和股利向股東返還約 9 億美元。

And for the full year, we now expect to return approximately $1.2 billion. This includes approximately $100 million of share repurchases to offset the new share issued as part of the Belcan acquisition.

現在，我們預計全年回報約為 12 億美元。其中包括約 1 億美元的股票回購，以抵消作為 Belcan 收購的一部分而發行的新股。

Turning now to our forward outlook. For the fourth quarter, we expect revenue to increase 4.8% to 6.8% in constant currency. On an as reported basis, this translates to revenue of $5 billion to $5.1 billion, representing year-over-year growth of 5.1% to 7.1%. This guidance reflects the benefit of a full quarter of Belcan, partially offset by year-end seasonality, including the impact of lower builders and furloughs.

現在轉向我們的未來展望。以固定匯率計算，我們預計第四季營收將成長 4.8% 至 6.8%。根據報告，這意味著營收為 50 億至 51 億美元，年增 5.1% 至 7.1%。該指引反映了 Belcan 整個季度的收益，部分被年底季節性因素所抵消，包括建築商減少和休假的影響。

For the full year, we have tightened the revenue range and maintained the midpoint. We now expect revenue to grow 1.4% to 1.9% in constant currency.

全年來看，我們收緊了收入範圍並維持了中點。我們現在預計以固定匯率計算收入將成長 1.4% 至 1.9%。

On an as reported basis, this translates to revenue of $19.7 billion to $19.8 billion, representing growth of 1.6% to 2.1%. Our output includes approximately 200 basis points of inorganic contribution, unchanged from our prior assumption.

根據報告，這意味著營收為 197 億美元至 198 億美元，成長 1.6% 至 2.1%。我們的產出包括約 200 個基點的無機貢獻，與我們先前的假設相同。

As Ravi mentioned, we closed our acquisition of Belcan in late August. There are no changes to the financial projections we shared at the time of the acquisition announcement in June. We anticipate the transaction will generate over $100 million in annual revenue synergies within three years and be accretive to EPS starting in full year 2026.

正如 Ravi 所提到的，我們在 8 月底完成了對 Belcan 的收購。我們在 6 月宣布收購時分享的財務預測並沒有改變。我們預計該交易將在三年內產生超過 1 億美元的年收入綜效，並從 2026 年全年開始增加每股收益。

Moving on to adjusted operating margin, we are pleased with our year-to-date performance. We now expect full year adjusted operating margin will be approximately 15.1%, which is midpoint of our prior range. The fourth quarter adjusted operating margin is expected to be impacted by the full quarter impact of Belcan, including integration-related costs, and the impact of noncash amortization of acquired customer intangibles. It also will include the full-quarter impact from our merit cycle that was effective August 1.

談到調整後的營業利潤率，我們對今年迄今的業績感到滿意。我們現在預計全年調整後營業利潤率約為 15.1%，這是我們之前範圍的中點。第四季調整後的營業利潤率預計將受到 Belcan 全季影響的影響，包括整合相關成本以及收購的客戶無形資產的非現金攤銷的影響。它還將包括 8 月 1 日生效的績效週期對整個季度的影響。

We expect these headwinds will be partially offset by continued rigor in operations and the savings associated with our NextGen program. For the full year, we anticipate net interest income of approximately $65 million, which compares to $55 million previously, primarily reflecting the latest cash balance assumptions.

我們預計這些不利因素將被持續嚴格的營運以及與我們的 NextGen 計劃相關的節省所部分抵消。我們預計全年淨利息收入約為 6,500 萬美元，而之前為 5,500 萬美元，主要反映了最新的現金餘額假設。

Our full year adjusted tax rate guidance of 24% to 25% is unchanged. Our guidance for shares outstanding is also unchanged at approximately $497 million. Our full year adjusted earnings per share guidance is $4.63 to $4.67, which is up from $4.56 to $4.64 previously. With that, we will open the call for your questions.

我們的全年調整後稅率指引為 24% 至 25% 不變。我們對已發行股票的指導也維持在約 4.97 億美元不變。我們的全年調整後每股收益指引為 4.63 美元至 4.67 美元，高於先前的 4.56 美元至 4.64 美元。至此，我們將開始電話詢問您的問題。

(Operator Instructions) Jason Kupferberg, Bank of America.

（操作員指令）Jason Kupferberg，美國銀行。

Thank you guys. So just looking at the midpoint of Q4 guidance. Our math suggests organic growth will be right around 2%. So I just wanted to check and see if that's right. And if so is that a floor we can think about for Cognizant to accelerate off of in 2025, especially since it seems like you are starting to see a turn up in discretionary spending in your largest vertical? Thanks.

謝謝你們。因此，只需看看第四季度指導的中點。我們的數學顯示有機成長將在 2% 左右。所以我只是想檢查一下這是否正確。如果是這樣的話，我們可以考慮讓 Cognizant 在 2025 年加速突破這個底線，特別是因為您似乎開始看到您最大的垂直領域的可自由支配支出出現上升？謝謝。

Yeah. So, I thought the upper end of the YoY quarter four was around 2%. So you're right that in quarter four, we are starting to build an organic Y-on-Y positive movement. I mean the midpoint is going to be 1%, and the upper end is going to be 2%. It's a good tail velocity to get into 2025

是的。因此，我認為第四季同比成長率的上限約為 2%。所以你說得對，在第四季度，我們開始建立一個有機的逐年積極運動。我的意思是中點為 1%，上限為 2%。進入 2025 年是一個不錯的尾部速度

Okay. Understood. And then I wanted to come back to some of the comments around sharing savings from the AI-enabled coding efforts with, with your clients. What would you estimate the productivity improvement has been that you're seeing from those AI enabled coding efforts? And what are the positive offsets that you're seeing to avoid revenue cannibalization?

好的。明白了。然後我想回到一些關於與客戶分享人工智慧編碼工作節省的評論。您認為從這些啟用人工智慧的編碼工作中看到的生產力改善是多少？您認為可以採取哪些積極的抵銷措施來避免收入蠶食？

Jason, you know, this is a complex -- complicated economic and a complicated -- the response is going to be a little, I would say, complicated as well. Let me state how this works.

傑森，你知道，這是一個複雜的——複雜的經濟和複雜的——我想說，反應也會有點複雜。讓我說明一下這是如何運作的。

When we have productivity which is non linear and not labor-oriented and it is new, you have an opportunity to go and tell your clients, if you have time and material business, we can, you know, translate that to fixed price business and share the benefits with them.

當我們擁有非線性且非勞動力導向的生產力並且它是新的時，您有機會去告訴您的客戶，如果您有時間和物質業務，我們可以，您知道，將其轉化為固定價格業務，並且與他們分享好處。

If you have noticed, I've mentioned about 2 million lines of code annually accepted by our developers. So that number is going to keep going up. So our ability to share those benefits with the clients actually makes us more competitive in the market.

如果你注意到的話，我提到過我們的開發人員每年接受大約 200 萬行程式碼。所以這個數字將會繼續上升。因此，我們與客戶分享這些利益的能力實際上使我們在市場上更具競爭力。

In fact, many of my clients have actually said when you share these benefits and the cost of deployment goes down, we can take a backlog down. That's a very positive side. I mean, clients are not saying, you know, because of productivity, we will reduce our budgets. They're actually saying we want to do more for less. So that is a very positive indicator.

事實上，我的許多客戶實際上都說過，當您分享這些好處並且部署成本下降時，我們就可以減少積壓。這是非常正面的一面。我的意思是，客戶並不是說，你知道，由於生產力的原因，我們會減少預算。他們實際上是在說我們希望用更少的錢做更多的事。所以這是一個非常正面的指標。

It also gives us an opportunity to consolidate in places where our productivity is higher than our peers. We can actually -- we can offer offer a consolidation and therefore increase, you know, revenue revenue throughput to us.

它也為我們提供了在生產力高於同行的地方進行整合的機會。實際上，我們可以提供整合，從而增加我們的收入吞吐量。

One of the examples I mentioned in my remarks is about a client where we displaced an incumbent because we actually showed up with a higher productivity. Now, there is a third set where you could arguably say, you know, clients, it will cannibalize our revenue. But those are the clients. You want to be creative, and you go back to clients and say, look, the kind of the work pack we did, we could do it for less. But you know what if we consolidate it, we could actually do more for less, which then means you could protect your tough, but you could still stay the productivity benefits.

我在演講中提到的一個例子是關於一個客戶，我們取代了現任者，因為我們實際上表現出了更高的生產力。現在，有第三種情況，你可以說，客戶，你知道，它將蠶食我們的收入。但那些是客戶。你想要有創意，然後你回到客戶那裡說，看，我們所做的那種工作包，我們可以用更少的錢來做。但你知道，如果我們整合它，我們實際上可以用更少的錢做更多的事情，這意味著你可以保護你的硬實力，但你仍然可以保持生產力優勢。

Then there is a fourth set which I would actually say is time and material work where, you know, in some ways the productivity benefits can generate the value but you have to work with your clients to, you know, move that work to fixed price.

然後是第四組，我實際上想說的是時間和物質工作，你知道，在某些方面，生產力優勢可以產生價值，但你必須與你的客戶合作，你知道，將這些工作轉移到固定價格。

So I would actually believe this is a very positive development. There is elasticity in tech spend. So if you can reduce the cost of deployment, clients are actually going to spend more with you. And we believe we are ahead of the curve in comparison to all our peers. And that's why we're winning more large deals, and we are able to protect our task.

所以我實際上相信這是一個非常積極的發展。科技支出具有彈性。因此，如果您可以降低部署成本，客戶實際上會在您身上花費更多。我們相信，與所有同行相比，我們處於領先地位。這就是為什麼我們贏得了更多大筆交易，並且我們能夠保護我們的任務。

Very helpful. Thanks, Ravi.

非常有幫助。謝謝，拉維。

Tien-Tsin Huang, JP Morgan.

黃天進，摩根大通。

Hey, thanks a lot. Good, afternoon here. I want to ask on the large deal pipeline, considering you signed quite a bit here year-to-date more than last year, your confidence in being able to replenish the large deal pipeline from here, Ravi?

嘿，非常感謝。好，下午就到這裡。我想問一下關於大宗交易管道的問題，考慮到今年迄今為止您在這裡簽署的合約比去年多了很多，您對能夠從這裡補充大宗交易管道的信心有信心嗎，拉維？

Yes. So last year, we did 17 for the full year, $100-million deals, more than $100-million deals. This year, we are already at 19, more than $100 million deals. I'm very confident that we can sustain the momentum.

是的。所以去年我們全年做了 17 筆 1 億美元的交易，超過 1 億美元的交易。今年，我們已完成 19 筆交易，金額超過 1 億美元。我非常有信心我們能夠保持這股勢頭。

The way to sustain this is not just look for transformation opportunities where the spend goes up, but also look for cost takeout efficiency and vendor consolidation opportunities. Similar to what I mentioned in my previous response, there's always an opportunity to consolidate using productivity.

維持這一目標的方法不僅是尋找支出增加的轉型機會，還要尋找成本降低效率和供應商整合機會。與我之前的回覆中提到的類似，總是有機會鞏固生產力。

So we are excited about it. I think we have to -- we are starting to see now large deals in Europe and Asia Pacific. In fact, out of the six deals we did this quarter, one of them was in Asia Pacific, one of them was in Europe. ,And we had similar large deal in Asia Pacific last quarter as well. So we can expand. I mean this is also concentrated in a few industries.

所以我們對此感到興奮。我認為我們必須——我們現在開始在歐洲和亞太地區看到大型交易。事實上，在我們本季完成的六筆交易中，其中一筆在亞太地區，其中一筆在歐洲。 ，上個季度我們在亞太地區也有類似的大宗交易。這樣我們就可以擴充。我的意思是這也集中在少數行業。

Now we are stepping up and taking a broader view of other industry. So the expansion will come from more industries. The expansion will come from going beyond Americas, which has already started happening. And the expansion will come from also our services landscape.

現在我們正在加緊努力，以更廣闊的視野看待其他產業。因此，擴張將來自更多行業。擴張將來自美洲以外的地區，這一點已經開始發生。擴張也將來自我們的服務領域。

Two years ago, a lot of our work was related to tech services and BPO. Now, we have tech services, BPO, engineering because of the Belcan acquisition and some of the acquisitions we did before. We are now a top five player in engineering services.

兩年前，我們的許多工作都與技術服務和 BPO 有關。現在，由於收購了 Belcan 以及我們之前進行的一些收購，我們擁有了技術服務、BPO、工程。我們現在是工程服務領域的前五名。

And interestingly, we are getting quite a bit of traction on infrastructure services, which we historically not having those many large deals. So right now, all four capability sets are firing cylinders. So I'm very confident about how we can sustain the large deal momentum.

有趣的是，我們在基礎設施服務方面獲得了相當大的吸引力，而我們在歷史上並沒有那麼多大型交易。所以現在，所有四個功能集都在點火。因此，我對我們如何維持大宗交易勢頭非常有信心。

No, that's great. That's good color. It actually segues nicely into my follow-up question because I know one of your objectives was to diversify. You just mentioned you're doing that geographically and across some of your practices. But health care is now your largest vertical. Looks like, which is -- so used to seeing BFSI being the biggest recognizant.

不，那太好了。這顏色真好啊它實際上很好地解決了我的後續問題，因為我知道您的目標之一是多元化。您剛才提到您正在地理上和某些實踐中這樣做。但醫療保健現在是您最大的垂直領域。看起來，這已經習慣了 BFSI 成為最大的認可者。

But where are you in the journey now to expand into some of the other under-indexed verticals. Is that still a priority? Can we expect that to come? Or is it more work to do on what we discussed before?

但是，您現在正處於向其他一些索引不足的垂直領域擴張的旅程中。這仍然是優先事項嗎？我們能期待那一天的到來嗎？還是我們之前討論的內容還需要做更多工作？

No, that's a great question. I would say if you look at our revenue mix and the momentum we have, I mean, look at health care, we have grown 7.6% Y-on-Y. Both sequentially we've grown, and we have grown Y-on-Y. So we are very excited about the opportunities in health care, the differentiation we have. And the lead we have in some of the areas is unmatched. So health care, we are very confident.

不，這是一個很好的問題。我想說，如果你看看我們的收入組合和我們所擁有的勢頭，我的意思是，看看醫療保健，我們比去年同期增長了 7.6%。我們都相繼成長，而且我們逐年成長。因此，我們對醫療保健領域的機會以及我們所擁有的差異化感到非常興奮。我們在某些​​領域的領先地位是無與倫比的。所以醫療保健，我們是非常有信心的。

Financial services, we are back on track. I mean, this is the -- this quarter -- last quarter, we did sequential growth. This quarter, we have done Y-on-Y growth and sequential growth. So again, financial services has a very different muscle. I think we have now stabilized, and we do believe that we are winning the wallet share there.

金融服務，我們重回正軌。我的意思是，這是——本季——上個季度，我們實現了連續成長。本季度，我們實現了同比增長和環比增長。再說一遍，金融服務具有非常不同的力量。我認為我們現在已經穩定下來，並且我們確實相信我們正在贏得那裡的錢包份額。

We now have, I would believe, a unique opportunity in industrial and manufacturing with Belcan in the mix. And that's because they have -- we have access to blue-chip clients in aerospace. We have that capability set in engineering, which gives us a chance to go into industrial and manufacturing and automotive. It is a sector where we do believe we are now going to build a muscle to win deals, large deals. And I think we have a breadth of capability way from engineering services to tech services.

我相信，我們現在在工業和製造業領域擁有 Belcan 的獨特機會。那是因為他們──我們可以接觸到航空航太領域的藍籌客戶。我們在工程方面擁有這種能力，這使我們有機會進入工業、製造和汽車領域。在這個領域，我們確實相信我們現在將增強力量來贏得交易，大筆交易。我認為我們擁有從工程服務到技術服務的廣泛能力。

The vertical comps, which if you have noticed, there has been a lower pace of spend in comps. But as that picks up, I think we have put a good team to get that moving. Where we have to make progress on is energy, oil, and gas, where we have a much lower presence. And that's something I'm going to work on.

垂直競爭，如果您注意到的話，競爭的支出速度較低。但隨著情況的好轉，我認為我們已經組建了一支優秀的團隊來推動這項進程。我們必須在能源、石油和天然氣領域取得進展，而我們在這些領域的存在感要低得多。這就是我要做的事情。

So the idea of the last two years, what we have essentially done is we've created a breadth of capability all the way from engineering, BPO, technology services, and infrastructure services. We have created now more expansive opportunities on industries.

因此，過去兩年我們基本上所做的事情是，我們已經創建了從工程、BPO、技術服務到基礎設施服務的廣泛能力。我們現在已經為工業創造了更廣泛的機會。

I have work to do on international markets outside the US. But very pleased with the progress we've made so far because this expansive -- the strategy of expansion has helped us to keep the sustained momentum on our large deals.

我在美國以外的國際市場有工作要做。但我們對迄今為止所取得的進展感到非常滿意，因為這種擴張策略幫助我們保持了大型交易的持續勢頭。

Thank you for the complete answer there. Thank you.

謝謝您的完整回答。謝謝。

Jim Schneider, Goldman Sachs.

吉姆·施奈德，高盛。

Good afternoon. Thanks for taking my question. Good to see the momentum and in healthcare you just talked about earlier. So maybe to follow up on the last question. Maybe as you think about your booking -- your backlog of business for 2025, obviously, not providing guidance now.

午安.感謝您提出我的問題。很高興看到您剛才談到的醫療保健領域的勢頭。所以也許要跟進最後一個問題。也許當你考慮你的預訂時——你的 2025 年積壓業務，顯然，現在不提供指導。

But can you maybe tell us directionally which verticals do you think might outperform your overall corporate revenue growth in 2025? And then which ones might lag a little bit?

但您能否直接告訴我們，您認為 2025 年哪些垂直產業的表現可能會超過公司整體營收成長？那麼哪些可能會滯後一點呢？

Yeah. So Jim, as we look at the deal wins and -- the momentum that we have built, certainly financial services and health care will continue to lead the growth of the company. We have to build back momentum that we had all through '23 in CMT, comps Media and Telecom as we get into next year.

是的。吉姆，當我們看到這筆交易獲勝時，我們已經建立的勢頭，金融服務和醫療保健肯定將繼續引領公司的成長。進入明年，我們必須恢復 23 年 CMT、媒體和電信領域的勢頭。

And manufacturing has been slow, but one hopes that, that should also come through. So I think that is the order, Jim, for us to look at who would lead the growth as we look at next few quarters.

製造業進展緩慢，但人們希望這也能實現。因此，吉姆，我認為這就是我們在未來幾季中考慮誰將引領成長的命令。

Thank you. And then maybe as a follow-up. It was good to see the gross margin leverage you delivered in the quarter. You mentioned part of that is utilization, but also part of it was AI, as you mentioned in the quarter.

謝謝。然後也許作為後續行動。很高興看到您在本季實現的毛利率槓桿。您提到其中一部分是利用率，但也有一部分是人工智慧，正如您在本季提到的那樣。

Can you maybe just help us on a go-forward basis into Q4? And then 2025, with sort of the moving pieces of gross margins, how much of those gains are sustainable? And what should we think about in terms of the mix of Belcan in Q4 and beyond in terms of where gross margins should land?

您能否幫助我們進入第四季？那麼到 2025 年，隨著毛利率的變化，這些收益中有多少是可持續的？對於 Belcan 在第四季及以後的毛利率應該下降的情況，我們應該考慮什麼？

Sure, Jim. So let me start with Belcan because that's easier to get out of the way. I think Belcan will not have a material movement on the gross margin number of the company they operate at a similar sort of range. So we should be okay. There should not be any noise from that.

當然，吉姆。讓我從 Belcan 開始，因為這樣比較容易擺脫困境。我認為 Belcan 不會對其經營的公司的毛利率數字產生重大變動（在類似範圍內）。所以我們應該沒問題。不應該有任何噪音。

Now, from classic gross margin standpoint, the levers are utilization, automation and productivity led by AI is another one. Pyramid is the third one; and the fourth is really the pricing. So I would say these are the four most or the largest rivers.

現在，從經典毛利率的角度來看，槓桿是利用率、自動化和人工智慧主導的生產力是另一個槓桿。金字塔是第三個；第四個是定價。所以我想說這是四大河流。

The fifth is offshore mix, but offshore mix, typically tends to be driven more by the requirements of our customers in time and material business. And only in the fixed-price projects, we have more flexibility around offshore. So I would count sort of four big ones and fifth on, which can be leveraged in specific situations.

第五是離岸組合，但離岸組合通常更多是由客戶在時間和材料業務方面的要求所驅動的。只有在固定價格項目中，我們在離岸方面擁有更大的靈活性。所以我認為有四個大的，第五個，可以在特定情況下利用。

So as we look at the performance of this year, certainly utilization has continued to inch up every quarter. And I think we still have some flex left as we enter quarter four. Automation, led by AI is a tremendous opportunity. We have executed well in '24, and I still feel we'll continue to get additional leverage of that as we build a greater rollout capability, greater absorption capability of that within our delivery -- within our spectrum of our delivery.

因此，當我們審視今年的表現時，每季的利用率肯定都在持續小幅上升。我認為進入第四季度我們仍然有一些靈活性。以人工智慧為主導的自動化是一個巨大的機會。我們在 24 年執行得很好，我仍然認為我們將繼續獲得額外的槓桿作用，因為我們在我們的交付範圍內建立了更大的推出能力和更大的吸收能力。

The pyramid is certainly an ongoing initiative. We have had, as an organization and as an industry struggle to keep up with the rhythm of pyramid all through '20, '21, '22 as the industry went through a shock of a sudden drop of demand and then sudden increase in demand.

金字塔無疑是一項持續不斷的舉措。作為一個組織和一個行業，我們在整個 20 年、21 年、22 年期間都在努力跟上金字塔的節奏，因為該行業經歷了需求突然下降和需求突然增加的衝擊。

I think we are getting back to that rhythm of building pyramids. So I would say it is not a lever for '25, but it certainly is a lever as we look at next three years and that we are putting a great internal initiative around.

我認為我們正在回到建造金字塔的節奏。所以我想說這不是 25 年的槓桿，但當我們展望未來三年並且我們正在實施一項偉大的內部舉措時，它肯定是一個槓桿。

And finally, pricing. Pricing in the current environment is, I would say, competitive. It's not something that is adding to gross margin today, but it is a factor of the demand environment. So that's how I see it.

最後，定價。我想說，當前環境的定價具有競爭力。這不是增加今天毛利率的因素，而是需求環境的因素。我就是這麼看的。

That's great color. Thank you.

那顏色真棒。謝謝。

Maggie Nolan, William Blair.

瑪吉諾蘭、威廉布萊爾。

Hi, thank you. Do you view the financial services as leading in terms of how IT spend may trend across your business and end markets? Or do you view the dynamics of the financial services performance to be more vertical specific and Cognizant specific at this time?

你好，謝謝。您是否認為金融服務在您的業務和終端市場的 IT 支出趨勢方面處於領先地位？或者您認為目前金融服務績效的動態更垂直特定和高知特特定？

We're very pleased with how we have gone about structurally turning around our financial services business. When I came on board, we had both company-specific issues and marketspecific issues. I'd say the company-specific issues have more or less gone. They have gone at least a few quarters ago.

我們對金融服務業務的結構性轉型感到非常滿意。當我加入時，我們既遇到了公司特定的問題，也遇到了市場特定的問題。我想說公司特有的問題或多或少已經消失了。他們至少幾個季度前就已經走了。

We put a good team on board now, very stable team. We now have compelling offerings, and we are working the corridors of our clients. So we are starting to see the wallet share gain for ourselves.

我們現在組建了一支優秀的團隊，非常穩定的團隊。我們現在擁有引人注目的產品，並且正在為客戶提供服務。因此，我們開始看到自己的錢包份額增加。

There is uptick in spending in financial services clients, and we are probably seizing those dollars of our peers, and therefore, we are starting to see that. I am very optimistic that financial services will continue to go back to a high discretionary environment at some point in time because it's also one of the most cutting-edge innovative industries. And they all have retailed organizations where a lot of technology innovation is done in partnership with companies like ours.

金融服務客戶的支出增加，我們可能正在攫取同業的資金，因此，我們開始看到這一點。我非常樂觀地認為，金融服務將在某個時候繼續回到高度自由裁量的環境，因為它也是最前沿的創新產業之一。他們都擁有零售組織，其中許多技術創新都是與我們這樣的公司合作完成的。

We always had that muscle before. I mean, we were one of the leading financial services players across the world, and it does -- I do believe that we have got that module back. So depending on how the market turns around in financial services, we will grab those opportunities.

我們以前一直都有這樣的肌肉。我的意思是，我們是全球領先的金融服務參與者之一，而且確實如此——我確實相信我們已經重新獲得了這個模組。因此，根據金融服務市場的轉變，我們將抓住這些機會。

We do not have any specific company-specific challenges which we had in the past. So that gives me the confidence that we have the differentiation, the agility, the team, and as the market keeps bouncing back. I mean there is a rebound of discretionary dollars in financial services. And as that continues to go up, we are in a great start to gain more wallet share.

我們沒有像過去那樣面臨任何特定於公司的挑戰。因此，這讓我相信我們擁有差異化、敏捷性、團隊，市場不斷反彈。我的意思是金融服務領域的可自由支配資金出現反彈。隨著這一數字的持續上升，我們正處於獲得更多錢包份額的良好開端。

Okay, thank you. And then any changes that you're seeing in the sales cycle and the conversion rate both for this quarter that you just reported and then also your forward expectations just given that continued large deal traction but also what appears to be the early return of some of the smaller discretionary deals and demand.

好的，謝謝。然後，您在剛剛報告的本季度的銷售週期和轉換率中看到的任何變化，以及考慮到持續的大宗交易牽引力以及一些似乎是早期回報的情況，您的前瞻性預期較小的可自由支配的交易和需求。

Yeah. The smaller discretionary deals are starting to take a little momentum. So -- on the large deals, I would say the biggest change I have seen in the last few months is -- if we are able to put a proposal on the table where you can feed it to the legacy, make savings, underwrite those savings for innovation, I think, clients love that flywheel.

是的。規模較小的全權委託交易開始出現一些勢頭。因此，就大型交易而言，我想說，過去幾個月我看到的最大變化是，如果我們能夠提出一項提案，您可以將其提供給遺產，節省開支，承保這些項目我認為，為創新節省開支，客戶喜歡那個飛輪。

So clients are not saying I'm going to spend more, but clients is are saying, can you do more for less. So the AI tooling is helping us to do more for less, and those savings are getting translated to innovation dollars and translate it to backlog getting cleared.

因此，客戶不是說我要花更多錢，而是說，你能用更少的錢做更多的事嗎？因此，人工智慧工具正在幫助我們以更少的成本做更多的事情，而這些節省的資金將轉化為創新資金，並轉化為積壓訂單的清理。

I think that is a new -- it's a new model which is helping us to win those deals. I mean, when we win these large deals, those dollars are not going back elsewhere, they're actually going back to technology. And we are able to put a model where we underwrite those dollars for the innovation.

我認為這是一種新的模式，可以幫助我們贏得這些交易。我的意思是，當我們贏得這些大筆交易時，這些美元不會回流到其他地方，它們實際上會回流到技術領域。我們能夠建立一個模型，讓我們為創新承擔這些資金。

So that's the change. That's what clients are looking for in an industry of this kind where you can do more for less, the spend is elastic. I mean, you can -- if you do more or less the spend, you could get more done, and therefore, clients are going to get for you more. That's because the spend is elastic. You get more value; you get more projects to be done

這就是變化。這就是客戶在此類行業中所尋求的，在這裡您可以用更少的錢做更多的事情，支出具有彈性。我的意思是，你可以——如果你花更多或更少的錢，你就可以完成更多的工作，因此，客戶會為你得到更多。這是因為支出是有彈性的。您獲得更多價值；你還有更多的專案要做

Makes sense. Thank you.

有道理。謝謝。

James Friedman, Susquehanna.

詹姆斯‧弗里德曼，薩斯奎哈納。

Hi. Thank you. So I wanted to ask briefly on your view of the durability of the health science recovery. Ravi, the results speak for themselves. It's a very -- this is a clear turnaround.

你好。謝謝。所以我想簡單詢問一下您對健康科學復甦的持久性的看法。拉維，結果不言而喻。這是一個非常明顯的轉變。

But we're getting a lot of questions that the end market seems to be volatile. And if you could unpack that maybe to the payer and life science side, how do you see the changes in the end market, especially on the payer side potentially impacting the demand for your services?

但我們收到很多問題，終端市場似乎不穩定。如果您可以將其解釋給付款人和生命科學方面，您如何看待終端市場的變化，特別是付款人方面可能影響您的服務需求的變化？

That's a great question. It's a great question. There are four segments here. There is payer provider, pharma benefit, and life sciences. Life sciences clearly is a standout because life sciences clients are no longer using technology for enabling their business, they're using technology at the core. And we have some extraordinary capability of partnering with our clients for that core business.

這是一個很好的問題。這是一個很好的問題。這裡有四個部分。有付款提供者、製藥福利和生命科學。生命科學顯然是一個佼佼者，因為生命科學客戶不再使用技術來支援他們的業務，他們正在使用技術作為核心。我們擁有與客戶合作進行核心業務的非凡能力。

This is not enabling the business. I mean enabling the business is IT systems, enabling the core as their discovery cycles, the drug discovery cycles and the ability to apply technology to support it. We have really some very good capability there, including life sciences manufacturing. So I think that's a sector which we'll continue to invest in technology to reduce the drug development cycle, and we think we have a good opportunity there.

這並不能促進業務發展。我的意思是，支援業務的是 IT 系統，其核心是其發現週期、藥物發現週期以及應用技術來支援它的能力。我們在那裡確實擁有一些非常好的能力，包括生命科學製造。因此，我認為我們將繼續在這個領域投資技術以縮短藥物開發週期，我們認為我們在那裡有一個很好的機會。

On payer, as you would have noticed, there's a lot of cost takeout, which is going to happen because the PMPM, as I call it, the cost per member per month, that is under pressure. So you have to start to think about how do payers reduce their cost and increase the value towards care.

正如您所注意到的，在付款人方面，有大量的成本支出，這是因為 PMPM（我稱之為）每個成員每月的成本面臨著壓力。因此，您必須開始考慮付款人如何降低成本並增加護理價值。

So we think technology can be that enabler to reduce cost. Just to give you an example, on TriZetto, we applied Generative AI. And we are able to take out 30% cost for case managers and end users who are processing claims. The administrative costs and payers so high that you produce technology and you could use the power of AI to create more -- generate more value, more straight through processing.

因此，我們認為科技可以成為降低成本的推動者。舉個例子，在 TriZetto 上，我們應用了生成式人工智慧。我們可以為案件管理者和處理索賠的最終使用者承擔 30% 的費用。管理成本和付款人如此之高，以至於你生產技術，你可以利用人工智慧的力量來創造更多——透過處理更直接地產生更多價值。

Our auto adjudication on claims has significantly gone up. I mean we could auto adjudicate claims without human intervention. So there is so much happening on the payer side on technology that it's a cost takeout opportunity rather than anything else. Cost takeout is going to lead to transformation of payer.

我們對索賠的自動裁決顯著增加。我的意思是我們可以自動裁決索賠而無需人工幹預。因此，支付方在技術方面發生瞭如此多的事情，這與其說是一個成本外賣機會，不如說是其他任何事情。成本外賣將導致付款人的轉變。

Provider is a very distributed market, and there is consolidation happening on providers. And I think we have, again, a unique opportunity because our TriZetto platform today has a large pool of providers. In fact, we have 200 million members, and we have thousands of providers who are on our platform.

提供者是一個非常分散的市場，提供者之間正在發生整合。我認為我們再次擁有一個獨特的機會，因為我們的 TriZetto 平台今天擁有大量的供應商。事實上，我們擁有 2 億會員，我們的平台上有數千家提供者。

We also do Clearing House, which is a combination of payer and provider because the Clearing House actually sits on the gateways between providers and payers. Pharma benefit companies, very small number and they are themselves going to transformation.

我們也做清算所，它是付款人和提供者的組合，因為清算所實際上位於提供者和付款人之間的網關上。製藥公司受益的公司數量非常少，而且他們本身也正在轉型。

So is there going to be more consolidation? Is there going to be more change? Is there going to be more transformation in this sector? Yes, but they're all going to be powered by technology. So we think our unique position in healthcare -- our unique edition in health care is going to be a huge benefit for the opportunities which come out where. So I'm excited about the transformation in that entire value chain, which is going to happen in the next few years

那麼還會有更多的整合嗎？還會有更多的改變嗎？這個產業會不會有更多的改變？是的，但它們都將由技術驅動。因此，我們認為我們在醫療保健領域的獨特地位——我們在醫療保健領域的獨特版本將為出現的機會帶來巨大的好處。因此，我對整個價值鏈的轉變感到興奮，這將在未來幾年內發生

Okay. Great answer. I'll drop back in the queue. Thank you.

好的。很好的答案。我會回到隊列中。謝謝。

Bryan Keane, Deutsche Bank.

布萊恩‧基恩，德意志銀行。

Hi. Hey, Ravi. To me, it sounds like you're using GenAI as an advantage to come in and price below some of the peers using you guys' expertise in the technology to replace some incumbents and pass on some productivity gains. Is that fair?

你好。嘿，拉維。對我來說，聽起來你們正在利用 GenAI 作為優勢，以低於一些同行的價格進入，利用你們在技術方面的專業知識來取代一些現有企業，並傳遞一些生產力的提高。這樣公平嗎？

Yes. I know Yeah. If the engagement model allows us to do that, we could share those benefits with our clients. In the past, it was labor-led. The labor-led cycles are pretty much -- I mean, we have really optimized it across the industry.

是的。我知道是的。如果參與模式允許我們做到這一點，我們就可以與客戶分享這些好處。過去是勞工主導的。勞動力主導的周期幾乎——我的意思是，我們確實在整個行業中對其進行了優化。

The new cycles are technology-led. And AI and automation-led productivity sharing the benefit to clients, I think, is a mainstream model which we are adapting to win these large deals where we have had sustained momentum.

新周期以技術為主導。我認為，人工智慧和自動化主導的生產力與客戶分享利益是一種主流模式，我們正在適應這種模式，以贏得這些我們擁有持續動力的大型交易。

Yeah, because the argument will be that it's a deflationary environment for the overall IT services adds more of the cost save productivity in GenAI gets passed on, the old time and materials models come under pressure and the yields are lower.

是的，因為爭論的焦點是，整體 IT 服務的通貨緊縮環境增加了 GenAI 中更多的成本節省生產力，舊的時間和材料模型面臨壓力，產量較低。

The outcomes-based pricing is going to yield the outcome for the contracts. So it's got a deflationary impact. So you've got to make it up by volume is the only way you can make faster growth.

基於結果的定價將產生合約的結果。所以它有通貨緊縮的影響。所以你必須透過數量來彌補，這是你能夠實現更快成長的唯一方法。

Yes. So my thesis there is almost every CIO I have spoken about has actually they have a backlog which they want to clear. And this is our opportunity to clear the backlog. There are CIOs who have actually told us that, look, there is so much technical debt sitting with us.

是的。所以我的論點是，我談到的幾乎每一位資訊長實際上都有他們想要清理的積壓工作。這是我們清理積壓訂單的機會。有些資訊長實際上告訴我們，我們背負著如此多的技術債。

I mean there is a report which talks about $1 trillion of technical debt in US balance sheets -- American Corporation balance sheet. Almost $400 billion is actually being spent. On again, another report which talks about spent on servicing the debt. And because of that, a lot of money is being spent on the run versus the bid. So this is our opportunity to readjust the run in the bid.

我的意思是，有一份報告談到了美國資產負債表（美國公司資產負債表）中 1 兆美元的技術債。實際上已經花費了近 4000 億美元。另一份報告談到了償還債務的支出。正因為如此，大量的資金都花在了競購上。因此，這是我們重新調整投標運行的機會。

So -- and that's what I was referring to earlier. We were able to reduce the run costs and transfer that to the [bid] you can actually build more stuff. So technology spend is so elastic that -- I mean it will remain elastic because it is such a transformational tool that you could -- if you do more or less, you're actually going to get more to do because there is no -- the headroom is so high. So I actually believe that the thesis of doing more for less is only going to generate more opportunities for us.

所以——這就是我之前提到的。我們能夠降低運行成本並將其轉移到[投標]，您實際上可以建造更多的東西。因此，技術支出非常有彈性，我的意思是它將保持彈性，因為它是一種變革性工具，如果你做得更多或更少，你實際上會做更多的事情，因為沒有——淨空高度這麼高。所以我其實相信「少花錢多辦事」的論點只會為我們創造更多機會。

And is it roughly 20% to 40% less or how much more or less is it?

是減少了大約 20% 到 40% 還是多了或少了多少？

Yes, it's a hard put a number because it depends on the phase of the technology cycle. If it's pure play development, it is much higher. If it's testing, it is much higher. Equally, if you're in a fiercely competitive situation, you probably give it away to -- you give away -- you partially give it away to clients.

是的，這是一個很難給出的數字，因為它取決於技術週期的階段。如果是純玩開發的話就高很多了。如果是測試的話，這個值會高很多。同樣，如果你處於激烈的競爭環境中，你可能會將其部分贈送給客戶。

There's also the maturity of the client, which kind of determines how much you can get productivity. So there is a compelling proposition to do fixed price and managed services deals. But there are always companies which have huge retained organizations, and they use companies like us to engage on a time and material or a capacity-based because they have strategically taken a call to build their own tech shop.

還有客戶的成熟度，這決定了您可以獲得多少生產力。因此，進行固定價格和託管服務交易是一個令人信服的提議。但總有一些公司擁有龐大的保留組織，他們利用像我們這樣的公司來從事時間和材料或基於能力的工作，因為他們策略性地接受了建立自己的技術商店的號召。

In fact, we are actually helping some of those clients to build the tech shop. There are captives being set in India. We are actually a pioneering partner to partner with our clients to set up their captives. Another opportunity which has kind of evolved in the last one year. And again, I'm excited about it. I don't see that as cannibalization. I see that as an opportunity to stay more relevant with them.

事實上，我們實際上正在幫助其中一些客戶建立技術商店。印度正在安置俘虜。實際上，我們是與客戶合作建立俘虜的先鋒合作夥伴。過去一年出現的另一個機會。我再次對此感到興奮。我不認為這是蠶食。我認為這是一個與他們保持更密切聯繫的機會。

Great. Thanks for taking the questions.

偉大的。感謝您提出問題。

Bryan Bergin, TD Cowen.

布萊恩·伯金，TD·考恩。

Hi guys. Good afternoon. Thank you. I do have a follow-up question here on the forward view. If you're targeting kind of an organic exit rate of about 1% of the midpoint and flattish bookings here when we consider the year ahead, are there puts and takes about the conversion of the multiyear larger deals versus some of the smaller deals picking up to support the near-term growth reacceleration. Just any thoughts you want to share directionally about growth considerations as we get closer to '25?

嗨，大家好。午安.謝謝。我確實有一個關於前瞻性觀點的後續問題。如果您的目標是有機退出率約為中點的1%，並且當我們考慮未來一年時，這裡的預訂量持平，那麼是否有關於多年期較大交易與一些較小交易回升的轉化的看跌選擇權和認購選擇權以支持近期成長重新加速。當我們接近 25 世紀時，您想直接分享任何有關成長考慮因素的想法嗎？

Sure. So if you see this year, every quarter, we have been able to execute to the growth agenda that we set in the beginning of the quarter. This is the first quarter. Quarter three was the first quarter of organic growth in -- over the last few quarters. We are exiting with a significantly better velocity than what we had at the end '23. So that certainly sets up well.

當然。因此，如果你看到今年，每個季度，我們都能夠執行我們在季度初設定的成長議程。這是第一季。第三季是過去幾季有機成長的第一季。我們退出的速度明顯快於 23 年底的速度。所以這確實設置得很好。

But we will -- I think it's -- what is critical for us is really focus and execute well to quarter four, and then look at the opportunity that presents us in beginning of '25 and then guide for '25. So I would say little early to talk about '25, but quite happy with the progress that we are making every quarter 9on the trajectory.

但我們 - 我認為 - 對我們來說最重要的是真正專注並執行到第四季度，然後看看 25 年初為我們提供的機會，然後為 25 年提供指導。因此，我想早點談論 25 年，但對我們每季在軌道上取得的進展感到非常滿意。

Okay. Understood. And then when we think about the margin levers, specifically on utilization. Do you have a targeted optimal level for you as you manage the bench, so you've gotten 84%. Can you lean on that more until demand recovers or is that an upper bound as you think about utilization?

好的。明白了。然後當我們考慮保證金槓桿時，特別是利用率時。當你管理替補席時，你是否有一個目標最佳水平，所以你已經達到了 84%。在需求恢復之前，您可以更依賴這一點嗎？

I do think there is a little more flats left on that, certainly, that I see but not a lot more.

我確實認為，我看到的公寓還剩下一些，但不多了。

Okay. Thank you.

好的。謝謝。

This concludes the question-and-answer session. This also concludes today's teleconference. You may disconnect your lines at this time. Thank you again for your participation.

問答環節到此結束。今天的電話會議也到此結束。此時您可以斷開線路。再次感謝您的參與。