高知特 (CTSH) 2024 Q4 法說會逐字稿

Ladies and gentlemen, welcome to the Cognizant Technology Solutions fourth quarter 2024 earnings conference call. (Operator Instructions)

女士們、先生們，歡迎參加 Cognizant Technology Solutions 2024 年第四季財報電話會議。（操作說明）

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

現在我謹將會議交給投資人關係副總裁泰勒‧史考特先生。請繼續，先生。

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

謝謝接線員，大家下午好。現在，您應該已經收到公司 2024 年第四季和全年業績的收益報告和投資者補充資料。如果您還沒有，可以從我們的網站 cognizant.com 取得副本。

The speakers we have on today's call are Ravi Kumar, Chief Executive Officer; and Jatin Dalal, Chief Financial Officer.

今天參加電話會議的發言人有：執行長 Ravi Kumar；以及財務長 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 reference certain non-GAAP financial measures that we believe provide useful information for our investors. Reconciliations of non-GAAP financial measures where appropriate to the corresponding GAAP measures can be found in the company's earnings release and other filings with the SEC.

此外，在今天的電話會議中，我們將提及一些我們認為可以為投資者提供有用資訊的非GAAP財務指標。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，可以找到非GAAP財務指標與對應GAAP指標的調節表。

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 fourth quarter and full-year 2024 earnings call. I joined Cognizant two years ago, drawn by its heritage and unique DNA, along with its extraordinary ability to sense, incubate, and scale new technologies for global enterprises, often ahead of peers and clients. We set out to harness the strengths and reclaim our place in the winner's circle.

謝謝你，泰勒，大家下午好。感謝您參加我們2024年第四季及全年業績電話會議。兩年前，我被 Cognizant 的歷史傳承和獨特基因所吸引，也為其擁有非凡的能力，能夠感知、孵化和擴展面向全球企業的新技術，而且往往領先於同行和客戶。我們決心發揮自身優勢，重返勝利者的行列。

I'm pleased to report solid progress in 2024. We successfully pivoted from stabilization to growth, building momentum throughout the year. Q4 marked a high point for year-over-year revenue growth, large deal signings and bookings. Operationally, we completed our NextGen program, delivering savings reflected in our adjusted operating margin and strengthening our ability to make strategic investments and drive profitable growth.

我很高興地報告，2024年取得了穩定進展。我們成功地從穩定期轉向成長期，並在全年保持了成長動能。第四季是公司營收年增、大型交易簽約和預訂量均達到高峰的季度。在營運方面，我們完成了 NextGen 計劃，實現了成本節約，這體現在我們調整後的營業利潤率中，並增強了我們進行策略性投資和推動獲利成長的能力。

Our 2024 results reflect the strong execution of our strategic priorities, accelerating growth becoming an employer of choice and modernizing operations. Our North Star remains returning to the winner's circle with top quartile revenue growth while steadily expanding our margins over time.

我們 2024 年的業績反映了我們策略重點的有力執行，包括加速成長、成為首選雇主以及實現營運現代化。我們始終以重返勝利者行列為目標，實現收入成長位居前四分之一，同時隨著時間的推移穩步擴大利潤率。

Let's take a moment to reflect on 2024, starting with our growth initiatives, which gained momentum through large deals, platform enhancements, new and strengthened partnerships and strategic acquisitions. With respect to platforms, our AI labs made significant advancements with our AI capabilities and offerings in 2024.

讓我們花點時間回顧一下 2024 年，首先回顧一下我們的成長計劃，這些計劃透過大型交易、平台改進、新的和加強的合作夥伴關係以及策略性收購獲得了動力。在平台方面，我們的人工智慧實驗室在 2024 年的人工智慧能力和產品方面取得了重大進展。

We introduced Flowsource for full-stack engineering, Neuro Edge for real-time AI, Neuro Cybersecurity for AI-enabled proactive defense, and Neuro AI Multi-Agent Accelerator for AI agent development. We also added multi-agent orchestration capabilities to our Neuro AI platform, and we debuted our AI-powered Cognizant Moment to help clients reimagine client experiences.

我們推出了用於全端工程的 Flowsource、用於即時 AI 的 Neuro Edge、用於 AI 賦能的主動防禦的 Neuro Cyber​​security 以及用於 AI 代理開發的 Neuro AI 多代理加速器。我們還為神經人工智慧平台添加了多智能體編排功能，並推出了人工智慧驅動的 Cognizant Moment，以幫助客戶重新構想客戶體驗。

In 2024, we expanded our breadth and depth of our global alliances ecosystem, and we added two strategic acquisitions to our portfolio, Thirdera and Belcan. Thirdera made us one of ServiceNow's largest partners. And in the first quarter of 2025, ServiceNow elevated us to global elite status, the highest level of partnership recognition within their ecosystem. Belcan significantly strengthens our opportunity in the $190 billion ER&D market. We believe our integration is on track.

2024年，我們擴大了全球聯盟生態系統的廣度和深度，並在我們的投資組合中增加了兩項策略收購：Thirdera 和 Belcan。Thirdera 讓我們成為 ServiceNow 最大的合作夥伴之一。2025 年第一季度，ServiceNow 將我們提升至全球精英地位，這是其生態系統中最高的合作夥伴認可等級。Belcan 的加入大大增強了我們在價值 1900 億美元的工程研發市場中的機會。我們相信整合工作進展順利。

We recently completed phase one of the integration focused on commercial integration for clients outside of aerospace and defense. And in the fourth quarter, we signed a multiyear deal valued at several hundred million dollars within aerospace client. Finally, one last note about our efforts to accelerate revenue. Our NPS client satisfaction scores improved to a historic high in 2024.

我們最近完成了第一階段的整合工作，重點是為航空航太和國防以外的客戶進行商業整合。第四季度，我們與一家航空航太客戶簽署了一份價值數億美元的多年合約。最後，關於我們為加快營收成長所做的努力，還有一點需要說明。2024年，我們的NPS客戶滿意度得分達到了歷史新高。

Turning to our second strategic priority of becoming an employer of choice. Developing and strengthening our associates is key to our future. We drove AI reskilling at scale, sustained high employee engagement scores and maintained low voluntary attrition.

接下來，我們將著手實現我們的第二個策略重點：成為首選雇主。發展和壯大我們的員工隊伍是我們未來的關鍵。我們大規模地推動了人工智慧技能再培訓，保持了較高的員工敬業度，並維持了較低的自願離職率。

I'm also pleased to share we have 13,000 current employees who have returned to Cognizant. These metrics, combined with our rising NPS scores are evidence of the high correlation between happy employees and happy clients. Our grassroots innovation initiative Bluebolt continues to generate tangible ideas for clients.

我也很高興地告訴大家，目前有 13,000 名員工重返 Cognizant。這些指標，再加上我們不斷上升的 NPS 分數，都證明了員工滿意度和客戶滿意度之間存在高度相關性。我們的草根創新計畫 Bluebolt 持續為客戶創造切實可行的想法。

Our associates doubled the number of ideas in 2024, submitting nearly 240,000, of which 47,000 were implemented by clients. Our Synapse program equipped more than 400,000 people with skills for future work opportunities well on our way to a goal of 1 million workers. Our work in 2024 earned prestigious recognition, including Forbes World's Best Employers, Newsweek's America's Most Reliable Companies, and ranking number 7 on Fortune's Change the World list.

2024 年，我們的合作夥伴提交的創意數量翻了一番，達到近 240,000 個，其中 47,000 個被客戶採納實施。我們的 Synapse 計畫已為超過 40 萬人提供了未來工作機會所需的技能，我們正朝著 100 萬名工人的目標穩步前進。我們在 2024 年的工作獲得了許多殊榮，包括《富比士》世界最佳雇主、《新聞週刊》美國最可靠公司，以及在《財星》雜誌「改變世界」榜單中排名第 7 位。

Turning to our third strategic priority. We took several steps during the year to simplify and modernize our operations. For example, completing our NextGen cost program helped drive sequential adjusted operating margin performance throughout the year while supporting our growth investments.

接下來談談我們的第三個策略重點。今年我們採取了多項措施來簡化和現代化我們的營運。例如，完成我們的 NextGen 成本控制計劃有助於推動全年調整後營業利潤率的持續成長，同時支持我們的成長投資。

We optimized and diversified our infrastructure in part by directing our India expansion into smaller cities in India. You have heard me call AI a double engine of transformation because it offers Cognizant the opportunity to accelerate our own progress as much as it does for clients. We are rapidly applying AI across the organization to strengthen our operating agility, while at the same time, quickly sharing our learnings with clients.

我們透過將印度業務拓展到印度較小的城市，優化並多元化了我們的基礎設施。你們都聽我說過，人工智慧是改變的雙重引擎，因為它既能為 Cognizant 加速自身的發展，也能為客戶帶來進步。我們正在全公司範圍內快速應用人工智慧，以增強營運靈活性，同時迅速與客戶分享我們的經驗。

We have identified more than 200 internal AI use cases applying AI across three major dimensions: associate experience and productivity, enabling business operations, and to improve our technology and security landscape. These will remain important priorities in 2025.

我們已經確定了 200 多個內部 AI 應用案例，這些案例涵蓋了三個主要方面：員工體驗和生產力、支援業務運營以及改善我們的技術和安全環境。這些在2025年仍將是重要的優先事項。

Now let me turn to some highlights from the quarter. We finished the year on a strong note with accelerating momentum as we delivered another quarter of improved year-over-year organic revenue growth and expanded our adjusted operating margin sequentially ahead of our expectations. Revenue was $5.1 billion, up 6.7% year over year in constant currency. Performance included the contribution of Belcan and improved organic growth, driven again by our two largest segments, Health Sciences and Financial Services.

現在讓我來介紹一下本季的一些亮點。我們以強勁的勢頭結束了這一年，實現了連續第二個季度同比有機收入增長，並且調整後的營業利潤率環比增長，超出預期。營收達51億美元，以固定匯率計算年增6.7%。業績包括 Belcan 的貢獻以及有機成長的改善，這再次得益於我們兩大業務板塊——健康科學和金融服務。

Organic revenue growth was fueled by recently won deals and improved discretionary spending primarily in financial services. We signed 10 large deals in Q4, up from 7 a year ago reflecting strong momentum across service lines and industries, including digital engineering, financial services, and cloud services. This brought our large deal totaled to 29 in 2024 compared to 17 in 2023.

有機收入成長主要得益於近期贏得的訂單以及可支配支出（主要在金融服務領域）的改善。我們在第四季度簽署了 10 項大型交易，高於去年同期的 7 項，反映出我們在各個服務領域和產業（包括數位工程、金融服務和雲端服務）的強勁發展勢頭。這使得我們2024年的大宗交易總數達到29筆，而2023年為17筆。

Health Sciences led with over 10% revenue growth. This included continued strength in TriZetto, our differentiated software platform that is used to process about two-thirds of US healthcare claims. As a recent example, we entered an agreement in 2024 to enhance healthcare operations for Blue Shield of California with our TriZetto Facets platform as a service solution.

健康科學領域以超過10%的收入成長領先。這其中包括 TriZetto 的持續強勁發展，TriZetto 是我們差異化的軟體平台，用於處理大約三分之二的美國醫療保健索賠。最近的一個例子是，我們在 2024 年與加州藍盾保險公司達成協議，透過我們的 TriZetto Facets 平台作為服務解決方案來增強其醫療保健營運。

And our Financial Services segment delivered another quarter of year-over-year growth, supported by increased demand for cloud, data and modernization services. Adjusted operating margin improved sequentially to 15.7%, driving full-year performance that exceeded our expectations while we continue to make investments in AI and M&A.

在對雲端、數據和現代化服務需求增加的推動下，我們的金融服務部門連續第二個季度實現了同比增長。經調整後的營業利潤率較上季提高至 15.7%，推動全年業績超出預期，同時我們持續在人工智慧和併購領域進行投資。

Taking a step back, we believe our expanding GenAI capabilities are gaining momentum in the marketplace. For example, we now have over 1,200 early GenAI engagements compared to 1,000 at the end of third quarter. We see demand for AI services expanding across industries as use cases proliferate. This includes predictive analytics for patient outcomes, drug discovery and virtual health assistance in healthcare, credit scoring and analysis, customer service automation, and fraud detection and financial services, predictive maintenance, quality control and supply chain optimization and manufacturing, content personalization and targeted advertising and media, just to name a few.

從更宏觀的角度來看，我們認為我們不斷擴展的 GenAI 能力正在市場上獲得發展動力。例如，我們現在有超過 1200 個早期 GenAI 參與案例，而第三季末只有 1000 個。隨著應用案例的增多，我們看到各行各業對人工智慧服務的需求都在不斷增長。這包括醫療保健領域的患者預後預測分析、藥物發現和虛擬醫療援助、信用評分和分析、客戶服務自動化、詐欺檢測和金融服務、預測性維護、品質控制和供應鏈優化及製造、內容個人化和定向廣告及媒體等等。

Another great application of our AI capabilities in Stores 360, recently launched for the retail industry with a strategic partner service now. Stores 360 aims to help retailers streamline store operations, enhance employee productivity and improve their customer experience with integrated automated and predictive GenAI capabilities.

我們人工智慧能力的另一個絕佳應用是 Stores 360，該服務最近面向零售業推出，並已與戰略合作夥伴達成合作。Stores 360 旨在透過整合自動化和預測性 GenAI 功能，幫助零售商簡化門市營運、提高員工生產力並改善客戶體驗。

We are already seeing early interest and excitement. We also signed a five-year agreement with Toyota during the quarter to infuse GenAI across its software development cycles by leveraging hyper-automation, AI and process reengineering. It is a great example of proactive solutioning, allowing us to deliver significant productivity for the customer that can be redeployed to cover new services under an extended contract tenure.

我們已經看到了大家的初步關注和熱情。本季度，我們還與豐田簽署了一項為期五年的協議，透過利用超自動化、人工智慧和流程重組，將 GenAI 融入其軟體開發週期中。這是主動解決方案的一個很好的例子，使我們能夠為客戶帶來顯著的生產力提升，這些生產力可以重新部署到延長的合約期限內的新服務中。

And we renewed our strategic partnership with McDonald's to streamline operations and support its delivery of exceptional customer experiences. Our multi-year agreement aims to transform McDonald's legacy infrastructure into modern cloud-based systems using our Neuro IT operations and Skygrade platforms to improve system observability, reliability and agility.

我們與麥當勞續簽了策略合作夥伴關係，以簡化營運並支持其提供卓越的客戶體驗。我們這項多年協議旨在利用我們的 Neuro IT 營運和 Skygrade 平台，將麥當勞的傳統基礎設施改造為現代化的雲端系統，以提高系統的可觀測性、可靠性和敏捷性。

Lastly, we expanded our partnership with Gilead Sciences, our collaboration will engage our expertise in machine learning and GenAI with an agentic framework to improve productivity and generate cost savings. Our new agreement accelerates Gilead's digital transformation, allowing Gilead to focus on its core mission of discovering and delivering critical medicines.

最後，我們擴大了與吉利德科學公司的合作關係，我們的合作將結合我們在機器學習和基因人工智慧方面的專業知識，利用智慧體框架來提高生產力並節省成本。我們達成的新協議將加速吉利德的數位轉型，使吉利德能夠專注於其發現和提供關鍵藥物的核心使命。

And we are also seeing traction with global capability centers, or GCCs. Earlier this year, we were notified that we won a new strategic partnership with a leading insurance provider to establish the GCC in India. We will work to enhance their operational efficiency, accelerate digital transformation and expand their global talent footprint, leveraging our deep expertise in building and scaling GCCs.

我們也看到全球能力中心（GCC）正在取得進展。今年早些時候，我們接到通知，我們與一家領先的保險公司建立了新的戰略合作夥伴關係，將在印度成立 GCC。我們將利用我們在建立和擴展全球協作中心方面的深厚專業知識，努力提高他們的營運效率，加速數位轉型，並擴大他們的全球人才佈局。

This partnership reinforces our position as a trusted transformation partner and marks a significant milestone in our continued growth in the GCC space. These are just a few recent examples illustrating how our innovative solutions and strategic partnerships powered by cutting-edge technologies are delivering significant value to our clients in addition to helping accelerate our commercial momentum.

此次合作鞏固了我們作為值得信賴的轉型合作夥伴的地位，也標誌著我們在海灣合作委員會地區持續發展的一個重要里程碑。以上僅是近期幾個例子，說明我們以尖端技術為支撐的創新解決方案和策略合作夥伴關係，不僅為客戶帶來了巨大的價值，也幫助加速了我們的商業發展勢頭。

As we think about AI-enabled enterprise landscapes, I'm very excited about the role Cognizant can play in reimagining businesses, reshaping operating models, co-creating new products and services and redefining work, workforces and the workplaces of our clients. The recent advances in democratizing foundation models are efficiently diffusing value to the front end of the AI value chain.

當我們思考人工智慧賦能的企業格局時，我非常興奮 Cognizant 能夠在重塑企業、重塑營運模式、共同創造新產品和服務以及重新定義我們客戶的工作、員工隊伍和工作場所方面發揮重要作用。近年來，基金會模式民主化的進展，有效地將價值擴散到人工智慧價值鏈的前端。

We can play a big role for our clients and unlocking newer efficiency and innovation value levers. And we think it will be a force multiplier. We believe our industry domain strength in the intersection of design, deep engineering and operations will allow us to stay differentiated and be a front runner as we see a proliferation of AI-led services.

我們可以為客戶發揮重要作用，並釋放新的效率和創新價值槓桿。我們認為這將起到倍增效應。我們相信，我們在設計、深度工程和營運交叉領域的行業實力將使我們能夠保持差異化優勢，並在人工智慧驅動的服務激增的情況下成為行業領跑者。

We see the AI-enabled opportunity playing out in three distinct vectors with the first already here. First, the most mainstream use case of AI is tech for tech or its application in software development cycles with the help of code assist platforms. We have our own developer work bench on the Flowsource platform.

我們看到人工智慧帶來的機會正以三種不同的方式展現出來，而第一種方式已經到來。首先，人工智慧最主流的應用場景是技術輔助技術，或者說是在程式碼輔助平台的幫助下，將其應用於軟體開發週期。我們在Flowsource平台上擁有自己的開發者工作台。

In the fourth quarter, we estimated that 20% of our code accepted by our developers was generated by AI, allowing us to do more for less and unleash a wave of hyper productivity. Our belief is with this level of hyper-productivity, there will be an opportunity for partners like us to help clients unlock the estimated trillions of dollars of technical debt, find viable ways to modernize legacy systems and applications automate infrastructure and operations and eliminate the backlog of workloads.

第四季度，我們估計開發人員接受的程式碼中有 20% 是由 AI 產生的，這使我們能夠以更少的資源做更多的事情，並釋放出超高生產力的浪潮。我們相信，在這種超高生產力水平下，像我們這樣的合作夥伴將有機會幫助客戶釋放估計數萬億美元的技術債務，找到可行的方法來現代化傳統系統和應用程序，實現基礎設施和運營的自動化，並消除工作負載積壓。

The vector 2 opportunity will be about modernizing the data and cloud foundation for integrating AI into enterprise landscapes. We believe this opportunity will require building last-mile infrastructure related to domain-specific cognitive and reasoning frameworks, explainability and traceability, identification and multi-agent orchestration and platforms.

第二個發展機會在於實現資料和雲端基礎架構的現代化，以便將人工智慧整合到企業環境中。我們認為，這項機會需要建構與特定領域的認知和推理框架、可解釋性和可追溯性、識別和多智能體編排及平台相關的最後一公里基礎設施。

It also involves ensuring that AI is used as ethical and responsible and the output is optimized for accuracy and costs. Our belief is that this process of identification will drive significant innovation cycles, leading to new AI-enabled products and services work that is being advanced by our AI labs.

它還包括確保人工智慧的使用符合倫理道德且負責任，並優化輸出結果的準確性和成本效益。我們相信，這個識別過程將推動重要的創新週期，從而催生出新的人工智慧產品和服務，而這些產品和服務正是我們人工智慧實驗室正在推進的。

And finally, vector 3 is about untapped and newer service pools that we believe will unlock by identification. Our view is that software may no longer be merely a tool for organizing work but can become the worker itself capable of understanding, executing and improving services traditionally delivered by humans. We expect the most transformative applications of AI will be those that collaborate with human teams with the potential to unlock new and previously unimaginable categories of work.

最後，向量 3 指的是尚未開發的新興服務池，我們相信這些服務池將透過識別而解鎖。我們認為，軟體可能不再只是組織工作的工具，而是可以成為能夠理解、執行和改進傳統上由人類提供的服務的勞動者本身。我們預計，人工智慧最具變革性的應用將是那些與人類團隊協作的應用，它們有可能解鎖以前無法想像的全新工作類別。

We see a future where a system of agents can inject autonomous intelligence into workflows by grasping context, applying reasoning and building a team of experts that each contribute unique knowledge and abilities. This evolution of services-as-a-software, as we call it, is expected to dramatically expand our addressable spend through new access to our clients' expansive business operations budgets rather than the technology budgets alone.

我們設想，未來智能體系統可以透過理解上下文、運用推理能力並組成專家團隊，將自主智能注入工作流程中，每個專家都能貢獻獨特的知識和能力。我們稱之為「服務即軟體」的這種演變，有望透過讓我們能夠接觸到客戶龐大的業務營運預算（而不僅僅是技術預算），從而大幅擴大我們的可支配支出。

Early use case opportunities for many of our clients are to identify horizontal business functions like sales and marketing, human resources functions and customer service as well as vertical functions like clinical operations, retail operations, and connected care, to name a few.

對於我們的許多客戶而言，早期使用案例機會在於識別橫向業務職能，例如銷售和行銷、人力資源職能和客戶服務，以及縱向職能，例如臨床營運、零售營運和互聯醫療等等。

I will close by saying that 2024 accomplishments have strengthened Cognizant operationally and strategically by broadening our portfolio while increasing our agility. We believe we are now transitioning from a phase of stabilization to a phase of growth. Our early investments in AI, practical tooling, thought leadership and unique capabilities at the intersection of design, tech-led engineering, and operations gives us confidence that we have the right to win in this dynamically changing IT services market.

最後我想說，2024 年的成就透過擴大我們的產品組合併提高我們的敏捷性，增強了 Cognizant 在營運和策略上的實力。我們認為，我們現在正從穩定階段過渡到成長階段。我們在人工智慧、實用工具、思想領導以及設計、技術驅動的工程和營運交叉領域的獨特能力方面的早期投資，使我們有信心在這個瞬息萬變的 IT 服務市場中取得成功。

We believe we are well positioned to capitalize on the growth opportunities ahead and confident that our strategic focus will help us deliver improved revenue growth to get us back to the winner's circle and gradual margin expansion over time.

我們相信，我們已做好充分準備，把握未來的成長機遇，並堅信我們的策略重點將幫助我們實現更高的收入成長，使我們重回勝利者的行列，並隨著時間的推移逐步擴大利潤率。

Before I turn to Jatin to review our financials in greater depth, I would like to thank our clients and partners for their trust and our associates worldwide for their steadfast dedication and daily drive to deliver. We look forward to updating you in more detail at our March 25 Investor Day in New York.

在我請 Jatin 更深入地審查我們的財務狀況之前，我想感謝我們的客戶和合作夥伴的信任，以及我們全球同事的堅定奉獻和每日努力。我們期待在3月25日於紐約舉行的投資者日上向您提供更詳細的資訊。

With that, I'll turn the call over to Jatin.

接下來，我將把電話交給賈廷。

Thank you, Ravi, and thank you all for joining us. Our fourth-quarter results underscore the progress we have made against our strategic priorities to improve commercial momentum and enhance operational excellence.

謝謝你，拉維，也謝謝各位的參與。我們的第四季業績凸顯了我們在提高商業動能和提升卓越營運水準的策略重點方面所取得的進展。

Fourth-quarter revenue of $5.1 billion grew 6.7% year over year in constant currency, at the high end of our guidance range. Organic revenue growth was driven by Health Sciences, which grew more than 10% year over year; and Financial Services, which grew approximately 3%. Our acquisitions of Thirdera and Belcan have supported our entry into new end markets with attractive long-term growth profiles.

第四季營收為 51 億美元，以固定匯率計算年增 6.7%，達到我們預期範圍的高端。有機收入成長主要由健康科學（年成長超過 10%）和金融服務（年成長約 3%）推動。我們收購 Thirdera 和 Belcan 為進入具有良好長期成長前景的新終端市場提供了支持。

Fourth-quarter revenue included approximately 450 basis points of year-over-year growth from these acquisitions. For the full year, revenue of $19.7 billion increased 1.9% year over year in constant currency and included approximately 200 basis points of growth from Thirdera and Belcan.

第四季營收包含約 450 個基點的年成長，這主要得益於這些收購。全年營收為 197 億美元，以固定匯率計算年增 1.9%，其中包括 Thirdera 和 Belcan 約 200 個基點的成長。

We were very pleased with our fourth-quarter adjusted operating margin of 15.7%. This performance driven by completion of our NextGen program and our rigorous actions to strengthen operations drove full-year adjusted operating margin of 15.3%. This was 20 basis points ahead of our guidance. This also represents 20 basis points of margin expansion year-over-year net of significant investments we have made to accelerate growth, such as Belcan and our AI platforms.

我們對第四季調整後的營業利潤率15.7%非常滿意。由於我們下一代計劃的完成以及我們為加強營運而採取的嚴格措施，全年調整後營業利潤率達到 15.3%。這比我們先前的預期高出20個基點。這也意味著，扣除我們為加速成長而進行的重大投資（例如 Belcan 和我們的人工智慧平台）後，利潤率比去年同期提高了 20 個基點。

Now let's turn to the details of the quarter. By segment, Health Sciences saw broad-based strength across payer, provider and life sciences end markets. Clients continue to prioritize cost optimization, cloud migration, and legacy modernization projects, which are helping to more than offset the muted discretionary spending environment.

現在讓我們來看看本季的具體情況。以細分市場來看，健康科學在支付方、醫療服務提供者和生命科學終端市場均表現出廣泛的強勁勢頭。客戶繼續優先考慮成本優化、雲端遷移和傳統系統現代化項目，這些項目有助於彌補可自由支配支出環境的疲軟。

Within Financial Services, growth was balanced with positive trends across capital markets, cards and payments, fintech and commercial banking clients. We saw a further albeit gradual pickup in discretionary spending. In North America, we are seeing an improved pipeline of opportunities for transformation and modernization projects across both insurance and select ADRs of banking and financial services clients.

在金融服務領域，資本市場、信用卡和支付、金融科技和商業銀行客戶的成長與正面趨勢保持平衡。我們看到非必需支出進一步回升，儘管速度緩慢。在北美，我們看到保險業以及部分銀行和金融服務客戶的 ADR 領域，轉型和現代化專案的機會管道正在不斷改善。

In addition, we have continued to see healthy growth in Canada, driven by the recent new bookings. Products and Resources, or P&R, growth was driven by Belcan.

此外，在近期新增訂單的推動下，我們在加拿大市場也持續保持健康成長。產品與資源（P&R）業務的成長主要由貝爾康公司推動。

As we noted last quarter, the segment has been pressured by cautious discretionary environment across end markets. This includes automotive, aerospace, manufacturing and logistics, among others.

正如我們上個季度所指出的，由於終端市場整體消費謹慎，該細分市場一直面臨壓力。這其中包括汽車、航空航太、製造和物流等領域。

We signed three large deals in this segment in the fourth quarter. Despite the near-term pressure, we are excited about the opportunities we see across P&R where the convergence of information technology and operational technology is rapidly accelerating. Communication, Media, and Technology performance was consistent with last quarter as clients remain focused on cost optimization and discretionary spending budgets have been pressured.

我們在第四季度在這個領域簽署了三項大額交易。儘管短期內面臨壓力，但我們對 P&R 領域的機會感到興奮，資訊科技和營運技術的整合正在迅速加速。通訊、媒體和科技產業的業績與上一季持平，因為客戶仍然專注於成本優化，可自由支配的支出預算面臨壓力。

From a geographic perspective, growth was led by North America, which increased more than 8% year over year. Health Sciences and Banking and Financial Services all supported the growth. Europe grew by about 1% year over year. By segment, strength in Health Sciences and Financial Services were offset by softness in Products and Resources. And finally, rest of the world increased about 4% year over year, this reflected solid growth across most segments. Now turning to bookings.

從地理角度來看，北美地區引領了成長，年成長超過 8%。健康科學、銀行和金融服務等行業都為成長提供了支持。歐洲較去年同期成長約1%。按行業劃分，健康科學和金融服務業的強勁表現被產品和資源行業的疲軟表現所抵消。最後，世界其他地區年增約 4%，反映出大多數細分市場都實現了穩健成長。現在進入預訂環節。

Fourth quarter bookings increased 11% year over year, driven by large deals. On a trailing 12-month basis, bookings grew 3% year over year and represented a 1.4x book-to-bill. Trends in smaller deals improved, which supported a low- to mid-single-digit increase in our trailing 12-month annual contract value, both sequentially and year over year.

第四季預訂量年增 11%，主要得益於大額交易。以過去 12 個月計算，預訂量年增 3%，預訂出貨比為 1.4 倍。小型交易的趨勢有所改善，這支撐了我們過去 12 個月年度合約價值的個位數低至中等增長，無論環比還是同比都是如此。

Turning to expenses. Quarter four marked the end of the NextGen program, and we incurred about $49 million of costs related to the program in the quarter. Excluding the impact of these costs, adjusted operating margin was 15.7%, significantly above our expectations.

接下來談談費用。第四季標誌著 NextGen 計劃的結束，該季度我們與該計劃相關的成本約為 4900 萬美元。剔除這些成本的影響，調整後的營業利益率為 15.7%，遠超我們的預期。

Year over year, margin declined by 40 basis points, primarily reflecting the impact of Belcan and increased compensation costs. This was partially offset by savings from NextGen, high utilization and a favorable currency exchange rates. We are pleased to be exiting the year with an improved cost base and more resilient operating model.

與去年同期相比，利潤率下降了 40 個基點，主要反映了 Belcan 的影響和薪酬成本的增加。但這部分被下一代能源計畫帶來的節省、高利用率和有利的匯率所抵銷。我們很高興在年底前實現了成本基礎的改善和營運模式的增強。

Now moving to cash flow and capital allocation. Fourth-quarter free cash flow was $837 million. This brought full year free cash flow to $1.8 billion or 82% of our net income. This is in line with our guidance. As a reminder, free cash flow was negatively impacted by the previously disclosed impact from a $360 million payment made to Indian tax authorities in relation to our ongoing dispute of our 2016 tax matter. We ended the year with cash and short-term investments of $2.2 billion, or net cash of $1.3 billion.

接下來討論現金流和資本配置。第四季自由現金流為 8.37 億美元。這使得全年自由現金流達到 18 億美元，占我們淨收入的 82%。這符合我們的指導原則。再次提醒，由於先前揭露的因我們與印度稅務機關就 2016 年稅務事項的持續爭議而支付的 3.6 億美元款項，自由現金流受到了負面影響。截至年底，我們持有現金及短期投資22億美元，淨現金為13億美元。

DSO of 78 days decreased by three days from third quarter and increased by one day versus the prior year. For the full year, we returned $1.2 billion of capital to shareholders through share repurchases and dividends, including $300 million in the fourth quarter, and we invested $1.6 billion in two strategic acquisitions.

DSO 為 78 天，比第三季減少了 3 天，比去年同期增加了 1 天。全年，我們透過股票回購和分紅向股東返還了 12 億美元的資本，其中第四季度返還了 3 億美元；此外，我們還投資了 16 億美元用於兩項戰略收購。

Turning to our forward outlook now. Before I start, I would like to reiterate that our strategy is built around driving long-term EPS growth through revenue growth and modest operating margin expansion, which we believe will support enduring shareholder value creation.

現在讓我們展望一下未來。在開始之前，我想重申，我們的策略是圍繞著透過收入成長和適度擴大營業利潤率來推動長期每股盈餘成長而建立的，我們相信這將有助於創造持久的股東價值。

For the first quarter of 2025, we expect revenue to grow 5.6% to 7.1% year-over-year or 6.5% to 8% in constant currency. Sequentially, this represents a range of negative 0.5% to positive 1% growth in constant currency basis. For the full year 2025, we expect revenue to increase 2.6% to 5.1% or 3.5% to 6% in constant currency. Details of revenue in dollars are available in our press release and supplement.

我們預計 2025 年第一季營收將年增 5.6% 至 7.1%，以固定匯率計算將年增 6.5% 至 8%。依序計算，這代表以固定匯率計算的-0.5%至+1%的成長範圍。預計 2025 年全年營收將成長 2.6% 至 5.1%，或以固定匯率計算成長 3.5% 至 6%。有關以美元計的收入詳情，請參閱我們的新聞稿和補充資料。

We expect Belcan will contribute a little more than 250 basis points of growth in 2025, with a greater contribution in the first half of the year compared with the second half. As a reminder, we closed the acquisition of Belcan at the end of August 2024 and it contributed approximately $300 million to our 2024 revenue.

我們預計 Belcan 將在 2025 年貢獻略高於 250 個基點的成長，並且上半年的貢獻將大於下半年。提醒一下，我們在 2024 年 8 月底完成了對 Belcan 的收購，該收購為我們 2024 年的收入貢獻了約 3 億美元。

For the full year, we expect adjusted operating margins will be 15.5% to 15.7%. This represents a 20 to 40 basis points of expansion of our strong performance in 2024. Over time, we expect our growing adoption of automation and AI to drive better productivity and higher margins. We remind you that in the first quarter, seasonality typically drives a modest sequential margin decline. We expect our full-year adjusted tax rate to be between 24% and 25%.

我們預計全年調整後的營業利潤率將達到 15.5% 至 15.7%。這意味著我們在 2024 年的強勁業績將再成長 20 至 40 個基點。隨著時間的推移，我們預計自動化和人工智慧的日益普及將帶來更高的生產力和利潤率。我們提醒您，第一季通常受季節性因素影響，利潤率會略為季減。我們預計全年調整後稅率將在 24% 至 25% 之間。

Some of you may have noticed that we are no longer providing net interest income guidance. We made this change to align our guidance metrics more closely with the industry.

你們當中有些人可能已經注意到，我們不再提供淨利息收入指引。我們做出這項改變是為了使我們的指導指標與業界更加緊密地接軌。

For the full year, we expect our net interest income will decline modestly given lower cash balances exiting the year. This leads to full year 2025 earnings per share guidance of $4.90 to $5.06. This represents 3% to 7% growth compared to our 2024 adjusted EPS. This growth includes more than 2 percentage points of expected headwind from unfavorable foreign currency exchange rates impacting reported revenue and other below that line items, including slightly higher tax rate.

鑑於年底現金餘額減少，我們預計全年淨利息收入將小幅下降。由此得出2025年全年每股收益預期為4.90美元至5.06美元。這比我們2024年調整後的每股盈餘成長3%至7%。這一增長包含了超過 2 個百分點的預期不利因素，即不利的外匯匯率對報告收入和其他相關項目（包括略微提高的稅率）的影響。

For the full year, we expect free cash flow will represent more than 90% of the net income. In 2025, we do not expect material changes to our capital allocation strategy. We plan to balance the return of capital to shareholders with inorganic growth investments that strengthen our capabilities and support our growth ambition.

我們預計全年自由現金流將佔淨收入的 90% 以上。2025年，我們預期資本配置策略不會有重大變化。我們計劃在向股東返還資本的同時，透過非內生成長投資來增強自身能力，並支持我們的成長目標。

For the full year, we expect to return approximately $1.2 billion to shareholders, including about $600 million in share repurchases and remainder towards our regular quarterly dividend. We expect a weighted average dilutive share count of about 493 million for 2025. And during the year, we plan to repay the $300 million outstanding under our credit facility.

預計全年將向股東返還約 12 億美元，其中包括約 6 億美元的股票回購，其餘部分將用於支付常規季度股息。我們預計 2025 年加權平均稀釋股份數約為 4.93 億股。今年，我們計劃償還信貸額度下未償還的 3 億美元。

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

接下來，我們將開放提問環節。

(Operator Instructions) Bryan Bergin, TD Cowen.

（操作說明）布萊恩·伯金，TD Cowen。

I wanted to start with bookings here. So you exited with building momentum on the larger deal front. Do you feel like you're reaching a rhythm now where you'll have more consistent quarterly bookings performance? Ravi, maybe talk about go-to market just a large deal legend now versus where you've been as you've gone through '24?

我想先從預訂環節開始。所以，你帶著在大交易方面不斷累積的勢頭退出了。您是否感覺現在已經進入了穩定的發展階段，每個季度的預訂量都會更加穩定？拉維，或許可以談談你現在作為大宗交易傳奇人物的市場拓展策略，以及你在過去 2024 年的經歷？

Yes. Thank you for that question. Yes, I mean, we've got some phenomenal momentum on large deals. We did 29 of them $100-plus million in 2024, was 17 in 2023. So there are multiple things which I believe are going to help us in 2025.

是的。謝謝你的提問。是的，我的意思是，我們在大宗交易方面取得了驚人的進展。2024 年我們完成了 29 個價值超過 1 億美元的項目，2023 年完成了 17 個。所以我相信有很多事情將在2025年對我們有所幫助。

First, we have tail velocity of deal making. Second, we have a book-to-bill now of 1.4. The third, I would say, is the small deals are starting to come back. So we are excited about it because it has monetization in the same year. In fact, our ACV numbers, we track that internally, are higher than before, which gives me, again, great confidence that it's a combination of ACV and TCV.

首先，我們有交易達成的尾速度。第二，我們現在的訂單出貨比為 1.4。第三，我認為，小額訂單開始恢復了。我們對此感到興奮，因為它在同年就能獲利。事實上，我們內部追蹤的 ACV 數據比以前更高，這讓我再次確信，這是 ACV 和 TCV 共同作用的結果。

We also do a bid versus bid inside the company. And we are looking pretty good on the deals we signed in '24, the deals we signed in '23. We are executing to pretty good track. So I would say we are now in a rhythm. We are accessing the deals well.

公司內部我們也會進行競標對比。我們2024年簽署的協議和2023年簽署的協議看起來都相當不錯。我們目前的執行情況相當不錯。所以我覺得我們現在已經步入正軌了。我們正在順利地獲取這些交易機會。

Our win rates are significantly higher. It's a spread. In fact, over the two years, we have moved from application services to infrastructure services to now engineering services which is a combination of the organic engineering strength we had and the stuff we got from Belcan.

我們的勝率明顯較高。這是一份塗抹醬。事實上，在過去的兩年裡，我們已經從應用服務轉向基礎設施服務，現在又轉向工程服務，這結合了我們自身的工程實力和我們從 Belcan 獲得的資源。

We also got a breadth of the industries from healthcare to from healthcare to financial services to products and resources to now progressively moving from Americas to other parts of the world. So this is a great rhythm for us, good tail velocity to getting into '25, and it is a very good spread. So it is resilient and sustainable for the future.

我們也涉足了廣泛的行業領域，從醫療保健到金融服務，再到產品和資源，現在正逐步從美洲擴展到世界其他地區。所以這對我們來說是一個很好的節奏，尾部速度很好，進入 25 節，而且分佈也非常好。因此，它具有韌性和可持續性，能夠適應未來發展。

Okay. That's good to hear. And then a follow-up on just the growth outlook as you built the plan here, the organic growth plan for '25. Can you comment on potentially how some of these industries unfold relative to what you saw in '24 as it relates to healthcare versus financial solutions versus P&R and comm, media, tech?

好的。聽到這個消息真好。然後，請跟進您在這裡制定的計劃的增長前景，即 2025 年的有機增長計劃。您能否就醫療保健、金融解決方案、P&R 以及通訊、媒體、科技等產業的發展前景，與您在 2024 年看到的相比，發表一些看法？

Yes. So because we have the breadth and the resilience now, I mean our growth is going to be very broad-based and all around. You've seen healthcare, we have done 10% YoY, which is pretty healthy on a good, big base. Now we are having pretty all-round growth all the way from payer provider to life sciences.

是的。正因為我們現在擁有了廣度和韌性，我的意思是，我們的成長將是非常廣泛的、全方位的。你們已經看到了醫療保健領域的成長，我們實現了 10% 的同比增長，這在良好的大基數上是一個相當健康的增長。現在，從支付方到生命科學領域，我們都實現了相當全面的成長。

On Financial Services, where I started last year to where I am today, we have now created a rhythm of Y-on-Y growth for subsequent quarters. And we're very, very excited about the fact that Financial Services. We are seeing discretionary coming back, and we are actually capturing a lot of that. Now we are starting to -- with the muscle we have created on a broader capability.

在金融服務領域，從我去年開始到現在，我們已經建立了連續幾季年成長的節奏。我們對金融服務領域感到非常非常興奮。我們看到非必需消費正在復甦，而且我們實際上已經抓住了其中很大一部分機會。現在，我們正開始利用我們累積的實力，在更廣泛的能力範圍內做到這一點。

We are starting to see communications, which -- and the technology, which is a muscle we created in the last two years, is doing well. Products and Resources, with retail and consumer goods, was otherwise doing well. And now we have strengthened manufacturing with the power of the Belcan capability we built. So it's all around comprehensive organic growth we are looking at.

我們開始看到溝通——以及我們在過去兩年培養的技術——都進展順利。產品與資源（包括零售和消費品）方面表現良好。現在，憑藉我們建立的貝爾坎（Belcan）的強大能力，我們加強了製造業。所以我們關注的是全面的有機成長。

And I'm also excited about the fact that while Americas is actually a principal market, and it is leading the way the international markets are starting to contribute to this process. Our first-quarter guidance is pretty strong. I mean this is one of those quarters which is normally seasonally weak. But if you see the midpoint of that guidance range, we are positive. So it is a tail velocity from quarter four cutting into quarter one, plus all the momentum we have.

令我感到興奮的是，雖然美洲實際上是一個主要市場，並且引領著這一進程，但國際市場也開始為這一進程做出貢獻。我們第一季的業績預期相當強勁。我的意思是，這通常是季節性淡季的一個季度。但如果你看到預期範圍的中點，我們就會持樂觀態度。所以，這是第四節的尾速切入第一節，加上我們所有的動量。

Jason Kupferberg, Bank of America.

傑森·庫柏伯格，美國銀行。

I wanted to just start on the organic growth for the year. It looks like we're targeting 1% to 3.5% organic constant currency. The midpoint of that, I guess, would be pretty consistent with how you exited 2024 on the same basis.

我只想在今年開始實現自然成長。我們的目標是實現 1% 到 3.5% 的自然成長率（以固定匯率計算）。我想，其中點應該與你以同樣方式結束 2024 年的情況相當一致。

So just wondering in terms of acceleration, it sounds like there's more discretionary spending going on and you have some bookings momentum exiting the year. So it doesn't seem like we've built much acceleration into the guide on an underlying basis, but is that just conservatism or are there other considerations there?

所以，就加速成長而言，聽起來可自由支配的支出增加，而且在年底前預訂量也呈現成長動能。所以，我們似乎並沒有在指南中從根本上考慮加速因素，但這只是保守主義，還是有其他考慮因素？

Yeah. So it's the start of the year. The visibility into the second half, you kind of build it in the next few weeks. We are hoping there is continued buoyancy into the second half so that the upper end of the range is doable. So the way I constructed it as there is a tail velocity into the first half of the year and that is constructed to the middle of the guidance range.

是的。新年伊始。對於下半程的前景，你需要在接下來的幾週內逐步建立。我們希望下半年市場能夠繼續維持上漲勢頭，這樣就能實現目標區間的上限。所以我建造它的方法是，在今年上半年有一個尾部速度，並將其建造到導引範圍的中間。

And then we are hoping we continue to execute well. We continue to see the same buoyancy we're seeing now. I mean, discretionary is starting to come back.

然後我們希望能夠繼續保持良好的執行力。我們繼續看到與現在相同的市場上漲勢頭。我的意思是，非必需消費正在開始復甦。

And as the visibility builds in, we do our best to outperform. If you look at the last four quarters, we got to the upper end of the guidance range in the last four quarters, including the one we just concluded. So I would say -- I mean, that's how I'm seeing it. I mean there is -- when I spoke to all of you one quarter ago to where we are today, I'm more optimistic about the future.

隨著知名度的提升，我們會盡力做到最好。如果回顧過去四個季度，包括剛結束的這個季度在內，我們連續四個季度都達到了業績指引範圍的上限。所以我會說——我的意思是，我是這麼看的。我的意思是，從三個月前我和大家談話到今天，我對未來更加樂觀了。

Okay. That's very helpful. And I know you touched on agentic AI earlier, wondering if clients are starting to talk more about it and what's Cognizant doing to invest to prepare for that opportunity? And then just any views on how DeepSeek could ultimately impact the IT services industry?

好的。那很有幫助。我知道您之前提到過智慧體人工智慧，我想知道客戶是否開始更多地談論它，以及 Cognizant 正在採取哪些投資措施來抓住這個機會？那麼，大家對DeepSeek最終可能如何影響IT服務業有什麼看法呢？

Yeah. So I spoke in detail just a few minutes ago. Yes, I think I put them in three vectors. The first vector is writing code. I'm a strong believer that writing code with machines, amplifying humans is only going to get us to write more.

是的。我剛才詳細講解了一遍。是的，我想我把它們放在了三個向量中。第一個向量是寫程式碼。我堅信，用機器寫程式碼，增強人類的能力，只會讓我們寫更多的程式碼。

We will unlock billions of dollars of legacy debt, legacy technology that's sitting on corporate landscapes, backlogs. And we are seeing that in our deals now. I mean one of the reasons why we are winning large deals is productivity is baked into it, and the early investments we made is helping us to win because the productivity assumptions between providers is very different.

我們將釋放數十億美元的遺留債務、企業中積壓的遺留技術和積壓項目。我們現在在交易中也看到了這一點。我的意思是，我們贏得大單的原因之一是生產力已經融入其中，而我們早期的投資正在幫助我們贏得勝利，因為不同供應商之間的生產力假設非常不同。

I mean we have done now 29 plus 17 deals in the last two years. A lot of that productivity we have baked in is AI-led. So we're excited about the efficiency part of this process.

我的意思是，過去兩年我們已經完成了 29 筆交易，外加 17 筆交易。我們所實現的許多生產力提升都離不開人工智慧。所以我們對這個過程的效率部分感到興奮。

The second lever is how does it help on innovation and growth. I mean our clients are starting to invest on us. We have 1,200 projects running now. And a lot of heavy lift cloud migration, data modernization, the last mile infrastructure, we have platforms to help our clients that helps us to create a stickiness and helps us to accelerate that journey and it helps us to make the journey of agentification predictable. In fact, we have our own agentification platform, which is an orchestration layer.

第二個槓桿是它如何幫助創新和成長。我的意思是，我們的客戶開始對我們進行投資了。我們目前有1200個項目正在進行中。還有很多繁重的雲端遷移、資料現代化、最後一公里基礎設施等工作，我們有平台可以幫助我們的客戶，這有助於我們建立客戶黏性，幫助我們加速這一進程，並幫助我們使代理化進程可預測。事實上，我們有自己的代理化平台，它是一個編排層。

If you have existing software, which has agents, this can orchestrate between the software pools, if you do not have an agentification layer, this can actually act as an agentification layer. So we think we are way ahead of most of our peers, and this is probably an opportunity of a lifetime. It is also unlocking new pools of addressable spend, which we did earlier address, which is things I spoke about, which is a connected care or retail operations or drug discovery.

如果您已有包含代理程式的軟體，它可以協調軟體池之間的工作；如果您沒有代理層，它實際上可以充當代理層。所以我們認為我們遠遠領先大多數同行，這可能是一生中難得的機會。它也釋放了新的可觸達支出領域，我們之前已經討論過，也就是我之前提到的那些領域，例如互聯醫療、零售營運或藥物研發。

So the service pools, which we didn't capture before are now available to us. So we are now seeing opportunities which are not just at the CIO, it's actually across the business operations of the company. So I think the addressable pool of work is going to be multifold to where we were before.

因此，我們之前未能取得的服務池現在對我們可用了。因此，我們現在看到的機會不僅存在於資訊長 (CIO) 職位上，實際上也存在於公司的各個業務營運部門。所以我認為，我們可以接觸到的工作機會將會比以前多出好幾倍。

And that gives me confidence that this is a force multiplier for companies like ours. In context to DeepSeek, it's a simple quick summary. DeepSeek is uniquely democratized in there at the back end, which is the foundation models, and it is commoditized that layer. So a lot of the money will now flow into the front end and it will accelerate the adoption of AI into enterprise landscapes.

這讓我確信，這對像我們這樣的公司來說是一種倍增效應。就 DeepSeek 而言，這是一個簡單又快速的總結。DeepSeek 在後端（即基礎模型）實現了獨特的民主化，並且該層實現了商品化。因此，大量資金將流入前端領域，這將加速人工智慧在企業環境中的應用。

And as it does so, we will be in the middle of it heavy lifting and helping our clients. So the DeepSeek opportunity uniquely is a moment, is an inflection point on transferring that value from the back end to the front end.

在此期間，我們將身處其中，承擔繁重的工作，並幫助我們的客戶。因此，DeepSeek 的獨特機會在於，它是一個轉捩點，是將價值從後端轉移到前端的機會。

Surinder Thind, Jefferies.

蘇林德‧辛德，傑富瑞。

Ravi, just kind of building up on the last part. As you think about the proprietary solutions that you're building within the AI landscape and all of the changing demand. Can you provide a bit more color there in terms of the sustainability of those types of solutions that you're building? Or is this one of those things where as you go to a client, you build a solution, and then somebody follows you really quickly?

Ravi，這只是在上一部分的基礎上進行補充。當你思考你在人工智慧領域建立的專有解決方案以及所有不斷變化的需求。您能否更詳細地介紹一下您正在建立的這類解決方案的可持續性？或者，這種情況是不是屬於那種你找到客戶，建立解決方案，然後很快就會有人跟進的情況？

I just wanted to better understand that the shifting model of -- before it was all about services, but now we're injecting what sounds like a bit more of a software layer into the solution itself and if that's sustainable?

我只是想更了解這種模式的轉變——以前一切都圍繞著服務，但現在我們似乎在解決方案本身中註入了更多軟體層，這是否可持續？

Thank you, Surinder. If you remember in the London conference, I started talking about this, and we've come a long way from there. The layer of software -- I call it fast software, is tactical tooling needed by our clients to either accelerate the journey or to bridge a gap but potentially to build micro industry vertical templates, which the existing software doesn't contain them, and very similar to how enterprise software was built many years ago, how the cloudification of technology, in some ways, change the role of system integrators. Now I would say all of this is helping our clients.

謝謝你，蘇林德。如果你還記得的話，在倫敦會議上，我開始談論這個問題，而我們已經取得了長足的進步。這層軟體——我稱之為快速軟體——是我們的客戶需要的戰術工具，可以加速發展進程或彌合差距，甚至有可能建立現有軟體不包含的微型產業垂直模板。這與多年前企業軟體的建構方式非常相似，技術的雲端化在某種程度上改變了系統整合商的角色。現在我認為所有這些都對我們的客戶有所幫助。

I'll give you one example. We have a platform called Flowsource, which is an orchestration layer on top of code assist platforms like GitHub. Now that orchestration layer is something we built practically because we figured out that as you bring code written by machines and you bring code written by humans and you bring it together, you need a developer workbench, which will synchronize the effort and improve productivity. And will some of the existing platforms replicate that functionality over a period of time? Maybe, yes.

我舉個例子。我們有一個名為 Flowsource 的平台，它是一個建構在 GitHub 等程式碼輔助平台之上的編排層。現在，我們實際上建立了這個編排層，因為我們發現，當你把機器編寫的程式碼和人類編寫的程式碼放在一起時，你需要一個開發人員工作台，它可以同步工作並提高生產力。隨著時間的推移，一些現有平台是否會複製這種功能？或許吧。

But by then, we will start to look at advanced problems to solve. Some of the problems we have today, some of the gaps we have today will remain gaps, and it's the job of the system integrator to fix them. And some of them will productize. And as they get productized, we move to the next endeavor, the next problem solving endeavor.

但到那時，我們將開始著手解決更高階的問題。我們今天遇到的一些問題，我們今天存在的一些差距，將永遠是差距，而解決這些問題是系統整合商的職責。其中一些將會轉化為產品。隨著它們被產品化，我們轉向下一個目標，下一個解決問題的目標。

There is work between efficiency of the output and cost efficiencies needed for making AI enterprise great. Some of that optimization will automatically happen with software and some of it will not. So I would say it's an evolving role of a system integrator.

要讓人工智慧企業取得巨大成功，需要在產出效率和成本效益之間取得平衡。有些優化會透過軟體自動完成，有些則不會。所以我認為系統整合商的角色正在不斷演變。

The heavy lift will remain. I am now venturing not just into agentifying landscape. I'm venturing one step further, which is identifying new service pools, which we did not capture. I'll give you one example.

艱鉅的任務依然存在。我現在不僅涉足景觀的代理化領域。我更進一步，正在識別我們尚未涵蓋的新服務池。我舉個例子。

If you look at sales and marketing function, all the data sitting in software is structured data. If I actually tap into unstructured data in a sales cycle, I mean, there is data sitting in text messages, data sitting in e-mails, data sitting in minutes of meetings of salespeople who are actually working on it. And if you want to find the momentum of the company sales momentum of a company, you could agentify that pool and then transfer that into value, which means that was a labor pool we didn't touch. Either people were doing it and we didn't capture it, or new sets of work, which people were not doing, which is unstructured data.

如果你觀察銷售和行銷職能，你會發現軟體中儲存的所有資料都是結構化資料。如果我真的能利用銷售週期中的非結構化數據，我的意思是，簡訊裡有數據，電子郵件裡有數據，銷售人員實際處理數據的會議記錄裡也有數據。如果你想了解一家公司的銷售勢頭，你可以將該資源池代理化，然後將其轉化為價值，這意味著這是一個我們沒有觸及的勞動力資源池。要嘛是有人在做這件事，但我們沒有記錄下來；要嘛是出現了新的工作，而人們並沒有做，這就是非結構化資料。

I mean it was not getting tapped. So I see this as an opportunity for not just technology spend of enterprises, I see this as an opportunity to go into the operations of companies and agentify it and create service pools, which we can address.

我的意思是，它沒有被敲擊。所以我認為這不僅是企業技術支出的機會，也是進入公司運作並使其代理化、創建服務池的機會，我們可以解決這些問題。

And we do believe we are -- our strength at that intersection of deep engineering operations and industry domain will help us. And this is no longer theoretical. This is real-life projects we are now implementing for our clients and some of those examples I've already stated in my remarks.

我們確實相信我們能夠做到——我們在深厚的工程營運和行業領域交叉領域的優勢將幫助我們。這不再是理論上的探討了。這是我們正在為客戶實施的真實項目，其中一些例子我已經在演講中提到過了。

That's helpful. And then when I think about -- as I look ahead and I think about all of the large deals you signed, the ramp, the managed services wins. Is that where most of the growth should come from in 2025 as we wait discretionary spend to improve on the consulting side? Or how should we think about the two segments? And maybe how much integration is there when we think about the large deals in terms of the sharing of work between consulting and managed services with the large deal?

那很有幫助。然後當我展望未來，想到你們簽署的所有大合約、加速發展、託管服務的勝利。2025 年，隨著顧問業的可自由支配支出改善，大部分成長是否應該來自這裡？或者我們應該如何看待這兩個部分？那麼，當我們考慮大型交易時，諮詢服務和管理服務在工作分工方面究竟有多少整合呢？

Yeah. So I'll take that, Surinder. I think the texture of the work is changing a little bit between '24 and '25. In '24, we saw that it was essentially the large deals, and the volumes led by large deals were driving the growth.

是的。那我就接受這個了，蘇林德。我認為 2024 年和 2025 年的作品風格略有變化。2024 年，我們看到，主要驅動成長的是大額交易，而大額交易帶來的交易量正是成長的動力。

But '25, as we exit particularly quarter four, we have seen some improvement, as I described in my opening comments, in anew contract value terms, which means we are getting some discretionary spend back, and therefore, the volume or the texture of growth will be slightly different to '25, where you will see both the short-term work as well as the volumes which are being added by the large contracts or large deals.

但是，到了 2025 年，尤其是在第四季度末，正如我在開場白中所述，我們在新合約價值方面看到了一些改善，這意味著我們正在獲得一些可自由支配的支出，因此，增長的規模或結構將與 2025 年略有不同，屆時您將看到短期工作以及大型合約或大型交易帶來的增長量。

Especially in Financial Services, where there is more discretionary. In fact, Surinder, I just mentioned earlier that our ACV numbers has significantly jumped in quarter four, which is an indication of not just large deals but also small deals coming back.

尤其是在金融服務領域，那裡的自由裁量權更大。事實上，蘇林德，我剛才提到過，我們的 ACV 數據在第四季度大幅增長，這不僅表明大額交易回歸，也表明小額交易回歸。

Jonathan Lee, Guggenheim Securities.

喬納森李，古根漢證券。

Tremendous to see the margin outperformance here. Can you unpack what drove that, especially with software utilization and perhaps some [would be] benefit? And what incremental levers could you see into calendar '25?

看到這裡的利潤率表現如此出色，真是太棒了。能詳細分析一下是什麼原因導致了這種情況嗎？特別是軟體利用率方面，以及可能帶來的一些好處？那麼，您認為2025年曆中可以有哪些漸進式的槓桿作用呢？

Sure. So while using numerically, the utilization looks softer in quarter four, but we continue to execute very well on the ground. So this sort of underrepresents the operational improvement that we have been able to achieve over last 12 months the way we run the organization. So I think that is one big driver that is also reflected in the performance on the gross margin side.

當然。因此，雖然從數字上看，第四季度的利用率似乎有所下降，但我們在實際操作中仍然表現出色。因此，這在某種程度上低估了我們在過去 12 個月中透過組織運作方式所取得的改進。所以我認為這是影響毛利率表現的重要因素。

We have definitely seen a benefit on the profitability coming through our NextGen program. That is another key contributor to the performance for 2024 in general and specifically for quarter four.

我們已經明顯感受到，我們的下一代計劃對盈利能力帶來了好處。這是影響 2024 年整體業績，特別是第四季業績的另一個關鍵因素。

So overall, our operational rigor has improved significantly in the last 2 years. And we have some runway. I mean we have development continuing to shape the pyramid. AI-led productivity sharing with our clients and part of it accruing to us. Our NextGen program, which we started in '23 flew into -- it had flow-through into '24.

總的來說，過去兩年我們的營運嚴謹性有了顯著提高。我們還有一些緩衝時間。我的意思是，我們不斷發展，金字塔也在不斷變化。透過人工智慧技術與客戶共享生產力成果，其中一部分歸我們所有。我們的 NextGen 計畫於 2023 年啟動，並延續到了 2024 年。

And it will have a flow-through into '25. So we are very excited about it. And the large deals for which we were always budgeting if something goes wrong. But the reality is the bid was bid on large deals also contributed to the margin growth. I mean we have really executed our large deals very well.

而這種趨勢會延續到 2025 年。我們對此感到非常興奮。還有那些我們總是會預留預算以應對可能出現的意外情況的大宗交易。但事實上，大型交易的競標也促進了利潤率的成長。我的意思是，我們的大宗交易確實執行得非常出色。

So we are very pleased with where we have landed on the margin and the runway we have for '25. And interestingly, we've also done M&A, and we have absorbed the margin dilution plus we are investing heavily into AI. We're absorbing that as well.

因此，我們對最終取得的成績以及2025年的跑道狀況感到非常滿意。有趣的是，我們也進行了併購，我們吸收了利潤率稀釋，而且我們還在人工智慧領域進行了大量投資。我們也在吸收這些資訊。

So I mean, the ability to contribute to margins, create an expansion, and that's going to be my desire. We want to keep an expansive desire to improve our margins, but continue our investments and stay ahead of our peers.

所以我的意思是，能夠為利潤成長做出貢獻，實現擴張，這將是我的願望。我們希望保持不斷提高利潤率的雄心壯志，同時繼續投資並保持領先於同業。

And to support your growth in 2025, can you talk through how you're thinking about pace of hiring and perhaps geographic mix of talent base given Belcan as a new dynamic there?

為了支持您在 2025 年的發展，您能否談談您是如何考慮招募速度以及人才庫的地域組成（考慮到 Belcan 在那裡帶來的新變化）的？

Sure. So we continue to hire as we need for our growth. And certainly, it's a cycle that you will see panning out in 2025 also. Probably from Q1 and onwards, you should start seeing the addition of headcount versus what you've seen in previous few quarters. Overall, we are well placed in every geography from availability of talent from a bank standpoint as well as our capacity to hire as we need in each of the geographies.

當然。因此，我們會根據公司發展的需要繼續招募。當然，這種週期在 2025 年也必將繼續上演。從第一季開始，員工人數可能會比前幾個季度增加。整體而言，從銀行人才儲備以及我們根據各地區需求進行招募的能力來看，我們在各個地區都處於有利地位。

So we feel quite good as we enter 2025 from a supply equation standpoint.

因此，從供應平衡的角度來看，我們對進入 2025 年感到相當樂觀。

James Faucette, Morgan Stanley.

詹姆斯‧福塞特，摩根士丹利。

I appreciate all the detail and color here today. I just wanted to ask a quick follow-up question. On Belcan, I think if I heard you correctly, that you expect that it will contribute roughly 200 basis points in 2025. Does that include both inorganic and the organic period after August? And I guess as part of that, in your growth assumptions are you building in any other inorganic contribution from maybe deals that haven't been announced or closed yet?

我很喜歡今天這裡的所有細節和色彩。我只想問一個後續問題。關於貝爾康，我想如果我沒聽錯的話，你預計它在 2025 年將貢獻大約 200 個基點。這是否包括八月之後的無機和有機時期？我想，作為其中的一部分，在您的成長假設中，您是否考慮了其他尚未宣布或完成的交易帶來的非有機成長貢獻？

Yes, sure. So essentially, this provides for -- the 250 basis point is the number that I mentioned in my opening comments. And that 250 basis point is essentially for the additional eight months, approximately eight months of revenue that we will get from Belcan in 2025, we have not factored in any additional inorganic in that 250 basis points.

當然可以。所以，從本質上講，這提供了——250 個基點，就是我在開場白中提到的數字。這 250 個基點主要是指我們在 2025 年從 Belcan 獲得的約 8 個月的額外收入，這 250 個基點中還沒有計入任何額外的非有機增長。

That's great. Okay. So that's very clear. And then I'm wondering, as you're -- like I think your messaging, Ravi, has been really clear, and we've seen kind of this consistent improvement where we're now to this point where it seems like discretionary is improving, and that's great to hear.

那太棒了。好的。這一點非常清楚。然後我就在想，就像你一樣——我覺得你的訊息傳遞得非常清晰，Ravi，我們已經看到了這種持續的改善，現在看來，可自由支配的支出正在改善，聽到這個消息真是太好了。

And on top of that, the large deals, et cetera, as we went into the end of this year, and I know it's a little early still on budgeting processes to have a conclusive view. But did you see any budget flush-type engagements or bookings maybe like what you've seen in past years? And what's your early temperature in terms of growth for most people's budgets. It sounds like it's pretty positive, but is that universal?

此外，還有大宗交易等等，隨著今年進入尾聲，我知道現在製定預算流程還為時過早，無法得出最終結論。但是，你有沒有看到像往年那樣預算充裕的訂婚或預訂？那麼，就大多數人的預算而言，您認為目前的成長前景如何？聽起來相當積極，但這是否具有普遍性？

Yes. So I mean this is sectoral in a way, but I also want to tell you that the mood is very business favoring, right? I mean people are expecting regulation to be coming down. It's a pro-business environment. The uncertainty around us is starting to sell down there is lesser uncertainty in general across the world, which means all those dollars will actually trickle down to innovation and discretionary work.

是的。所以我的意思是，這在某種程度上是行業性的，但我也想告訴你們，目前的情況非常有利於商業發展，對吧？我的意思是，人們都期待監管力道能夠放鬆。這是一個有利於企業發展的環境。我們周圍的不確定性開始下降，全球範圍內的不確定性總體上有所減少，這意味著所有這些資金實際上都會流入創新和可自由支配的工作領域。

I would say Financial Services -- I'm very pleased with where we are at Financial Services, which is where all the discretionary conversations are. We're very pleased with the progress we made. The obvious -- seizing the opportunities which are coming our way. You would have noticed one other area I spoke about, which is global capability centers.

我會說是金融服務——我對我們在金融服務領域的現狀非常滿意，因為所有的自由支配性決策都集中在這個領域。我們對所取得的進展非常滿意。顯而易見——抓住擺在我們面前的機會。您可能已經注意到我提到的另一個領域，那就是全球能力中心。

A lot of our clients are actually saying, oh no, can you help us set up global capability centers?, which is, interestingly, one of our biggest trends, setting up the IT shop for one of our clients, but doing it in a build-operate transfer. So a lot of all around opportunities to play with as the AI wave is hitting the enterprises, the reality check on the data and their cloud migration is reopening that journey.

很多客戶其實都在問：「喔不，你們能幫我們建立全球能力中心嗎？」有趣的是，這是我們最大的趨勢之一，即為客戶建立 IT 部門，但採用的是建立-營運-移交模式。因此，隨著人工智慧浪潮衝擊企業，各方面都湧現出許多機遇，而資料及其雲端遷移的現實檢驗也重新開啟了這一進程。

I mean, I mean, the heavy lift on data modernization and cloud migration is a unique opportunity for us. We are a very different company now in two years. I mean, I would say we have heterogenity in our landscape on services, all the way from experience, application services, BPO, ops to engineering. And we now have more vertical play. I mean we aren't just a financial services healthcare company.

我的意思是，資料現代化和雲端遷移這項艱鉅的任務對我們來說是一個獨特的機會。兩年後的今天，我們已經是一家截然不同的公司了。我的意思是，我認為我們的服務體系存在異質性，從體驗、應用服務、業務流程外包、維運到工程，各方面都是如此。現在我們有了更多垂直進攻的機會。我的意思是，我們不僅僅是一家金融服務醫療保健公司。

We now have multiple verticals to play with. So I would say I'm optimistic. I don't know if things will change in the second half, but I'm optimistic about the fact that where we were a year ago, to where we were a quarter ago to where we are now. I feel very optimistic.

我們現在有多個垂直領域可以探索。所以我覺得我很樂觀。我不知道下半年情況是否會有所改變，但我樂觀地認為，從一年前到三個月前，再到現在，我們已經取得了長足的進步。我感到非常樂觀。

Tien-Tsin Huang, JPMorgan.

黃天心，摩根大通。

Just to build on James' question. You mentioned the GCCs here, Ravi. Can you expand on what that means for Cognizant in general, if that is a new theme that you see emerging? And does this change the balance trade between in-sourcing and outsourcing. Just trying to understand how to read into that and how Cognizant is going to see it.

我只是想補充一下詹姆斯的問題。拉維，你在這裡提到了海灣合作委員會。您能否詳細闡述一下，如果這是一個正在出現的新主題，那麼這對 Cognizant 公司整體而言意味著什麼？這是否會改變內部採購和外包之間的平衡權衡？我只是想弄清楚該如何解讀這件事，以及 Cognizant 會如何看待它。

So multiple things for Cognizant to be a part of that chain. one-third of the GCC -- one-third of the worker -- one-third of the tech services and in offshoring destinations like India is GCCs. So we have a big role to play. They are themselves directly buyers of services. So that's one.

所以，Cognizant之所以能成為這條產業鏈的一部分，原因很多。海灣合作委員會三分之一的人口──三分之一的勞動力──三分之一的技術服務，以及像印度這樣的離岸外包目的地，都來自海灣合作委員會國家。因此，我們肩負著重大的責任。他們本身就是服務的直接購買者。這是其中之一。

Second, a number of them who do not have access to that market because that's a different labor market. We are a sizable formidable player in India. So it gives us an opportunity to help these companies build operate and transfer. In fact, last year, I signed a deal. It's in the public domain where I did build, operate, transform, and transfer.

其次，他們中的許多人無法進入那個市場，因為那是不同的勞動市場。我們在印度是一家規模龐大、實力雄厚的公司。因此，這給了我們一個幫助這些公司建立、營運和轉移的機會。事實上，去年我簽了一份合約。它是公共領域的，我在那裡進行過建設、運作、改造和轉移。

Essentially, we are building it for them. We are operating it to them. We are applying AI tooling and then we are transferring it to them. And then we underwrote all the AI tooling for the next couple of years, which means we are just going to give them -- they can draw from us.

從本質上講，我們正在為他們建造它。我們正在向他們提供服務。我們正在應用人工智慧工具，然後將其轉移給他們。然後我們為未來幾年的所有人工智慧工具提供了資金，這意味著我們將直接提供給他們——他們可以藉鏡我們的資源。

There is a third set of offering, which is the micro services around GCC, which is you focus on the core and offload the noncore to us, and we will set up for you. I mean, there are a variety of templates on this and companies are reorganizing, I call them 2.0, and they're reorganizing their technology, ops, and BPO together. I mean my universe is not technology anymore. Operations of companies are actually getting offloaded to near-shoring and off-shoring destinations. And that's a new addressable spend.

還有第三種方案，即圍繞 GCC 的微服務，您可以專注於核心功能，將非核心功能卸載給我們，我們將為您進行設定。我的意思是，這方面有很多模板，公司正在重組（我稱之為 2.0 版），他們正在將技術、營運和業務流程外包 (BPO) 部門一起重組。我的意思是，我的世界不再只是科技了。企業營運實際上正在被轉移到近岸和離岸目的地。這是一筆新的潛在支出。

And finally, engineering of companies. I mean, if you are a car company, you would probably outsource your HR applications and CRM applications, writing software to run the car, you're probably not going to outsource. You want to build it yourself. Building it is not easy. So we can actually give you a deep engineering capacity to build your own core.

最後，是公司的工程設計。我的意思是，如果你是一家汽車公司，你可能會將人力資源應用程式和客戶關係管理應用程式外包，但是編寫運行汽車的軟體，你可能不會外包。你想自己動手建造。建造它並不容易。因此，我們實際上可以為您提供強大的工程能力，讓您建立自己的核心。

So we have a number of opportunities, which we have won and which we have in the pipe, and I've actually mentioned about one in my earnings, which is primarily an insurer who just signed up with us. So we are kind of excited about this opportunity.

所以我們有很多機會，有些我們已經贏得了，一些我們正在籌備中，實際上我在我的收入中提到過一個，那主要是一家剛剛與我們簽約的保險公司。所以我們對這個機會感到非常興奮。

Yes. That's really interesting and thoughtful. I always appreciate your comments. Just have to ask you, Ravi, as you're talking to clients and you've talked about a lot of themes here.

是的。這真有趣，也很有見地。我一直都很欣賞你的評論。拉維，我只是想問你，因為你一直在和客戶交談，而且你在這裡談到了很多主題。

How would you characterize just overall budget and client decision-making with all this news flow that's happening? You got tariffs and immigration and tax, all this stuff. How would you characterize that?

在當前各種新聞不斷湧現的情況下，您如何看待整體預算和客戶決策？關稅、移民、稅收，所有這些事情。你會如何描述這種情況？

Yes. Technology is a very interesting space when everybody is growing. You use technology to grow, and if there is uncertainty, you use technology to improve efficiency. So you can win in the terms with technology. So I've seen it in both sides.

是的。當每個人都在成長的時候，科技領域就變得非常有趣了。你利用科技實現成長，如果存在不確定性，你就利用科技提高效率。所以你可以利用科技贏得勝利。所以，兩方面我都看到了。

And I think as a company, we are agile to anchor on both sides. When the market is soft, you want to anchor on efficiency. When the market is taking off, you want to anchor on innovation. And I think in some ways, I can do both. So I'm anchoring on both sides.

我認為，作為一家公司，我們能夠靈活地在雙方之間找到平衡點。當市場疲軟時，你應該注重效率。當市場蓬勃發展時，你需要依靠創新來支持。我覺得在某些方面，我可以兩者兼顧。所以我兩邊都做了錨定。

And that's why I place this opportunity in those three vectors because I do see this as a play on both sides, which is why it is exciting. Budgets -- I mean the visibility of budgets are much better than last year is it completely up and running. I don't think so. As we move into the year, we will see more, but we're in a much better spot than last year.

這就是為什麼我把這個機會放在這三個方面來看，因為我認為這對雙方來說都是一個機會，這也是它令人興奮的原因。預算——我的意思是，預算的透明度比去年好得多，它是否已經完全到位並投入運作。我不這麼認為。隨著新的一年到來，我們會看到更多情況，但我們現在的處境比去年好得多。

Jim Schneider, Goldman Sachs.

吉姆‧施耐德，高盛集團。

This is actually [Yuan Lu] on for Jim Schneider. My question is, how do you see the divergence in consumer behavior right now between the UK and Continental Europe? Is this being driven by geopolitical considerations? Or do you think it's being driven by the composition of industries of these clients such as like banking versus industrial?

實際上，這是袁璐代替吉姆·施耐德上場。我的問題是，您如何看待目前英國和歐洲大陸消費者行為的差異？這是出於地緣政治考量嗎？還是您認為這是由這些客戶的產業組成（例如銀行業與工業）所驅動的？

Is this specific to Europe or otherwise?

這是歐洲特有的情況，還是其他地區也有這種情況？

Yes, Europe, so between the UK and Continental Europe.

是的，歐洲，也就是英國和歐洲大陸之間。

Yes. So again, Continental Europe still has uniquely first-time outsourcing opportunities. which can manifest itself into not just offshoring, but outsourcing and offshoring. And sometimes, in fact, Continental Europe has one of the most number of GCCs going back to the old topic. So I see that opportunity in some ways a very different -- it's in a very different stage of evolution in comparison to the US and UK. And some industries are very mature and some industries are really opening it up for the first time.

是的。所以，歐洲大陸仍然擁有獨一無二的首次外包機會，這不僅可以表現為離岸外包，還可以表現為外包和離岸外包相結合。事實上，有時歐洲大陸擁有數量最多的海灣合作委員會（GCC），這又回到了我們之前的話題。所以我認為，從某種程度上來說，這個機會與美國和英國相比，處於非常不同的發展階段。有些行業已經非常成熟，而有些行業則是第一次真正開放。

UK is a much more mature market. We have a big role in the UK. I mean we have -- strong in financial services. We also do public sector in the UK. We are pretty strong in consumer and comms. So UK is a very different market.

英國市場成熟得多。我們在英國扮演著重要角色。我的意思是，我們在金融服務領域實力雄厚。我們也為英國的公共部門提供服務。我們在消費者和傳播領域實力相當強勁。所以英國市場非常不同。

I think it's much more ahead in terms of outsourcing, offshoring and actually efficiency cycles. But I would say in Continental Europe, if we make the right investments, which we are doing over the last two years. We are unlocking much more than before. Our presence is much -- the proportion of business we do out of Europe and Asia Pacific is much lower than the US in comparison to our peers.

我認為它在業務外包、離岸外包以及效率提升方面都遙遙領先。但我認為，在歐洲大陸，如果我們進行正確的投資，就像我們在過去兩年所做的那樣。我們正在解鎖比以往更多的內容。我們的業務規模很大——與同業相比，我們在歐洲和亞太地區的業務比例遠低於美國。

So that's an area for us to capture more and be a challenger in some of these geographies.

所以，這是我們需要更多努力開拓的領域，也是我們在某些​​地區成為挑戰者的機會。

Yes. I just want to add a point on UK versus Europe. I think UK has really started to show a lot of momentum in the second half of 2024 than what we saw before.

是的。我只想補充一點關於英國與歐洲的差異。我認為英國在2024年下半年展現了比之前更大的發展勢頭。

The current quarter, there is a delta between UK and Europe, and that's more led by a fact that one of our CMT customers renewed a contract in US versus UK, so there is some movement of revenue between geographies. But otherwise, we continue to see good momentum in UK.

本季度，英國和歐洲之間存在差異，這主要是因為我們的一位 CMT 客戶在美國而不是英國續簽了合同，因此不同地區之間的收入有所流動。但除此之外，我們看到英國市場持續保持良好的發展動能。

Thank you. This concludes our question-and-answer session. I would now like to hand the floor back over to management for any closing comments.

謝謝。我們的問答環節到此結束。現在我想把發言權交還給管理階層，請他們做最後的總結發言。

All right. Great. Well, thank you all for joining us tonight, and we look forward to talking to you next quarter. Thank you.

好的。偉大的。感謝各位今晚的參與，我們期待下個季度與大家再次交流。謝謝。

This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束。您可以在此時斷開線路。感謝您的參與。