高知特 (CTSH) 2025 Q1 法說會逐字稿

Ladies and gentlemen, welcome to the Cognizant Technology Solutions first quarter 2025 earnings conference call. (Operator Instructions) I would now like to turn the conference over to Mr. Tyler Scott, Vice President of Investor Relations. Please go ahead, sir.

女士們，先生們，歡迎參加 Cognizant Technology Solutions 2025 年第一季財報電話會議。（操作員指示）現在，我想將會議交給投資者關係副總裁泰勒·斯科特先生。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 the investor supplement for the company's first quarter 2025 results. If you have not, copies are available on our website, cognizant.com. The speakers we have on today's call are Ravi Kumar, Chief Executive Officer; and Jatin Dalal, Chief Financial Officer.

謝謝接線員，大家下午好。到目前為止，您應該已經收到了該公司 2025 年第一季業績的收益報告和投資者補充報告的副本。如果您還沒有，可以在我們的網站 cognizant.com 上取得副本。今天電話會議的發言人是執行長 Ravi Kumar 和財務長 Jatin Dalal。

Before we begin, I would like to remind you that some of the comments made on today's call and some of the responses to your questions may contain forward-looking statements. These statements are subject to the risks and uncertainties as described in the company's earnings release and other filings with the SEC.

在我們開始之前，我想提醒您，今天電話會議上的一些評論和對您的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美國證券交易委員會提交的其他文件中所描述的風險和不確定性的影響。

Additionally, during the call today, we will reference certain non-GAAP financial measures that we believe provide useful information for our investors. Reconciliation of non-GAAP financial measures where appropriate to the corresponding GAAP measures can be found on the company's earnings release and other filings with the SEC.

此外，在今天的電話會議中，我們將參考某些非公認會計準則財務指標，我們認為這些指標可以為我們的投資者提供有用的信息。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，可以找到非 GAAP 財務指標與相應 GAAP 指標的對帳表（如適用）。

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

說完這些，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 quarter one 2025 earnings call. We started the year strong, delivering revenue growth and adjusted operating margin ahead of our expectations.

謝謝你，泰勒，大家下午好。感謝您參加我們的 2025 年第一季財報電話會議。我們今年開局強勁，營收成長和調整後營業利潤率均超乎預期。

Our performance reflects the breadth and the strength of the portfolio we have built in recent years, along with continued sharp focus on our strategy and disciplined operational rigor. We are building a resilient and a durable company, one that thrives in both slow and high-velocity markets as we can pursue the right opportunities to our clients as they navigate complex and uncertain times.

我們的業績反映了近年來建立的投資組合的廣度和實力，以及對策略的持續關注和嚴謹的營運嚴謹性。我們正在打造一家富有韌性、經久耐用的公司，一家無論在低速市場還是高速市場都能蓬勃發展的公司，因為我們能夠在客戶度過複雜而不確定的時期時為他們尋求合適的機會。

Let me provide a brief summary of the key drivers of quarter one results. Then I'll update you on the current operating environment and our strategic progress. First quarter revenue grew by 8.2% year-over-year in constant currency to $5.1 billion. Growth was driven by our Belcan acquisition and organic growth in Health Sciences and Financial Services. Organically, constant currency revenue growth accelerated to 4% year-over-year compared to 2% in the fourth quarter.

讓我簡要總結一下第一季業績的主要驅動因素。然後我會向你們通報目前的經營環境和我們的策略進展。第一季營收以固定匯率計算年增 8.2% 至 51 億美元。成長主要得益於我們對 Belcan 的收購以及健康科學和金融服務領域的有機成長。以有機計算，固定匯率營收年增 4%，而第四季為 2%。

Importantly, I'm pleased to say our quarter one results puts us squarely in the Winner Circle, an ambition we articulated last month at our Investor Day. While we are encouraged by our progress, it's consistency and sustained momentum that will define winning performance.

重要的是，我很高興地說，我們第一季的業績使我們穩居贏家圈，這是我們上個月在投資者日上表達的雄心壯志。雖然我們對所取得的進步感到鼓舞，但一致性和持續的動力才是決定我們能否取得勝利的關鍵。

Looking more closely at our revenue. Health Sciences led the way up over 11% year-over-year in constant currency. Growth was again broad-based across payer, provider and life sciences, as recently won large deals more than offset discretionary spending pressures.

更仔細地查看我們的收入。以固定匯率計算，健康科學產業較去年同期成長超過 11%。由於最近贏得的大宗交易足以抵消可自由支配的支出壓力，因此付款人、提供者和生命科學領域再次實現了廣泛增長。

Our Financial Services segment grew for the third quarter -- third straight quarter, up 6.5% year-over-year in constant currency and acceleration from the fourth quarter. We saw healthy discretionary spending as clients continue to invest in cloud and data modernization and in building foundations for AI-led innovation.

我們的金融服務部門第三季實現成長－連續第三個季度成長，以固定匯率計算年增 6.5%，且較第四季有所加快。隨著客戶繼續投資於雲端和數據現代化以及建立人工智慧主導的創新基礎，我們看到了健康的可自由支配支出。

On a trailing 12-month basis, bookings grew 3% over the prior year, providing a healthy backlog to support our outlook for this year. We had four large deals in the first quarter, including a mega deal valued at more than $500 million TCV from large deals was up mid-single digits year-over-year. Adjusted operating margin of 15.5% improved by 40 basis points year-over-year, putting us on track to achieve our full year guidance of 20 basis points to 40 basis points of expansion.

在過去 12 個月中，預訂量比上一年增長了 3%，提供了充足的積壓訂單來支持我們對今年的展望。我們在第一季完成了四筆大型交易，其中包括一筆價值超過 5 億美元的超級交易，大型交易的 TCV 同比增長了中個位數。調整後的營業利潤率為 15.5%，較上年同期提高了 40 個基點，使我們預計將實現全年增長 20 個基點至 40 個基點的預期。

Voluntary attrition ticked down 10 basis points and head count remained nearly flat from last quarter. Adjusted EPS grew 10% year-over-year, our sixth consecutive quarter of year-over-year growth. We are pleased with our strong first quarter performance. But as you know, the macro environment changed sharply in early April and continues to evolve in real time.

自願離職率下降了 10 個基點，員工總數與上一季相比基本持平。調整後的每股盈餘年增 10%，這是我們連續第六個季度實現同比增長。我們對第一季的強勁表現感到滿意。但如大家所知，宏觀環境在4月初發生了急劇變化，而且還在持續即時演變。

As our clients navigate this period of elevated uncertainty, they're partnering with us to rebaseline the cost of technology deployment. And we continue to see opportunities related to productivity, efficiency and cost takeout.

當我們的客戶度過這段充滿不確定性的時期時，他們正在與我們合作，重新確定技術部署的成本。我們繼續看到與生產力、效率和成本降低相關的機會。

The capabilities we have built around productivity, including our AI platform investments puts us in a strong position to win in this environment. In fact, several recent large deals were driven by clients' desires for efficiency and savings and the pipeline for these opportunities remain strong.

我們圍繞生產力建構的能力，包括我們的人工智慧平台投資，使我們在這種環境中處於有利地位。事實上，最近的幾筆大交易都是由客戶對效率和節約的需求所推動的，而且這些機會的管道仍然很強勁。

Additionally, the steps we have taken in recent years aimed at developing leadership and talent, strengthening our operational discipline, rebooting our innovation engine, have reintegrated the company, positioning us ahead of the curve while building resilience and durability.

此外，近年來，我們採取的措施旨在培養領導力和人才，加強營運紀律，重啟創新引擎，使公司重新整合，使我們在增強韌性和耐用性的同時，處於領先地位。

As we highlighted at our Investor Day, we're investing heavily in AI-powered software led engineering at the intersection of digital and physical worlds, making products intelligent, connected and autonomous. We are now integrating all our existing expertise in embedded software and IoT with recently acquired capabilities from our M&A IN autonomous technologies, chip to cloud engineering and Belcan in the aerospace industry into a world-class engineering capability for our clients.

正如我們在投資者日所強調的那樣，我們正在大力投資數位世界和物理世界交匯處的人工智慧軟體主導的工程，使產品變得智能、互聯和自主。我們現在正在將我們在嵌入式軟體和物聯網方面的所有現有專業知識與我們最近從併購自主技術、晶片到雲端工程和航空航天行業的 Belcan 中獲得的能力相結合，為我們的客戶提供世界一流的工程能力。

The future of IT services will be powered by the double-engine transformation of AI technologies, both for hyper productivity and innovation-led opportunities. Consistent with our heritage, we sense these opportunities early, and we've been investing in building these capabilities, training, partnerships and platforms at a pace we believe has been ahead of our peers since 2023. The scaling laws of AI continue to accelerate computing efficiency, cost reductions and accessibility, unlocking use cases at a rapid pace and making the outputs more accurate and cheaper.

IT服務的未來將由人工智慧技術的雙引擎轉型驅動，既能實現超高生產力，又能帶來創新機會。與我們的傳統一致，我們很早就察覺到了這些機會，並且自 2023 年以來，我們一直在投資建立這些能力、培訓、合作夥伴關係和平台，我們相信我們的投資速度一直領先於同行。人工智慧的擴展規律不斷加速運算效率、成本降低和可訪問性，快速解鎖用例，並使輸出更加準確和便宜。

Looking across Cognizant, we now have approximately 1,400 early Gen AI engagements compared to 1,200 at the end of the fourth quarter. As I've noted in prior discussions, we see the development of AI playing out in three distinct vectors.

縱觀 Cognizant，我們現在有大約 1,400 個早期 Gen AI 項目，而第四季末有 1,200 個。正如我在先前的討論中提到的，我們看到人工智慧的發展呈現三個不同的方向。

In the near term, we see vector 1, which is focused on AI-led productivity as an opportunity for enterprises to address the estimated $2 trillion of technical debt on their balance sheets. In quarter one, AI written code increased to more than 20% for us and is a pioneering opportunity for our developer communities.

短期內，我們認為向量 1（專注於人工智慧主導的生產力）是企業解決其資產負債表上估計 2 兆美元技術債的機會。在第一季度，AI 編寫的程式碼對我們來說增加了 20% 以上，這對我們的開發者社群來說是一個開創性的機會。

Sharing this AI-led hyper productivity has being among the key differentiators for us in originating large deals led by productivity and lowering technology deployment costs. Vector 2 involves industrializing AI. We believe every company needs unique plumbing to successfully adopt AI by localizing, customizing and integrating AI into enterprise technology landscapes.

共享這種由人工智慧引領的超高生產力是我們以生產力為主導達成大型交易並降低技術部署成本的關鍵差異化因素之一。向量 2 涉及人工智慧的工業化。我們相信，每家公司都需要獨特的管道，透過在地化、客製化和將人工智慧整合到企業技術環境中，成功採用人工智慧。

In addition to our efforts with hyperscaler partners like Microsoft, AWS and Google and enterprise software providers like ServiceNow and Salesforce, among others, in the first quarter, we deepened our partnership with NVIDIA.

除了與微軟、AWS、Google等超大規模合作夥伴以及 ServiceNow、Salesforce 等企業軟體供應商合作之外，第一季我們還深化了與 NVIDIA 的合作夥伴關係。

Our work together will be aimed at accelerating the cross industry adoption of AI technology in five key areas: enterprise AI agents, industry-specific large language models, digital twins for smart manufacturing, foundational infrastructure for AI and Cognizant's Neuro AI platform for integration of NVIDIA AI technology and orchestration across the enterprise technology stack.

我們的合作旨在加速五個關鍵領域跨行業採用人工智慧技術：企業人工智慧代理、行業特定的大型語言模型、智慧製造的數位孿生、人工智慧基礎設施以及 Cognizant 的 Neuro AI 平台，用於整合 NVIDIA 人工智慧技術並在整個企業技術堆疊中進行編排。

And thirdly, we expect the evolving vector 3 opportunity of agentification will be the largest as it has the potential to unlock many new labor pools and to create a significant multiplier effect on total addressable spend.

第三，我們預期代理化不斷發展的向量 3 機會將是最大的，因為它有可能釋放許多新的勞動力資源，並對總可尋址支出產生顯著的乘數效應。

We are seeing early agentification experiments from our clients in financial services, retail and health care. To illustrate an example, working with Google LLM models, our teams have developed more than 20 agentic solutions, addressing many of health care's most pressing challenges.

我們看到金融服務、零售和醫療保健領域的客戶正在進行早期的代理化實驗。舉個例子，透過與 Google LLM 模型合作，我們的團隊開發了 20 多個代理解決方案，解決了許多醫療保健領域最迫切的挑戰。

Our work touches efficiency, customer experience, clinical decisioning and regulation. It spans across prior authorization, appeals and grievances, member portals, fraud and auto adjudication among other areas. In this space, we have secured pilot engagements and are focusing on transitioning them to scaled deployments.

我們的工作涉及效率、客戶體驗、臨床決策和監管。它涵蓋事先授權、上訴和申訴、會員入口網站、詐欺和自動裁決等領域。在這一領域，我們已經獲得了試點項目，並正致力於將其轉變為規模化部署。

With the help of our AI labs, we are significantly strengthening our Neuro suite of platforms, which allows our clients to embrace AI on an accelerated path. As an example, just recently, we achieved a groundbreaking milestone in LLM uncertainty estimation. This patent-pending technology allows us to set uncertainty thresholds on LLM outputs to manage hallucinations and on a case-by-case basis, fallback to rules-based code for human intervention making multi-agent systems safer and more consistent. This work adds to our 50-plus existing patents in AI.

在我們的人工智慧實驗室的幫助下，我們正在顯著加強我們的 Neuro 平台套件，這使我們的客戶能夠加速擁抱人工智慧。例如，就在最近，我們在法學碩士不確定性估計方面取得了突破性的里程碑。這項正在申請專利的技術使我們能夠在 LLM 輸出上設定不確定性閾值來管理幻覺，並根據具體情況，回退到基於規則的程式碼進行人工幹預，從而使多智能體系統更安全、更一致。這項工作使我們在人工智慧領域擁有的 50 多項現有專利得到了進一步的補充。

Stepping back to look at GenAI over the long term, we see the market opportunities simultaneously powering both productivity and innovation and the three AI vectors reinforcing one another. As I mentioned at the start of my comments, winning requires consistency, our consistent execution on our strategic priorities over the past two years has driven our pivot from stabilization to growth with our first quarter performance serving as a strong proof point.

回顧 GenAI 的長期發展，我們看到市場機會同時推動生產力和創新，並且三個 AI 向量相互促進。正如我在評論開始時提到的，勝利需要一致性，過去兩年來，我們對策略重點的一致執行推動了我們從穩定轉向成長，第一季的業績就是有力的證明。

As we look ahead, we believe winning also demands industry depth, execution excellence and an evolution of how we operate. As we discussed at our Investor Day, we have evolved our three strategic imperatives to the following: amplifying talent, scaling innovation and accelerating growth. Let me share some recent client wins and business developments within the context of our strategic imperatives.

展望未來，我們相信，成功還需要產業深度、卓越的執行力以及營運方式的革新。正如我們在投資者日所討論的那樣，我們已將三大戰略要務發展為：擴大人才、擴大創新和加速成長。讓我根據我們的策略要求分享一些最近贏得的客戶和業務發展。

First, with amplifying talent, we are strengthening our talent pipeline with skills needed for the AI era. As you heard us talk about during the Investor Day, we are upskilling our workforce at scale, leveraging AI to meet demand faster and identifying talent pools to address new areas unlocked by AI. Last month, we announced plans to establish a 14-acre immersive learning center in Chennai, India, where we aim to train 100,000 individuals annually in advanced AI technologies.

首先，透過擴大人才隊伍建設，我們正在加強人工智慧時代所需技能的人才儲備。正如您在投資者日聽到我們談論的那樣，我們正在大規模提升員工技能，利用人工智慧更快地滿足需求，並確定人才庫以解決人工智慧解鎖的新領域。上個月，我們宣布計劃在印度金奈建立一個佔地 14 英畝的沉浸式學習中心，目標是每年為 10 萬名個人提供先進的人工智慧技術培訓。

In India, we continue to expand into smaller cities. We expect to inaugurate the latest one, Gift City, Ahmedabad shortly. And over the last 18 months, our Synapse initiative has trained over 400,000 people across the world, putting us well on our way to a goal of training 1 million individuals.

在印度，我們繼續向較小的城市擴張。我們預計不久後就會在艾哈邁達巴德開設最新的禮品城。在過去的 18 個月裡，我們的 Synapse 計畫已為全球超過 40 萬人提供培訓，讓我們距離培訓 100 萬人的目標又更近了一步。

Second, we are scaling our innovation engine and expanding our domain expertise to drive transformation in key industries. For example, Bluebolt, our flagship grassroots innovation initiative is celebrating its two year mark with 385,000 plus ideas generated to date, of which 69,000 have been implemented with our clients.

第二，我們正在擴大創新引擎，拓展領域專業知識，以推動重點產業的轉型。例如，我們的旗艦草根創新計畫 Bluebolt 正在慶祝其兩週年，迄今已產生了 385,000 多個想法，其中 69,000 個已與我們的客戶一起實施。

During the quarter with ServiceNow, we introduced an AI-powered solution tailored for mid-market banks that uses GenAI and smart automation to cut manual work, speed up resolutions and boost customer satisfaction.

在與 ServiceNow 合作的本季度，我們推出了一款專為中型銀行量身定制的人工智慧解決方案，該解決方案使用 GenAI 和智慧自動化來減少手動工作、加快解決問題的速度並提高客戶滿意度。

Earlier this month, we were honored to receive several awards at Google Cloud Next 2025, including Data and Analytics Global Partner of the Year for our work helping clients modernize their data ecosystems and Retail industry Solutions Partner of the Year for our work developing a customer order management system leveraging AI for a top North American retailer. And during the quarter, we were named to the Fortune's 2025 list of America's most innovative companies for the third straight year.

本月初，我們很榮幸在 Google Cloud Next 2025 上獲得多個獎項，包括年度數據和分析全球合作夥伴獎（因我們幫助客戶實現數據生態系統現代化的工作而獲得）以及年度零售行業解決方案合作夥伴獎（因我們為北美頂級零售商開發利用人工智能的客戶訂單管理系統而獲得）。本季度，我們連續第三年被《財星》雜誌評選為 2025 年美國最具創新力公司之一。

Finally, to accelerate growth, we are unlocking new opportunities by pairing our talent initiatives with bold innovation with a sharp focus on AI and embedded engineering. Let me share a few examples of our innovation in action.

最後，為了加速成長，我們將人才計畫與大膽創新相結合，重點關注人工智慧和嵌入式工程，以釋放新的機會。讓我分享一些我們實際創新的例子。

With pharmaceutical company, Boehringer Ingelheim, we launched a cloud-based system called One medicine platform aimed at streamlining drug development and accelerating the delivery of innovative therapies by replacing over 20 legacy systems. In embedded engineering, we teamed with OMRON, a Japanese electrical equipment manufacturer to engineer new products that integrate information technology and operational technology in manufacturing.

我們與製藥公司勃林格殷格翰合作，推出了名為「One medicine platform」的基於雲端的系統，旨在透過取代 20 多個遺留系統來簡化藥物開發並加速創新療法的交付。在嵌入式工程方面，我們與日本電氣設備製造商歐姆龍 (OMRON) 合作，設計將製造業中的資訊技術和營運技術相結合的新產品。

We plan to take these solutions jointly to industrial and automotive clients with the goal of helping clients boost productivity, reduce operational losses and infuse AI-led insights. We also expanded our relationship with Manulife, John Hancock Retirement. Our collaboration includes helping establish a new record-keeping system and enhancing the digital ecosystem, leveraging AI capabilities to simplify the retirement planning experience.

我們計劃將這些解決方案共同推廣給工業和汽車客戶，目標是幫助客戶提高生產力、減少營運損失並注入人工智慧主導的洞察力。我們也擴大了與宏利金融、約翰漢考克退休基金的關係。我們的合作包括協助建立新的記錄保存系統和增強數位生態系統，利用人工智慧功能簡化退休計畫體驗。

Next, we continue to strengthen our global capability center, our GCC strategy. We are undertaking more engagements to support clients on the GCC journey, establishing new centers and equipping them with strategic AI tooling and platforms needed to drive operational strength.

接下來，我們繼續加強我們的全球能力中心，我們的GCC策略。我們正在進行更多工作來支援客戶的 GCC 之旅，建立新的中心並為他們配備提升營運實力所需的策略性 AI 工具和平台。

Just two weeks ago, we announced a new GCC with Citizens Financial that will be located on our Hyderabad campus. The GCC will serve as an innovation hub, enhancing Citizens enterprise technology, data and analytical capabilities. We will support the center with our Neuro and Flowsource AI platforms, delivering advanced services in cloud computing, data management and cybersecurity.

就在兩週前，我們宣布與 Citizens Financial 合作成立新的 GCC，該 GCC 將設在我們的海德拉巴校區。GCC 將作為創新中心，增強公民企業技術、數據和分析能力。我們將透過 Neuro 和 Flowsource AI 平台為該中心提供支持，提供雲端運算、資料管理和網路安全方面的先進服務。

As we discussed at our Investor Day, we view GCC as a growth opportunity for both clients and ourselves. Our differentiators in the GCC space include deep domain expertise in the industries we serve, our technology prowess and our capability strength in India and the United States.

正如我們在投資者日所討論的那樣，我們將 GCC 視為客戶和我們自己的成長機會。我們在海灣合作委員會領域的優勢包括我們所服務業的深厚領域專業知識、我們的技術實力以及我們在印度和美國的能力優勢。

These partnerships reinforce our position as a trusted transformation partner and mark new growth opportunities. Finally, Belcan opened an aerospace and defense hub in Toulouse to better support global demand and local OEMs. I am also thrilled that Belcan was recently named GE Aerospace Supplier of the Year.

這些合作關係鞏固了我們作為值得信賴的轉型合作夥伴的地位，並標誌著新的成長機會。最後，Belcan 在圖盧茲開設了一個航空航太和國防中心，以更好地支援全球需求和當地原始設備製造商。我也很高興 Belcan 最近被評為 GE 航空航太年度供應商。

In closing, amidst near-term uncertainty, we are proud of our strong all-around performance and momentum. We believe our early bets on AI combined with investments in practical tooling and distinctive strengths at the crossroads of design, technology-led engineering and operations positions us to lead in today's dynamic market. Employee and client metrics remain at a historic high and our operational rigor, cost discipline and the productivity first mindset are helping expand our profitability when fueling continued investments into our future.

最後，儘管面臨近期的不確定性，我們仍為公司強勁的全面表現和發展勢頭感到自豪。我們相信，我們早期對人工智慧的投入，加上對實用工具的投資以及在設計、技術主導的工程和營運交叉領域的獨特優勢，使我們在當今充滿活力的市場中處於領先地位。員工和客戶指標仍然處於歷史最高水平，我們的營運嚴謹性、成本紀律和生產力第一的思維方式正在幫助我們擴大獲利能力，同時推動我們對未來的持續投資。

We are confident in the portfolio we have built will drive sustained progress towards the growth targets we outlined at the Investor Day, including top-tier revenue growth, consistent margin expansion and the EPS growth outpacing revenue growth.

我們相信，我們所建立的投資組合將推動我們在投資者日概述的成長目標持續取得進展，包括頂級收入成長、持續的利潤率擴大以及每股收益成長超過營收成長。

And now I would like to turn the call over to Jatin.

現在我想把電話轉給 Jatin。

Thank you, Ravi, and thank you all for joining us. We are pleased with our first quarter results, which demonstrate continued progress on our path to industry-leading growth. Despite an increasingly complex economic environment, we exceeded the high end of our revenue guidance range and expanded adjusted operating margin by 40 basis points year-over-year, driving adjusted EPS growth of 10%.

謝謝你，拉維，也謝謝大家加入我們。我們對第一季的業績感到滿意，這表明我們在實現行業領先成長的道路上繼續取得進展。儘管經濟環境日益複雜，我們仍超越了營收預期範圍的高端，調整後的營業利潤率同比增長了 40 個基點，推動調整後每股收益增長 10%。

Let's turn to the details of the quarter. First quarter revenue of $5.1 billion grew 8.2% year-over-year in constant currency, led by strong organic growth in Health Sciences and Financial Services. Revenue growth included approximately 400 basis points of inorganic contribution primarily from Belcan. We did not see a significant impact on our business from the recent macroeconomic uncertainty during the first quarter. And we have not had any material customer cancellation during the quarter and through today.

讓我們來看看本季的細節。第一季營收為 51 億美元，以固定匯率計算年增 8.2%，主要得益於健康科學和金融服務業務的強勁有機成長。營收成長包括主要來自 Belcan 的約 400 個基點的無機貢獻。我們沒有看到第一季近期宏觀經濟不確定性對我們的業務產生重大影響。本季直至今天，我們還沒有任何重大客戶取消訂單的情況。

In April, we did begin to see some slowdown in client decision-making and discretionary spending. This has been more pronounced with select clients in certain segments, including health sciences and products and resources.

四月份，我們確實開始看到客戶決策和可自由支配支出放緩。在某些領域的特定客戶中，這種情況更為明顯，包括健康科學、產品和資源。

We believe the impact has been isolated so far in the second quarter, and we are closely monitoring development for implications across our broader portfolio. On the positive side, demand in our Financial Services segment remains healthy.

我們認為，到目前為止，第二季的影響還只是局部性的，我們正在密切關注事態發展，以了解其對我們更廣泛投資組合的影響。從正面的一面來看，我們金融服務部門的需求依然健康。

Despite the uncertainty, this environment is presenting opportunities as clients prioritize cost optimization, vendor consolidation and productivity to drive resiliency in their own business. We believe we are well positioned to capture this demand as clients seek end-to-end partners like Cognizant with capabilities that can help drive near-term cost savings while supporting their longer-term innovation and modernization agendas.

儘管存在不確定性，但由於客戶優先考慮成本優化、供應商整合和生產力，以增強自身業務的彈性，這種環境也帶來了機會。我們相信，我們完全有能力滿足這一需求，因為客戶正在尋求像 Cognizant 這樣的端到端合作夥伴，這些合作夥伴能夠幫助推動短期成本節約，同時支持他們的長期創新和現代化議程。

Now let me provide some color by segment. As Ravi mentioned, Health Sciences year-over-year growth was again broad-based. Our clients are carefully watching the potential impact from changes to government health care programs and are navigating rising costs. That said, our backlog remains healthy, and we believe we are well positioned long term as a strategic partner to our clients as they navigate the near-term uncertainty.

現在讓我按部分提供一些顏色。正如拉維所提到的，健康科學的同比增長再次是廣泛的。我們的客戶正在密切關注政府醫療保健計劃變化帶來的潛在影響，並應對成本上升。儘管如此，我們的積壓訂單仍然保持健康，我們相信，作為客戶的長期策略合作夥伴，我們有能力幫助客戶應對近期的不確定性。

Financial Services has demonstrated resilience across capital markets, cards and payments, fintech and commercial banking clients, primarily in North America. Revenue accelerated from the fourth quarter, and we saw healthy discretionary spending.

金融服務業在資本市場、信用卡和支付、金融科技和商業銀行客戶（主要在北美）表現出了韌性。從第四季開始收入加速成長，我們看到了健康的可自由支配支出。

In Products and Resources, Q1 growth was driven by Belcan. Organically, the demand environment for this segment has been weak due to discretionary spending pressure. We see clients slowing their spending decisions and preparing for more direct impact from changes in tariff policies.

在產品和資源方面，第一季的成長由 Belcan 推動。從根本上講，由於可自由支配的支出壓力，這一領域的需求環境一直較弱。我們看到客戶正在放慢支出決策並準備好應對關稅政策變化帶來的更直接的影響。

We are building a pipeline of cost takeout and productivity-led deals to support our clients in moving forward in this environment. Communications, Media and Technology revenue was roughly flat sequentially as the discretionary demand here has been stable, but is not yet improving. That said, our pipeline for GenAI-led productivity and cost takeout deals remains healthy, and we are laser-focused on converting the pipeline to bookings.

我們正在建立一系列成本削減和生產力主導的交易，以支持我們的客戶在這種環境下前進。通訊、媒體和技術部門的收入與上一季基本持平，因為該部門的可自由支配需求一直保持穩定，但尚未改善。也就是說，我們由 GenAI 主導的生產力和成本降低交易管道仍然健康，並且我們專注於將管道轉化為預訂。

By geography, we saw year-over-year revenue growth in all regions, led by North America, which grew 10% year-over-year in constant currency, driven by Belcan and the ramp of large deals. We believe we are outperforming many of our peers on an organic basis and achieved top-tier revenue growth in the region in Q1.

從地理來看，我們看到所有地區的收入都同比增長，其中北美地區最為顯著，在 Belcan 和大型交易的推動下，北美地區按固定匯率計算同比增長 10%。我們相信，我們的表現在有機成長上優於許多同行，並在第一季實現了該地區的頂級收入成長。

Europe grew 3% year-over-year in constant currency driven by growth among life sciences and financial services clients, including UK public sector, which helped drive strong constant currency sequential growth of about 4% in the UK.

歐洲以固定匯率計算年增 3%，這主要得益於包括英國公共部門在內的生命科學和金融服務客戶的成長，這有助於推動英國按固定匯率計算實現約 4% 的環比強勁增長。

We are encouraged by our momentum in Europe, which has been driven by new logos and a more focused sales strategy. The rest of the world increased about 7% year-over-year in constant currency. Growth was driven by recent large deals, particularly within comms, media and technology and financial services.

我們對我們在歐洲的發展勢頭感到鼓舞，這得益於新的標誌和更有針對性的銷售策略。以固定匯率計算，世界其他地區年增約 7%。成長是由近期的大型交易推動的，特別是在通訊、媒體和技術以及金融服務領域。

Turning to bookings. First quarter bookings declined 7% year-over-year, driven by a decline in Rest of the World region, which had $200 million plus deals in the prior year period. The mix of new and expansion bookings grew significantly year-over-year and represented more than 50% of our quarterly bookings. On a trailing 12-month basis, bookings grew 3% year-over-year to $26.7 billion and represented a 1.3x book-to-bill. Our pipeline continues to grow, particularly for large deals, and we have seen healthy demand in Applications, AI and Cybersecurity.

轉向預訂。第一季預訂量較去年同期下降 7%，主要由於世界其他地區的預訂量下降，而去年同期該地區的預訂量超過 2 億美元。新訂單和擴展訂單的組合同比大幅增長，占我們季度訂單的 50% 以上。在過去 12 個月中，訂單量年增 3% 至 267 億美元，訂單出貨比為 1.3 倍。我們的管道持續成長，特別是大型交易，我們看到應用程式、人工智慧和網路安全的需求旺盛。

Turning to margins. During the quarter, we sold an office complex in India for proceeds of $70 million and recorded a gain on transaction of $62 million. Excluding the positive impact of this transaction, adjusted operating margin was 15.5%. Year-over-year, margins improved by 40 basis points, primarily reflecting the net savings generated from our NextGen program and the benefit from the depreciation of the Indian rupee. This was partially offset by increased compensation costs. Utilization also increased to approximately 85%, driven by operational discipline.

轉向利潤。本季度，我們出售了位於印度的一棟辦公大樓，收益為 7,000 萬美元，交易收益為 6,200 萬美元。不計本次交易的正面影響，調整後的營業利益率為15.5%。與去年同期相比，利潤率提高了 40 個基點，主要反映了我們的 NextGen 計劃產生的淨節省以及印度盧比貶值帶來的好處。這被增加的補償成本部分抵銷。在營運紀律的推動下，利用率也增加到約 85%。

Now moving to cash flow and capital allocation. DSO of 81 days increased by three days from both the end of 2024 and the year ago quarter, driven by business mix. This remains in line with the assumptions in our 2025 cash flow guidance.

現在轉向現金流和資本配置。受業務組合推動，DSO 為 81 天，比 2024 年底和去年同期均增加了 3 天。這與我們 2025 年現金流指引中的假設一致。

First quarter free cash flow was $393 million. This includes the $70 million from the sale of an office complex in India, which we plan to redeploy in India over the next several years, including for the development of a new 14-acre learning campus in Chennai that we announced earlier this month.

第一季自由現金流為3.93億美元。其中包括出售印度一處辦公大樓所得的 7,000 萬美元，我們計劃在未來幾年內將資金重新部署到印度，包括本月稍早宣布的在欽奈開發一個佔地 14 英畝的新學習園區。

During the quarter, we returned $364 million of capital to shareholders through share repurchases and dividends. In March, we repaid the $300 million outstanding under the credit facility, and we ended the quarter with cash and short-term investments of $2 billion or net cash of $1.4 billion.

本季度，我們透過股票回購和股利向股東返還了 3.64 億美元的資本。3 月份，我們償還了信貸額度下未償還的 3 億美元，本季末我們的現金和短期投資為 20 億美元，淨現金為 14 億美元。

Now turning to our forward outlook. For the second quarter of 2025, we expect revenue to grow 5% to 6.5% year-over-year in constant currency. The remaining guidance items I will discuss are for the full year 2025. In 2025, we expect revenue to grow 3.5% to 6% in constant currency. Since we last gave guidance, we have seen certain foreign currencies strengthen considerably versus the US dollar. While our constant currency guidance is unchanged, our reported range has increased by approximately $200 million.

現在轉向我們的未來展望。對於 2025 年第二季度，我們預計營收將以固定匯率年增 5% 至 6.5%。我將要討論的其餘指導項目是針對 2025 年全年的。到 2025 年，我們預計營收將以固定匯率成長 3.5% 至 6%。自從我們上次提供指導以來，我們已經看到某些外幣兌美元大幅走強。雖然我們的恆定貨幣指引保持不變，但我們報告的範圍增加了約 2 億美元。

As a reminder, our guidance is based on current foreign currency exchange rates. We continue to expect full year inorganic contribution of a little more than 250 basis points. The low end of the revenue guidance assumes further deterioration in the demand environment. And the midpoint incorporates the deterioration we have seen to date with offsets from pipeline conversion and the large deal TCV growth we saw in the first quarter. The high end assumes an improvement in the demand environment further supported by our large deals pipeline.

提醒一下，我們的指導是基於目前的外幣匯率。我們繼續預計全年無機貢獻將略高於 250 個基點。收入預期的低端假設需求環境進一步惡化。中點包含了我們迄今為止所看到的惡化情況，其中包括管道轉換的抵消以及我們在第一季看到的大額交易 TCV 成長。高端假設需求環境有所改善，並得到我們大型交易管道的進一步支持。

As Ravi discussed, the dynamics are shifting in real time, and this guidance reflects the visibility we have today. Our adjusted operating margin guidance remains in the range of 15.5% to 15.7%, representing 20 basis points to 40 basis points of expansion.

正如拉維所討論的，動態正在即時變化，並且該指導反映了我們今天的可見性。我們調整後的營業利潤率預期仍維持在 15.5% 至 15.7% 的範圍內，這意味著擴張 20 個基點至 40 個基點。

Given the new realities of the macro environment, we expect growth opportunities will continue to be led by larger, cost takeout and productivity-led bookings. Based on this dynamic, we now expect margin expansion will be driven primarily by cost discipline and SG&A operating leverage. That said, we remain focused on strengthening our operational rigor through AI-led efficiencies, pyramid optimization and automation to improve gross margin over the medium term.

鑑於宏觀環境的新現實，我們預計成長機會將繼續由更大規模、成本降低和生產力驅動的預訂量所主導。基於這種動態，我們現在預期利潤率的擴大將主要受到成本控制和銷售、一般及行政費用營運槓桿的推動。儘管如此，我們仍將專注於透過人工智慧主導的效率、​​金字塔優化和自動化來加強我們的營運嚴謹性，以在中期內提高毛利率。

Our adjusted tax rate guidance is unchanged at 24% to 25%. Our EPS guidance of $4.98 to $5.14 in compared to our prior range of $4.90 to $5.06, primarily reflecting the currency tailwind to revenue and a lower share count. This represents 5% to 8% growth. And we continue to expect free cash flow to represent more than 90% of net income.

我們的調整後稅率指引維持不變，為 24% 至 25%。我們的每股盈餘預期為 4.98 美元至 5.14 美元，而之前的範圍為 4.90 美元至 5.06 美元，這主要反映了貨幣對收入的順風作用以及較低的股數。這意味著5%至8%的成長。我們繼續預期自由現金流將佔淨收入的 90% 以上。

As we discussed at our Investor Day, we expect to return approximately $1.7 billion to shareholders in 2025, including $1.1 billion in share repurchases and $600 million in dividends. This reflects the incremental $500 million of share repurchases planned for this year that we announced on our Investor Day.

正如我們在投資者日所討論的那樣，我們預計 2025 年將向股東返還約 17 億美元，其中包括 11 億美元的股票回購和 6 億美元的股息。這反映了我們在投資者日宣布的今年計劃增加 5 億美元的股票回購。

We believe this strategy also gives us flexibility to pursue opportunistic M&A. Therefore, we now expect a weighted average diluted share count of about 491 million compared to 493 million previously. We expect to be active in the market repurchasing shares when our trading window opens. And we remain very confident in our long-term growth opportunities and our leadership team to consistently deliver on our strategy.

我們相信這項策略也為我們尋求機會性併購提供了靈活性。因此，我們現在預計加權平均稀釋股數約為 4.91 億股，而先前為 4.93 億股。當我們的交易窗口打開時，我們預計將在市場上積極回購股票。我們對我們的長期成長機會和我們的領導團隊始終如一地執行我們的策略充滿信心。

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

現在，我們將開始回答您的問題。

(Operator Instructions)

（操作員指示）

Tien-Tsin Huang, JPMorgan.

摩根大通的 Tien-Tsin Huang。

Thanks so much. Congrats on getting into the Winner Circle this quarter here so quickly. I wanted to ask on the, if you don't mind, on the bookings and pipeline, all the commentary was really helpful. I'm just curious, if there's any shift in the quality of bookings or growth projects being replaced by cost-cutting projects. It sounds like that's the case. Just not sure about the pacing of that and if maybe you'll see more awards come faster, for example, because of it? And any interesting trends on pricing and margin to win these larger deals?

非常感謝。恭喜您如此迅速地進入本季的贏家圈。如果您不介意的話，我想問一下關於預訂和管道的問題，所有的評論都非常有幫助。我只是好奇，預訂品質是否會發生變化，或者成長項目是否會被削減成本的項目所取代。聽起來確實如此。只是不確定其節奏如何，也許你會看到更多的獎項來得更快，例如，因為它？在定價和利潤方面是否存在任何有趣的趨勢來贏得這些更大的交易？

Thank you, Tien-Tsin. I'm going to -- this is Ravi here. I'm going to start and ask Jatin to chip in. Clearly, the productivity gain of leveraging AI and sharing the benefits of lower cost of deployment I think we seem to be leading that swim lane. We are not only winning in the marketplace, but we are also originating new deals.

謝謝你，Tien-Tsin。我要去──我是拉維。我要開始並請 Jatin 參與進來。顯然，利用人工智慧提高生產力並分享降低部署成本的好處，我認為我們似乎正在引領這一潮流。我們不僅在市場上取得了勝利，而且還在創造新的交易。

And when we originate, we have the opportunity to sole source it. These are deals where you could consolidate if you have the wallet share and the trusted -- the trust of our clients. So that is going well. That's what is making our large deals stand out.

當我們發起時，我們就有機會獨家採購它。如果您擁有錢包份額和信任——我們的客戶的信任，您就可以鞏固這些交易。一切進展順利。這就是我們的大額交易脫穎而出的原因。

Now in specific industries like financial services, there is also discretionary growth work coming back. I mean there is -- it was expected that Financial Services will go through a level of deregulation, it will pull back discretionary -- I mean it will rather accelerate discretionary. So that is coming back. I mean look at where we are at Financial Services, quarter one of last year, 2024, we were minus 6.5% Y-on-Y. Quarter one this year, all organic, we had 6.5% Y-on-Y positive.

現在，在金融服務等特定產業中，可自由支配的成長工作也正在回歸。我的意思是——預計金融服務將經歷一定程度的放鬆管制，它將減少自由裁量權——我的意思是它將加速自由裁量權。所以它又回來了。我的意思是看看我們在金融服務領域的現狀，去年第一季度，也就是 2024 年，我們的營收年減了 6.5%。今年第一季度，我們全部實現了有機成長，年增 6.5%。

So I would say the growth vector is already starting to apply in financial services, and it is slowly inching back more innovation-led projects. The 1,400 AI projects I spoke about, those are starting to see -- especially in financial services, we're starting to see more innovation-led growth led. Health care -- in commercial health care, I would say, commercial health care, large enterprises, we are seeing a lot of innovation-led work.

所以我想說成長向量已經開始應用於金融服務，並且正在慢慢推動更多創新主導的專案。我談到的 1,400 個人工智慧專案開始顯現——特別是在金融服務領域，我們開始看到更多由創新主導的成長。醫療保健－我想說，在商業醫療保健領域，在商業醫療保健、大型企業中，我們看到了許多創新主導的工作。

And finally, this year -- this quarter, we announced a mega deal, and we are very happy about the mega deal we announced. In fact, the TCV of all our large deals is higher than the TCV we had last year. And we have a couple of mega deals in the pipeline in quarter two.

最後，今年——本季度，我們宣布了一項大型交易，我們對宣布的這項大型交易感到非常高興。事實上，我們所有大額交易的 TCV 都高於去年的 TCV。我們在第二季有幾筆大型交易正在籌備中。

I'm very hopeful if we happen to cross the finishing line on that, it will help us in our growth journey. And these are mega deals. I mean I'm not talking about large deals, $500 million and above. So we're kind of starting to feel excited about a nice pipeline of mega deals lining up.

我非常有希望，如果我們碰巧跨過這條終點線，它將有助於我們的成長之旅。這些都是大型交易。我的意思是，我說的不是 5 億美元及以上的大交易。因此，我們開始對即將達成的一系列大型交易感到興奮。

Yes. Tien-Tsin, I'll just add on your -- add to Ravi's answer related with the pricing and the margin expectations from the large deals or mega deals. Very clearly, your ability to win these deals is a factor of three things: the strength of your solution, your demonstrated execution in past on similar deals and third is your ability to provide the productivity, which is commensurate with today's environment and what the potential of Gen-AI can offer.

是的。Tien-Tsin，我只是想補充一下 Ravi 的回答，關於大宗交易或超級交易的定價和利潤預期。很明顯，您贏得這些交易的能力取決於三個因素：您的解決方案的實力、您在過去類似交易中表現出的執行力，以及您提供生產力的能力，這與當今的環境和 Gen-AI 的潛力相稱。

And we have scored well on all three. And consistently, therefore, pricing is a question, but it is not a question of rate card, but it's really the quality of solutioning that you are able to do and how much of AI-led productivity, the vector 1 sort of dynamics you are able to bring in to the answer has been the key driver. It does have margin implications in the initial year, but now we have a portfolio.

我們在這三項上都取得了不錯的成績。因此，定價始終是一個問題，但這不是費率表的問題，而是您能夠提供的解決方案的質量，以及多少由人工智慧主導的生產力，您能夠為答案帶來的向量 1 動態一直是關鍵驅動因素。它在第一年確實對利潤有影響，但現在我們有了投資組合。

We have been in large deals for three years now and the ones that we won in end of '23 -- beginning of '23 are at a place where we are now executing at a better margin than what we had initially. So you manage it as a portfolio because the initial margins, you will have to work with in the context of the larger business and larger portfolio.

我們已經參與大型交易三年了，我們在 23 年底至 23 年初贏得的交易現在的利潤率比最初的水平要好。因此，您可以將其作為投資組合進行管理，因為初始利潤率必須在更大的業務和更大的投資組合的背景下進行。

And if I may just add one other differentiator. The AI productivity, we are the only one, I mean in my peer group, which has actually called it out, and we are continuing to monitor it inside, and we are bold enough to tell our clients that this is productivity we can benefit with our client work. So I mean that's an evolving flywheel, which we believe we are fiercely competitive in the market.

如果我還可以添加一個其他區別因素的話。在人工智慧生產力方面，我們是唯一一個，我的意思是在我的同行群體中，真正提出這一點的人，我們正在繼續內部監控它，我們有足夠的勇氣告訴我們的客戶，這是我們可以透過客戶工作受益的生產力。所以我的意思是這是一個不斷發展的飛輪，我們相信我們在市場上具有激烈的競爭力。

Thank you, both. That's interesting. Just as a quick follow-up. I think it's relevant just with the utilization moving up a little bit, just testing the productivity as well as the headcount question, is there more room for that to improve given that anything to consider as we're thinking about utilization and margin in the coming quarters? Thank you for the opportunity.

謝謝你們兩位。那很有意思。只是作為快速的後續行動。我認為這與利用率略有上升有關，只是測試生產力以及員工人數問題，考慮到我們在考慮未來幾季的利用率和利潤率時需要考慮的因素，是否還有改進的空間？感謝您提供的機會。

Yes. Tien-Tsin, it's an interesting question. Look, we went from 82% utilization last year, same quarter, to 85% utilization. So it's a huge lift. Now when you do good fulfillment, you also need to build capacity for the future.

是的。Tien-Tsin，這是一個有趣的問題。你看，我們的利用率從去年同期的 82% 上升到了 85%。所以這是一個巨大的提升。現在當你做好履行職責的時候，你還需要為未來建構能力。

This year, we are going to hire freshers, a lot more because we want to size a pyramid. And when you get managed services work, our fixed price work over the last two years has gone up, managed services work has gone up.

今年，我們將招募更多新人，因為我們想要擴大金字塔的規模。當您獲得託管服務工作時，我們過去兩年的固定價格工作已經上漲，託管服務工作也已經上漲。

So we can, actually, [start] pyramid. But it also comes equally with overhead of carrying higher bench at a lower cost and actually offshore. So I'm a big fan of intertwining this with AI productivity, utilization and rightsizing the pyramid. So that's the next big step we are going to take. AI productivity, utilization, I mean, utilization of experienced talent.

因此我們實際上可以[開始]金字塔。但它也同樣伴隨著以較低成本運送更高檯面的開銷，並且實際上是在海外。因此，我非常贊同將其與人工智慧生產力、利用率和金字塔的合理規模結合起來。這就是我們要採取的下一個重大措施。人工智慧的生產力、利用率，我的意思是經驗豐富的人才的利用率。

There is a little bit of room. But once you feed freshers in, you need some room for utilization to tick up. So we're kind of playing on all three, and we're going to add freshers into the mix this year. So that's broadly how we are approaching our cost of human capital.

還有一點空間。但是一旦你輸送新人，你就需要一些空間來提高利用率。因此，我們基本上是同時進行這三種課程，今年我們也將招收新生。這就是我們大致處理人力資本成本的方法。

Ramsey El-Assal Barclays.

拉姆齊·埃爾-阿薩勒·巴克萊。

Hi, thanks so much for taking my questions this evening. I wanted to ask about the April slowdown in decision-making that you're seeing. And I guess, in particular, the comment that Jatin made about seeing the impact is isolated in the second quarter. I'm just trying to understand the degree to which maybe you see it as particularly ring-fenced by a particular client or geography or some way to kind of make it feel like it's more temporarily bounded rather than something that could get worse?

你好，非常感謝您今晚回答我的問題。我想問一下您所看到的四月份決策放緩的情況。我想，特別是 Jatin 所做的關於看到第二季度影響的評論是孤立的。我只是想知道，在多大程度上，您可能認為它受到特定客戶或地理位置的特別限制，或者以某種方式讓它感覺更像是暫時的限制，而不是可能變得更糟？

Yes. Sure, Ramsey. So clearly, it is -- let me start with the positive news is that, as I mentioned, that financial services continues to present a lot of opportunity and there is a lot of strength. Communication, media and technology is stable demand. It is certainly remains unaffected.

是的。當然，拉姆齊。顯然，首先我要說的是積極的消息，正如我所提到的，金融服務繼續提供大量機會，並且具有很大的優勢。通訊、媒體和科技是穩定的需求。它當然不會受到影響。

We do see pockets of caution in health business because there is a little bit of wait and watch and assessment of what is the implication of the final policies on the spend by some of our customers. The one where we see an impact is products and resources business, which has more direct impact and implication from tariffs, be it a manufacturing sector or our consumer or end retail sector. So these are -- this is how we see the spectrum of segments and how they're impacted within US.

我們確實看到醫療保健業務中存在一些謹慎的跡象，因為人們正在等待、觀察和評估最終政策對我們一些客戶支出的影響。我們看到受到影響的是產品和資源業務，這些業務受到關稅的直接影響和影響，無論是製造業還是我們的消費者或終端零售業。所以這些就是——這就是我們看到的細分範圍以及它們在美國受到的影響。

Okay. And acknowledging your exposure to US government work is really small. And I know you also called out that you haven't seen any contract terminations. Will Belcan kind of completely dodge the [DOGE] acts just given the critical nature of the offerings there? Or is there still any risk that you're seeing, again, acknowledging that it's a very small part of your business that you could see some contracts terminated on the government side? Thanks.

好的。並承認你接觸美國政府工作的情況確實很少。我知道您也說過您沒有看到任何合約終止的情況。鑑於那裡產品的重要性，Belcan 是否會完全避開 [DOGE] 法案？或者您仍然看到任何風險，再次承認這只是您業務中很小的一部分，您可能會看到政府方面終止一些合約？謝謝。

Yes. So Belcan, mostly works on engineering and not on enabling technology. So engineering is building things for the future. And in some ways, engineering has always been on the revenue side of the equation or building side of the equation versus enabling side. So that is one part.

是的。因此，Belcan 主要致力於工程，而不是支援技術。所以工程就是為未來建造事物。從某些方面來看，工程一直處於等式的收入方面或建設方面，而不是支持方面。這是其中一部分。

The second is the exposure to government is very little from and some of it is a little bit through the primes and contractors. It is primarily a lot of commercial aerospace work they do, which has no impact on us. So far, we have not seen any impact. And the exposure they have is pretty small.

第二，來自政府的曝光很少，其中一些是透過總承包商和承包商獲得的。他們主要從事大量商業航空航天工作，對我們沒有影響。到目前為止，我們還沒有看到任何影響。而且他們的曝光度相當小。

Darrin Peller, Wolfe Research.

達林·佩勒（Darrin Peller），沃爾夫研究公司。

Hey, guys. Thanks. So your organic constant currency growth did look like -- it did continue to notably accelerate this quarter. So maybe just revisit that for a minute. If we -- other than the financial services discretionary tailwind you're starting to see, which is good to hear, is this associated with just large deals from the prior year transitioning into revenue now? And where are we on the conversion from existing bookings into revenue? And how could we expect the cadence from an organic standpoint to shake out for the rest of the year from your perspective?

嘿，大家好。謝謝。因此，您的有機恆定貨幣成長確實看起來——本季確實繼續顯著加速。因此也許只需再回顧一下這一點。如果我們——除了您開始看到的金融服務可自由支配的順風之外（這令人高興），這是否與去年的大額交易現在轉化為收入有關？我們在將現有預訂轉化為收入方面處於什麼位置？從您的角度來看，我們如何從有機角度預期今年剩餘時間的節奏會改變？

So a large part of -- if you have seen the industry vertical split, a large part of our organic growth has actually come from health care and health care has been comprehensive, all the way from provider to life sciences. And financial services, which has gone through -- I mean, both these sectors have gone through significant upside for us. And we've been -- look at our deals in the last two years. We did [2900 million] deals last year. We did [1700 million] deals the year before.

因此，如果你了解產業垂直分裂，你會發現我們很大一部分有機成長實際上來自醫療保健，而醫療保健是全面的，從提供者到生命科學。金融服務業－我的意思是，這兩個產業對我們來說都經歷了顯著的成長。我們一直在——看看我們過去兩年的交易。去年我們完成了[29億]筆交易。我們在前一年完成了[17億]筆交易。

And the third year -- the end of the second year and the start of the third year are the ones where you start to see the ramp in a big way. So certainly, that's where we are seeing traction. This is also a quarter where all three geographies have fired cylinders. I mean -- we've had some great traction in Europe. We've had -- if you remember the deal we did with [Telstra] in Australia, that has had the traction that is already to the second year.

第三年－第二年年底和第三年開始的時候，你會開始看到大規模的成長。所以，毫無疑問，這就是我們看到的吸引力。這也是三個地區均火力全開的一個季度。我的意思是——我們在歐洲取得了巨大的進展。如果您還記得我們與澳洲 Telstra 達成的交易，那麼這項交易已經持續了第二年。

So large deals and discretionary small deals coming back in financial services, I would say, I would put these two as the mix. In fact, this quarter, one of the things we don't tell the Street, but we kind of monitor internally is ACV. Our ACV on a year-on-year basis has gone up as well. The size of the large deals have gone up and the ACV has gone up year-over-year. So that is -- I mean that's an important metric.

因此，我想說，金融服務領域的大型交易和可自由支配的小額交易，我會把這兩者結合起來。事實上，本季度，我們沒有告訴華爾街，但我們在內部監控的事情之一是 ACV。我們的 ACV 年比也有所上升。大型交易的規模不斷擴大，ACV 也逐年上升。所以這是——我的意思是這是一個重要的指標。

I mean book-to-bill is at 1.3 trailing 12 months. But our ACV has gone up. And our net new proportion on our large deals has also gone up this quarter, which kind of gives us incremental push. So that's how we are seeing it.

我的意思是過去 12 個月的訂單出貨比是 1.3。但我們的ACV已經漲了。本季度，我們大型交易的淨新增比例也有所上升，這給了我們增量推動力。這就是我們所看到的情況。

So it's -- the two big industries for us are actually firing cylinders, which is helping us in the process. And these two sectors in some ways also don't have an indirect impact related to the geopolitical -- I mean related to the larger economic situation around tariffs and everything else.

所以，對我們來說，這兩個大產業其實都在推動汽缸的發展，這對我們的進程有幫助。而且從某種程度上來說，這兩個行業也不會對地緣政治產生間接影響——我的意思是，不會對關稅和其他一切更大的經濟狀況產生間接影響。

Alright. That's really helpful. Just maybe touch on the labor market conditions also, what you're seeing there. Obviously, we saw attrition was pretty -- I think it was pretty flat quarter-over-quarter. So just help us understand where you stand there as well as any elements of wage inflation or any changes in the environment. Thanks, again. Guys [nice to]

好吧。這真的很有幫助。也許也應該談談您所看到的勞動力市場狀況。顯然，我們看到員工流動率相當高——我認為與上一季相比，員工流動率相當穩定。因此，請幫助我們了解您的立場以及任何薪資上漲的因素或環境的變化。再次感謝。夥計們[很高興]

Yes. We see stability on attrition. As you can see, it's actually down slightly. And we don't see any undue pressure of attrition and therefore, either impact on wage, which can rise up or any impact on our ability to deliver our projects to our customers. I think we are in a good spot, in a healthy spot. And between quarter four and quarter one, there is a continued stability on that.

是的。我們看到人員流失趨於穩定。正如您所見，它實際上略有下降。我們沒有看到任何過度的人員流失壓力，因此，也不會對薪資產生影響（薪資可能會上漲），也不會對我們向客戶交付專案的能力產生影響。我認為我們處於一個良好、健康的狀態。在第四季度和第一季之間，這種情況繼續保持穩定。

Just to add to that, there's one other aspect which helps on our -- helps on our growth is fulfillment. We've had an extraordinary period of fulfillment. The number of people we can hire as an attractive employer, the percentage of offers, which get accepted and the percentage of people who are coming back, I've actually mentioned about it in my previous public earnings that we have a huge number of returners coming back, and we have a big pipe of it.

除此之外，還有一個面向也有助於我們的成長，那就是滿足感。我們經歷了一段非凡的充實時期。作為一個有吸引力的雇主，我們可以僱用的人數、被接受的錄用通知的百分比以及回歸的員工的百分比，我在之前的公開收益中實際上提到過，我們有大量回歸的員工，而且我們擁有大量的回歸者。

That is helping us on fulfillment, which in turn is going to help in discretionary because discretionary is smaller projects with more experienced people. So in addition to a lower attrition flattish curve, we're also seeing good fulfillment.

這有助於我們實現目標，反過來也有助於我們進行自由裁量，因為自由裁量是需要更有經驗的人來完成的較小專案。因此，除了較低的流失率曲線趨於平坦之外，我們還看到了良好的履行。

Jim Schneider, Goldman Sachs.

高盛的吉姆·施耐德。

Good afternoon. Thanks for taking my question. I was wondering if you could maybe just give us a bit of a perspective on sort of your level of comfort. It seems like the current emphasis on cost take out by your companies has really kind of playing to your strengths right now.

午安.感謝您回答我的問題。我想知道您是否可以稍微告訴我們您的舒適程度。看來，目前貴公司對成本削減的重視確實發揮了你們的優勢。

Maybe give us a sense about, relative to your outlook for the year, how much backlog coverage do you have in the current revenue outlook for the year? And then maybe secondly, can you maybe talk a little bit about the gross margin trends.

或許請您讓我們了解一下，相對於您對今年的展望，您在當前年度收入展望中有多少積壓訂單覆蓋率？其次，能否談談毛利率趨勢？

I think you talked about maybe not expecting so much of the margin improvement to come from gross margin, but rather from operating expenses. Maybe give us a little bit of color on if anything has changed with respect to the gross margin composition, whether that's due to the wage increases or something else? Thank you.

我認為您談到也許不希望利潤率的成長主要來自毛利率，而是來自營運費用。能否請您稍微介紹一下毛利率組成是否有任何變化，是否是因為薪資上漲或其他原因造成的？謝謝。

Sure, Jim. So on the commentary, on the way we look at the guidance for the year is really -- at the lower end -- that the environment has to further worsen for that to come through at the lower end. The midpoint of the guidance really factors the impact that we have seen so far which is offset by the pipeline that we see and which is offset by the deal wins that we have had in quarter one.

當然，吉姆。因此，從評論來看，我們對今年指引的看法實際上是——處於低端——環境必須進一步惡化才能實現低端目標。該指導的中點實際上考慮了我們迄今為止所看到的影響，這種影響被我們看到的管道和我們在第一季取得的交易勝利所抵消。

And at the higher end of the guidance, we are assuming that the environment has to become better from where we are in quarter three and quarter four. So that's the sort of spectrum of possibilities that we see for the rest of the year.

在指導的高端，我們假設環境必須比第三季和第四季變得更好。這就是我們在今年剩餘時間內看到的各種可能性。

We do feel good for what we have as our backlog, as Ravi also spoke about it, couple of points there is that for -- on a trailing 12-month basis, our book-to-bill ratio is 1.3x, which is quite healthy. We have seen higher net new or expansion deals, more than 50% of total bookings that we have seen in quarter one, which is another healthy aspect of the bookings. So that provides the coverage that we see for the rest of the year as we anchor ourselves around the midpoint of the guidance.

我們對我們的積壓訂單感到很滿意，正如 Ravi 所說的那樣，有幾點需要注意——在過去 12 個月的基礎上，我們的訂單出貨比是 1.3 倍，這是相當健康的。我們看到了更高的淨新交易或擴張交易，佔第一季總預訂量的 50% 以上，這是預訂量的另一個健康方面。因此，當我們將自己固定在指導的中點附近時，這為我們在今年剩餘時間內看到的提供了保障。

Your question around -- if I cover the gross margin question, I think our context of that comment was more around the fact that the pricing ability to get a superior pricing in an environment like this, as you can imagine, is low. And therefore, it's really the cost discipline that will drive the outcomes on the operating margin for the rest of the year.

您的問題是關於——如果我討論毛利率問題，我認為我們對此發表評論的背景更多的是圍繞這樣一個事實：正如您所想像的，在這樣的環境下，獲得更優惠定價的能力很低。因此，成本控制才是真正決定今年剩餘時間營業利潤率的關鍵。

Ravi spoke about earlier, on gross margin, there are clearly three levers. One is the utilization. Second is the productivity that we can drive through Gen AI. And third is the pyramid correction through infusion of recent college graduates into the workforce. And this is -- this will continue to be the driver for us to improve the gross margin.

拉維之前說過，就毛利率而言，顯然有三個槓桿。一是利用率。第二是我們可以透過人工智慧來提高生產力。第三是透過吸納應屆大學畢業生加入勞動大軍來進行金字塔調整。這將繼續成為我們提高毛利率的動力。

Of course, environment like this also offers opportunity for you to correct your -- look at all the cost aspects, which go in your G&A line and continue to find opportunities there. So that also remains as an option that we'll continue to pursue. So that's the context of what we have baked in for our operating margin guidance for 2025.

當然，這樣的環境也為你提供了一個糾正的機會——查看所有成本方面，這些方面都屬於你的 G&A 線，並繼續在那裡尋找機會。因此，這仍然是我們將繼續追求的選擇。這就是我們為 2025 年營業利潤率所製定的指導背景。

Just a quick color on the -- I mean a different lens on the pipeline to what Jatin just mentioned, we spoke about ACV going up, mega deals in the pipe, in quarter two and hopefully, it continues. And net new business higher than the renewal in our mix.

只是簡單介紹一下——我的意思是從不同的角度看待管道，與 Jatin 剛才提到的不同，我們談到了 ACV 的上漲，管道中的大型交易，在第二季度，希望這種情況能夠繼續下去。且淨新業務高於我們的組合中的更新業務。

The two other aspects, which are starting to make me feel very optimistic. One is our new logo hunting has really improved since the time I have come, I've not seen such an extraordinary run on new logos. We are starting to feel very confident about not just winning large deals, but winning large deals in new logos.

另外兩個方面開始讓我感到非常樂觀。一是自從我來到這裡以來，我們的新標誌搜尋工作確實有了進步，我從未見過新標誌搜尋工作有如此非凡的進展。我們開始感到非常有信心，不僅能贏得大筆交易，還能贏得新標誌的大筆交易。

And there is one other aspect. The 1,400 AI projects we are doing, a lot of them are innovation led. They are small prototypes, proof of concepts and rapid prototypes. But as the discretionary starts to trigger. And more importantly, when we do this cost takeouts, we underwrite some of that money.

還有另外一個面向。我們正在進行的 1,400 個人工智慧項目，其中許多都是由創新主導的。它們是小型原型、概念證明和快速原型。但隨著自由裁量權開始觸發。更重要的是，當我們進行這項成本削減時，我們會承保其中的部分資金。

That downstream opportunities are huge. And we think we are in a pole position on that. So as I mentioned, in my remarks, we want to build this company for slow and fast velocity. Right now, it is cost takeout and the vendor consolidation and productivity. But when the innovation engine fires, like it is doing today in financial services, it will in other sectors, we think we are in pole position to seize those opportunities.

下游機遇龐大。我們認為我們在這方面處於領先地位。正如我在演講中提到的，我們希望打造一家既慢速又快速的公司。現在，重點是成本削減、供應商整合和生產力。但當創新引擎啟動時，就像今天在金融服務領域一樣，它也會在其他領域啟動，我們認為我們處於抓住這些機會的有利位置。

Thank you.

謝謝。

Bryan Keane, Deutsche Bank.

德意志銀行的布萊恩·基恩。

Yes. Thanks for taking my questions. Congrats on entering the Winner Circle, I guess, Ravi, my question is how sustainable -- is it -- can you stay in the Winner Circle and why would that be?

是的。感謝您回答我的問題。恭喜您進入勝利者圈子，我想，拉維，我的問題是，您能否持續地留在勝利者圈子裡，以及為什麼呢？

Yes. So I want to be humble here to say that one quarter is not enough. We have to consistently do this every quarter. And our belief is being in the Winner's Circle is about consistency and durability of who we are. What we did this quarter, we're very proud of it, but I would feel like I would say, I am in the Winner's Circle with the sense of pride, only when I do this consistently for a couple of quarters.

是的。因此，我想在這裡謙虛地說，四分之一是不夠的。我們必須每季都堅持這樣做。我們相信，躋身勝利者圈子意味著我們自身的一致性和持久性。我們為本季所取得的成績感到非常自豪，但我想說，只有當我連續幾個季度都這樣做時，我才能感到自豪地進入贏家圈。

We feel excited about where we are in relative to our peer group, how we are winning. And if we get some tailwinds from the external market as the high velocity market kicks in, we get to much bigger growth numbers.

我們對自己相對於同儕的地位以及我們如何獲勝感到興奮。如果我們在高速市場啟動時獲得來自外部市場的一些順風，我們將獲得更大的成長數字。

But what we are comparing ourselves now is relative growth, relative organic growth. And we feel like it's a good starting point. It is -- to answer your question, I think it can be sustained. I mean we just have to keep doing this again and again. And it's a treadmill.

但我們現在比較的是相對成長、相對有機成長。我們覺得這是一個很好的起點。是的——回答你的問題，我認為它是可以持續的。我的意思是我們必須不斷地這樣做。這是一台跑步機。

We just have to keep running on it again and again and we have the gas in the tank to sustain it. And I'll tell you why this is -- why I feel so. We've also built a portfolio which is broad-based. We are all-weather company. It's broad-based. We are now operating on four pillars of services, tech services, BPO services, infra-led cloud transformation and engineering services. We were not operating before on 4 pillars.

我們只需要不斷地繼續前進，我們就會有足夠的動力來維持下去。我會告訴你為什麼──為什麼我會有這樣的感覺。我們也建立了一個基礎廣泛的投資組合。我們是一家全天候公司。它具有廣泛的基礎。我們現在以四大服務支柱開展業務：技術服務、BPO 服務、基礎設施主導的雲端轉型和工程服務。我們之前並不是按照四大支柱來運作的。

Now we're operating on 4 pillars. We are now expensive beyond health care and financial services. I have a new leader for manufacturing now who has come on Board. We're going to fire cylinders there. We have had traction in comps, comps and technology, retail and CPG. So we have a breadth of industries and not dependent on just two.

現在我們圍繞著四大支柱開展工作。我們現在的開支已經超出了醫療保健和金融服務的範圍。現在，我公司有一位新的製造部門領導加入。我們要在那裡發射氣瓶。我們在同店銷售、同店銷售和科技、零售和快速消費品領域都取得了進展。因此，我們擁有廣泛的行業，而不僅僅依賴兩個行業。

And as you have seen this quarter, we now have growth beyond North America. North America, we are leading. I think we are leading -- we are probably the number 1 player in North America today, but we are now wanted to do this globally.

正如您在本季看到的，我們的成長現已超越北美。北美，我們處於領先地位。我認為我們處於領先地位——我們可能是當今北美第一大市場，但我們現在希望在全球範圍內做到這一點。

So if you -- if we broad base this, it gives us the opportunity to make it consistent and resilient because if one falls, the other picks up, and it gives us the way -- it gives us the opportunity to keep our numbers intact. So that's how we have built this portfolio. And therefore, I feel confident to hopefully sustain this and hopefully do it for at least a couple of quarters and then say, well, I truly think we are in the winner's circle.

所以，如果我們擴大這一基礎，我們就有機會使其保持一致性和彈性，因為如果一個倒下，另一個就會接替，這就給了我們方法——它給了我們機會保持我們的數字不變。這就是我們建立這個投資組合的方式。因此，我有信心維持這種狀態，並希望至少維持幾個季度，然後說，我真的認為我們進入了贏家的圈子。

Got it. Got it. And then, Jatin, just a two part question. I guess, first, I know we talked about 4% organic growth in the first quarter. if I do another 400 basis points of M&A or so, we're talking about a 1% to 2.5% organic in the second quarter.

知道了。知道了。然後，Jatin，這個問題分為兩個部分。我想，首先，我知道我們談論的是第一季 4% 的有機成長。如果我再進行 400 個基點左右的併購，那麼第二季的有機成長率將達到 1% 到 2.5%。

So it's a little bit of a decel. Is that just a reflection of what you're seeing in April and pushing it through the model? That's question one. And then question two is just that gap between organic revenue growth and headcount growth widened again. Is that just utilization? Or is that some GenAI benefits as well? Thanks.

所以它有點減速了。這是否只是您在四月所見情況的反映並透過模型加以推動？這是第一個問題。第二個問題是，有機收入成長和員工人數成長之間的差距再次擴大。這僅僅是利用嗎？或者這也是 GenAI 的一些好處？謝謝。

Sure. So the answer to your first question is yes. The environmental uncertainty that we saw in April has been factored in our quarter two guidance. And therefore, the numbers that you've described are directionally where they are. And we'll continue to see how we execute during the course of the quarter.

當然。因此，你的第一個問題的答案是肯定的。我們在第二季的指導中已經考慮到了四月看到的環境不確定性。因此，您所描述的數字在方向上是一致的。我們將繼續觀察本季的執行情況。

To your second question, yes, absolutely. I think we have driven -- we have driven significant utilization improvement, which is from 80% to 85%. But let me just share a simple math. If you see compared to last year, our headcount, and now we are down 8,000 employees. And if I add back another 6,000 odd that came through Belcan, which is there in the numbers now, but were not present in the numbers for Q1 of '24, we are talking about approximately 14,000 employees lower now than what we had before, and we have delivered 4% organic growth with that many lower number of employees.

對於你的第二個問題，是的，絕對是。我認為我們已經推動了利用率的顯著提高，從 80% 提高到了 85%。但讓我分享一個簡單的數學問題。如果你看一下與去年相比我們的員工人數，現在我們減少了 8,000 名員工。如果我再加上透過 Belcan 招募的另外 6,000 多名員工，這些員工現在出現在數字中，但在 2024 年第一季度的數字中卻沒有出現，那麼我們現在的員工人數比以前減少了大約 14,000 人，而在員工人數減少這麼多的情況下，我們實現了 4% 的有機增長。

And utilization is a part of it, 3%, but the total number is somewhere around 7% to 8%. So remaining number has really come through a superior utilization of our resources in delivering the outcome, which has been growing

利用率是其中的一部分，為 3%，但總體大約在 7% 到 8% 左右。因此，剩下的數字實際上是透過我們更好地利用資源來實現的，而這一數字一直在增長

Maggie Nolan, William Blair.

瑪吉諾蘭、威廉布萊爾。

Thank you. My question is about the pace of conversion. If the mix of business shifts more towards larger-scale cost takeout deals, do you feel confident that those can be signed and start contributing to revenue before the end of the calendar year? Or is there a possible pushout in revenue to next year?

謝謝。我的問題是關於轉換的速度。如果業務組合更多地轉向更大規模的成本承擔交易，您是否有信心在年底之前簽署這些交易並開始為收入做出貢獻？或者收入有可能延到明年嗎？

Great question. In fact, this is an interesting one. Every time a client has come to me saying the environment is uncertain, I actually felt there will be more paranoia to close cost takeout deals. So there has been in some pockets. I mean, the mega deals that I mentioned I'm chasing, they were in this quarter.

好問題。事實上，這是一個有趣的現象。每當客戶來找我，告訴我環境不確定時，我實際上感覺他們會更擔心是否能達成成本外賣交易。因此，在某些地方已經存在這種情況。我的意思是，我提到的我正在追逐的大型交易都發生在本季。

They rolled over to the next quarter. But the paranoia about cost and productivity, the timing can never be better than now. I mean when you're on a slowdown, there is one way to look at cost takeout deals. When there is a high velocity market, there's another way to look at it. This is not a slow or a high market.

他們進入了下一季。但對於成本和生產力的擔憂，現在是最好的時機。我的意思是，當你處於放緩狀態時，有一種方法可以查看成本承擔交易。當市場高速運轉時，我們可以用另一種方​​式來看待它。這不是一個低迷的市場，也不是一個高漲的市場。

This is an uncertain market.

這是一個不確定的市場。

So when in an uncertain market, you really want to get the best value. In a slow market, you might still not take a risk. But in an uncertain market, you want to get the best value. So I think there could be some movement -- lumpiness of these deals. But when can be a better time than an uncertain complex environments to do cost takeout and cost takeout not through labor, cost takeout through technology.

因此，當市場不確定時，您確實希望獲得最佳價值。在市場低迷的情況下，您可能仍不會承擔風險。但在不確定的市場中，您希望獲得最佳價值。所以我認為這些交易可能會出現一些波動。但是什麼時候才是比不確定的複雜環境更好的時機來進行成本削減，而且不是透過勞動力來削減成本，而是透過科技來削減成本。

I mean the labor cycles have gone through multiple times. There's very little left on the runway. It's actually a technology-led arbitrage. And therefore, I do believe this [flame] will be active till -- I mean this is a double engine transformation, the AIPs. The moment the markets take a little high velocity, we can swing to innovation. I mean that's what's happening in financial services today.

我的意思是分娩週期已經經歷了多次。跑道上已經所剩無幾了。這實際上是一種技術主導的套利。因此，我確實相信這個 [火焰] 將一直活躍到 - 我的意思是這是一個雙引擎改造，AIP。一旦市場速度稍微加快，我們就可以轉向創新。我的意思是這就是當今金融服務領域正在發生的事情。

Financial services is a little -- it's a little running on its own because they've had a lull for two years of spend. And now that spend is coming back, and that spend is also getting the sentiment about deregulation, which is helping us.

金融服務有點——有點獨立運行，因為他們的支出已經停滯了兩年。現在，支出正在回升，支出也引起了放鬆管制的情緒，這對我們有幫助。

So I would say in a very optimistic way that -- I mean this -- there cannot be a better time to win in terms and cost takeout deals is -- I mean the time for them is now when the market is uncertain. Will there be some lumpiness on deals moving between quarters, I think it would be. But it is going to be a rebaselining of the cost of technology deployment, and we want to lead the way.

因此，我會非常樂觀地說——我的意思是——現在是贏得成本收購交易的最佳時機——我的意思是，現在正是市場不確定的時候。季度間交易的變動是否會出現一些波動？我認為是的。但這將是技術部署成本的重新基準，我們希望能引領這項進程。

Thank you. And then what are you seeing in the pricing environment from clients and conversations with clients as well as any competitive behaviors from peers? Thanks for taking my question.

謝謝。那麼，您從客戶的定價環境、與客戶的對話以及同行的競爭行為中看到了什麼？感謝您回答我的問題。

Maggie, it's an intense -- intensity is certainly there on the pricing for large deals, but it is more led by your ability to reduce the total cost of owner share of owning a project or owning a technology for customer as against negotiations around outright rate cards.

瑪吉，對於大型交易來說，定價肯定是有強度的，但它更多的是由你降低業主承擔的項目或為客戶擁有的技術的總成本的能力決定的，而不是圍繞直接費率表進行談判。

So it's the better you are at the vector 1 capabilities of deploying Gen AI into your solution and overall architecture of the deal, the superior your pricing would be. And that's what is playing out in the marketplace. And as you can imagine, there are differing scales of technologies, of capabilities out there. And we believe that we do have an early more advantage there, as Ravi summarized in the beginning of the call.

因此，您在將 Gen AI 部署到您的解決方案和交易的整體架構中的向量 1 能力越強，您的定價就越優越。這就是市場上正在上演的情景。正如你所想的，存在著不同規模的技術和能力。我們相信，我們確實在那裡擁有更多優勢，正如拉維在電話會議開始時所總結的那樣。

Thank you.

謝謝。

Okay. With that, I would now like to turn the call back to management for any closing remarks.

好的。好了，現在我想把電話轉回給管理階層，請他們做最後的總結發言。

Thank you. Thank you so much for listening to us. And I look forward to more dialogue and we're looking forward to the rest of the year. Thank you, again. Thanks for joining today.

謝謝。非常感謝您聆聽我們的發言。我期待更多的對話，我們也期待今年剩餘時間的對話。再次感謝您。感謝您今天的加入。

And with that, this does conclude today's Cognizant Technology Solutions first quarter 2025 earnings conference call. You may now disconnect.

至此，今天的 Cognizant Technology Solutions 2025 年第一季財報電話會議就結束了。您現在可以斷開連線。