高知特 (CTSH) 2025 Q2 法說會逐字稿

Ladies and gentlemen, welcome to the Cognizant Technology Solutions second-quarter 2025 earnings conference call. (Operator Instructions)

女士們，先生們，歡迎參加 Cognizant Technology Solutions 2025 年第二季財報電話會議。（操作員指示）

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

謝謝。現在，我想將會議交給投資者關係副總裁泰勒‧史考特先生。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 investor supplement for the company's second-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 年第二季業績的獲利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. 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.

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。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。在適用的情況下，非 GAAP 財務指標與相應 GAAP 指標的對帳可以在公司的收益報告和向美國證券交易委員會提交的其他文件中找到。

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 us. Our momentum continued in the second quarter of 2025 as we again delivered revenue growth and adjusted operating margin ahead of our expectations, while also accelerating our bookings growth. Our performance reflects the depth and strength of our portfolio, supported by our continued strategic focus on AI-led opportunities and disciplined execution.

謝謝你，泰勒，大家下午好。感謝您加入我們。2025 年第二季度，我們的發展動能持續維持，營收成長和調整後營業利潤率均超出預期，同時預訂量也加速成長。我們的業績反映了我們產品組合的深度和實力，這得益於我們持續關注人工智慧主導的機會和嚴格的執行。

As you can see from today's results, we continue to make progress towards building a resilient and durable company that thrives in both slow and high-velocity markets. In the past, I've described the AI opportunity as a double engine transformation for our clients, both on productivity and innovation. In the second quarter, we delivered a healthy combination of wins in AI efficiency-led large deals and innovation-led projects with Agentic AI unlocking new revenue pools and spend cycles.

從今天的結果可以看出，我們正繼續努力打造一家在低速和高速市場中都能蓬勃發展的有韌性和持久力的公司。過去，我曾將人工智慧機會描述為客戶在生產力和創新方面的雙引擎轉型。在第二季度，我們在人工智慧效率主導的大型交易和創新主導的專案中取得了健康的勝利，Agentic AI 開闢了新的收入池和支出週期。

The three-vector AI opportunity we have laid out on our strategy is resonating very well with our clients. AI projects in experimentation over the past few quarters have started to build momentum in downstream opportunities. I will expand on this further when I review our strategic progress shortly.

我們在策略中提出的三向量人工智慧機會與我們的客戶產生了強烈共鳴。過去幾季試驗的人工智慧計畫已開始在下游機會中累積勢頭。當我回顧我們的策略進展時，我將進一步闡述這一點。

First, I will walk through the highlights and our key drivers from the quarter. Second quarter revenue grew 7.2% year over year in constant currency to $5.2 billion. Our results marked the fourth consecutive quarter of year-over-year organic growth and another solid placement in our industry's Winner Circle. Organic revenue growth was led by Financial Services and Health Sciences and benefited from the ramp of recently won large deals.

首先，我將介紹本季的亮點和主要驅動因素。以固定匯率計算，第二季營收年增 7.2%，達到 52 億美元。我們的業績標誌著我們連續第四個季度實現了同比有機成長，並在行業贏家圈中再次穩居前列。有機收入成長主要由金融服務和健康科學推動，並受益於近期贏得的大型交易的成長。

Q2 bookings grew 18% year over year, translating to trailing 12 months growth of 6%. During the quarter, we landed six large deals with TCV of $100 million or greater, including two mega deals, each valued around $1 billion. As a result of these wins, the TCV of our large deals more than doubled year over year.

第二季預訂量年增 18%，相當於過去 12 個月的成長率為 6%。本季度，我們達成了六筆 TCV 達到或超過 1 億美元的大型交易，其中包括兩筆超級交易，每筆交易的價值約為 10 億美元。由於這些勝利，我們大宗交易的 TCV 年比增加了一倍多。

Adjusted operating margin of 15.6% improved by 40 basis points year over year. We are on track to achieve our 20 to 40 basis points margin expansion goal for 2025. Headcount grew about 2% sequentially, led by hiring of recent college graduates, while trailing 12 months voluntary attrition for tech services declined by 60 basis points sequentially to 15.2%. The progress reported today is the strategic -- is the result of the strategic actions we have taken over the past 2.5 years to sharpen our innovation engine and develop our capabilities through investments in AI, engineering, and our platform strategy.

調整後的營業利益率為15.6%，年增40個基點。我們預計將實現 2025 年利潤率擴大 20 至 40 個基點的目標。員工總數較上季成長約 2%，主要原因是招募應屆大學畢業生，而過去 12 個月技術服務部門的自願離職率則是環比下降 60 個基點，至 15.2%。今天報告的進展是策略性的——是我們在過去兩年半採取的策略行動的結果，旨在透過對人工智慧、工程和平台策略的投資來增強我們的創新引擎並發展我們的能力。

While we are still in the early innings of capturing the AI opportunity, I believe these strategic steps are helping drive our performance. A few data points of our progress include: first, we currently have more than 2,500 early GenAI client engagements compared to 1,400 in quarter one. Nearly 30% of our code was AI generated in quarter two, significantly improving the productivity of our developers. This compares to only approximately 20% when we first disclosed this estimate two quarters ago.

雖然我們仍處於抓住人工智慧機會的早期階段，但我相信這些策略步驟將有助於推動我們的績效。我們的進展的一些數據點包括：首先，我們目前擁有超過 2,500 個早期 GenAI 客戶參與度，而第一季只有 1,400 個。我們第二季的程式碼中有近 30% 是由 AI 產生的，大大提高了開發人員的工作效率。相較之下，我們在兩個季度前首次披露這項估計時，這一比例僅為 20% 左右。

And thirdly, our AI research labs is accelerating the industrialization of agent-based systems backed by a robust portfolio of 59 U.S. patents. Our areas of research are focused on building AI platforms and tooling to help clients accelerate the embrace of AI and agenetic systems in enterprise landscapes.

第三，我們的人工智慧研究實驗室正在加速基於代理的系統的工業化，並擁有 59 項美國專利的支援。我們的研究領域專注於建立人工智慧平台和工具，以幫助客戶加速在企業環境中採用人工智慧和遺傳系統。

In the current economic environment, clients are prioritizing productivity and value what we have characterized as Vector 1. Our ability to proactively craft AI-driven technology deployments that deliver faster execution, improved productivity and cost savings is driving several of our large deal wins, including the two mega deals we won in quarter two. We expect Vector 1 to further accelerate as clients underwrite their innovation and growth projects with AI productivity-led savings we are enabling. In the second quarter out of a subset of a client base of nearly 360 key accounts, 97% of clients have adopted AI, of which 56% are scaling GenAI and out of which 78% have demonstrated impact from the adoption and scaling.

在當前的經濟環境下，客戶優先考慮生產力並重視我們所謂的「向量 1」。我們能夠主動制定由人工智慧驅動的技術部署，從而加快執行速度、提高生產力並節省成本，這推動了我們贏得幾筆大交易，包括我們在第二季度贏得的兩筆大型交易。我們預計，隨著客戶利用我們正在實現的以人工智慧生產力為主導的節省來承保他們的創新和成長項目，Vector 1 將進一步加速。在第二季度，在近 360 個主要客戶群中，97% 的客戶採用了人工智慧，其中 56% 的客戶正在擴展 GenAI，78% 的客戶已經顯示出採用和擴展的影響。

We're also actively pursuing Vector 2 and Vector 3 opportunities, which we have labeled as industrializing AI and agentifying the enterprise, respectively. This includes proactively helping clients with their AI-led innovation and agentic strategy, as we quickly evolve our capabilities from experimentation to scale production-grade programs.

我們也積極尋求 Vector 2 和 Vector 3 機會，我們分別將其標記為工業化 AI 和代理化企業。這包括積極幫助客戶實現人工智慧主導的創新和代理策略，因為我們的能力正在迅速從實驗發展到規模化生產級程序。

In a scaled and structured manner, we have created cross service line cohorts, anchored by our client partner teams to deliver agentic workshops across our client base. For example, we are combining our strengths in logistics, customer service, and Agentic AI to extend our relationship with Lineage, the world's largest owner and operator of temperature-controlled warehouses. Under our new agreement announced earlier this week, we will use powerful tools like Agentic AI, automation and predictive insights to empower Lineage customer care professionals and help deliver a differentiated experience for their customers. I will touch on a few more examples shortly.

我們以規模化和結構化的方式創建了跨服務線群組，以我們的客戶合作夥伴團隊為主導，為我們的客戶群提供代理研討會。例如，我們正在結合我們在物流、客戶服務和 Agentic AI 方面的優勢，擴大與全球最大的溫控倉庫擁有者和營運商 Lineage 的合作關係。根據我們本週稍早宣布的新協議，我們將使用 Agentic AI、自動化和預測洞察等強大工具來增強 Lineage 客戶服務專業人員的能力，並幫助為他們的客戶提供差異化的體驗。我很快會再談幾個例子。

Now I want to update you on our progress against our strategic priorities to amplify our talent, scale innovation, and accelerate growth. First, with amplifying talent, we continue to prepare our workforce for an AI-led future. We are deepening our talent investments in emerging technology hubs with plans to expand operations in Visakhapatnam. This follows a new site in GIFT City Ahmedabad and plans for a new 21-acre learning center in Chennai that is expected to train freshers and experienced hires in advanced AI skills.

現在，我想向大家通報我們在策略重點方面取得的進展，以擴大我們的人才隊伍、擴大創新規模並加速成長。首先，透過擴大人才隊伍，我們將繼續為人工智慧主導的未來做好員工的準備。我們正在加大對新興技術中心的人才投資，並計劃擴大在維沙卡帕特南的業務。此前，該公司在艾哈邁達巴德 GIFT 城設立了新站點，並計劃在欽奈建立一個佔地 21 英畝的新學習中心，預計將為應屆畢業生和有經驗的員工提供高級 AI 技能培訓。

Our talent efforts are reflected in our employee engagement survey completed during the quarter, where scores remained well above industry and best-in-class benchmarks for the third year in a row.

我們的人才努力體現在本季完成的員工敬業度調查中，調查的得分連續第三年遠高於行業和一流基準。

Next, with scaling innovation, our engine continues to gain momentum. Earlier this month, we launched Cognizant Agent Foundry, which accelerates enterprise scale adoption of Agentic AI. Agent Foundry is powered by our Neuro AI suite, and a strong AI partner ecosystem with hundreds of distinctive agents already available for use. It spans industries and platforms with domain-specific small language models, agent templates, and the library of prebuilt agents supporting the full agent life cycle. As enterprises reimagine their process and workflows, we are building a repository of reusable agents for a rapid deployment into enterprise landscapes.

接下來，隨著創新規模的擴大，我們的引擎將繼續獲得動力。本月初，我們推出了 Cognizant Agent Foundry，以加速企業規模採用 Agentic AI。Agent Foundry 由我們的 Neuro AI 套件和強大的 AI 合作夥伴生態系統提供支持，其中已有數百個獨特的代理商可供使用。它跨越行業和平台，具有特定領域的小型語言模型、代理模板和支援完整代理生命週期的預建代理庫。隨著企業重新構想其流程和工作流程，我們正在建立可重複使用代理程式的儲存庫，以便快速部署到企業環境中。

Earlier today, we launched our first-ever VIBE coding week for all 344,000 of our associates to evangelize an AI-enabled software development cycle as the new and only way to deliver software with the help of our Code Assist platform partners. We believe this is the world's largest initiative of its kind, but what excites me most is the opportunity for every associate to build real AI fluency and deliver continued higher productivity to all our client project work.

今天早些時候，我們為所有 344,000 名員工啟動了首個 VIBE 編碼週，旨在宣傳支援 AI 的軟體開發週期，這是在 Code Assist 平台合作夥伴的幫助下交付軟體的全新且唯一的方法。我們相信這是世界上同類計劃中規模最大的，但最讓我興奮的是，每一位員工都有機會建立真正的人工智慧流暢性，並為我們所有客戶的專案工作持續提供更高的生產力。

Also today, we launched Cognizant AI training data services for Global 2000 clients who are embracing AI models in their businesses. For many years, Cognizant has helped digital-native leaders train some of the world's most advanced AI models. Working with trade leaders in tech, healthcare, automotive, media and retail, our more than 10,000 specialists have curated, annotated, and quality check billions of data points and millions of data labels across every major modality.

今天，我們也為在業務中採用 AI 模型的全球 2000 家客戶推出了 Cognizant AI 訓練資料服務。多年來，Cognizant 一直幫助數位原生領導者訓練一些世界上最先進的人工智慧模式。我們的 10,000 多名專家與科技、醫療保健、汽車、媒體和零售領域的行業領袖合作，對各種主要模式的數十億個數據點和數百萬個數據標籤進行了整理、註釋和品質檢查。

This includes speech, 2D, 3D imagery, video and LiDAR often enriched with geospatial meta data for added accuracy. Our domain know-how has enabled us to produce high-precision specialized data sets across industries. This new strategic offering will help empower enterprises to quickly build, fine-tune, validate, and deploy production-grade AI models at scale.

這包括語音、2D、3D 影像、視訊和 LiDAR，通常還包含地理空間元資料以增加準確性。我們的領域專業知識使我們能夠產生跨行業的高精度專業資料集。這項新的策略產品將幫助企業快速建構、微調、驗證和大規模部署生產級人工智慧模型。

Currently, with accelerated growth, let me share a few examples of our innovation in action. Last month, we introduced Cognizant Autonomous customer engagement, a platform built with Google Cloud that uses Agentic AI to deliver faster, smarter, and more intuitive customer service. It is a significant advancement, and we have already secured clients in both health sciences and global food sectors. We have formed a strategic partnership with a major global biopharmaceutical company to outsource the management of its global IT systems and applications and transform them using generative AI and Agentic AI.

目前，隨著成長的加速，讓我分享一些我們正在實施的創新的例子。上個月，我們推出了 Cognizant Autonomous 客戶參與平台，這是一個基於 Google Cloud 構建的平台，它使用 Agentic AI 提供更快、更智慧、更直覺的客戶服務。這是一個重大進步，我們已經在健康科學和全球食品領域獲得了客戶。我們與一家全球大型生物製藥公司建立了策略合作夥伴關係，將其全球 IT 系統和應用程式的管理外包，並使用生成式 AI 和 Agentic AI 進行改造。

Our global collaboration is two-fold, driving productivity and efficiency by modernizing IT operations, while upskilling and cross-skilling technology specialists who will transfer to Cognizant. This partnership highlights our growing leadership in AI-led transformation, as well as our long-term vision to empower clients through talent development and innovation.

我們的全球合作是雙重的，透過現代化 IT 營運來提高生產力和效率，同時提高和交叉培訓將轉到 Cognizant 的技術專家的技能。此次合作凸顯了我們在人工智慧主導轉型領域日益增強的領導地位，以及我們透過人才發展和創新賦能客戶的長期願景。

Earlier today, we announced a new partnership with WRITER, a leader in Agentic AI for the enterprise. This collaboration will bring together a deep industry knowledge with the global scale of WRITER's end-to-end enterprise-grade platform to enable organizations to build and deploy AI agents with a focus on highly regulated industries.

今天早些時候，我們宣布與企業 Agentic AI 領域的領導者 WRITER 建立新的合作關係。此次合作將把深厚的產業知識與 WRITER 端到端企業級平台的全球規模結合起來，使組織能夠建構和部署專注於高度監管產業的人工智慧代理。

We recently won new business to deliver third-party administration services for a leading insurance closed book of annuities business. What makes me particularly excited about the strategic agreement is the next-generation AI platform will build to, not only modernize the portfolio, but also the opportunity for us to scale this AI platform to other clients in the future.

我們最近贏得了一項新業務，為一家領先的保險年金業務提供第三方管理服務。讓我對這項策略協議特別興奮的是，下一代人工智慧平台不僅將實現產品組合的現代化，而且還為我們未來將該人工智慧平台擴展到其他客戶提供了機會。

And finally, we delivered key TriZetto milestones in quarter two. In May, we completed what we believe is the largest TriZetto Facets' cloud migration with a leading North American health care payer. We moved over 10-million-member records to a containerized cloud environment, improving scalability and stability and achieving new performance benchmarks. In parallel, TriZetto has advanced its Agentic AI strategy with nearly 30 agents now live or in pilot and another 10 IN development.

最後，我們在第二季實現了 TriZetto 的關鍵里程碑。5 月份，我們與北美領先的醫療保健支付機構合作完成了我們認為規模最大的 TriZetto Facets 雲端遷移。我們將超過 1,000 萬名成員的記錄遷移到容器化的雲端環境，提高了可擴展性和穩定性，並實現了新的效能基準。同時，TriZetto 推進了其 Agentic AI 戰略，目前已有近 30 名代理商上線或處於試點階段，另有 10 名代理商正在開發中。

These agents are streamlining workflows across care management, claims, benefits, and customer service, cutting onboarding time and improving case handling efficiency. The underlying foundation of the TriZetto Agentic AI strategy is the TriZetto AI gateway, which we are pleased to announce will launch next week.

這些代理商正在簡化護理管理、索賠、福利和客戶服務方面的工作流程，縮短入職時間並提高案件處理效率。TriZetto Agentic AI 策略的基礎是 TriZetto AI 網關，我們很高興地宣布它將於下週推出。

Looking ahead, as I have described today and at our Investor Day earlier this year, we are positioning Cognizant for the Generative and Agentic AI future. And in the process, I believe we are building a new opportunity, one defined by agentification at scale with new client spend cycles. We see this as a once-in-a-lifetime opportunity enabled by a revolutionary technology to reimagine enterprises workplaces and the workforce. We believe we have a bigger total addressable spend than ever before to partner with our clients on their AI journeys.

展望未來，正如我今天以及在今年早些時候的投資者日上所描述的那樣，我們正在為生成式和代理式人工智慧的未來定位 Cognizant。在此過程中，我相信我們正在建立一個新的機會，這個機會由具有新客戶支出週期的大規模代理化定義。我們認為這是一次千載難逢的機會，透過革命性的技術來重新構想企業工作場所和勞動力。我們相信，我們擁有比以往更大的總可尋址支出，可以與我們的客戶合作，共同推動他們的人工智慧之旅。

Our three-core strategic imperatives are unchanged, but I want to shift the aperture on our lens to help you see more holistically the steps we have taken to differentiate ourselves in a rapidly changing market. I believe the AI wave is different from the prior waves. So too, is the way Cognizant is responding.

我們的三大核心策略要點並沒有改變，但我想改變視角，以幫助您更全面地了解我們為在快速變化的市場中脫穎而出所採取的措施。我認為人工智慧浪潮與先前的浪潮不同。Cognizant 的回應方式也是如此。

Historically, the most successful companies in our industry thrived by sensing technological shifts and incubating economically viable solutions and new capabilities at scale. To capture the AI opportunity, we recognized and have started building a new layer, one that's in addition to the traditional interdisciplinary capabilities. This new layer includes translating our award-winning AI labs work to differentiated AI platforms, small language models and tooling to address accuracy of the models, reasoning layers to help make the technology responsible, investments into the evolving agent development life cycles.

從歷史上看，我們行業中最成功的公司透過感知技術變化並大規模孵化經濟上可行的解決方案和新能力而蓬勃發展。為了抓住人工智慧的機遇，我們認識到並開始建立一個新的層面，一個除了傳統跨學科能力之外的層面。這個新層麵包括將我們屢獲殊榮的人工智慧實驗室的工作成果轉化為差異化的人工智慧平台、小型語言模型和工具，以解決模型的準確性問題，推理層以幫助技術負責任，以及對不斷發展的代理開發生命週期的投資。

Our pioneering work in context engineering, which is building layers of context, tribal knowledge, data flows and workflows to create efficient and productive agentic systems is already making waves with our clients on their agentic journeys.

我們在情境工程方面的開創性工作，即建立情境、部落知識、資料流和工作流程層，以創建高效且富有成效的代理系統，已經在客戶的代理旅程中掀起波瀾。

From now, I call this new layer, IP on the edge, a working description on the evolving transitionary phase of Agentic AI. Our IP on the edge progress is very important differentiator in a fragmented and a heterogeneous market of AI builders.

從現在開始，我將這個新層稱為邊緣 IP，這是對 Agentic AI 不斷發展的過渡階段的工作描述。我們在邊緣 IP 方面的進步對於分散且異質的 AI 開發者市場而言是至關重要的差異化因素。

We believe our early investments in AI, led by IP on the edges are scaled interdisciplinary capability. Our partnerships are continued focus to diffuse AI efficiently into our product and client services teams have really helped us stay strategic to our clients' AI journeys, which is reflected in our financial, people and client metrics.

我們相信，我們早期在人工智慧方面的投資，以邊緣 IP 為主導，可以擴大跨學科能力。我們的合作關係持續致力於將人工智慧有效地融入我們的產品和客戶服務團隊，這確實幫助我們保持對客戶人工智慧之旅的策略性，這反映在我們的財務、人員和客戶指標上。

In closing, we are proud of our Q2 results. We appreciate that long-term success will be determined by our ability to deliver sustainable performance. That said, while the demand environment remains dynamic, we are encouraged by our continued ability to drive large deal momentum and win a growing number of new spend cycles in Vector two and Vector 3 agentic opportunities.

最後，我們對第二季的業績感到自豪。我們認識到，長期的成功取決於我們提供可持續業績的能力。話雖如此，儘管需求環境仍然充滿活力，但我們仍能繼續推動大型交易勢頭，並在 Vector two 和 Vector 3 代理機會中贏得越來越多的新支出週期，這令我們感到鼓舞。

Now I'm going to turn the call over to Jatin.

現在我將把電話轉給 Jatin。

Thank you, Ravi, and thank you, all, for joining us. Our second quarter revenue exceeded the high end of our guidance range, once again earning us a place in the winner circle based on peer results reported so far.

謝謝你，拉維，也謝謝大家加入我們。我們第二季的營收超出了預期範圍的高端，根據迄今為止報告的同行業績，我們再次躋身贏家行列。

Our Q2 performance was characterized by sharp operational rigor, disciplined cost management and a productivity-first mindset that helped drive year over year margin expansion and EPS growth that outpaced revenue growth.

我們第二季的業績表現為嚴謹的營運、嚴格的成本管理和生產力第一的思維模式，這有助於推動利潤率逐年擴大，並且每股收益成長超過了收入成長。

Through the first half of 2025 on a year-over-year basis, we achieved top-tier revenue growth, 40 basis points of adjusted operating margin expansion and 11% adjusted EPS growth.

到 2025 年上半年，與去年同期相比，我們實現了頂級收入成長、調整後營業利潤率擴大 40 個基點以及調整後每股收益成長 11%。

Now let's turn to the details of the quarter. Second quarter revenue of $5.2 billion grew 7.2% year over year in constant currency. Growth was led by strong organic performance in Financial Services and Health Sciences. Belcan contributed approximately 400 basis points of inorganic growth.

現在讓我們來看看本季的細節。第二季營收為 52 億美元，以固定匯率計算年增 7.2%。成長主要得益於金融服務和健康科學領域強勁的有機表現。Belcan 貢獻了約 400 個基點的無機成長。

The demand environment was largely unchanged in the quarter. While visibility is still limited, the ramp of large deals more than offset discretionary spending pressure.

本季的需求環境基本沒有變化。儘管能見度仍然有限，但大型交易的增加足以抵消可自由支配支出的壓力。

Now, let me provide some color by segment and region. All segment and region growth commentary represents year over year constant currency growth, unless otherwise stated. Financial Services grew 6% year over year and led our organic growth with broad-based demand across sub-industries driven by digital engineering, legacy modernization, and vendor consolidation initiatives. These have supported a healthy pace of GenAI productivity-led deals and GCC opportunities across BFSI.

現在，讓我按部分和區域提供一些顏色。除非另有說明，所有部門和地區成長評論均代表同比固定貨幣成長。金融服務年增 6%，引領我們的有機成長，受數位工程、遺留系統現代化和供應商整合計畫的推動，各個次產業的需求廣泛。這些都支持了 GenAI 生產力主導的交易和 BFSI 領域 GCC 機會的健康發展。

For example, earlier this year, we were chosen as a transformation partner by a large North American bank. This multiyear, multi-hundred-million-dollar deal as the client partnering with Cognizant in driving talent and technology transformation across the bank's banking and insurance units to support its go-to-market and talent strategies at the right cost.

例如，今年早些時候，我們被北美一家大型銀行選為轉型合作夥伴。這是一項為期多年、價值數億美元的交易，客戶將與 Cognizant 合作，推動該銀行銀行和保險部門的人才和技術轉型，以合適的成本支持其市場進入和人才策略。

While our BFS business continues to build on its strong performance, our insurance business is showing signs of improved growth, supported by strategic engagements with several key insurance clients in North America.

我們的 BFS 業務持續保持強勁表現，同時，在與北美幾家主要保險客戶的策略合作的支持下，我們的保險業務也顯示出成長改善的跡象。

Health Sciences grew 5% year over year driven by organic growth across payers, providers and life sciences customers. As we noted last quarter, our clients are navigating a rapidly changing environment. We expect the recent passage of the US budget bill and its changes to Medicaid will weigh on near-term discretionary demand from payers and providers.

在付款人、供應商和生命科學客戶的有機成長推動下，健康科學業務年增 5%。正如我們上個季度所指出的，我們的客戶正在應對快速變化的環境。我們預計，美國預算法案的近期通過及其對醫療補助的修改將對付款人和提供者的短期可自由支配需求產生壓力。

Meanwhile, Life Sciences customers face heightened uncertainty related to the tariffs. Despite this uncertainty, we believe our deep domain expertise and strong client relationships position us well as a strategic partner to help healthcare organizations adapt quickly, unlocking new opportunities for innovations, efficiency, and growth.

同時，生命科學領域的客戶面臨著與關稅相關的更大不確定性。儘管存在不確定性，但我們相信，我們深厚的領域專業知識和牢固的客戶關係使我們成為策略合作夥伴，幫助醫療保健組織快速適應，為創新、效率和成長開闢新的機會。

As a great example, one of the mega deals we signed in Q2 was with a large health care client. our proactive approach and compelling value proposition helped us extend our long-standing relationship. We are helping this customer drive productivity and fund innovation by leveraging our deep industry expertise, AI skills and platform investments.

一個很好的例子是，我們在第二季簽署的一項大型交易是與一家大型醫療保健客戶簽署的。我們積極主動的方法和引人注目的價值主張幫助我們延長了長期的合作關係。我們正在利用我們深厚的行業專業知識、人工智慧技能和平台投資來幫助該客戶提高生產力並資助創新。

In Products and Resources, growth was primarily attributable to Belcan. Although trade policy uncertainty has tempered discretionary spending, we are seeing demand for cost takeout and productivity led engagements, areas where our value proposition remains strong.

在產品和資源方面，成長主要歸功於 Belcan。儘管貿易政策的不確定性抑制了可自由支配的支出，但我們看到對成本削減和生產力主導的參與的需求，而我們的價值主張在這些領域仍然強勁。

In retail, consumer goods and travel and hospitality clients are actively investing in GenAI pilots aimed at elevating the customer experience.

在零售、消費品以及旅遊和酒店業，客戶正在積極投資 GenAI 試點，旨在提升客戶體驗。

Communication, Media, and Technology returned to organic growth this quarter, led by the technology sector. We are witnessing robust demand from clients aiming to reduce costs and reallocate capital towards R&D and other CapEx investments. Our expanding expertise in GenAI is strengthening our position as a strategic partner in the CMT industry, enabling us to secure significant wins.

本季度，通訊、媒體和科技產業恢復了有機成長，科技業領漲。我們看到客戶對降低成本和將資本重新分配到研發和其他資本支出投資的需求強勁。我們在 GenAI 領域不斷擴展的專業知識正在加強我們作為 CMT 行業戰略合作夥伴的地位，使我們能夠獲得重大勝利。

An example of this is the mega deal we won in the communications sector in Q2. The partnership encompasses both GenAI-driven productivity transformation and a good mix of new business through the contract duration.

例如，我們在第二季在通訊領域贏得的一筆巨額交易。此次合作涵蓋了 GenAI 驅動的生產力轉型以及合約期限內的良好新業務組合。

For our clients, this deal leverages all three pillars of our AI strategy, accelerating growth through AI native offerings, enhancing enterprise productivity through AI-driven automation, and transforming customer experience with intelligent personalization.

對於我們的客戶而言，這筆交易充分利用了我們人工智慧策略的三大支柱：透過人工智慧原生產品加速成長，透過人工智慧驅動的自動化提高企業生產力，並透過智慧個人化轉變客戶體驗。

By geography, revenue grew across all major regions. North America led with 8% growth, driven by Financial Services and Health Sciences. Continued strength in large deals and disciplined execution enabled us to deliver industry-leading growth again in Q2. We believe we are gaining market share in this region.

從地理來看，所有主要地區的收入均有所成長。受金融服務和健康科學的推動，北美地區以 8% 的成長率領先。大型交易的持續強勁表現和嚴格的執行使我們在第二季度再次實現了行業領先的成長。我們相信我們正在該地區獲得市場份額。

Europe grew 4%, again, driven by growth among life sciences and financial services clients, including public sector. We are pleased with our momentum in the region, supported by new logos and a revamped sales strategy that have led to an improved large deal pipeline.

歐洲成長了 4%，這同樣是由生命科學和金融服務客戶（包括公共部門）的成長所推動的。我們對在該地區的發展勢頭感到滿意，這得益於新的標誌和改進的銷售策略，從而改善了大額交易管道。

Rest of the world increased by about 6%, driven by financial services and health sciences from a segment standpoint and by Australia geographically.

世界其他地區成長了約 6%，從細分市場來看，主要受金融服務和健康科學的推動，從地理位置來看，主要受澳洲的推動。

Now to bookings. As Ravi mentioned, mega deals drove strong bookings this quarter. Second quarter bookings included a balanced mix of new wins and renewals. And trailing 12-month annual contract value, or ACV, increased high single digits year over year. This improved backlog, along with our last 12-month book-to-bill of 1.4x support our full year revenue outlook.

現在開始預訂。正如拉維所提到的，大型交易推動了本季的強勁預訂量。第二季的訂單包括新訂單和續約訂單的平衡組合。過去 12 個月的年度合約價值（ACV）同比增長了高個位數。積壓訂單的改善，加上我們過去 12 個月的訂單出貨比達到 1.4 倍，為我們的全年收入前景提供了支持。

Turning to margins. Second quarter operating margin of 15.6% increased by 40 basis points on an adjusted basis, benefiting from next-gen program savings and operational rigor and the Indian rupee depreciation despite the dilutive impact of Belcan. These improvements were partially offset by increased compensation costs and initial ramp-up costs of large deals.

轉向利潤。第二季營業利潤率為 15.6%，調整後成長了 40 個基點，儘管 Belcan 產生了稀釋作用，但受益於下一代計畫的節省和營運嚴謹性以及印度盧比貶值。這些改進被大額交易的補償成本和初始啟動成本的增加部分抵消。

Now moving to cash flow and capital allocation. DSO of 83 days increased by two days sequentially and by three days year over year. Second quarter free cash flow was $331 million compared to $183 million a year ago. During the second quarter, we returned $521 million of capital to shareholders through share repurchases and dividends, bringing the first half total to $885 million.

現在轉向現金流和資本配置。DSO 為 83 天，比上一季增加兩天，比去年同期增加三天。第二季自由現金流為 3.31 億美元，去年同期為 1.83 億美元。第二季度，我們透過股票回購和股利向股東返還了 5.21 億美元的資本，使上半年總額達到 8.85 億美元。

We ended the quarter with cash and short-term investments of $1.8 billion or net cash of $1.2 billion. Before turning to guidance, I will provide a brief overview of the expected impact from recent changes in US tax laws. In July, the US passed a budget bill which, among other provisions, repeal certain requirements to capitalize research and experimental costs.

本季末，我們的現金和短期投資為 18 億美元，淨現金為 12 億美元。在提供指導之前，我將簡要概述美國稅法近期變化的預期影響。7月，美國通過了一項預算法案，其中除其他條款外，還廢除了某些將研究和實驗成本資本化的要求。

As a result of this change, we expect to incur a onetime noncash tax expenses of approximately $400 million in the third quarter related to a deferred tax asset on our Q2 balance sheet. This amount would have otherwise been available to offset future taxes related to our non-US earnings.

由於這項變化，我們預計第三季將產生與第二季資產負債表上的遞延稅務資產相關的約 4 億美元的一次性非現金稅費。否則，這筆錢本來可以用來抵銷未來與我們美國以外收入相關的稅金。

On a cash basis, this legislation is expected to reduce our near-term cash taxes and increase our operating cash flow. In 2025, we expect this improvement to be $200 million, therefore, increasing our capital available to return to shareholders.

從現金角度來看，這項立法預計將減少我們的近期現金稅並增加我們的營運現金流。到 2025 年，我們預計這一成長將達到 2 億美元，從而增加我們可供返還給股東的資本。

Now the details of our forward outlook. For the third quarter of 2025, we expect revenue to grow 3.5% to 5% year over year in constant currency. As a reminder, Q3 includes only a partial year over year benefit from Belcan acquisition, which closed in August 2024. We expect a little more than 200 basis points of inorganic contribution in the third quarter.

現在來詳細了解我們的前瞻展望。對於 2025 年第三季度，我們預計營收將以固定匯率計算年增 3.5% 至 5%。提醒一下，第三季僅包括 2024 年 8 月完成的 Belcan 收購帶來的部分年比收益。我們預計第三季無機貢獻將略高於 200 個基點。

The remaining guidance items I will discuss are for full year 2025. We are modestly increasing the midpoint of our revenue range based on our year-to-date performance and improved confidence in the second half. In 2025, we now expect revenue to grow 4% to 6% in constant currency, reflecting a 50-basis point increase at the low end of the range.

我將要討論的其餘指導項目是針對 2025 年全年的。根據今年迄今的業績以及對下半年信心的增強，我們適度提高了收入範圍的中點。到 2025 年，我們預計營收將以固定匯率成長 4% 至 6%，反映出該範圍低端的 50 個基點的成長。

Revenue details in dollars are available in our press release and supplement. We continue to expect full year inorganic contribution of approximately 250 basis points. Our revenue guidance is based on current visibility and considers a range of scenarios that could unfold in the second half of the year. The low end of the range continues to assume further deterioration in the demand environment. The midpoint incorporates an unchanged environment with ongoing discretionary weakness, partially offset by pipeline conversion and the high end assumes an improved demand environment, further supported by our large deal pipeline.

以美元計算的收入詳情可在我們的新聞稿和補充資料中找到。我們繼續預計全年無機貢獻約 250 個基點。我們的收入預測是基於目前的可見性，並考慮了下半年可能出現的一系列情境。該範圍的低端繼續假設需求環境進一步惡化。中點代表不變的環境和持續的可自由支配的疲軟，部分被管道轉換所抵消，而高端則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。

Our adjusted operating margin guidance range remains 15.5% to 15.7%, or 20 to 40 basis points of expansion. We expect margin expansion will be driven by cost discipline and SG&A leverage. In parallel, we are driving continued operational rigor through AI-led automation and pyramid optimization to support gross margin over the medium term.

我們調整後的營業利潤率指引範圍仍為 15.5% 至 15.7%，或擴張 20 至 40 個基點。我們預期利潤率的擴大將受到成本控制和銷售、一般及行政費用槓桿的推動。同時，我們正在透過人工智慧主導的自動化和金字塔優化來推動持續的營運嚴謹性，以支援中期的毛利率。

As a reminder, the second half of the year will include margin investments in large deals and a merit cycle. Due to cash flow benefit from the US budget bill, I discussed earlier, we now expect free cash flow to represent approximately 100% of net income, excluding the onetime noncash charge that will be recorded in the third quarter.

需要提醒的是，下半年將包括大型交易的保證金投資和績效週期。由於我之前討論過的美國預算法案帶來的現金流收益，我們現在預計自由現金流將佔淨收入的約 100%，不包括將在第三季記錄的一次性非現金費用。

This has also allowed us to increase our expected return of capital. For the full year, we plan to return $2 billion to shareholders, an increase of $300 million from last quarter, driven by higher expected share repurchases. In total, we expect to deploy approximately $1.4 billion in repurchases this year. Even with this increase, we maintain flexibility to pursue opportunistic M&A this year.

這也使我們能夠提高預期的資本報酬率。受預期股票回購增加的推動，我們計劃全年向股東返還 20 億美元，較上一季增加 3 億美元。總體而言，我們預計今年將回購約 14 億美元。即使出現這種成長，我們今年仍將保持靈活性，以尋求機會性併購。

Other than the one-time non-cash tax charge I discussed, we don't expect the budget bill to impact our effective tax rate. Therefore, our adjusted tax rate guidance which will exclude the onetime charge, is unchanged at 24% to 25%, but is trending towards the lower end of the range based on first half performance. We are increasing our EPS guidance range to $5.08 to $5.22 compared to our prior range of $4.98 to $5.14, reflecting our revised revenue guidance and favorable foreign currency rates.

除了我討論過的一次性非現金稅費外，我們預計預算法案不會影響我們的有效稅率。因此，我們調整後的稅率指引（不包括一次性費用）保持不變，為 24% 至 25%，但根據上半年的表現，其趨勢趨向於該範圍的低端。我們將每股收益預期範圍從先前的 4.98 美元至 5.14 美元上調至 5.08 美元至 5.22 美元，這反映了我們修訂的收入預期和有利的外匯匯率。

This represents 7% to 10% year over year growth. We expect a weighted average dilutive share count of about 489 million versus 491 million previously. With that, we'll open the call for your questions.

這意味著同比增長 7% 至 10%。我們預計加權平均稀釋股數約為 4.89 億股，而先前為 4.91 億股。接下來，我們將開始回答您的問題。

(Operator Instructions) Tien-Tsin Huang, JPMorgan.

（操作員指令）Tien-Tsin Huang，摩根大通。

Thanks so much. Good afternoon. Really, really strong bookings here. So I'll ask on that if that's okay. I think I heard a pretty balanced mix of renewals and new deals. So I just wanted to clarify that.

非常感謝。午安.這裡的預訂量確實非常大。所以我會詢問是否可以。我認為我聽到的是續約和新交易相當均衡的組合。所以我只是想澄清這一點。

And it sounds like you're seeing early renewals with clients looking to implement AI efficiencies. So I just wanted to clarify that, because we're all looking ahead and thinking about the pipeline. So I'm curious if you can replenish the pipeline and what's your outlook for bookings in the second half of the year?

聽起來您看到客戶正在提前續約，希望實現人工智慧的效率。所以我只是想澄清這一點，因為我們都在展望未來並思考管道。所以我很好奇您是否可以補充管道以及您對下半年的預訂前景？

Yes, Tien-Tsin, thank you for the question. This is Ravi here, and I'll ask Jatin to add. We had a good bookings mix. I mean, 18% YoY, 6% trailing 12 months, good mix of renewals and new business, six large deals, two mega deals, more than $1 billion.

是的，Tien-Tsin，謝謝你的提問。我是 Ravi，我會請 Jatin 進行補充。我們的預訂組合很好。我的意思是，年增 18%，過去 12 個月成長 6%，續約和新業務組合良好，六筆大交易，兩筆超級交易，總額超過 10 億美元。

I wouldn't say clients are proactively pushing and renewing earlier. There are occasional opportunities of that kind. I would equally say that clients are looking for sharing productivity when the renewal cycles come.

我不會說客戶會提前主動推動和續約。偶爾會有這樣的機會。我同樣想說，當更新周期到來時，客戶正在尋求共享生產力。

And if we see an opportunity where we can sole-source and originate a deal, even if we are an incumbent because we can actually share the benefit and create a bigger estate for ourselves, we are actually proactively reaching out to clients wherever we can if we have the ability to create that value for the client and for ourselves.

如果我們看到有機會透過獨家採購達成交易，即使我們是現任者，因為我們實際上可以分享利益並為自己創造更大的資產，如果我們有能力為客戶和我們自己創造價值，我們實際上會積極主動地與客戶聯繫。

I'm also -- one of the things in the last few quarters, Tien-Tsin, was mostly large deals and momentum was related to productivity consolidation and AI-led productivity. Now, we are starting to see innovation-led deals, I call them Vector two and Vector 3. We're starting to see innovation led deals, which is very encouraging, because that is new spend cycles from our clients. And it kind of aligns to growth imperatives of our clients.

我也認為——過去幾個季度，天津的主要交易量大多是大交易，其發展勢頭與生產力整合和人工智慧主導的生產力有關。現在，我們開始看到由創新主導的交易，我稱之為「向量二」和「向量三」。我們開始看到由創新主導的交易，這非常令人鼓舞，因為這是我們客戶的新消費週期。這與我們客戶的成長需求一致。

So we are -- this is the first quarter where we've seen a combination of large deals, small deals, our ACV numbers are going up. Our ACV numbers are going up, which is very exciting because the monetization of billings to revenue will be faster. It's gone up sequentially, gone up YoY.

所以，這是我們看到大交易和小交易相結合的第一個季度，我們的 ACV 數字正在上升。我們的 ACV 數字正在上升，這非常令人興奮，因為帳單到收入的貨幣化將更快。它逐年上升，並且同比上升。

Combination of renewables are new, small and big. I mean, the big mega deals we have sustained the momentum and we're now seeing productivity and innovation, both layering together. So it's probably one of the most healthy mixes of how I see bookings shaping up. And hopefully, it kind of continues that way for the rest of the year.

再生能源的組合是新的、小的和大的。我的意思是，大型交易維持了我們的發展勢頭，現在我們看到生產力和創新正在結合在一起。因此，這可能是我所看到的預訂情況最健康的組合之一。希望今年餘下的時間裡，這種勢頭能夠持續下去。

Tien-Tsin, as we look at pipeline, we continue to feel good about what we have and how we are shaping the pipeline. So yes, it's been a great quarter, but we continue to work hard to add more to our pipeline as we look at the second half of the year.

Tien-Tsin，當我們審視管道時，我們繼續對我們所擁有的以及我們如何塑造管道感到滿意。所以是的，這是一個很棒的季度，但展望下半年，我們將繼續努力增加更多產品線。

Great. That's interesting. Good color. Thank you you for sharing the ACV comment, both of you.

偉大的。那很有意思。顏色不錯。謝謝你們兩位分享 ACV 評論。

Just on the quickly follow-up, just gross margin outlook. You mentioned deal ramps, of course, with contract execution, so these deals are coming on. Any considerations for gross margin as we look to the second half of the year.

只是快速跟進，只是毛利率前景。當然，您提到了交易的成長，以及合約的執行，所以這些交易正在進行中。展望下半年，我們對毛利率有何考量？

We will continue to execute well. If you see our utilization for first half is approximately 2-percentage points higher than the first half of 2024. We are doing some investments as we execute the second half. You saw that the headcount has actually gone up by 7,500 employees. And so that's the play that we have, Tien-Tsin.

我們將繼續出色地執行。如果你看到我們上半年的使用率比 2024 年上半年高出約 2 個百分點。我們在執行下半年時正在進行一些投資。您會看到員工總數實際上增加了 7,500 人。這就是我們的戲劇《天津》。

As we execute, we'll have to constantly balance how well we use our resources, but at the same time, continue to evolve our resource mix for the demand that we see in the marketplace. And that will shape our gross margin.

在執行過程中，我們必須不斷平衡資源的利用情況，但同時，繼續根據市場需求改善資源組合。這將決定我們的毛利率。

There is an overlay of the investments that we make as we ramp up our large deals, and we have won two of them in quarter two. So that overlay also will play out in the second half of the year. We have done so far well in terms of a stable gross margin year over year. We've done slight improvement sequentially. So we'll continue to work on this path as we move forward.

隨著我們增加大型交易的力度，我們進行了一系列投資，並在第二季贏得了其中兩筆交易。因此，這一覆蓋也將在今年下半年發揮作用。到目前為止，我們的毛利率比去年同期保持穩定，表現良好。我們已連續取得了一些進展。因此，我們將繼續沿著這條道路前進。

And those two mega deals have sizable new component -- new business component.

這兩筆大型交易都包含相當可觀的新內容—新業務內容。

Wonderful, sir. Thank you.

太好了，先生。謝謝。

James Faucette, Morgan Stanley.

摩根士丹利的詹姆斯·福塞特。

Great. Thank you so much. Appreciate all the detail. I want to probably touch on kind of the work that you've been doing. I'm intrigued by, as you characterize it, Vector 1, Vector 2, Vector 3. We've noticed a number of patents that you've been awarded.

偉大的。太感謝了。感謝所有細節。我想談談你一直在做的工作。我對您所描述的向量 1、向量 2、向量 3 很感興趣。我們注意到您已獲得多項專利。

You talked about on today's call about having 100 agents or so available. Can you just talk about how you're pricing those and incorporating those into deals and putting together that structure? That's a question we get a lot from investors is how to think about some of this IP Cognizant developing that unique to it and how to think about its impact on the business, both from a pricing as well as business opportunity standpoint?

您在今天的電話會議上談到有 100 名左右的代理商可用。您能否談談如何為這些內容定價以及如何將它們納入交易並建立該結構？投資人經常問我們的一個問題是，如何看待 Cognizant 開發的一些獨特 IP，以及如何從定價和商業機會的角度看待它對業務的影響？

Yeah, that's a great question. Well, I think for the first time, we have an opportunity to really make it mainstream outcome based. This is an evolving space. I think the differentiation for the IT services sector, and I've mentioned this in my remarks, is no longer about just building capability. It's actually about interdisciplinary capability layered with IP on the edge, as I call it. IP on the edge, because this is last mile infrastructure needed to get enterprise-grade AI or agentic.

是的，這是一個很好的問題。嗯，我認為這是我們第一次有機會真正使其成為基於主流結果的。這是一個不斷發展的空間。我認為 IT 服務業的差異化不再僅僅在於能力建設，這一點我在發言中已經提到過。正如我所說，這實際上是關於邊緣 IP 分層的跨學科能力。邊緣 IP，因為這是獲得企業級 AI 或代理商所需的最後一哩基礎設施。

We have invested heavily on sensing them and converting them into platforms, tools, and reusable agent components in our foundry. It certainly gives us the opportunity to make it sticky as well as to create some premium attached to it. Early days, but I'm very optimistic -- I'm very pleased and I'm very optimistic about the fact that we have created a real differentiation for ourselves.

我們在感知它們以及將它們轉化為我們工廠中的平台、工具和可重複使用的代理組件方面投入了大量資金。這確實為我們提供了使其具有黏性以及創造一些附加價值的機會。雖然還處於早期階段，但我非常樂觀——我很高興，而且我非常樂觀，因為我們已經為自己創造了真正的差異化。

Just the real opportunity now is to continue building on it. I mean, we are starting to think about small language models. We're starting to think about areas where when you hit the finishing line, you need things which are not going to be available either by software companies or by the companies which are establishing the plumbing, which is like how does an application -- how does the agent development cycle look like? We are investing into it. We are investing into -- for the first time, there is a revolutionary technology, which is now want to disrupt every process, every workflow, every data flow in a company.

現在真正的機會就是繼續在此基礎上發展。我的意思是，我們開始考慮小型語言模型。我們開始思考這樣的領域：當你到達終點線時，你需要的東西是軟體公司或建立管道的公司無法提供的，就像應用程式一樣——代理開發週期是什麼樣的？我們正在對此進行投資。我們正在投資——這是第一次出現革命性的技術，它現在想要顛覆公司中的每個流程、每個工作流程、每個資料流。

How do we create the ontology around it and package it into the things we can hand over to our project team so that, that becomes real. So this is fast evolving. I'm excited about how we could price it, how we could bundle it. And this is very different to productivity. Productivity, you'll share it with clients. While innovation capital, you can monetize in a nonlinear way.

我們如何圍繞它創建本體並將其打包成我們可以交給專案團隊的東西，以便它成為現實。所以這是快速發展的。我很興奮我們可以為它定價，如何捆綁它。這與生產力截然不同。生產力，您將與客戶分享。而創新資本，你可以用非線性的方式貨幣化。

So we will continue to invest and continue to shape this narrative. And I think this is going to be our single biggest differentiator as we take our customers into agentic journeys.

因此，我們將繼續投資並繼續塑造這一敘事。我認為這將是我們帶領客戶踏上代理之旅的最大差異化因素。

What's also happening, I did mention this in my remarks, this is not just about agentifying a process or a function in a company. In addition to that, it's also our opportunity to run that process on behalf of the company, which then means there is a new spend area, which we are going to capture.

同樣發生的事情是，我在發言中確實提到了這一點，這不僅僅是代理公司中的某個流程或功能。除此之外，這也是我們代表公司運行流程的機會，這意味著有一個新的支出領域，我們將要抓住它。

And that's why I said the total addressable spend is higher than before. I mean there are things we just applied technology and allowed our clients to run that now clients are saying, wait a minute. If there's digital labor and human labor and they want to come together, say, for a customer care function, are you better suited to run the customer care function, which means the pie is going to increase because it's not just a technology, but we have to run the process -- we have to run that function on behalf of the company.

這就是我說總可尋址支出比以前更高的原因。我的意思是，我們只是應用了技術並允許我們的客戶運行一些東西，但現在客戶說，等一下。如果有數位勞動力和人力勞動力，並且他們想要結合在一起，比如說，為了客戶服務功能，你是否更適合運行客戶服務功能，這意味著蛋糕會增加，因為它不僅僅是一種技術，而且我們必須運行這個過程——我們必須代表公司運行這個功能。

So we are starting to think about how do we go and pitch to clients on process functions, which are available for a partner to come and run it on their behalf with digital and human labor. So higher addressable spend, elasticity to pricing and the ability to capture new talent pools, new spend pools, and of course, the talent we need is going to be interdisciplinary between domain and technology. So we're seeing some good, exciting examples with our partnerships with our clients.

因此，我們開始思考如何向客戶推銷流程功能，合作夥伴可以利用數位和人力來代表他們運作這些功能。因此，更高的可尋址支出、定價彈性以及吸引新人才庫、新支出庫的能力，當然，我們需要的人才將是跨領域和技術的跨學科人才。我們在與客戶的合作中看到了一些很好的、令人興奮的例子。

That's great. And then I wanted to touch on capital allocation. Back at the analyst meeting earlier this year, you talked about spending up to half of free cash flow and acquisitions. Just wondering if you can give an update on progress on pipeline there and what you're seeing from a valuation perspective, et cetera?

那太棒了。然後我想談談資本配置。在今年稍早的分析師會議上，您談到了花費高達一半的自由現金流進行收購。只是想知道您是否可以介紹一下那裡的管道進度以及您從估值角度看到的情況等等？

Sure. James, we covered two aspects at the Investor Day, and I will cover them again. The first is the capital allocation that we have spoken about for 2025. And second is the long-term capital allocation plan.

當然。詹姆斯，我們在投資者日討論了兩個方面，我將再次討論它們。首先是我們談到的2025年的資本配置。第二是長期資本配置計畫。

So for 2025, we had spoken about returning $1.7 billion to our shareholders at the Investor Day, which we have further increased to $2 billion, as I covered in my opening remarks. Of that $2 billion, $1.4 billion is for share repurchases and $600 million towards dividend.

因此，對於 2025 年，我們在投資者日談到了向股東返還 17 億美元，正如我在開場白中提到的那樣，我們已將這一數字進一步增加到 20 億美元。在這 20 億美元中，14 億美元用於股票回購，6 億美元用於股息。

And that leaves us approximately with about $500 million for M&A for this year, and we have a decent pipeline to think about it in the second half of the year.

這樣，我們今年就剩下大約 5 億美元用於併購，而且我們下半年還有大量資金可以考慮。

Now let me touch about the overall long-term capital allocation policy. That remains 50%, 25%, 25%, which is 50% for M&A, 25% for the share buyback, and 25% for dividends.

現在我來談談整體長期資本配置政策。仍是50%、25%、25%，即50%用於併購，25%用於股票回購，25%用於股利。

That's great. Thanks very much, guys. Have a good day.

那太棒了。非常感謝，大家。祝你有美好的一天。

Thank you.

謝謝。

Jonathan Lee, Guggenheim Partners.

喬納森李，古根漢合夥人。

Great. Thanks for taking my question. You laid out the range of assumptions embedded in your full year outlook. But can you help frame how we should think about that as it relates to your 4Q exit rate? Are you assuming any sort of change in velocity in the business given some of the embedded deceleration in that back half?

偉大的。感謝您回答我的問題。您列出了全年展望中所包含的一系列假設。但您能否幫助我們思考這與您的第四季退出率之間的關係？考慮到後半部分的一些內在減速，您是否認為業務速度會發生任何變化？

So thank you for that question. Really, how -- where we land in quarter four is a factor of quarter three performance and quarter four performance and nearly half of the year to go. Really, as a range, given the current uncertainty is a wide range today. At the lowest end, it's a negative number. At midpoint, we see that exit number around 1%. And at the upper end, that is just under 4%.

謝謝你的提問。實際上，我們在第四季的表現如何取決於第三季的表現和第四季的表現，以及今年還有將近半年的時間。確實，作為一個範圍，考慮到當前的不確定性，今天的範圍很廣。在最低端，它是一個負數。從中間點來看，我們看到退出人數約為 1%。而最高值則略低於 4%。

So we have flexibility within the range to execute, and we believe we'll continue to execute within that range in the way we have done so far. But it's a wide range, and we are not -- I mean, we always mentioned that we are anchored around the midpoint of our guidance, but we always endeavor, of course, to do our best as we execute during the course of the year.

因此，我們在執行範圍內具有靈活性，並且我們相信我們將繼續以迄今為止的方式在該範圍內執行。但它的範圍很廣，我們不是——我的意思是，我們總是提到我們固定在指導的中點附近，但我們當然總是盡力在一年內盡力而為。

I appreciate that insight. And given some of the demand-related puts and takes you laid out in your prepared remarks, can you help unpack which verticals and geographies you'd expect to maybe decelerate versus accelerate for the remainder of the calendar year, especially considering some of the large deal ramps you're anticipating?

我很欣賞這種見解。鑑於您在準備好的發言中列出的一些與需求相關的利弊，您能否幫助解釋一下，您預計在今年剩餘時間內哪些垂直行業和地區可能會減速或加速，特別是考慮到您預期的一些大型交易增長？

Yeah. So look, we've had financial services doing pretty well. This is the fourth consecutive quarter we've been able to do Y on Y growth in almost the whole year. We have actually three quarters now, sequentially, we've been growing in financial services. That's a sector I'm very excited about.

是的。所以看，我們的金融服務做得相當好。這是我們幾乎全年連續第四個季度實現同比增長。實際上，我們已經連續三個季度在金融服務領域成長。我對這個領域非常感興趣。

It's unlocking innovation dollars, not just dollars related to productivity. And whenever you unlock innovation dollars, it's related to revenue, related to growth. So it's always exciting.

它釋放的是創新資金，而不僅僅是與生產力相關的資金。無論何時解鎖創新資金，它都與收入、與成長有關。所以這總是令人興奮的。

I see healthcare as an opportunity. I mean, as we talk, there is just that out-of-the-press, make American healthcare technology great again. And that opportunity is all about applying technology to reduce the operational overhead, overhang on that sector. It's been a sector which hasn't as much embraced technology, and it has been fragmented all the way from payer providers and pharmacies. So we see that as a sector where we have strength as well. So we're going to see that.

我認為醫療保健是一個機會。我的意思是，正如我們所說的，有這樣一種非媒體報道，讓美國醫療技術再次偉大。而這個機會就是利用科技來減少該領域的營運開銷和負擔。這個行業對科技的接受度還不夠，而且付款提供者和藥局之間的聯繫十分分散。因此，我們認為這也是我們具有優勢的領域。我們將會看到這一點。

I mean this is also the first time over the last few quarters, our comms and technology sector has gone into a positive zone. And we are starting to improve in products and resources.

我的意思是，這也是過去幾個季度以來我們的通訊和技術部門首次進入正增長區域。我們的產品和資源也開始得到改進。

So effectively, if you see the performance of this quarter, it's been all around performance, including our geo-based. If you double click on a geo, even if you take the Belcan numbers out, all three geographies, Asia Pacific, Europe and the US; US on a big base.

因此，實際上，如果你看一下本季的表現，你會發現它是全方位的表現，包括基於地理位置的表現。如果你雙擊某個地理位置，即使你去掉 Belcan 的數字，所有三個地理位置，即亞太地區、歐洲和美國，都以美國為大基數。

I mean, amongst our peers, if you look at it, we are doing significantly well in the US. So it is reflective of all round performance, all weather company, and durable in a more sustainable momentum for us. So I'm optimistic about continued all-round performance as we go forward into the second half.

我的意思是，如果你看一下，你會發現在我們的同行中，我們在美國做得非常好。因此，它體現了全方位的表現、全天候的公司以及我們更永續的發展動能。因此，我對我們下半年繼續保持全面表現感到樂觀。

Thanks a lot, Ravi.

非常感謝，拉維。

Jamie Friedman, SIG.

傑米·弗里德曼，SIG。

Thank you for taking the questions. So, Ravi, if you go back to the three-vector approach that you've articulated enabling hyper-productivity was one; industrializing AI was two; agentifying the enterprise is three. And I know you just recently made these at the Analyst Day, but I'd just be curious if you could update us your perspective as to which of those because the chronology that you described was that it's now for all of them? Are any of those ahead of the others?

感謝您回答這些問題。因此，拉維，如果你回顧你所闡述的三向量方法，那麼實現超高生產力是第一，人工智慧工業化是第二，企業代理化是第三。我知道您最近在分析師日上提出了這些，但我只是好奇您是否可以向我們更新您對其中哪些內容的看法，因為您所描述的時間順序是現在適用於所有這些內容？其中有哪個領先其他的嗎？

Great question. Of course, the Vector 1 is significantly ahead of the other two. It is timed in a way that we are in an uncertain market, slow market. Clients are looking for value. And some clients are underwriting those savings for innovation.

好問題。當然，Vector 1 明顯領先其他兩款。就我們目前所處的市場而言，這是一個不確定的、緩慢的市場。客戶正在尋求價值。一些客戶正在為創新承擔這些節省的費用。

So Vector 1 has been -- I mean, look, we did 29 large deals last year. We did 17 in 2023. We've been on this journey for a while. And we've been doing very well on it.

所以 Vector 1 已經——我的意思是，你看，我們去年做了 29 筆大交易。2023 年我們完成了 17 項。我們已經踏上這段旅程有一段時間了。我們在這方面做得很好。

And on productivity, which we commit to our clients, we have been able to deliver as well as keep the savings what we can for ourselves. I mean, I'm doing very well on [bid versus driven] productivity. We have -- today, just today, we have this huge event in Cognizant to get everybody on to code assist platform.

至於我們對客戶承諾的生產力，我們不僅能夠實現，還能為自己節省盡可能多的成本。我的意思是，我在[出價與驅動]生產力方面做得很好。我們——今天，就在今天，我們在 Cognizant 舉辦了這次大型活動，讓每個人都加入程式碼輔助平台。

So productivity is probably ahead of the other two. On the second and third, they're interlinked. I mean they are interlinked because you do the second to lay the foundation for the third. But I'm actually surprised that the third is catching so much momentum.

因此生產力可能領先其他兩個。第二點和第三點是相互關聯的。我的意思是它們是相互關聯的，因為你做第二件事是為了為第三件事奠定基礎。但實際上，我很驚訝第三部電影能獲得如此大的動力。

I wouldn't have said this a quarter ago, but so much momentum, customer care, financial services as an industry, health care, now our healthcare TriZetto platform has agents, which our clients are trying to embrace. So agentification of an enterprise.

一個季度前我可能不會這麼說，但現在勢頭強勁，客戶關懷、金融服務業、醫療保健，現在我們的醫療保健 TriZetto 平台都有代理商，我們的客戶正在努力接受這些代理商。所以企業代理化。

Not looking at agentification as the purpose but looking at reducing elapsed times or increasing throughput or straight-through processing, a completely new experience. Clients are experimenting. And you just see the numbers, 1,400 projects we had last quarter. That number was incrementally moving. And this quarter, we had at 2,500 projects.

不以代理化為目的，而是著眼於減少經過的時間或增加吞吐量或直通式處理，這是一種全新的體驗。客戶正在進行實驗。你看數字就知道，上個季度我們有 1,400 個項目。這個數字正在逐步改變。本季度，我們有 2,500 個項目。

So it's suddenly almost close to double. So I would say stable on a runway, Vector 1; and Vector 2 and Vector 3 is trying to catch up like a key hockey stick now. I mean, that's the right -- I always expected it that way, more spend will happen, more unlock of dollars will happen and when that happens, the excitement of using AI for growth using AI for creating new products and new services will drive additional spend cycles, which we want to capture additional labor pools and additional spend cycles. So the runway on productivity will start to slow down and the runway on innovation will start to take off.

因此它突然幾乎接近兩倍。因此，我想說，Vector 1 在跑道上表現穩定；而 Vector 2 和 Vector 3 現在正試圖像曲棍球棒一樣迎頭趕上。我的意思是，這是正確的——我一直期望這樣，將會有更多的支出，將會有更多的美元被釋放，而當這種情況發生時，使用人工智能來創造新產品和新服務以促進增長的興奮感將推動額外的支出週期，我們希望獲得額外的勞動力資源和額外的支出週期。因此，生產力的跑道將開始放緩，而創新的跑道將開始起飛。

And then for my follow-up. This time last year, you used to talk about the swim lane of cost takeout and that remained the theme. This time though, you mentioned the word innovation more. I'm just trying to reconcile that with short duration discretionary.

然後是我的後續行動。去年這個時候，您曾經談論過成本外賣的泳道，而這仍然是主題。不過這次，您更提到了創新這個詞。我只是想將其與短期自由裁量權相協調。

When you say innovation, does that mean short duration discretionary? Because it doesn't seem like your guidance contemplates much cadence there, but your commentary does?

當您說創新時，是否意味著短期自由裁量權？因為看起來您的指導並沒有考慮到那裡的節奏，但您的評論卻考慮到了？

Part of it also gets to cost in the second cycle, Vector 2 and 3, even if it's innovation led, I mean, productivity, the way I defined it was software development cycles. That's how I defined it. We went from 20% to 30% written by machines.

即使是由創新主導，其中一部分也涉及到第二個週期（向量 2 和 3）的成本，我的意思是生產力，我對它的定義是軟體開發週期。我就是這樣定義的。我們把機器寫的比例從 20% 提高到了 30%。

The way I define innovation is even if you're -- if you're doing it to reduce the cycle time, you're doing it to reduce operational cost, but you're doing it in an innovative way.

我對創新的定義是，即使你這樣做是為了縮短週期時間，即使你這樣做是為了降低營運成本，但你還是以一種創新的方式去做。

I'll give you examples, say, if you go to a bank and say, I can reduce your -- know your customer cycle to two days or one day versus four or five days using agentic. You could arguably say a better experience, higher throughput, faster velocity, which is also reduced costs. So clients are looking at some of that which is self-served, if I may?

我給你舉幾個例子，例如，如果你去一家銀行說，我可以將你的了解客戶週期從使用 agentic 的四到五天減少到兩天或一天。可以說，這是一種更好的體驗、更高的吞吐量、更快的速度，同時也降低了成本。那麼，客戶正在查看一些自助服務的東西，可以嗎？

I mean, we announced a deal on customer care, which is for a logistics company called Lineage. I mean that was a combination of things, experience, cost, everything put together, but it's agentic. So there is still runway on productivity because productivity has only got to 30%. I mean, 30% is average.

我的意思是，我們宣布了一項客戶服務協議，該協議針對一家名為 Lineage 的物流公司。我的意思是，這是多種因素的結合，經驗、成本等等，但它具有代理性。因此，生產力仍有提升空間，因為生產力目前僅達 30%。我的意思是，30% 是平均值。

I have myself said that writing code from machines could be 50% in one year. I've said this before in some of my podcasts, and that is true. That is catching up.

我自己說過，一年內用機器寫程式可以達到 50%。我以前在一些播客中說過這一點，這是真的。這就是追趕。

So I think there is headroom there. There is nonlinearity there. But my excitement is more about the innovation side of it because as enterprises start to see the value, they will flip to newer products, newer services growth and using agentic to get there.

所以我認為那裡還有發展空間。那裡存在非線性。但我的興奮更多的是在它的創新方面，因為當企業開始看到其價值時，他們將轉向更新的產品、更新的服務成長並利用代理商來實現目標。

Thank you.

謝謝。

Bryan Bergin, TD Cowen.

布萊恩·伯金 (Bryan Bergin)，TD Cowen。

Hi, guys. Thanks for taking questions. I wanted to ask on the health care headwinds versus potential offsets here. So is there any way to frame how much the BBB may be incrementally weighing on growth in that segment versus what you thought 90 days ago? Any commentary on how you see healthcare moving through the second half of this year? And then where are the offsets in the business if there are incremental headwinds?

嗨，大家好。感謝您的提問。我想問一下醫療保健方面的不利因素與潛在的抵消因素。那麼，與您 90 天前所想的相比，有什麼方法可以確定 BBB 對該領域成長的影響有多大嗎？您對今年下半年醫療保健的發展有何評論？那麼，如果出現增量阻力，業務中的抵銷因素在哪裡呢？

I don't see -- I mean, the way I see this is our exposure to Medicaid and Medicare is not a lot, right? It's -- we have a lot of commercial healthcare. A lot of payer business and provider business. And of course, we also have a fairly big exposure to life sciences.

我不明白——我的意思是，我認為我們接觸醫療補助和醫療保險的次數並不多，對嗎？是的——我們有很多商業醫療保健。很多付款人業務和提供者業務。當然，我們對生命科學也有相當的了解。

Life sciences is actually spending more than before, they will take the money from productivity and move it to innovation because innovation cycles are going to be run by technology in life sciences.

生命科學實際上比以前花費更多，他們將把生產力的資金轉移到創新上，因為創新週期將由生命科學技術來運作。

In healthcare, United States is predominantly United States. Almost all the problems you can talk about are related to productivity, related to outcomes. And based on what I know, technology is the only way you can come out of it. So I would categorize healthcare as an opportunity of winning in the turns, more proximity-led because that is the need of the hour. It will not be as much innovation like I spoke in my previous thing.

在醫療保健領域，美國占主導地位。您談論的幾乎所有問題都與生產力、與結果有關。據我所知，科技是擺脫困境的唯一方法。因此，我將醫療保健歸類為在轉變中獲勝的機會，更加重視鄰近性，因為這是當務之急。它不會像我之前所說的那樣有太多的創新。

But I would be -- I would categorize that opportunity as -- one of the $1 billion deals we did was a healthcare company. And they did it because they wanted to unlock the productivity from AI-led transformation and we've been able to create a win-win situation.

但我會——我會將這個機會歸類為——我們達成的 10 億美元交易之一是一家醫療保健公司。他們這樣做是因為他們希望透過人工智慧主導的轉型釋放生產力，並且我們能夠創造雙贏的局面。

So I'm going to see more of those opportunities in healthcare versus financial services, which will be more innovation-led.

因此，與金融服務相比，我認為醫療保健領域將出現更多這樣的機會，這些機會將更多地由創新主導。

Okay. Understood. And then, Ravi, just a question for you as it relates to kind of the convergence of IT services and BPM. There's obviously a deal announced here recently in the space.

好的。明白了。然後，Ravi，我問您一個問題，它與 IT 服務和 BPM 的整合有關。顯然，最近該領域宣布了一項交易。

How are you thinking about that dynamic from the standpoint of organic capabilities you have in Cognizant now versus inorganic targets to ensure you have the deep domain expertise and broader process depth as you talk about digitizing, agentifying client operations, and then running them?

您如何從 Cognizant 目前擁有的有機能力與無機目標的角度來思考這種動態，以確保您在談論數位化、代理化客戶操作並運行它們時擁有深厚的領域專業知識和更廣泛的流程深度？

Great question, again. I mean, look, Originally, everybody thought applying AI to operations will be the first thing to do. But sequentially, the way this shaped up is, we first applied it to software development cycles. And now the lens is on operations.

又一次，好問題。我的意思是，最初，每個人都認為將人工智慧應用於營運是第一件事。但按順序來說，我們首先將其應用於軟體開發週期。現在的焦點是營運。

And I would actually believe that operations, data, AI, agentic, they're all going to come together. And the companies which have technology proves can go and disrupt existing portfolios. So the convergence of all of them and the application of agentic to operations of companies is a unique opportunity.

我確實相信，營運、數據、人工智慧、代理，它們都會結合在一起。擁有技術證明的公司可以打破現有的投資組合。因此，所有這些的融合以及代理商在公司營運中的應用是一個獨特的機會。

The way to go about that opportunity is, can you actually grow faster than what it cannibalizes? If you look at our BPO portfolio, a large part of it is also related to what we cater to digital natives. In fact, today, we announced a service called Cognizant AI data training services. This is AI algorithms and machine learning algorithms, we were training for years.

抓住這個機會的方法是，你的成長速度能否快於它所蠶食的領域？如果你看一下我們的 BPO 產品組合，你會發現其中很大一部分也與我們迎合數位原生世代的需求有關。事實上，今天，我們宣布了一項名為 Cognizant AI 資料訓練服務的服務。這是人工智慧演算法和機器學習演算法，我們訓練了多年。

We have 10,000 people doing that. Now look at the unique opportunity. I can actually flip it around and take it to Fortune 500 and the Global 2000 who are now building AI models, and we could create a unique differentiation because we are one of the largest players in that space.

我們有一萬人在做這件事。現在就來看看這個獨特的機會。我實際上可以把它反過來，帶到現在正在建立人工智慧模型的財富 500 強和全球 2000 強企業，我們可以創造獨特的差異化，因為我們是該領域最大的參與者之一。

So there are opportunities. You could almost argue that there are some things in BPO, which will completely get commoditized and completely get automated. It will lead to a new set of things which you can adapt, which is new labor pools. So I actually see BPO as a headless transformation opportunity with agentic and AI in the middle, and we are anchoring a lot of our deals using this as a key strength.

所以機會還是有的。你幾乎可以爭辯說，BPO 中的一些東西將完全商品化並完全自動化。它將帶來一系列你可以適應的新事物，即新的勞動力資源。因此，我實際上將 BPO 視為一個無頭轉型機會，中間以代理商和 AI 為中心，並且我們利用這一點作為關鍵優勢來鞏固我們的許多交易。

Amit Daryanani, Evercore ISI.

Amit Daryanani，Evercore ISI。

I guess maybe to start with your headcount, I think it was up on a year-over-year basis for the first time in about eight quarters. As you look into the back half of the year, can you just talk about -- how should we think about headcount growth? And can the utilization rates, actually, sustain (inaudible) range? Or is there a potential for that to dip down?

我想也許先從員工人數開始，我認為這是大約八個季度以來員工人數首次同比增長。展望下半年，您能否談談－我們該如何看待員工人數的成長？那麼利用率實際上能否維持（聽不清楚）範圍？或者說，這數字有下降的潛力嗎？

Yes. Amit, we will -- this represents the the hiring that we do during this time of the year of recent college graduates and that has reflected in the increase of 7,500 compared to quarter one. You will see some increase also in second half of the year, but it won't be large increases as we will continue to double down on the AI-led productivity and how do we do more with less. So it would be a combination.

是的。阿米特，這代表了我們在今年這個時候招募應屆大學畢業生的情況，與第一季相比，招募人數增加了 7,500 人。您還會看到下半年有所成長，但不會是大幅成長，因為我們將繼續加倍重視人工智慧主導的生產力以及如何用更少的資源做更多的事情。所以這將是一個組合。

On one hand, we will infuse more college, recent graduates as part of our talent pool. And on the other hand, try and get the best out of what we can do with AI led productivity. So you would see some increases, but it won't be large numbers.

一方面，我們將吸收更多的大學生和應屆畢業生加入我們的人才庫。另一方面，嘗試充分利用人工智慧帶來的生產力。因此你會看到一些成長，但數字不會很大。

In fact, if you do a Y on Y comparison, you would notice that we are almost like flat, because we had 6,000 to 7,000 people who got added from Belcan. But we have actually done 3%, 3%-plus -- more than 3% organic growth. So it's a combination of, I would say, AI-led productivity, which we could keep to ourselves plus operational rigor, which Jatin spoke about.

事實上，如果你進行 Y 對 Y 的比較，你會注意到我們幾乎是持平的，因為我們有 6,000 到 7,000 名員工是從 Belcan 加入的。但我們實際上實現了 3%、3% 以上的有機成長。所以我想說，這是人工智慧主導的生產力（我們可以自己保留）加上 Jatin 談到的營運嚴謹性的結合。

And addition now, which we have had is freshies, school graduates. And what we'll do for the rest of the year is also mostly school graduates out of India.

現在，我們又增加了新生和畢業生。我們在今年剩餘時間主要要接待來自印度的學校畢業生。

Perfect. And then if you go back to the bookings growth, I think bookings were up like 18%. And clearly, the industry is not growing at that rate. So it's fair to assume that your folks are picking up a good, better market share over here. I'm curious, what do you attribute the share gains, too? And are these share gains coming at potentially a lower margin point, at least initially versus what you traditionally get?

完美的。然後，如果您回顧預訂量增長情況，我認為預訂量增加了 18%。顯然，該行業並沒有以這樣的速度成長。因此，我們可以合理地認為，你們在這裡獲得了更好的市場份額。我很好奇，您認為股價上漲的原因是什麼？這些份額成長是否可能以較低的利潤點出現，至少在最初與傳統利潤點相比是如此？

So again, Jatin, you can jump in. Look, we have been -- we have won them competitively. These are deals which we rightly priced. We know we'll hit the margin numbers we targeted for.

那麼，Jatin，你可以加入了。瞧，我們已經——我們已經在競爭中贏得了勝利。這些都是我們合理定價的交易。我們知道我們會達到我們設定的利潤目標。

In fact, the 29 last year and the 17 the year before, we have now got a template in place, which we are, therefore, getting stronger and stronger. Our win rates have significantly increased. We are able to sole source and originate new deals. In fact, one of the deals we did was a deal we originated, the $1 billion deal. One of them we originated it ourselves. It didn't exist.

事實上，去年有 29 支球隊，前年有 17 支球隊，現在我們已經有了一個模板，因此我們正在變得越來越強大。我們的勝率顯著提高。我們能夠獨家採購並發起新交易。事實上，我們達成的其中一筆交易是我們發起的，價值 10 億美元的交易。其中之一就是我們自己發明的。它不存在。

So our ability to take this to the market in an agile way and our ability to call it out where we think we can, we have been super sleek in the market to make that value proposition to our clients who see this as a win-win.

因此，我們能夠以敏捷的方式將其推向市場，並且能夠在我們認為可能的地方將其推廣出去，我們在市場上表現非常出色，可以向客戶提出這一價值主張，而客戶認為這是一個雙贏的局面。

This quarter, as I said earlier, it's been a fairly good mix, new business, higher ACV, 18% YoY, good mix of small and large deals, [attainable] and new -- and innovation and productivity, right?

正如我之前所說，本季度的組合相當不錯，新業務、更高的 ACV、同比增長 18%、小額和大額交易的良好組合、[可實現的]和新的——以及創新和生產力，對嗎？

I mean, I've kind of used innovation more often in this quarter than before, because we've really seen traction attached to it. So I'm kind of encouraged by the spread and the distribution across industries and geographies as well.

我的意思是，我在這個季度比以前更頻繁地使用創新，因為我們確實看到了它帶來的牽引力。因此，我對跨行業和跨地區的傳播和分佈感到鼓舞。

And Amit, you are aware that we have been consistently winning, and Ravi referred to that, 17 deals in '23 and then 29 in '24. This year also started with very healthy numbers with three megadeals that we have won since the beginning of the year.

阿米特，你知道我們一直在持續獲利，拉維也提到了這一點，2023 年我們達成了 17 筆交易，2024 年我們達成了 29 筆交易。今年的開局也非常不錯，自年初以來我們已經贏得了三筆大型交易。

And in '24 as well as in '25, we have guided for '22 -- I mean, now in '25, we have guided to 20 to 40 basis point margin expansion. For first half of this year, we have delivered 40 basis points higher. So this team -- the point I'm trying to make is, these large deals are now mainstream part of our business. And we are able to execute the investment in this deal, with the overall cost discipline in the organization to overall give out the outcomes, which are on aggregate accretive and margin which is expanding.

在 2024 年和 2025 年，我們已經為 2022 年做好了預測——我的意思是，現在在 2025 年，我們已預測利潤率將擴大 20 至 40 個基點。今年上半年，我們的利率已上漲 40 個基點。所以這個團隊——我想說的是，這些大交易現在已經成為我們業務的主流部分。我們能夠執行這筆交易中的投資，並在組織內實施整體成本控制，從而整體上產生結果，即整體增值和利潤率不斷擴大。

With everything that Ravi spoke about, we have a bid versus did, we have a tight governance on how we execute and so on and so forth.

正如拉維所說的，我們有一個出價與實際行動，我們對執行方式有嚴格的管理，等等。

Surinder Thind, Jefferies.

蘇林德‧廷德（Surinder Thind），傑富瑞集團（Jefferies）。

Thank you. When I think about all of the commentary on innovation spend, I guess, is that code for seeing that clients are getting more comfortable with the discretionary spend component? And then I guess as part of that, what is allowing them to make those decisions, given what I would argue is the pace of technological change, right?

謝謝。當我思考有關創新支出的所有評論時，我想，這是否表明客戶對可自由支配的支出部分越來越滿意？然後我想，考慮到技術變革的速度，是什麼讓他們能夠做出這些決定？

Like, it seems like every month, every few weeks, every quarter, we're seeing pretty big advances in the frontier models. And so I just want to understand that the decision-making and the conversations that you're having and how we should think about what I would call these green shoots here of spend.

好像每個月、每隔幾週、每個季度，我們都會看到前沿模型有相當大的進步。因此，我只是想了解你們正在進行的決策和對話，以及我們應該如何看待我所說的支出的綠芽。

Yes. Surinder, I kind of use the word innovation, but I would actually frame it as innovation-led process change, right? I mean, as I said, you want to do -- you want to go to a bank and do a process and know your customers in a lesser time, better experience and with lower cost is not as much as cost, but it is also because some of these processes have not been disrupted for a very, very long time. And right now, they have all started to look at this technology to go and raise it how to change.

是的。Surinder，我有點用創新這個詞，但我實際上會把它定義為創新主導的過程變革，對嗎？我的意思是，正如我所說的，你想去銀行辦理一些業務，在更短的時間內了解你的客戶，獲得更好的體驗，並且降低成本，這並不像成本那麼高，但這也是因為其中一些流程在很長一段時間內都沒有被打亂。現在，他們都開始研究這項技術並提出如何改變它。

Like what happened when the Internet came, sales and marketing changed forever. Now there is a unique opportunity to change that. But the opportunity is not just about going and applying AI or going and applying agentic. The opportunity is also to service the labor pool as a part of an opportunity where a customer is willing to outsource it now while they didn't do it in the past because there is digital and human labor attached to it.

就像網路出現時發生的那樣，銷售和行銷永遠改變了。現在有一個獨特的機會來改變這種狀況。但機會不僅僅在於應用人工智慧或應用程式。這個機會也在於為勞動力庫提供服務，客戶現在願意將其外包，而過去他們不會這樣做，因為這涉及數位和人力。

So we've been thoughtful about going and finding those kind of opportunities. I mean customer care is probably the best example. Customer care, nobody is wanting to do it. Go through the agentification to just reduce cost. They're going through the agentification to improve experience and to also create more real-time real time access to -- I mean, more real-time leverage to their end consumers.

因此，我們一直在深思熟慮地尋找這樣的機會。我的意思是客戶服務可能是最好的例子。客戶服務，沒人願意做這件事。透過代理化只是為了降低成本。他們正在透過代理化來改善體驗，並為最終消費者創造更多即時存取權限 - 我的意思是，為最終消費者提供更多即時槓桿。

So the way I see it is to do all of this. I mean, you spoke about frontier models. To do all of this, the frontier models by itself can't do anything. They will need to be layered with a lot of things. They will be have to be layered with a data flow strategy. How are you going to change the workflow. How you build context engineering. I spoke about context engineering in some of my public posts before, how do you weave tribal knowledge and context of an enterprise.

所以我認為應該把這一切都做完。我的意思是，您談到了前沿模型。要做到這一切，前沿模型本身無能為力。它們需要與許多東西分層放置。它們必須採用資料流策略進行分層。您將如何改變工作流程？如何建構上下文工程。我之前在一些公開的貼文中談到了背景工程，如何將部落知識和企業背景交織在一起。

All of this is a role of a system integrator. And I'm starting to see the -- I'm now starting to see even application, even agent development life cycles, which are very different to software development cycles. agent development life cycle is about scoping for outcomes, not scoping for a spec, behavioral design of agents, scaling agents, maintenance in software is different to maintenance in agents.

這一切都是系統整合商的角色。我開始看到——我現在開始看到甚至是應用程序，甚至是代理開發生命週期，它們與軟體開發週期非常不同。代理開發生命週期是關於結果的範圍，而不是規範的範圍，代理的行為設計，擴展代理，軟體中的維護不同於代理中的維護。

Now you have to supervise agents even during maintenance. So that whole cycle has changed.

現在，即使在維護期間您也必須監督代理。所以整個週期已經改變。

So we have reinvented the process of building that IP on the edge, methodology, sensing what labor pools will be ready for it, with the limited discretionary which is there. And as discretionary goes up, possibilities will change. But as discretionary is available, you will have to route it to the right places.

因此，我們重新設計了在邊緣建構 IP 的過程和方法，感知哪些勞動力資源已經做好準備，同時又具有有限的自由裁量權。隨著可自由支配量的增加，可能性也會改變。但由於可自由支配，您必須將其路由到正確的位置。

In financial services, it's much more open. So we're seeing more of it. In other sectors, it is less. but that unlock will happen. It is bound to happen, and the value has to shift to the front end where the system integrators will anchor it.

在金融服務領域，開放程度較高。所以我們見到的這種情況越來越多。在其他領域，這種情況會少一些，但解鎖終將發生。這是必然會發生的，價值必須轉移到系統整合商將錨定的前端。

That's actually quite helpful. And then I guess, since you brought this up with the frontier models. A few weeks ago, OpenAI announced that they're willing to do certain consulting services if, let's say, you're willing to spend at least $10 million with them. Is that something that we should consider or that you consider from a competitive perspective that they're starting to get into the services game here? How should we take that?

這實際上非常有幫助。然後我想，既然你提到了前沿模型。幾週前，OpenAI 宣布，如果你願意至少花 1000 萬美元，他們願意提供某些諮詢服務。這是我們該考慮的事情嗎？或者您從競爭的角度考慮他們是否開始進入服務業？我們該如何看待這一點？

It's very complicated for just a technology company, which owns a frontier model to go and implement a business process change, which is a combination of domain, combination of operations and system integration.

對於一家擁有前沿模型的科技公司來說，去實施業務流程變革是非常複雜的，這是領域、營運和系統整合的結合。

I spoke about the layers, in addition to the frontier model, which you need to make the technology work in context to an enterprise. You could draw parallels to customization in an enterprise. When traditional software, when you have to do customization, you could draw the parallel to context engineering, data flows, workflows, and all of that.

除了前沿模型之外，我還談到了使技術在企業環境中發揮作用所需的層次。您可以將其與企業中的客製化進行比較。當傳統軟體需要進行客製化時，您可以將其與情境工程、資料流、工作流程等進行比較。

So you have to walk the corridors of the clients to know how that is done in a company and how it could be done now. And it's a combination of technology ops and domain. So there's no way you can actually deliver those services without that. Unless you believe that the frontier model companies want to be in the services business. And as I said, my services business is not just about capability.

因此，你必須走訪客戶的走廊，了解公司是如何做到這一點的，以及現在可以如何做到這一點。它是技術操作和領域的結合。所以，如果沒有這個，你就無法真正提供這些服務。除非你相信前沿模式公司想要從事服務業。正如我所說，我的服務業務不僅涉及能力。

My services business is also to build these layers.

我的服務業務也是建構這些層。

And as I said before, there are companies which are plumbing in AI, there are companies which are going to build in AI, and we want to be that AI builder company.

正如我之前所說，有些公司正在探索人工智慧，有些公司準備開發人工智慧，而我們希望成為這樣的人工智慧建構公司。

Now over a period of time, maybe some -- couple of good big products integrated [will shop] at that point of time and the role of a system integrator might change or maybe we will own so much IP by then that we will continue to monetize it. But IP on the edge is a real differentiator and a real thing needed in the AI era, and we are actually using some of our capital to invest into it.

現在，經過一段時間，也許一些好的大型產品會在那時被整合，系統整合商的角色可能會發生變化，或者到那時我們將擁有如此多的智慧財產權，以至於我們將繼續將其貨幣化。但邊緣 IP 是一個真正的差異化因素，也是人工智慧時代真正需要的東西，我們實際上正在使用部分資本對其進行投資。

Thank you, Ravi. That's very, very helpful.

謝謝你，拉維。這非常非常有幫助。

Thank you. Ladies and gentlemen, this concludes today's Cognizant Technologies Solutions second-quarter 2025 earnings conference call. You may now disconnect your lines. Thank you for your participation.

謝謝。女士們，先生們，今天的 Cognizant Technologies Solutions 2025 年第二季財報電話會議到此結束。現在您可以斷開線路了。感謝您的參與。