高知特 (CTSH) 2025 Q4 法說會逐字稿

Ladies and gentlemen, welcome to the Cognizant Technology Solutions Year-end Fourth Quarter 2025 Earnings Conference Call. (Operator Instructions) Thank you.

女士們、先生們，歡迎參加 Cognizant Technology Solutions 2025 年第四季財報電話會議。（操作說明）謝謝。

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

現在我將把會議交給投資者關係高級副總裁泰勒·斯科特先生。謝謝。請繼續，先生。

hank you, operator, and good morning, everyone. Welcome to Cognizant's Fourth Quarter and Full Year 2025 Earnings Call. I am joined today by Ravi Kumar, our CEO; and Jatin Dalal, our CFO. By now you should have received a copy of the earnings release and the investor supplement. If you have not, copies are available on our website, cognizant.com.

謝謝接線員，大家早安。歡迎參加 Cognizant 2025 年第四季及全年財報電話會議。今天與我一同出席的有我們的執行長 Ravi Kumar 和財務長 Jatin Dalal。現在你應該已經收到獲利報告和投資者補充資料了。如果您還沒有，可以從我們的網站 cognizant.com 取得副本。

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

在開始之前，我想提醒各位，今天電話會議上的一些評論以及對你們提問的一些回答可能包含前瞻性陳述。這些聲明受到公司獲利報告和向美國證券交易委員會提交的其他文件中所述的風險和不確定性的影響。

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

此外，在今天的電話會議中，我們將提及一些我們認為可以為投資者提供有用資訊的非GAAP財務指標。公司獲利報告和向美國證券交易委員會提交的其他文件中，可以找到非GAAP財務指標與對應GAAP指標的調節表。

With that, over to you, Ravi.

那麼，接下來就交給你了，拉維。

Thank you, Tyler. Good morning, everyone. Thank you for joining us today. I'm pleased to report our momentum continued in the fourth quarter as revenue growth and adjusted operating margin, again outpaced our expectations.

謝謝你，泰勒。各位早安。感謝您今天蒞臨。我很高興地報告，第四季我們的成長動能依然強勁，營收成長和調整後的營業利潤率再次超出預期。

Looking at the quarter's highlights. Revenue grew 3.8% year-over-year in constant currency, all organic, driven by North America. By segment, Financial Services led growth with constant currency revenue increasing 9% year-over-year during the quarter and 7% for the year, the highest annual level since 2016.

回顧本季亮點。以固定匯率計算，營收年增 3.8%，全部為內生成長，主要由北美市場推動。按業務板塊劃分，金融服務業引領成長，以固定匯率計算，該季度營收年增 9%，全年成長 7%，創下 2016 年以來的最高年度水準。

Q4 bookings grew 9% year-on-year, driving a record quarterly total contract value. We signed 12 large deals with TCV of 100 million upgrade, including one deal valued at more than $1 billion. The value of these large deal wins is 60% greater than a year ago.

第四季預訂量年增 9%，推動季度合約總價值創歷史新高。我們簽署了 12 筆總合約價值達 1 億美元的大型升級交易，其中一筆交易價值超過 10 億美元。這些大額交易的價值比一年前增加了 60%。

Adjusted operating margin of 16% improved by 30 basis points year-over-year. We now have over 4,000 AI engagements across all 3 vectors and over 30% of our developer effort in software development cycles is AI-assisted and agentic. And our productivity improved as fixed bid and transaction-based work now represent more than 50% of our revenue.

經調整後的營業利益率為 16%，年增 30 個基點。目前，我們在所有 3 個領域開展了 4000 多項 AI 應用，在軟體開發週期中，超過 30% 的開發人員工作都得到了 AI 的輔助和智慧支援。隨著固定報價和交易型工作占我們收入的 50% 以上，我們的生產效率也提高了。

We also saw a 5% and 8% increase in trailing 12-month revenues and adjusted operating income per employee, respectively. These results drove 2025 revenues up 6.4% in constant currency, surpassing the $20 billion mark and the high end of our guidance range.

我們也看到，過去 12 個月的收入和每位員工的調整後營業收入分別成長了 5% 和 8%。這些業績推動 2025 年營收以固定匯率計算成長 6.4%，超過 200 億美元大關，達到我們預期範圍的上限。

Importantly, we delivered profitable growth. Our 15.8% adjusted operating margin exceeded guidance rising 50 basis points over last year. We achieved this result while investing in our people, including through a merit cycle for most associates and our highest discretionary annual bonus funding level since 2018.

重要的是，我們實現了獲利成長。我們調整後的營業利潤率為 15.8%，超過了預期，比去年提高了 50 個基點。我們在投資員工的同時取得了這項成果，包括對大多數員工實施績效考核制度，以及自 2018 年以來最高的年度酌情獎金水準。

January marked my third anniversary as Cognizant's CEO. When we began this journey in early 2023, we set out to reclaim our winning heritage. In 2024, we successfully pivoted from stabilization to growth in the slide's large deal engine and expanded our platform strategy with AI-led investments to broaden our capabilities.

一月份是我擔任 Cognizant 執行長的第三年。2023年初，我們開啟了這段旅程，目標是重拾我們輝煌的傳統。2024 年，我們成功地從穩定階段轉向成長階段，推動了滑坡體大額交易引擎的發展，並透過人工智慧驅動的投資擴大了我們的平台策略，從而拓展了我們的能力。

In early 2025, we laid out our strategic objectives to amplify talent, scale innovation and accelerate growth. We also set a goal to reach out industries Winner's Circle by 2027. And I'm extremely proud that we arrived two years early with top-tier revenue growth.

2025年初，我們制定了策略目標，旨在增強人才實力、擴大創新規模並加速成長。我們也設定了目標，到 2027 年將各行業的佼佼者納入其中。我非常自豪的是，我們提前兩年實現了頂尖的營收成長。

Throughout 2025, we executed with speed and discipline, consistently meeting or beating the high end of our expectations each quarter as our investments began shaping Cognizant into an AI builder capable of scaling Agentic AI across our clients' landscapes.

2025 年全年，我們以速度和紀律執行，每個季度都持續達到或超過預期上限，我們的投資開始將 Cognizant 塑造成一家人工智慧建構商，能夠在我們客戶的環境中擴展智慧人工智慧。

Looking at additional milestones that demonstrate our successful execution on our three strategic priorities. In 2025, we promoted more than 35,000 associates. We signed 28 deals, each with TCV above $100 million with a combined TCV up nearly 50% versus last year. This includes 5 mega deals with TCV of $500 million or greater. Our Net Promoter Scores reached a record high in 2025 from when I started three years ago.

著眼於其他里程碑，這些里程碑證明了我們在三大戰略重點方面的成功。2025年，我們晉升了超過35,000名員工。我們簽署了 28 份合同，每份合約的總合約價值 (TCV) 均超過 1 億美元，總合約價值 (TCV) 比去年增長了近 50%。其中包括 5 筆總合約價值 (TCV) 達 5 億美元或以上的巨額交易。在我三年前加入公司時，我們的淨推薦值在 2025 年達到了歷史新高。

We expanded the breadth and depth of our partnerships across the hyperscaler and AI-native landscapes. We signed and have since closed our acquisition of 3Cloud, adding more than 1,200 Agile specialists and engineers to industrialize our deep expertise in Azure data and AI and application innovation.

我們擴大了與超大規模資料中心和人工智慧原生領域的合作夥伴關係的廣度和深度。我們已簽署並完成了對 3Cloud 的收購，新增了 1200 多名敏捷專家和工程師，將我們在 Azure 數據、人工智慧和應用程式創新方面的深厚專業知識產業化。

We returned $2 billion to shareholders through dividends and share repurchases. Our progress is reflected in our total shareholder return, which was top 2 within our peer group in both 2025 and the three year period beginning 2023 through 2025. Finally, with Belcan, we completed key integration milestones and continue to build a healthy synergy pipeline in the aerospace and defense industries.

我們透過分紅和股票回購向股東返還了20億美元。我們的進步體現在我們的股東總回報上，在 2025 年以及從 2023 年到 2025 年的三年期間，我們的股東總回報均位列同業前二。最後，我們與 Belcan 完成了關鍵的整合里程碑，並繼續在航空航太和國防工業領域建立健康的協同效應管道。

Last week, we announced Belcan secured a position on the -- besides different agencies Shield program. The indefinite delivery in definite quantity contract with a ceiling value of $150 billion positions us to compete for a broad range of task orders supporting innovative defense capabilities.

上週，我們宣布 Belcan 獲得了參與 Shield 計劃的機會——除了其他不同的機構之外。這份價值上限為 1500 億美元的不確定交付數量合約使我們能夠參與競爭，爭取支持創新國防能力的各種任務訂單。

As we enter 2026, our strategy is focused on solving the AI velocity gap. The gap between massive AI infrastructure spending in the past few years and business value realization for our clients. While AI technology is now mature enough to offer transformative value, the methodologies and tools to harness it are only just emerging and the value to enterprises hasn't drifted yet.

進入 2026 年，我們的策略重點是解決人工智慧速度差距問題。過去幾年我們在人工智慧基礎設施方面投入巨資，但客戶並未真正實現其業務價值，兩者之間存在差距。雖然人工智慧技術現在已經足夠成熟，能夠提供變革性的價值，但駕馭它的方法和工具才剛剛出現，它對企業的價值還沒有充分體現。

In fact, our latest new work, new world research released last month reveals that AI today is capable of unlocking $4.5 trillion in U.S. labor value in the future. Cognizant's mission is to be the AI builder bridging this gap to enterprise value by converting the technology to measurable returns on investments for our clients. We are approaching this opportunity through our three vector strategy. To capture Vector 1 demand as we call it, we're applying AI-led productivity to augment and accelerate traditional software cycles.

事實上，我們上個月發布的最新研究成果——一項全球性研究表明，人工智慧如今能夠在未來釋放美國 4.5 兆美元的勞動力價值。Cognizant 的使命是成為人工智慧建構者，透過將技術轉化為客戶可衡量的投資回報，以彌合人工智慧與企業價值之間的差距。我們正透過三方戰略來把握這一機會。為了滿足我們所謂的「向量 1」需求，我們正在應用人工智慧驅動的生產力來增強和加速傳統的軟體開發週期。

As we shared at our Investor Day, we see a massive multitrillion dollar opportunity to help clients accelerate the elimination of technology debt, build classical software in newer ways with AI platforms and repurpose savings towards innovation.

正如我們在投資者日上分享的那樣，我們看到了一個價值數萬億美元的巨大機會，可以幫助客戶加速消除技術債務，利用人工智慧平台以更新的方式建立傳統軟體，並將節省下來的資金重新用於創新。

And to capture what we call Vector two and Vector three, we are building entirely new cycles of Agentic Capital and digital labor that goes beyond the reach of legacy software, creating a much larger total addressable spend. Closing this velocity gap, the AI velocity gap requires new methodologies and evolving beyond the traditional IT services role over the last two decades.

為了捕捉我們所謂的向量二和向量三，我們正在建構全新的代理資本和數位勞動循環，超越傳統軟體的範圍，創造更大的可觸及總支出。要彌補人工智慧速度差距，需要採用新的方法，並超越過去二十年來的傳統 IT 服務角色。

In the '90s, we were bespoke systems builders. We wrote custom software code, and we own the outcomes. In the two decades that followed our role world into a system integrator, we orchestrated classical software owned by various software providers.

在90年代，我們是客製化系統建構商。我們編寫了客製化軟體程式碼，我們對結果負責。在轉型為系統整合商後的二十年裡，我們整合了各個軟體供應商擁有的經典軟體。

But classical software, which was written around the microprocessor was deterministic and built on rigid logic and fixed rules. Today's AI-led software, which is written around the frontier models is probabilistic and (inaudible). This shift allows us to own the stack again and deliver to outcomes. We believe the invention and reimagination of businesses will be driven by value at the intersection of AI-led Agentic Capital and classical software. To capture this demand, our AI builder stacked as a connective tissue that addresses four layers of the ecosystem, AI compute, cloud model access and human capital services.

但是，圍繞微處理器編寫的傳統軟體是確定性的，建立在嚴格的邏輯和固定的規則之上。當今以人工智慧為主導的軟體，是圍繞前沿模型編寫的，具有機率性，並且（聽不清楚）這種轉變使我們能夠重新掌控技術堆疊並交付成果。我們相信，人工智慧驅動的智慧資本與傳統軟體的交會點所產生的價值，將推動商業的創新與重塑。為了滿足這一需求，我們的 AI 建構器堆疊起來，作為連接組織，解決了生態系統的四個層面：AI 運算、雲端模型存取和人力資本服務。

Let me share some key elements. First is our trademark basis framework, our proprietary blueprint that guides clients in architecting new business processes, specifically for deploying and orchestrating autonomous agents. This is a fundamental shift from riding digit logic to designing behavior, persona, intent and outcomes.

讓我分享一些關鍵要素。首先是我們的商標基礎框架，這是我們專有的藍圖，引導客戶建立新的業務流程，特別是部署和協調自主代理。這是從依賴數位邏輯到設計行為、人物角色、意圖和結果的根本轉變。

Second, is our pioneering science of context engineering. Our methodology for mapping a client's unique work graph giving AI the situational awareness it needs to produce reliable business outcomes. Context engineering bundles and organizations operating principles, tribal knowledge, work patterns, friction sources and historical and cultural imperatives so that AI intelligently binds to the enterprise (inaudible) context, creating highly productive agentic capital.

其次，是我們開創性的情境工程科學。我們採用的方法可以繪製客戶獨特的工作圖，使人工智慧具備產生可靠業務成果所需的態勢感知能力。情境工程捆綁和組織運作原則、部落知識、工作模式、摩擦源以及歷史和文化需要，以便人工智慧能夠智慧地與企業（聽不清楚）環境相結合，從而創造高生產力的代理資本。

Third is our AI partnership ecosystem, which we continue to strengthen. On NVIDIA stack, we are offering solutions across the full life cycle from building and fine-tuning models to standing up agentic applications and deploying them as micro services. With Anthropic, Google Cloud, Microsoft Azure and OpenAI, we are using their frontier models and agentic tuning to build layers of application value to accelerate AI adoption for our clients.

第三點是我們的人工智慧合作生態系統，我們將持續強化這項生態系統。在 NVIDIA 技術堆疊上，我們提供涵蓋整個生命週期的解決方案，從建置和微調模型到啟動代理應用程式並將其部署為微服務。透過 Anthropic、Google Cloud、Microsoft Azure 和 OpenAI，我們利用他們的前沿模型和智慧體調優技術，建立多層應用價值，以加速客戶採用人工智慧。

With our (inaudible) type phase, we are modernizing the enterprise marketing function and enabling cutting-edge customer experiences and content by moving manual workflows to agenetic orchestration. With Claude cognition, GitHub and Windsor, we are industrializing software creation through advanced code generation. With Workfabric, we are scaling the emerging discipline of context in generic.

透過我們的（聽不清楚）類型階段，我們正在實現企業行銷功能的現代化，並透過將手動工作流程轉移到自動編排，實現尖端的客戶體驗和內容。透過 Claude Cognition、GitHub 和 Windsor，我們正在透過先進的程式碼生成技術實現軟體創建的產業化。借助 Workfabric，我們正在將新興的上下文學科擴展到通用領域。

With [Riter and Unifor], we are partnering to deploy specialized domain-specific AI platforms. with Palantir, we will integrate its foundry and artificial intelligence platform to support the integration of AI with our TriZetto business.

我們正與 Riter 和 Unifor 合作，部署特定領域的專業人工智慧平台。同時，我們將與 Palantir 合作，整合其代工廠和人工智慧平台，以支援人工智慧與我們 TriZetto 業務的整合。

And finally, with Salesforce and ServiceNow, we are embedding our genetic networks directly into our clients' primary enterprise workflows. The fourth layer of our AI builder stack is our own proprietary IP across platform services and research.

最後，借助 Salesforce 和 ServiceNow，我們將基因網路直接嵌入客戶的主要企業工作流程中。我們人工智慧建構器堆疊的第四層是我們跨平台服務和研究的專有智慧財產權。

For example, Flowsource elevates our engineering velocity while Neuro IT ops (inaudible) AI to proactively manage in self field hybrid environments. Our AI training data services have helped to create billions of high-precision data points for global clients. With TriZetto, we are accelerating and improving health care management.

例如，Flowsource 提高了我們的工程速度，而 Neuro IT 營運（聽不清楚）AI 則主動管理自現場混合環境。我們的人工智慧訓練資料服務已幫助全球客戶創建了數十億個高精度資料點。借助 TriZetto，我們正在加速並改善醫療保健管理。

Our recently launched Care advanced AI offerings helped streamline clinical workflows to reduce administrative burden and empower care teams with faster and more accurate insights. And our award-winning AI Labs, which was awarded 61st patent continues to feed our continued investments in AI platforms and products. To industrialize our AI builder stack, we have formed three units to sharpen our go-to-market muscle.

我們最近推出的 Care 高級 AI 產品幫助簡化了臨床工作流程，減輕了行政負擔，並為護理團隊提供了更快、更準確的見解。我們屢獲殊榮的人工智慧實驗室獲得了第 61 項專利，這將繼續推動我們對人工智慧平台和產品的持續投資。為了實現人工智慧建構技術堆疊的產業化，我們組成了三個部門來增強我們的市場推廣能力。

First, our market-facing AI units, the hunters are value seekers working to capture the $4.5 trillion in labor value or research identified. Second, our integrated AI solution unit acts as an architectural core bringing various components of the AI stack to whether it's rigid partnerships, commerce and methodologies and AI platforms to address specific reinvention needs of businesses.

首先，我們面向市場的 AI 部門，也就是價值獵手，致力於取得已確定的價值 4.5 兆美元的勞動價值或研究成果。其次，我們的一體化人工智慧解決方案部門充當架構核心，將人工智慧堆疊的各個組件整合到僵化的合作夥伴關係、商業和方法論以及人工智慧平台中，以滿足企業的特定重塑需求。

And finally, our centralized AI platforms and products is a factory packaging custom IP into repeatable solutions. Underpinning our AI Builder stack is our current strategy. Over the last 2.5 years, over 340,000 of our associates have completed AI skilling. We are shifting from traditional linear staffing model to in a synchronous autonomous software engineering model. In this framework, our associates are trained to delegate complex, high-value macro tests to agentic networks while the micro steer outcomes using platforms like Cognition, Gemini, cloud, GitHub and others, orchestrating through Cognizant flow source.

最後，我們集中化的AI平台和產品就像一個工廠，將客製化的IP打包成可重複使用的解決方案。我們的 AI 建構技術堆疊以我們當前的策略為基礎。在過去的2.5年中，我們有超過34萬名員工完成了人工智慧技能培訓。我們正在從傳統的線性人員配置模式轉向同步自主的軟體工程模式。在此框架下，我們的員工接受培訓，將複雜、高價值的宏觀測試委託給代理網絡，而微觀層面則利用 Cognition、Gemini、雲端、GitHub 等平台來引導結果，並透過 Cognizant 流程來源進行協調。

We are in the process of developing a hyper-productive, high-velocity delivery model for agents to asynchronously assist human software developers and agent managers. In addition, we are broadening our talent base with non-stem talent and early career programs. This includes aggressively recruiting interdisciplinary skills at the intersection of industry domain and technology. We added over 16,000 associates in India in 2025. In 2026, we are targeting 2,000 campus hires in the U.S.

我們正在開發一種高效、高速的交付模式，讓代理商能夠非同步地協助人類軟體開發人員和代理經理。此外，我們正在透過非STEM人才和早期職業發展計劃來擴大我們的人才基礎。這包括積極招募行業領域與技術交叉領域的跨學科人才。2025年，我們在印度新增了超過16,000名員工。到 2026 年，我們的目標是在美國校園招募 2000 名員工。

and approximately 20,000 in India. We are seeing this AI builder strategy translate into demand across our core practices. For example, our proprietary platforms like Flowsource and Neuro engineering, helping clients unlock technology debt helping to fuel 8% year-over-year in both the fourth quarter and year in our digital engineering practices.

其中約有 2 萬人在印度。我們看到這種人工智慧建構者策略正在轉化為我們核心業務領域的需求。例如，我們專有的平台，如 Flowsource 和神經工程，幫助客戶釋放技術債務，從而推動我們的數位工程業務在第四季度和全年實現了 8% 的同比增長。

Similarly, our clients rethink their operations through an agent lens demand for our BPO business, powered by deep immersion of digital labor, grew 9% year-over-year in the quarter and the year. Our AI data trading services launched early last year is gaining traction with our clients to build fine-tune AI models at speed and scale.

同樣，我們的客戶透過代理視角重新思考他們的運營，對我們 BPO 業務的需求，在數位勞動力深度融入的推動下，本季度和本年度同比增長了 9%。我們去年初推出的 AI 數據交易服務正受到客戶的青睞，幫助他們快速、大規模地建立和微調 AI 模型。

And demand for data and cloud modernization remains healthy with the revenue across both practices areas growing mid-single digits organically, outpacing total company growth. So let me share a few client examples of our strategy in action. First, with the financial services client, we signed an incremental $1 billion partnership where we are leveraging our AI platforms, including our Neuro Suite and Flowsource to help accelerate speed to market, drive product innovation and deliver enhanced productivity.

數據和雲端現代化需求依然強勁，這兩個業務領域的收入均實現了中等個位數的有機成長，超過了公司整體的成長速度。接下來，我將分享幾個客戶案例，展示我們的策略是如何實施的。首先，我們與金融服務客戶簽署了一項價值 10 億美元的增量合作協議，我們將利用我們的 AI 平台（包括 Neuro Suite 和 Flowsource）來幫助加快產品上市速度、推動產品創新並提高生產力。

Next, with Cisco, the global leader in food distribution, we are transforming their complex customer interaction ecosystem into agenetic capital. Previously, customer requests from product credits to order substitutions could have prolonged resolution window.

接下來，我們將與全球食品分銷領導者思科合作，將他們複雜的客戶互動生態系統轉化為基因資本。以前，客戶提出的產品退款或訂單替換等請求可能需要較長的處理時間。

Now by deploying orchestrated agents, we have collapsed that cycle to 90 seconds. Cisco is harvesting this AI-generated savings to fund its next phase of identification. In the health care sector, we have moved from pilots to production-grade automation for a major U.S. regional player, our intake platform, reduced enrollment cycle times from as many as seven days to minutes. On the claims side, our clinical engine now adjudicates 96% of net's note reviews are autonomously cutting human review times from 8 hours to 20 minutes.

現在，透過部署協調代理，我們將這個週期縮短到了 90 秒。思科正在利用人工智慧節省的成本，為其下一階段的識別工作提供資金。在醫療保健領域，我們已經從試點階段過渡到為美國一家主要區域性企業提供生產級自動化服務，我們的入院平台將註冊週期從長達七天縮短到幾分鐘。在理賠方面，我們的臨床引擎現在可以自動裁定 96% 的網路病歷審查，將人工審查時間從 8 小時縮短到 20 分鐘。

We are scaling this expertise globally through a new strategic collaboration with Bupa Hong Kong, where our Gen AI-led business process as a service solution modernizes claim and fraud, waste and abuse detection, marking our largest BPO win in the region. And we announced a multiyear expansion with Kohler, a leader in kitchen and bath products.

我們正在透過與 Bupa 香港的全新策略合作，在全球推廣這項專業技術。在該合作中，我們以 Gen AI 為主導的業務流程即服務解決方案實現了理賠、欺詐、浪費和濫用檢測的現代化，這標誌著我們在該地區贏得了最大的 BPO 業務。我們宣布與廚房和衛浴產品領導者科勒公司達成多年合作拓展計畫。

Building on our successful five year partnership, we are bringing our cloud management capabilities in AI solutions like Neuro ITOps to advance Kohler's digital ecosystem and drive AI-driven innovations. As we look towards 2026, we are well positioned to continue our momentum. Our ambition is to lead as an AI builder and maintain our position in our industry's winners.

基於我們五年來成功的合作關係，我們將雲端管理能力引入人工智慧解決方案（如 Neuro ITOps），以推動科勒的數位生態系統並推動人工智慧驅動的創新。展望2026年，我們已做好充分準備，並持續保持發展動能。我們的目標是成為人工智慧領域的領導者，並保持我們在行業領先地位。

In closing, I'm proud of all that we have accomplished over the last three years, which helped us reach our industry's Winner's Circle two years ahead of plan. As the next decade of contextual computing unlocks new waves of nonlinear enterprise productivity and Agentic software cycles, I believe there is a significant opportunity to create shared value for our clients, our associates and our shareholders. The foundation is set. I believe the boldest chapters of our story are still ahead. Thank you again for joining us.

最後，我為我們在過去三年中所取得的成就感到自豪，這幫助我們比原計劃提前兩年進入了行業的優勝者行列。隨著未來十年情境運算的興起，非線性企業生產力和智慧軟體週期將迎來新一輪的浪潮，我相信這將為我們的客戶、合作夥伴和股東創造巨大的共享價值。基礎已經打好。我相信我們故事中最精彩的篇章還在後頭。再次感謝您的參與。

I'll now turn the call over to Jatin.

現在我將把電話交給賈廷。

Thank you, Ravi, and thank you all for joining us. Our fourth quarter and full year results were a significant milestone in a multiyear journey marked by disciplined execution, strategic clarity and operational excellence.

謝謝你，拉維，也謝謝各位的參與。我們的第四季和全年業績是多年來以嚴謹的執行、清晰的策略和卓越的營運為標誌的旅程中的一個重要里程碑。

We delivered fourth quarter revenue growth above the high end of our guidance range and exited the initial full year guidance we provided in February last year across all metrics revenue, adjusted operating income, EPS and free cash flow. We expect that our calendar year 2025 constant currency revenue growth will be in the top tier among the 10 peers against which we benchmark performance, placing us definitively in the winners circle. Beyond revenue growth, we achieved each of the broader objectives we provided at our Investor Day.

我們第四季營收成長超過了預期範圍的上限，並且在所有指標（營收、調整後營業收入、每股盈餘和自由現金流）方面，都達到了去年 2 月給出的全年預期目標。我們預計，2025 年日曆年以固定匯率計算的收入成長將在我們用來衡量業績的 10 家同行公司中名列前茅，這將使我們穩居贏家行列。除了營收成長之外，我們也實現了在投資者日上提出的各項總體目標。

This includes sustained large deal momentum, killing for the future through AI training for approximately 260,000 employees. Adjusted operating margin expansion of 50 basis points and 2025 adjusted EPS growth of 11%, well above revenue growth. We delivered these results in a period of significant macroeconomic complexity and technological change, further bolstering our conviction in the strategic actions we have taken to become an AI builder company. We are well positioned to sustain this growth in 2026 and confident that we can build on this momentum in the years ahead.

這包括持續的大型交易勢頭，透過對約 26 萬名員工進行人工智慧培訓，為未來做好準備。經調整後的營業利潤率成長 50 個基點，2025 年經調整後的每股盈餘成長 11%，遠高於營收成長。我們在宏觀經濟複雜化和技術變革顯著的時期取得了這些成果，這進一步增強了我們對自身策略行動的信心，使我們更加確信自己是人工智慧建構公司的。我們已做好充分準備，在 2026 年保持這一成長勢頭，並有信心在未來幾年繼續保持這一成長勢頭。

Now moving to the details. In Q4, revenue of $5.3 billion grew 3.8% year-over-year in constant currency and was all organic. For the full year, the revenue of $21.1 billion grew 6.4% in constant currency, including 260 basis points of growth from Belcan. With respect to demand, the environment remains complex. Traditional discretionary spending cycles continue to evolve as clients rebaseline expectation for productivity gains. However, we view this as an opportunity to capture wallet share in large deals and help clients reinvest savings into innovation.

現在開始講細節。第四季營收為 53 億美元，以固定匯率計算年增 3.8%，全部為內生成長。全年營收為 211 億美元，以固定匯率計算成長 6.4%，其中 Belcan 貢獻了 260 個基點的成長。就需求而言，環境依然複雜。隨著客戶重新調整對生產力提升的預期，傳統的自由支配支出週期也不斷演變。然而，我們認為這是一個在大宗交易中贏得市場份額並幫助客戶將節省下來的資金再投資於創新的機會。

Moreover, it opens new pools of addressable spend for us to advance our AI builder strategy. Now turning to (inaudible) results. Financial Services once again led with full year constant currency revenue growth of approximately 7%. This was driven by strong performance in North America across banking, financial services and insurance clients. We have seen a steady improvement in discretionary spending in the last several quarters and consistent large deal signings, including a new mega deal in the fourth quarter.

此外，它還為我們推動人工智慧建構策略開闢了新的可支配支出領域。現在來看（聽不清楚）結果。金融服務業再次領先，全年以固定匯率計算的收入成長約為 7%。這主要得益於北美地區銀行、金融服務和保險客戶的強勁表現。在過去的幾個季度裡，我們看到可自由支配支出穩定改善，並且不斷達成大型交易，包括第四季度達成的一項新的巨額交易。

Our pipeline is strong, and we feel well positioned to carry this momentum in 2026. Health Sciences performance was resilient despite ongoing industry cost pressures and policy changes. In this period of heightened uncertainty, we are helping customers reduce costs while improving patient experiences and accelerating productivity.

我們的產品線實力雄厚，我們有信心在 2026 年保持這一發展勢頭。儘管產業成本壓力和政策變化持續存在，但健康科學領域的表現仍保持韌性。在當前充滿不確定性的時期，我們正在幫助客戶降低成本，同時改善患者體驗並提高生產力。

These cost savings are funding clients' future focused investment across core platforms, cloud modernization and regulatory readiness. We are seeing Gen AI projects grow in areas like claims efficiency, clinical documentation and customer experience.

這些節省下來的成本將用於資助客戶面向未來的投資，涵蓋核心平台、雲端現代化和監管準備等面向。我們看到人工智慧專案在理賠效率、臨床文件和客戶體驗等領域不斷發展。

And TriZetto remains a core differentiator driving growth in implementation and managed services as clients modernize their administrative costs. Products and Resources performance has been stable. While tariff uncertainty continues to suppress discretionary spending, we expect large deal traction during the second half of 2025 to drive better performance in 2026.

隨著客戶實現管理成本現代化，TriZetto 仍然是推動實施和管理服務成長的核心差異化因素。產品和資源表現穩定。儘管關稅的不確定性繼續抑制可自由支配支出，但我們預計 2025 年下半年的大型交易將推動 2026 年業績的改善。

AI adoption is growing across consumer and retail sectors, leading to demand for data services and agentic-led experience transformation. In Communications, Media and Technology fourth quarter year-over-year growth among our technology customers was more than offset by weakness in comms and media.

人工智慧在消費和零售領域的應用日益普及，從而帶動了對數據服務和智慧體主導的體驗轉型的需求。在通訊、媒體和科技領域，第四季科技客戶的年增率被通訊和媒體產業的疲軟所抵消。

Within comms and media, we have seen some impact from broader end market softness, particularly in North America. On the technology side, clients continue to rapidly innovate and add of Gen AI, which is driving demand for our services.

在通訊和媒體領域，我們已經看到更廣泛的終端市場疲軟帶來了一些影響，尤其是在北美地區。在技​​術方面，客戶不斷快速創新並增加人工智慧技術，這推動了對我們服務的需求。

Geographically, North America was again our standout region in the fourth quarter with growth of more than 4% year-over-year in constant currency, driven by financial services and health care. Europe grew 2% in constant currency, with healthy growth in Financial Services and among life sciences customers. Rest of World grew in line with the total company driven by the Middle East.

從地理來看，北美在第四季再次成為我們表現突出的地區，以固定匯率計算年增率超過 4%，這主要得益於金融服務和醫療保健產業的成長。歐洲以固定匯率計算成長了 2%，其中金融服務業和生命科學客戶群實現了穩健成長。世界其他地區的成長與公司整體成長一致，而公司整體成長主要受中東地區的成長所驅動。

Turning to bookings. Bookings growth in fourth quarter was driven by robust large deal performance. We signed 12 deals, each with TCV of more than $100 million. This includes two mega deals in the quarter, one in Financial Services and one in health care. On a trailing 12-month basis, bookings grew 5% and represented a book-to-bill of 1.3.

接下來是預訂環節。第四季預訂量成長主要得益於大宗交易的強勁表現。我們簽署了 12 份合同，每份合約的總價值都超過 1 億美元。本季達成了兩筆巨額交易，一筆在金融服務領域，另一筆在醫療保健領域。過去 12 個月，預訂量增加了 5%，預訂出貨比為 1.3。

Annual contract value declined modestly year-over-year due to the mix of longer duration deals and softness in small deal banks. That said, our backlog visibility at year-end is similar to where it stood this time last year and underpins our confidence in our full year guidance. Now moving on to margins. Fourth quarter adjusted operating margin of 16% increased by 30 basis points year-over-year. Benefiting from next-gen program savings, increased utilization and the Indian rupee depreciating.

由於長期交易組合增加以及小型交易銀行業務疲軟，年度合約價值較去年同期略有下降。儘管如此，我們年底的積壓訂單情況與去年同期相似，這增強了我們對全年業績預期的信心。接下來我們來看利潤率。第四季調整後營業利益率為 16%，較去年同期成長 30 個基點。受益於下一代項目節省的成本、更高的利用率和印度盧比貶值。

We delivered this result despite increased compensation costs, including our merit cycle and variable compensation, which drove a significant portion of our gross margin change year-over-year. Variable compensation for majority of our associates is expected to be the highest since 2018 and we remain committed to investing in talent to fuel our growth.

儘管薪酬成本增加（包括績效工資和浮動薪酬），導致毛利率同比大幅下降，但我們仍然取得了這一成績。預計我們大多數員工的浮動薪酬將達到 2018 年以來的最高水平，我們將繼續致力於投資人才，以推動我們的成長。

In November, the government of India implemented certain provisions of the code on social security or labor code, as part of a broader labor law consolidation initiative. These rules did not have a material impact on our P&L in the quarter, but did result in a onetime increase to our defined benefit liability on our balance sheet with a corresponding increase to accumulated other comprehensive income. We anticipate a modest increase in our defined benefit costs prospective.

11 月，印度政府實施了社會保障法或勞動法典中的某些條款，作為更廣泛的勞動法整合計畫的一部分。這些規則在本季對我們的損益表沒有產生實質影響，但確實導致我們資產負債表上的固定收益負債一次性增加，並相應地增加了其他綜合收益累積額。我們預計固定收益計劃的成本將略有增加。

Now to additional details on EPS, cash flow and capital allocation. Fourth quarter adjusted diluted EPS was $1.35, up 12% year-over-year. This drove full year EPS of $5.28, up 11% from the prior year. DSO of 81 days declined one day sequentially and increased three days year-over-year. Fourth quarter free cash flow was approximately $800 million and brought the full year amount to $2.7 billion, representing more than 100% of net income.

接下來我們將詳細介紹每股盈餘、現金流量和資本配置。第四季調整後攤薄每股收益為 1.35 美元，較去年同期成長 12%。這使得全年每股收益達到 5.28 美元，比上年增長 11%。DSO 為 81 天，季減 1 天，較去年同期增加 3 天。第四季自由現金流約為 8 億美元，使全年自由現金流達到 27 億美元，佔淨收入的 100% 以上。

During the fourth quarter, we returned nearly $500 million of capital to shareholders to share repurchases and dividends, bringing the full year total to approximately $2 billion. We ended the quarter with cash and short-term investments of $1.9 billion or net cash of $1.3 billion. These also exclude about $730 million, which was deemed restricted cash and healthiness grow ahead of the closing of the 3Cloud acquisition on January 1.

第四季度，我們向股東返還了近 5 億美元的資本，用於股票回購和分紅，使全年總額達到約 20 億美元。本季末，我們持有現金及短期投資19億美元，淨現金13億美元。其中還不包括約 7.3 億美元，這筆資金被認為是受限現金，用於在 1 月 1 日完成對 3Cloud 的收購之前實現健康成長。

Our M&A pipeline is healthy, and we intend to maintain an active acquisition strategy to strengthen our capabilities aligned with our AI builder strategy. We believe our robust free cash flow and strong balance sheet provide us with flexibility to invest strategically in the quarters ahead while continuing to return significant capital to shareholders.

我們的併購專案儲備充足，我們計劃繼續採取積極的收購策略，以增強我們與人工智慧建構者策略相符的能力。我們相信，我們強勁的自由現金流和穩健的資產負債表使我們能夠在未來幾季進行策略性投資，同時繼續向股東返還大量資本。

Now turning to 2026 guidance. For the first quarter, we expect revenue to grow 2.7% to 4.2% year-over-year in constant currency. This includes approximately 100 basis points from our recently completed acquisition of 3Cloud. The midpoint of this range implies a modest sequential decline on an organic basis due to in part to lower builders in Q1. For the full year, we expect revenue to grow 4% to 6.5% in constant currency.

現在來看2026年的指導意見。我們預計第一季營收以固定匯率計算將年增 2.7% 至 4.2%。這其中包括我們最近完成的 3Cloud 的收購所帶來的約 100 個基點。該區間的中點意味著，由於第一季建築商數量減少，有機成長將出現小幅環比下降。我們預計全年營收以固定匯率計算將成長 4% 至 6.5%。

This includes inorganic contribution of approximately 150 basis points, of which approximately one third is expected to come from future revenue. The midpoint of the range implies organic revenue growth of approximately 3.8%, which is consistent with our 2025 performance.

這包括約 150 個基點的非有機成長貢獻，其中約三分之一預計將來自未來收入。該區間的中點意味著有機收入成長約為 3.8%，這與我們 2025 年的業績預期一致。

This is also approximately 150 basis points above the midpoint of our initial 2025 organic growth guidance provided last year. At the midpoint, our full year guidance implies stronger sequential growth in second and third quarter compared to 2025. And similar to our guidance philosophy last February, the midpoint is based on our current visibility and the discretionary demand environment as we see it today.

這比我們去年提供的 2025 年有機成長預期中位數高出約 150 個基點。根據我們的全年業績預期，第二季和第三季的環比成長將比 2025 年同期更為強勁。與去年二月的指導理念類似，中點是基於我們目前的可見性和我們今天所看到的非必需消費需求環境而確定的。

Our adjusted operating margin guidance is 15.9% to 16.1%, which represents 10 to 30 basis points of expansion and is in line with the outlook we provided at our Investor Day last year. Similar to 2025, we expect expansion will be driven by the cost discipline and SG&A leverage. We expect free cash flow conversion of 90% to 100% of the net income.

我們調整後的營業利潤率預期為 15.9% 至 16.1%，這意味著成長 10 至 30 個基點，與我們去年在投資者日上提供的展望一致。與 2025 年類似，我們預期擴張將由成本控制和銷售、一般及行政費用槓桿所驅動。我們預計自由現金流轉換率可達淨利的 90% 至 100%。

Adjusted effective tax rate is expected to be in the 25% to 26% range. The midpoint implies a modest increase year-over-year, driven in part by discrete beneficial items in 2025 that we do not expect to repeat in 2026.

調整後的實際稅率預計在 25% 至 26% 之間。中點意味著同比小幅增長，部分原因是 2025 年出現了一些我們預計 2026 年不會再出現的個別有利因素。

And our expected weighted average dilutive share count is approximately 475 million. This leads to adjusted diluted EPS guidance of $5.56 to $5.70, representing 5% to 8% year-over-year growth. Expected EPS growth is being driven by anticipated revenue growth, margin expansion and lower share count. This is being partially offset by a higher tax rate, lower interest income as a result of lower assumed interest rates and an increase in nonoperating expenses related to the India labor code changes.

我們預計加權平均稀釋股份數約為 4.75 億股。由此得出調整後的稀釋每股盈餘預期為 5.56 美元至 5.70 美元，年增 5% 至 8%。預期每股收益成長將受到預期收入成長、利潤率擴張和流通股數量減少的推動。但這部分被更高的稅率、由於預期利率降低而導致的利息收入減少以及與印度勞動法變更相關的非經營性支出增加所抵消。

For 2026, we expect to return approximately $1.6 billion of capital to shareholders, including approximately $1 billion towards share repurchases and the remainder towards our regular dividend.

預計到 2026 年，我們將向股東返還約 16 億美元的資本，其中約 10 億美元用於股票回購，其餘部分用於支付常規股息。

This leaves ample expected free cash flow available for future M&A. As always, we will evaluate these plans regularly. In the absence of strategic and accretive acquisition targets, we expect to return capital to shareholders and not build cash on the balance sheet.

這樣一來，公司將有充足的預期自由現金流可用於未來的併購活動。我們會一如既往地定期評估這些計劃。在缺乏具有策略意義和增值潛力的收購目標的情況下，我們預計將向股東返還資本，而不是在資產負債表上增加現金。

Finally, as we mentioned last quarter, we continue to evaluate our potential primary offering and secondary listing in India. We have engaged various financial and legal advisers as well as the regulators in India to assess the idea. As always, we remain committed to acting in the best interest of our shareholders and this process aligns with this commitment.

最後，正如我們在上個季度所提到的，我們將繼續評估我們在印度的潛在首次公開發行和二次上市。我們已聘請了多位財務和法律顧問以及印度監管機構來評估這個想法。一如既往，我們始終致力於維護股東的最大利益，而這個過程也符合這項承諾。

As of today, the Board and management team continue to evaluate the proposal and have not yet made a decision. In summary, 2025 was a successful year. As we look toward 2026, we are well positioned to continue our momentum. As Ravi mentioned earlier, our ambition is to lead as an AI builder and maintain our position in our industry's winners circle.

截至今日，董事會和管理團隊仍在評估該提案，尚未做出決定。總而言之，2025年是成功的一年。展望2026年，我們已做好充分準備，並持續保持發展動能。正如 Ravi 之前提到的，我們的目標是成為人工智慧領域的領導者，並保持在行業領先地位。

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

接下來，我們將開放提問環節。

(Operator Instructions)

（操作說明）

Jason Kupferberg, Wells Fargo.

傑森庫柏伯格，富國銀行。

Nice to see these numbers. I just wanted to start on the AI topic and obviously, some new data points coming out from certain industry participants just over the last couple of days, for example, talking about expediting ERP implementations pretty significantly. It certainly seems to us like Cognizant to date has been a net winner from AI.

很高興看到這些數據。我只是想談談人工智慧這個話題，顯然，最近幾天一些產業參與者也提出了一些新的數據點，例如，他們談到要大幅加快 ERP 的實施。在我們看來，迄今為止，Cognizant 無疑是人工智慧領域的淨贏家。

But wanted to get your perspective on how that plays out in '26 and maybe just in light of some of these recent headlines, what percent of your total revenue currently comes from package implementation?

但我想了解您對 2026 年情況的看法，以及考慮到最近的一些新聞標題，您目前的總收入中有多少百分比來自軟體包實施？

Thank you for that question. This has happened over tech revolutions before. When a new technology comes, we kind of think the old technology will go away, but the new technology will actually provide more opportunities. I see this as an increase in our total addressable spend. I mean, if you're referring to what's happening in the last few days, I can tell you any tool, any technology will magically not generate value on the other side.

謝謝你的提問。這種情況在以往的科技革命中也曾發生過。當一項新技術出現時，我們往往會認為舊技術會被淘汰，但實際上新技術會帶來更多機會。我認為這是我們可觸及總支出的增加。我的意思是，如果你指的是最近幾天發生的事情，我可以告訴你，任何工具、任何技術都不會神奇地在另一端創造價值。

You need a bridge. And the bridge is what companies like Cognizant do and I'm going to be precise on what I mean. You can't apply this technology on existing old processes. So you have to reinvent and reimagine a process. This is a technology which is very contextual in nature.

你需要一座橋。而像 Cognizant 這樣的公司所扮演的角色，正是搭建這座橋樑。接下來，我將詳細解釋我的意思。這項技術無法應用於現有的舊流程。所以你必須重新發明和重新構想一個流程。這項技術本質上非常依賴具體情境。

It's written over -- it's not written on the microprocessor, which is deterministic. It's very probabilistic, which means we have pioneered something called context engineering, which is grounding this technology in the reality of enterprise, understanding the heterogeneity of an enterprise.

它被覆蓋了——它不是寫在微處理器上的，微處理器是確定性的。它具有很強的機率性，這意味著我們開創了一種稱為情境工程的東西，它將這項技術建立在企業的現實基礎上，並理解企業的異質性。

I mean, two SAP implementations are not the same, just to go back to package work you spoke about. And it is about understanding the hustle, the flows and everything else, integrating deterministic software, which was written for the last 25 years with probabilistic software, which will be driven for the next 25 years, and building flows where digital and human labor can work together, integrating it into the operating and the physical layers of an enterprise.

我的意思是，兩個 SAP 系統實作方案並不相同，就像你剛才提到的軟體包工作一樣。這關乎理解忙碌、流程以及其他一切，將過去 25 年編寫的確定性軟體與未來 25 年將要發展的機率性軟體相結合，建立數位和人力勞動可以協同工作的流程，並將其整合到企業的營運層和實體層中。

I think all of this is a lot of heavy lift. I mean if this was all real. And if this was -- it would have switched on magically without anybody doing anything, we would have seen the drift of value already, and that's not happened yet. There is our study sale is $4.5 trillion of labor, which can actually be amplified with higher productivity out of the $15 trillion in the United States in the last few years. It's not drifted yet because all of this has to be done. Equally, going back to what you just asked, there is technical debt.

我覺得這一切都非常艱鉅。我是說，如果這一切都是真的。如果是這樣——它應該會在無人幹預的情況下神奇地啟動，我們早就看到價值的漂移了，但這種情況還沒有發生。我們的研究表明，銷售額為 4.5 兆美元的勞動力，而過去幾年美國 15 兆美元的勞動力市場，如果生產力提高，這一數字實際上可以進一步擴大。還沒有發生什麼變化，因為所有這些都必須完成。同樣，回到你剛才問的問題，這裡存在著技術債。

There is a lot of backlog. There is the elasticity of software, the traditional software, leaving all the new software we're going to write which can actually expand. So we see this as a net new tailwind for us on two swim lanes. On the traditional software apply it and do more for less and get more consumption because of elasticity take out technical debt to take out the backlog. On the other hand, apply this on a much new addressable spend, which classical software didn't penetrate.

積壓的工作很多。軟體具有彈性，傳統軟體如此，而我們將要編寫的所有新軟體實際上都可以擴展。所以我們認為這對我們來說是兩個泳道上的一個全新的順風。在傳統軟體中應用它，可以用更少的資源做更多的事情，並因彈性而獲得更多消費，消除技術債以消除積壓工作。另一方面，將此應用於傳統軟體尚未滲透的全新可觸達支出領域。

So I see this as more of a bigger opportunity for us and a higher with a higher surface area for us to actually operate. So this is a tailwind. We are turning out to be winners. Our builder strategy is working and our three vector strategy we spoke about, both on applying this to traditional software and writing new agentic software, which can actually capture significantly more surface area and enterprises. We think it's a phenomenal opportunity.

所以我認為這對我們來說是一個更大的機會，也是一個更大的營運空間。所以這是順風。我們正逐漸成為贏家。我們的建構者策略正在奏效，我們談到的三向量策略，無論是將其應用於傳統軟體還是編寫新的代理軟體，實際上都可以涵蓋更大的範圍和企業。我們認為這是一個絕佳的機會。

Now enterprise software package, which you spoke about, package software has been there for the last 20 years. There has been deterministic code. There's been systems of record in it. We want to apply layers of AI value on top of it actually generate more value than before.

現在，你剛才提到的企業軟體包，也就是軟體包，已經存在了20年了。已經存在確定性代碼。它一直都有記錄系統。我們希望在其基礎上應用多層人工智慧技術，從而創造比以往更大的價值。

So there is going to be a coexistence of deterministic and probabilistic software, and there's going to be interplay between the two.

因此，確定性軟體和機率性軟體將會共存，兩者之間將會相互作用。

Okay. Understood. And just a numbers one for Jatin. I wanted to ask gross margins. It sounded like the year-over-year decline in Q4 was primarily due to higher variable comp, which is really a good problem to have, just given the overall financial performance of the company this year.

好的。明白了。還有，賈廷的排名是1。我想問一下毛利率。聽起來，第四季同比下降主要是由於可變薪酬增加，考慮到公司今年的整體財務業績，這其實是一個幸福的煩惱。

But any other gross margin dynamics we should be thinking about in terms of 2026? Do you expect gross margins to be up year-over-year? And just to clarify, are you seeing any like-for-like pricing pressure as part of the year-over-year declines in gross margin currently?

但就 2026 年而言，我們還應該考慮其他哪些毛利率動態因素？你預計毛利率會年增嗎？另外，我想確認一下，目前毛利率年減是否是因為同店銷售價格壓力造成的？

Sure. So yes, the Q4 impact on gross margin was predominantly on account of higher bonus funding that we did for the full year in quarter four led by a strong operating margin performance for the full year that we were able to deliver.

當然。是的，第四季度毛利率受到的影響主要是由於我們在第四季度為全年發放了更高的獎金，而這又得益於我們全年強勁的營業利潤率表現。

Apart from that, there was also a salary increase as you are aware, which came through effective first November into the gross margin. So I would say those are the two factors that played out a bit in quarter four. I think the right way to see our gross margin is for the full year, and the full year impacts are predominantly on the Belcan impact for the full year in 2025 gross margins.

除此之外，如您所知，薪資也有所上漲，這筆漲幅已於 11 月 1 日生效，併計入毛利。所以我覺得這兩個因素在第四季起了一定的作用。我認為衡量我們毛利率的正確方法是看全年毛利率，而全年毛利率的影響主要體現在 2025 年 Belcan 全年毛利率。

And the second is essentially slightly -- I mean, essentially the higher bonus for 2025. And as you mentioned, that's a good thing to have, looking ahead for 2026, we -- I mean, there is a productivity let ratio in the industry. And therefore, the expectation that for the -- for a dollar value, you get a superior throughput than what you traditionally enjoyed through traditional productivity levers in the past.

第二點本質上是略微——我的意思是，本質上是 2025 年更高的獎金。正如您所提到的，展望 2026 年，這是一件好事，我的意思是，行業內存在一個生產力釋放率。因此，人們期望——以相同的美元價值，您將獲得比過去透過傳統生產力槓桿所獲得的更高的吞吐量。

And that does impact the revenue, but I wouldn't call it sort of a -- I wouldn't call it a drag on margins yet so long as you are able to execute on your internal productivity measures and keep the cost cut below the price curve, I mean, continuously.

這確實會影響收入，但我不會稱之為——我不會稱之為對利潤率的拖累，只要你能夠執行內部生產力措施，並將成本削減保持在價格曲線以下，我的意思是，持續地。

And therefore, you have seen, we have been able to deliver revenue per employee productivity and profit per employee productivity in previous 12 months. So, so far, we have been able to execute well against that market momentum for productivity. And therefore, I would say we are entering 2026 with that confidence.

因此，正如您所看到的，在過去的 12 個月裡，我們實現了員工生產力帶來的收入成長和員工生產力帶來的利潤成長。所以，到目前為止，我們已經能夠很好地利用市場對生產力的需求成長動能。因此，我認為我們帶著這樣的信心進入了2026年。

Going forward, we'll have to continue to watch out for the movement in the market. We do think that we have a few levers apart from AI productivity and a couple of them are really the continued improvement in pyramid we hired 20,000 fresh college graduates in 2025, and we'll continue to look at that.

展望未來，我們將持續密切關注市場動態。我們認為除了人工智慧生產力之外，我們還有一些其他的槓桿，其中一些確實是金字塔結構的持續改進，我們在 2025 年僱用了 20,000 名應屆大學畢業生，我們將繼續關注這一點。

And that does impact a long-term cost structure of the organization. And we'll continue to look at other traditional measures like offshoring and utilization beyond the AI productivity that I spoke about. So overall, we have things we can work through for 2026.

這確實會對組織的長期成本結構產生影響。我們將繼續關注其他傳統措施，例如離岸外包和人工智慧生產力以外的利用率，正如我剛才提到的。所以總的來說，我們還有一些事情需要為 2026 年著手解決。

Tien Tsin Huang, JPMorgan.

黃天欣，摩根大通。

Really strong large deal activity again here in the fourth quarter. So I wanted to ask your confidence in your ability to grow after that larger base in '26 over '25. How does the pipeline look for larger deals in '26? Any good line of sight into deal ramps being timely?

第四季的大宗交易活動再次非常活躍。所以我想問你，在 2026 年比 2025 年擁有更大的成長基礎之後，你對自身發展能力的信心如何？2026 年大型交易的前景如何？有什麼好的方法來預測交易進度是否及時？

Thank you, Tien Tsin, for that question. Yes, I think we've had a great bookings quarter, 9% Y-on-Y, [TTM] 5%. 50% increase in TCV on large deals for the full year and 60% increase in TCV of large deals in quarter four, and we are very excited about the fact that our fixed price business now is almost 50%. I mean, three years ago, that used to be 41% to 42%. So we can, in some ways, fix price it, shale the productivity of the clients and actually pass on some to ourselves.

謝謝田進的提問。是的，我認為我們本季的預訂量非常出色，年增 9%，[TTM] 年成長 5%。全年大宗交易的總合約價值 (TCV) 成長了 50%，第四季大宗交易的總合約價值 (TCV) 成長了 60%，我們非常高興的是，我們的固定價格業務現在幾乎佔 50%。我的意思是，三年前，這個比例是 41% 到 42%。因此，在某種程度上，我們可以固定價格，提高客戶的生產力，並實際上從中分一杯羹。

We are keeping that are one of the -- we are probably the only player in our peer group, which talks about core assisted and autonomous software engineering, 32% of our coal is AI assisted. So we have now activated two swim lanes. In 2024, a lot of the large deals were productivity led. Now we are seeing innovation led, Vector two vector three, as I call it. We did $1,200 million deals in Q4.

我們堅持認為，我們是同行中唯一一家——我們可能是同行中唯一一家——談論核心輔助和自主軟體工程的公司，我們32%的煤炭是人工智慧輔助的。現在我們已經啟用了兩條泳道。2024年，許多大宗交易都是由提高生產力所驅動的。現在我們看到的是創新驅動的，向量二向量三，正如我所說的。我們在第四季完成了12億美元的交易。

So it was a record of sorts. We crossed $10 billion that set of record of sorts. We have a $1 billion deal in quarter. We have five mega deals in the full year, and we have two mega deals in quarter four. So we have a strong pipeline, and we have activated both the swim lanes, and we are starting to do transition of that work, and therefore, we see a solid quarter two and quarter three.

所以這算是一項紀錄。我們突破了100億美元大關，創造了一項新的紀錄。我們本季將完成一筆價值10億美元的交易。我們全年共有五筆巨額交易，其中第四季有兩筆巨額交易。因此，我們擁有強大的產品線，並且已經啟動了兩條生產通道，我們正在開始進行相關工作的過渡，因此，我們預計第二季和第三季將取得穩健的業績。

In fact, we see more acceleration during the year of ramp-up as well as more deals on the way. So I'm very excited about the fact that this has become a tailwind for us, AI is a tailwind for us.

事實上，我們看到在啟動階段，成長速度會更快，而且會有更多交易達成。所以我很高興人工智慧已經成為我們的順風。

No, terrific. It's impressive. And so just to clarify, you mentioned it there, Ravi, or Jatin want to chime in. Just the confidence in the faster sequential growth beyond the first quarter being higher than the pattern in the last couple of years. So it sounds like that's really just what you see in terms of the large deals ramping and the timeliness of that?

不，太棒了。令人印象深刻。所以為了澄清一下，你剛才提到了這一點，Ravi 或 Jatin 想補充幾句嗎？人們普遍相信，第一季之後的連續成長速度將高於過去幾年的水平。所以聽起來，這確實就是你看到的大宗交易的推進以及這些交易的及時性方面的情況？

Sure. So , there are two factors at play there. One, of course, is a strong bookings that we are working in 2026 with. And the second is there is some amount of seasonality between quarters also in 2026 compared to '25. And for example, in Q1, there are lower bill days in '26 compared to the number of buildings that we had in Q1 in 2025 which automatically means that the sequential number improved in quarter two compared to quarter one in 2026.

當然。所以，這裡有兩個因素在運作。當然，其中之一是我們正在努力實現的2026年強勁的預訂量。第二點是，與 2025 年相比，2026 年各季度之間也存在一定程度的季節性差異。例如，2026 年第一季的帳單天數比 2025 年第一季的建築物數量要少，這意味著 2026 年第二季的連續數字比 2026 年第一季有所改善。

So these are the two factors that give us confidence that we can execute better sequential growth in the middle of the year, and that's what we have assumed in our guidance range including the ramp-up of deals which we have closed.

因此，正是這兩個因素讓我們有信心在年中實現更好的環比增長，這也是我們在業績指引範圍內所假設的，其中包括我們已經完成的交易的增長。

Keith Bachman, BMO Capital Markets.

Keith Bachman，BMO資本市場。

I wanted to ask about the fixed price or success-based contracts that are now about 50% of total. And what I'm trying to understand is your pricing -- I think you're pricing these contracts on assumed cost curves that leverage new innovations, including AI.

我想詢問一下目前約佔總額 50% 的固定價格或按成功付費的合約的情況。我想了解的是你們的定價——我認為你們是根據利用人工智慧等新技術的假設成本曲線來為這些合約定價的。

And I just want to understand how -- a, is there more -- are the prices more aggressive to have been? B, how should investors think about the risk and the opportunities of overage and under in terms of achieving those cost curves. In other words, are you sharing those risks with the customers.

我只是想了解一下——a，價格是否還有更多——是否更具競爭力？B，投資人該如何看待超額報酬和收益不足所帶來的風險和機會，以實現這些成本曲線？換句話說，你是否與客戶共同承擔這些風險？

But if you could just speak to the changing nature of the economic risks associated with these success-based contracts.

但如果您能談談與這些基於成功率的合約相關的經濟風險的性質變化就好了。

Sure. So there are various types of fixed-price engagements. But essentially, I mean, they have one thing in common is that the larger component of delivery risk resides with the service providers like us. And essentially, we underwrite a productivity in the beginning of the contract and we deliver to that productivity to the customer, is it picture of whether we are able to achieve that outcome from a cost standpoint or not.

當然。因此，固定價格合約有多種類型。但從本質上講，我的意思是，它們有一個共同點，那就是交付風險的大部分都落在了像我們這樣的服務提供者身上。本質上，我們在合約開始時會設定一個生產力目標，並按照該生產力目標向客戶交付成果，這反映了我們能否從成本角度實現該目標。

The history of industry is that we always have found ways to new technological progress to be able to deliver it.

工業史表明，我們總是能找到利用新技術進步來實現目標的方法。

Specifically in light of the whole large deal momentum that Cognizant has been able to achieve. We have a very, I would say, a very robust process of bid versus debt that we monitor every month the performance of the deals that we have won and how we are delivering our operating margin and revenue performance against those promises.

尤其考慮到 Cognizant 已經取得的這一系列大型交易的勢頭。我認為，我們有一個非常健全的投標與債務流程，我們每個月都會監控我們贏得的交易的執行情況，以及我們如何兌現我們的營業利潤率和收入業績承諾。

And I'm happy to share that we deliver on aggregate of the portfolio very close to the expected margins that we had planned, which means we are in aggregate, not having any overrun or also not significant underline. So overall, we are acting with the budgeted goal for our customers as we go.

我很高興地告訴大家，我們整體的投資組合績效非常接近我們計劃的預期利潤率，這意味著我們整體上沒有任何超支，也沒有任何重大虧損。總的來說，我們正在按照預算目標為客戶服務。

And that we will continue to do there is something that is crucial in times like this when technology is shifting. And overall, we feel we are in performing well.

在如今科技日新月異的時代，我們將繼續在那裡開展工作，這一點至關重要。總的來說，我們感覺我們表現良好。

I just want to add two quick points to Jatin. If you look at it, in some ways, we are sharing the productivity sharing the risk with our clients, but we are actually doubling down on execution. Look at our revenue per person and margin per person. It's gone up by 5%, trading 12 months, 8% margin and 5% revenue trailing 12 months, which essentially means we are able to share with our clients with the productivity, win actually price to win and deliver to margins that's our model.

我只想補充兩點關於賈廷的觀點。從某種意義上說，我們與客戶共享生產力、分擔風險，但實際上我們加倍投入執行。看看我們的人均收入和人均利潤。過去 12 個月，股價上漲了 5%，利潤率為 8%，營收成長了 5%。這意味著我們能夠與客戶分享生產力優勢，以合理的價格贏得市場，並實現利潤目標，這就是我們的模式。

And I think with this nonlinear opportunity with the technology, you can kind of be ahead of the curve and do that. The second, I would believe, which is a very important shift. Historically, if you look at it, go back to the '90s, companies like us used to own the outcomes, and we used to price on outcomes.

我認為，憑藉這項技術的非線性發展機遇，你可以走在時代前沿並做到這一點。我認為第二個轉變非常重要。從歷史角度來看，如果你回顧一下，回到 90 年代，像我們這樣的公司曾經掌控著結果，我們也曾經根據結果來定價。

And then the enterprise software, either both on-prem and SaaS and then the plumbing on the cloud kind of abstracted layers of that value and outcome based was hard because there are so many people in the mix. Here, we are fast forward.

然後是企業軟體，無論是本地部署還是 SaaS，以及雲端底層架構，這些基於價值和結果的抽象層很難實現，因為其中涉及的人太多了。現在，我們快轉到未來。

We can own the outcomes. We can own the outcomes. We can make this a platform play. We can make it nonlinear cost and nonlinear revenue. And we can take over operations of companies and give them a service, which -- that is the reason why our BPO business is actually growing at 9%, 9% of the BPO business growing because we are able to do that very well.

我們可以掌控結果。我們可以掌控結果。我們可以把它做成一個平台遊戲。我們可以使其成本和效益都呈現非線性關係。我們可以接管公司的營運並為他們提供服務，這就是為什麼我們的 BPO 業務實際成長了 9%，BPO 業務成長了 9%，因為我們能夠很好地做到這一點。

We are able to deliver to outcomes, own the value chain and share the benefits.

我們能夠交付成果，掌控價值鏈，並分享收益。

Yes, Ravi, sort of land to my next question was durability of BPO. I think two years ago, many, including ourselves, had some concerns about what AI would do to BPO. It's been I think, one of the more robust parts of the market, and it seems clients need help in setting AI into BPO. And my question is how durable is this? In other words, once you get those processes established in BPO enabled by AI, does that create longer-term headwinds?

是的，Ravi，這算是引出了我的下一個問題，即BPO的耐久性。我認為兩年前，包括我們自己在內的許多人都對人工智慧將對業務流程外包 (BPO) 造成的影響感到擔憂。我認為，人工智慧一直是市場上較為穩健的領域之一，而且客戶似乎需要協助將人工智慧融入業務流程外包（BPO）中。我的問題是，它的耐用性如何？換句話說，一旦在人工智慧驅動的業務流程外包 (BPO) 中建立了這些流程，是否會造成長期的不利影響？

Or is there enough momentum here that this is a multiyear tailwind or good growth within the context of BPO.

或者說，這裡是否有足夠的勢頭，能夠成為BPO行業未來多年的順風或良好成長？

That's a great question. I mean, look, this is a total addressable spend, which is 10 times or maybe 20 times more than text pack because you're embedding technology data into process and in recent times, in learning and AI.

這是一個很好的問題。我的意思是，你看，這是一個總的潛在支出，是簡訊廣告包的 10 倍甚至 20 倍，因為你將技術數據嵌入到流程中，而且在最近，還嵌入到學習和人工智慧中。

Cognizant has had 9% to 10% growth in BPO for three years in a row. And the reason why we have done so is because we have always been on the cutting edge. We think this is a longish tailwind because operations of companies is a much bigger addressable spend.

Cognizant 的業務流程外包 (BPO) 業務連續三年維持 9% 至 10% 的成長。我們之所以能做到這一點，是因為我們始終走在時代前線。我們認為這將是一股持續時間較長的順風，因為公司營運是一筆更大的潛在支出。

And we think we have an opportunity not just to transform reinventory, imagine flows in a company. We also have the ability to maintain that. I think we are underestimating how much that reinvention will need. It's decades of work. We are underestimating how much it needs to maintain.

我們認為我們有機會不僅改變庫存再分配方式，還能重新構想公司內部的流程。我們也有能力維持這一點。我認為我們低估了這種改變所需的投入。這是幾十年的工作成果。我們低估了它所需的維護費用。

I mean this is a contextual technology. It has to be grounded. It has to be situational. And the effort needed to maintain and manage deterministic technology is less than the effort needed to maintain a probabilistic technology. So we have actually more work to do in maintaining than before.

我的意思是，這是一項情境技術。它必須接地。這要視具體情況而定。維護和管理確定性技術所需的努力比維護機率性技術所需的努力要少。所以，實際上我們在維護方面要做的工作比以前更多了。

So I see this as a significant tailwind to our BPO business, call it, intuitive operations, even before AI came into picture. So that's how we see this.

所以我認為這對我們的業務流程外包 (BPO) 業務來說是一個重要的順風，或者說，對直覺營運來說是一個重要的順風，即使在人工智慧出現之前也是如此。這就是我們的看法。

Jim Schneider, Goldman Sachs.

吉姆‧施耐德，高盛集團。

You talked on the health sciences script about the cost benefits to those companies sort of outweighing any kind of regulatory pressures you're seeing. Clearly, in the payer space, there's been a lot of debate about additional regulatory burdens and cost pressures.

你在健康科學腳本中談到，這些公司所獲得的成本效益似乎超過了你所看到的任何監管壓力。顯然，在支付方領域，關於額外的監管負擔和成本壓力已經有很多爭論。

Just would love to understand your level of confidence in the relative growth for the Health Sciences segment this year relative to your full year guidance overall.

我想了解您對今年健康科學板塊相對於全年整體成長的信心程度。

Thank you. our Health Sciences business grew at 6%-plus higher than our company average. It's a business where we probably are the number 1 player in the market. We have a platform with $0.5 trillion of transactions flowing through it. We have 200 million members.

謝謝。我們的健康科學業務成長速度比公司平均高出 6% 以上。在這個行業，我們很可能是市場上的領頭羊。我們的平台交易額高達 0.5 兆美元。我們擁有2億會員。

We have a moat, which is super differentiated. There is a lot of labor sitting around it. And I think with the uncertainty of regulation in the payer side you will want to transform those layers of value around the TriZetto business and shift that money to care because there is uncertainty around spend cycles.

我們擁有極具差異化的優勢。周圍有很多工人閒著。我認為，由於支付方監管的不確定性，您需要轉變 TriZetto 業務的價值層面，並將資金轉移到醫療保健領域，因為支出週期存在不確定性。

So we're seeing more traction with companies which are willing to apply agentic on in and around the TriZetto platform. And we see this capture of these value pools in new spend area for Cognizant.

因此，我們看到越來越多的公司願意在 TriZetto 平台內外應用代理技術。我們看到，Cognizant 在新的支出領域中獲得了這些價值池。

We have started to partner with Palantir, which I spoke about. We have a partnership with too. We have a partnership with AWS. We are doing work with Google Cloud. We're putting all these layers, and we are identifying the labor attached to it so that the administrative costs are going to go down, and that money is going to be underwritten for care.

我們已經開始與我之前提到的 Palantir 公司合作。我們也與該公司建立了合作關係。我們與AWS建立了合作關係。我們正在與谷歌雲端合作。我們正在建立所有這些層面，並確定與之相關的勞動力，以便降低管理成本，並將這些資金用於護理。

So there is more hustle and more work because of the uncertainty and the need and the paranoia about transformation so that this money is going to be moved to care. Equally, there is a lot of work around applying agentic to, say, bedside care or applying agentic to the life cycle of patients all the way from -- before they start to get to a doctor to after the finished the visit to the doctor.

因此，由於不確定性、需求以及對轉型的擔憂，人們更加努力工作，希望這筆錢能夠轉移到醫療保健領域。同樣，還有很多工作是將能動性應用於床邊護理，或將能動性應用於患者的整個生命週期，從他們去看醫生之前到他們結束就診之後。

In fact, some of the places I've mentioned one examples or two examples where we are able to take notes of doctors and nurses and identify the whole thing and create productivity, high productivity for health care workers. So I see this as a tailwind because of the fact that there is uncertainty around regulation we are actually going to see more transformation on the administrative layers, which will then transfer that value to care. Of course, there's also a part of life sciences and provider ecosystems there.

事實上，我提到的一些地方，例如一兩個地方，我們可以記錄醫生和護士的工作情況，找出問題的癥結所在，從而提高醫護人員的工作效率。所以我認為這是一種順風，因為監管方面存在不確定性，我們實際上將會看到行政層面的更多變革，從而將這種價值轉移到醫療保健領域。當然，其中也包括生命科學和醫療服務提供者生態系統的一部分。

And remember, the regulatory pressure is only on Medicare and Medicare it's not on commercial health care. But having said that, I think that uncertainty provides an opportunity to constantly innovate and transform. And also to endure regulatory norms using technology to edit to new regulatory norms.

請記住，監管壓力只針對聯邦醫療保險（Medicare），而不是商業醫療保健。但話雖如此，我認為不確定性也為不斷創新和改變提供了機會。此外，也要利用技術手段來適應新的監管規範。

And then maybe as a follow-up, you sort of discussed many things that are impacting gross margins at this point, whether that be the kind of outcome-based pricing, the fixed pricing and also the pyramid. Can you maybe talk about when -- do you see line of sight to sort of gross margin inflecting on a year-over-year basis--

然後，作為後續討論，您談到了許多目前影響毛利率的因素，例如基於結果的定價、固定定價以及金字塔式定價。您能否談談您認為何時——您預計毛利率將出現同比下降的趨勢——

Yes. So Jim, we'll -- I mean -- we have guided for the overall operating margin line. I don't want to guide at both the lines, but our endeavor would be to strive to reach that improvement in gross margin line, too. As I shared before, 2025 doesn't worry me because I know this core margins have remained protected. The dilution that you see in 2025 is coming predominantly because of Belcan, which are structurally more on-site-centric work, and therefore, it is not about lower profitability.

是的。所以吉姆，我們——我的意思是——我們已經對整體營業利潤率進行了指導。我不想同時指導這兩條線，但我們的目標是努力在毛利率方面也取得相同的進展。正如我之前所說，2025 年我並不擔心，因為我知道核心利潤率得到了保障。2025 年出現的稀釋主要是由於 Belcan 的出現，Belcan 的工作結構更側重於現場施工，因此，這與盈利能力下降無關。

But since you add a business which is more on-site centric, it is bound to have a lower gross margin, as you know. So it is not -- it is just a portfolio which has a particular characteristics, which have got added to the larger portfolio.

但是，如你所知，由於你增加了以現場服務為中心的業務，其毛利率必然會降低。所以它並不是一個整體投資組合，而只是一個具有特定特徵的投資組合，這些特徵被添加到更大的投資組合中。

That's one reason. And the second reason is really the higher bonus payout, which I think is a good thing for our employees. So I know we have protected and sustained the margin in 2025 we will work towards, of course, improving them in future.

這是其中一個原因。第二個原因是更高的獎金發放，我認為這對我們的員工來說是一件好事。所以我知道我們已經保護並維持了2025年的利潤率，當然，我們將在未來努力提高利潤率。

I just want to add two quick things here. Look, we are broadening the pyramid we have a thesis that the value is actually going to be more at the bottom with higher productivity. Last year, we added more school graduates than the previous year. This year, we're going to add more school graduates than the previous year. So that's going to give a tailwind to it.

我只想在這裡補充兩點。你看，我們正在拓寬金字塔，我們的論點是，價值實際上會更多地體現在底部，因為那裡的生產力更高。去年，我們學校的畢業生人數比前一年多。今年，我們將迎來比去年更多的畢業生。所以這將對它起到促進作用。

Our productivity sharing with our clients and how much we are going to keep back, which is the 5% revenue per person and 8% revenue margin per person, that's going to help. And good discipline, operating discipline has also helped. So there is tailwind on it, and we're not worried about keeping our expansive beyond.

我們與客戶分享生產力，並決定保留多少利潤，即每人 5% 的收入和每人 8% 的收入利潤率，這將有所幫助。良好的紀律和操作紀律也起到了幫助作用。所以目前情勢有利，我們不擔心會繼續擴張。

Bryan Bergin, TD Cowen.

Bryan Bergin，TD Cowen。

I wanted to start with just kind of a bookings to growth question. So can you help bridge the ACV growth performance in '25 to your '26 growth guide? Just curious how you're factoring things like pipeline conversion and at really at the midpoint of the range as well as things like short-term work. Can you detail that first? And then I'll ask my follow-up here.

我想先問一個關於預訂量與成長之間的關係的問題。那麼，您能否協助將 2025 年的 ACV 成長表現與 2026 年的成長目標銜接起來？我只是好奇你是如何考慮管道轉換率、實際處於價格區間中點以及短期工作等因素的。能先詳細說明一下嗎？然後我會在這裡提出我的後續問題。

On the margin front, just that's G&A. You've driven meaningful savings here in '25. You've actually held the dollar level flat for like three years. Understanding it wasn't optimized before. I'm just thinking how much more meaningful room do you have in that SG&A line to continue to help you?

利潤方面，只有一般及行政費用。2025年，你們在這裡實現了顯著的節約。實際上，美元匯率已經穩定了三年之久。之前它並沒有被優化過。我只是在想，在銷售、管理及行政費用方面，你還有多少空間可以繼續幫助你？

Yes. So on ACV, definitely, we saw some amount of softness in quarter four, but I would also characterize that with the bundling of smaller deals being given out as consolidated contracts. And therefore, you see a significant increase in TCV of large deals which corresponds to that shrinkage for the smaller deals, and there's a sort of an industry dynamic that we see in times like this. So while that is definitely a data point, but it is not something that is a challenge from a growth standpoint. On your -- sorry, can you just repeat your second question?

是的。因此，就 ACV 而言，我們確實在第四季度看到了一定程度的疲軟，但我認為這也是由於較小的交易被打包成合併合約發放所致。因此，你會看到大額交易的總合約價值大幅增加，這與小額交易的縮水相對應，而這正是我們在這種時期所看到的產業動態。所以，雖然這確實是一個數據點，但從成長的角度來看，這並不是什麼挑戰。關於你的——不好意思，你能再說一次你的第二個問題嗎？

Yes, just on SG&A. So you've done a great job there, right, for a couple of years. I'm just curious how much more room you have to optimize that base to continue to help if gross margin isn't going to stabilize sooner?

是的，僅包括銷售、管理及行政費用。所以你這兩年做得非常出色，對吧。我只是好奇，如果毛利率短期內無法穩定下來，你還有多少空間可以優化這個基礎，從而繼續提供幫助？

SG&A continues to be an area of focus for us. So while we have done a good job in '25 and '24, so two years in a row, but that has now additional opportunity in form of the deployment of AI in the corporate was that we do. So certainly, we will continue to push that in 2026, too.

銷售、管理及行政費用仍是我們關注的重點領域。所以，雖然我們在 2025 年和 2024 年連續兩年都做得很好，但現在，隨著人工智慧在企業中的部署，我們又迎來了新的機會。所以，我們當然也會在2026年繼續推進這項工作。

James Faucette, Morgan Stanley.

詹姆斯‧福塞特，摩根士丹利。

Just wanted to ask a couple of quick follow-up questions. on near-term activity and sales engagement, I think you've mentioned a little bit of softness there, at least in the fourth quarter. Can you just give a little more color there. Where were you seeing that? Is it just in near-term bookings?

我想問幾個後續問題。關於近期業務活動和銷售參與度，我想您提到過，至少在第四季度，這方面略顯疲軟。能不能再加點顏色？你在哪裡看到的？僅限近期預訂嗎？

And how are you feeling about the potential for discretionary work to come back? I know that that's been something that has been everybody has been looking forward to coming back a little bit more aggressively. And clearly, you're doing well in kind of the larger deals, but just wondering about kind of more of the -- this faster term business.

您對自由支配工作可能恢復的情況有何看法？我知道這是每個人都期待著能夠更積極回歸的事情。顯然，你在大宗交易方面做得很好，但我只是對這種短期交易業務有點疑惑。

Yes. So look, we'll continue to see more large deal momentum. I mean, if you want to share productivity with clients and win and use the process of consolidation, wallet shift swap, that's a phenomenal opportunity. Innovation levers are trying to kick in now. That's going to help us on smaller deals and discretion.

是的。所以，我們將繼續看到更多大型交易的出現。我的意思是，如果你想與客戶分享生產力並取得成功，並且利用整合、錢包轉移交換的過程，那將是一個絕佳的機會。創新槓桿正開始發揮作用。這將有助於我們處理小額交易並保持謹慎。

When we look at Financial Services, we did 9%-plus quarter four. And we did 7%-plus for the full year. Financial Services, a lot of discretionary. So -- and it's our largest vertical. And Financial Services performance in 2025 is the best we have had since 2018.

當我們審視金融服務業時，第四季我們實現了 9% 以上的成長。我們全年的成長率超過了7%。金融服務，很多都是可自由支配的。所以——這也是我們最大的垂直領域。2025 年金融服務業的表現將是自 2018 年以來最好的。

So it is actually a good tailwind. I think there's going to be as the pivot for AI shifts significantly from productivity to innovation, we're going to see more discretionary flowing in. That is a park of physical AI, which is now starting to hit manufacturing and automotive and aerospace and industries of that kind, that will also create opportunity. As the AI experiments will start to go into production, you're going to see discretionary new value pools opening up. So overall, I think Financial Services is a positive news, and it's one of our most cutting-edge industries and the highest exposure.

所以這其實是一股不錯的順風。我認為隨著人工智慧的發展重點從提高生產力顯著轉向創新，我們將看到更多可自由支配的資金流入。這是一個實體人工智慧園區，它現在開始影響製造業、汽車業、航空航太業以及類似的產業，這將創造機會。隨著人工智慧實驗開始投入生產，你會看到新的、可自由支配的價值池不斷湧現。總的來說，我認為金融服務業是個好消息，它是我們最具前沿性的產業之一，也是關注度最高的產業之一。

So the others will follow. So I do see the unlock. Of course, the macro has to support for the acceleration for discretionary macro has to support. What I'm not worried about is actually, I would say if the AI advances have to trickle drift to the businesses, I would actually believe that, that is actually going to support the discretionary to come back. It's going to be a catalyst.

所以其他人也會跟著做。所以我看到解鎖了。當然，宏觀經濟必須支持加速發展，因為自由支配的宏觀經濟必須支持加速發展。實際上，我並不擔心的是，如果人工智慧的進步需要逐步滲透到企業中，我相信這實際上會促進可自由支配收入的回升。它將成為催化劑。

It's going to trigger a CapEx cycle on enterprises to drift that value and it will flow through to us. So that's how I'm seeing it. So Financial Services is the starting point, which has already happened. The others will follow.

這將引發企業資本支出週期，以提升價值，而這最終也會影響我們。這就是我的看法。所以金融服務業是起點，而這已經成為現實。其他人會跟上。

Yes. Thanks for pointing out Financial Services, that stood out to us as well. And then just quickly, I know you gave a quick summary of the work that you're doing, exploring the India listing. Can you just give us a rough idea of what you're thinking about in terms of time frame or when at least we should be able to put together a calendar and time frame list? I know it's a key concern or at least thought for a lot of investors.

是的。感謝您指出金融服務業，我們也對此印象深刻。然後，我知道你簡要地總結了你正在進行的工作，即探索印度市場。您能否大致說明一下您的時間安排，或至少告訴我們大概什麼時候可以製定一個日程表和時間表？我知道這是很多投資人非常關心的問題，或至少是他們考慮的問題。

Yes. So as I mentioned in the opening remarks, we continue to make progress we are engaged with our advisers. At this venture, we are still thinking through the decision -- the regulatory framework and therefore, the decision around the imminent secondary -- sorry, primary offering and secondary listing.

是的。正如我在開場白中提到的，我們與顧問們保持密切的溝通，並不斷取得進展。在這個專案中，我們仍在思考決策——監管框架，以及由此而來的關於即將到來的二次發行——抱歉，是首次發行和二次上市的決策。

And at some point, we should be able to come back and tell you more about this. But at this juncture, I think it's a continued progress would be what I would suggest as an update from previous quarter to this quarter.

在某個時候，我們應該可以回來和大家詳細說說這件事。但就目前而言，我認為從上一季度到本季度，取得持續進展是我的建議。

And the -- and we have had constructive discussions with the regulators. So we're continuing to do what is right for our shareholders and continue to look for more investors to be a part of our growth store. So we'll keep you updated on that. Maybe we'll take one.

而且——我們已經與監管機構進行了建設性的討論。因此，我們將繼續做對股東有利的事情，並繼續尋找更多投資者加入我們的成長計畫。我們會隨時向您報告最新情況。或許我們會拿一個。

Rod Bourgeois, DeepDive Equity Research.

Rod Bourgeois，DeepDive Equity Research。

Okay. Great. And I'll just ask one given the time here. You already addressed the question about AI being applied to ERP implementation. There's also new Claude plug-ins geared towards workflow automation.

好的。偉大的。鑑於時間有限，我就問一個問題吧。您已經回答了關於人工智慧在ERP實施中的應用問題。此外，Claude 也推出了以工作流程自動化的全新插件。

So I wanted to ask to what extent you see such workflow automation ability impacting your market opportunity? And to what extent you already have a partnership also in that area?

所以我想問，您認為這種工作流程自動化能力會在多大程度上影響您的市場機會？你們在該領域已經建立了多大程度的合作關係？

Thank you, Rod. Look, we announced a partnership with Anthropic last year, late last year. The more AI can do, the more is the opportunity for us. It's very simple. I mean let's take about the plug into legal.

謝謝你，羅德。你看，我們在去年年底就宣布了與 Anthropic 的合作關係。人工智慧能力越強，我們的機會就越多。很簡單。我的意思是，我們來談談法律上的介入。

How much software has been implemented in legal. There is so much paralegal work happening. In fact, we work for a professional services and a legal services company where we are identifying all their parallel work that never existed before. Now there's a lot of labor around classical software. And all that labor needs more productivity.

法律領域應用了多少軟體？有很多法律輔助工作要做。事實上，我們為一家專業服務和一家法律服務公司工作，我們正在找出他們以前從未存在過的所有並行工作。現在傳統軟體領域有許多勞動力。所有這些勞動力都需要提高生產力。

If you want to drift that value to higher productivity to the workers in every function of a company, AI can be the catalyst. And that is net new spend area for us, and that is what we're looking for, those net new spend areas. This is a totally new addressable spend.

如果你想將這種價值轉化為公司各職能部門員工更高的生產力，人工智慧可以成為催化劑。這就是我們新增的淨支出領域，也是我們所追求的，這些新增的淨支出領域。這是一個全新的可尋址支出領域。

And if you're embedding technology you are able to integrate this technology to the systems of record written in SaaS software, and you're able to build those workflows, build those flows where humans and digital labor can work together and amplify the productivity -- if you're able to reinvent those processes for higher throughput, higher velocity, using this tool as a catalyst, we're able to bump up the productivity of enterprises and bump up the productivity of workers and we're going to be the bridge to do that. So I see this as a unique new opportunity.

如果你嵌入技術，你就能將這項技術整合到用 SaaS 軟體編寫的記錄系統中，你就能建立這些工作流程，建立這些流程，讓人類和數位勞動力能夠協同工作，從而提高生產力——如果你能夠利用這個工具作為催化劑，重新發明這些流程，以實現更高的吞吐量和速度，我們就能提高企業的生產力，提高員工的橋樑，而我們將成為這一目標的橋樑。所以我認為這是一個獨特的全新機會。

The more comes in. I mean remember, this technology is smart enough already. I mentioned in our remarks that $4.5 trillion of labor can already -- is already exposed to AI and it can -- you can create higher productivity. The reality is none of that has drifted to enterprises. None of that has differed to enterprises.

進來的越多。我的意思是，別忘了，這項技術已經夠聰明了。我在演講中提到，價值 4.5 兆美元的勞動力已經——已經暴露在人工智慧的影響下，而且它可以——可以創造更高的生產力。事實上，這些都沒有惠及企業。這一切對企業來說都沒有差別。

You need that bridge. And the bridge is all about contextual engineering. It is about reinventing the process, its about redesigning this flows in a company, integrating it into the SaaS layer so that there is interplay between deterministic and probabilistic layers. And it is also about integrating it into the physical and the operational layers of the company so that you can get that value. So that is the way forward.

你需要那座橋。這座橋樑的設計完全體現了環境工程學的概念。它關乎重塑流程，關乎重新設計公司內部的流程，將其整合到 SaaS 層，從而實現確定性層和機率性層之間的相互作用。而且，它還關乎如何將其融入公司的實體和營運層面，從而獲得這種價值。這就是前進的方向。

And we don't -- I mean at this point of time, it is not about getting the smarter technologies. We already have smart technologies. At this point of time, how do you drift that value to businesses. And there is an urgency because there's $400 billion, $500 billion, which has been spent on infrastructure in the last two years. And you have to get that value here and there's trillions of dollars of value and the shelf life of this technology is short.

而且我們——我的意思是，在目前這個階段，這不是獲得更智慧技術的問題。我們已經擁有智慧技術。在這一點上，你如何將這種價值傳遞給企業？而且情況緊急，因為在過去兩年裡，政府在基礎建設上已經花費了 4000 億美元到 5000 億美元。你必須從中挖掘價值，而這其中蘊含著數兆美元的價值，但這項技術的生命週期很短。

So I see this as a net positive for more work, more surface area, more addressable spend for companies like ours, and we call it the AI builder because we have this unique opportunity to be the bridge. So thank you so much for joining the call. Thank you for your continued support. We've had an exciting 2025. We have outpaced our own expectations on revenue, margin, EPS, EPS growth has been higher than revenue growth, expensive margins.

所以我認為這對像我們這樣的公司來說是一個利好消息，它能帶來更多的工作機會、更大的市場範圍和更多的可支配支出，我們稱之為人工智慧建構者，因為我們擁有成為橋樑的獨特機會。非常感謝您參加此通話。感謝您一直以來的支持。我們度過了精彩的2025年。我們在營收、利潤率和每股盈餘方面都超出了預期，每股盈餘成長高於營收成長，利潤率較高。

This is what we said in the Investor Day, and we are continuing to keep our trajectory -- accelerating our trajectory. We are on the top of our charts on our relative growth in comparison to our peers. And we hope to keep the Winner's Circle performance in 2026, expansive margins and EPS higher than revenue growth and revenue growth at the middle of our range is actually higher than what we presented last year. And we are in a solid foundation. And I think the boldest chapters are going to be in '26, '27 as we go forward.

這就是我們在投資者日上所說的，我們將繼續保持這一發展軌跡——並且加速發展。與同業相比，我們的相對成長率位居榜首。我們希望在 2026 年保持「優勝者圈」的業績，實現擴張的利潤率和每股收益高於收入增長，而我們預期收入增長的中位數實際上高於我們去年公佈的水平。我們擁有堅實的基礎。我認為，隨著我們不斷前進，2026 年和 2027 年將會是最戲劇性的篇章。

Thank you. This concludes today's Cognizant Technology Solutions Year-end fourth quarter 2025 earnings conference call. You may now disconnect your lines. Thank you for your participation.

謝謝。本次 Cognizant Technology Solutions 2025 年第四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。