高知特 (CTSH) 2022 Q1 法說會逐字稿

Ladies and gentlemen, welcome to the Cognizant Technology Solutions Q1 2022 Earnings Conference Call. (Operator Instructions)

女士們、先生們，歡迎參加 Cognizant Technology Solutions 2022 年第一季財報電話會議。 （操作說明）

I would now like to turn this conference over to Mr. Tyler Scott, Vice President of Investor Relations. Please go ahead, sir, you may begin the presentation.

現在我將會議交給投資者關係副總裁泰勒‧史考特先生。先生，請開始您的演講。

Thank you, operator, and good afternoon, everyone. By now, you should have received a copy of the earnings release and the investor supplement for the company's first quarter 2022 results. If you have not, copies are available on our website, cognizant.com. Speakers we have on today's call are Brian Humphries, Chief Executive Officer; and Jan Siegmund, Chief Financial Officer.

謝謝接線員，大家下午好。各位現在應該已經收到公司2022年第一季業績的獲利報告和投資人補充資料。如果您還沒有收到，可以造訪我們的網站cognizant.com取得。今天電話會議的發言人是執行長Brian Humphries和財務長Jan Siegmund。

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發言以及對各位提問的一些回答可能包含前瞻性陳述。這些陳述受到公司獲利報告和提交給美國證券交易委員會（SEC）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對投資者有用的非GAAP財務指標。本公司發布的獲利報告以及向美國證券交易委員會提交的其他文件中，均提供了非GAAP財務指標與相應GAAP指標的調節表（如適用）。

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

接下來，我想把電話交給布萊恩漢弗萊斯。請開始吧，布萊恩。

Thank you, Tyler. Good afternoon, everyone. Thanks to our talented employees, we delivered on our first quarter commitments in what continues to be an intensely competitive global labor market. First quarter revenue was $4.8 billion, up 10.9% year-over-year in constant currency, above the midpoint of our first quarter guidance of 10.2% to 11.2% growth. Growth was led by digital, which grew 20% year-over-year and now represents 50% of our revenue. We had another exceptional quarter in digital business operations, which continues to meaningfully outgrow the BPO market reflecting momentum in intelligent process automation and digital-native clients.

謝謝泰勒。大家下午好。感謝我們才華洋溢的員工，在全球勞動市場競爭依然異常激烈的環境下，我們實現了第一季的業績目標。第一季營收為48億美元，以固定匯率計算年增10.9%，高於我們先前10.2%至11.2%的預期中位數。成長主要由數位化業務推動，該業務年增20%，目前占我們營收的50%。我們的數位化業務營運在本季再次取得了卓越的成績，其成長速度持續顯著超過BPO市場，這反映了智慧流程自動化和原生數位化客戶的強勁成長動能。

First quarter operating margin was 15%, down slightly sequentially as expected, reflecting seasonality. First quarter bookings growth of 4% was in line with our expectations following exceptional bookings growth in the fourth quarter. On a trailing 12-month basis, we have a robust book-to-bill ratio of greater than 1.2x revenue reflecting bookings of over $23 billion. Given a healthy pipeline, we anticipate bookings growth acceleration in the second quarter and for the full year.

第一季營業利益率為15%，較上季略有下降，符合預期，主要受季節性因素影響。第一季訂單量成長4%，與預期相符，先前第四季訂單量實現了顯著成長。過去12個月，我們的訂單出貨比穩健，超過1.2倍營收，訂單金額超過230億美元。鑑於目前良好的項目儲備，我們預計第二季及全年訂單量成長將加速。

Over the last 3 months, I've met employees, partners and clients across 4 continents. While the global economic environment is uncertain, based on these interactions, I remain optimistic about IT services industry demand for the foreseeable future. Clients are making the shift to digital operating models to become more agile, automated and innovative. They know that it is the only way to deliver customer-centric user experience and hyper personalization, to simplify complex workflows and to build a modern operating infrastructure that's scalable and resilient.

過去三個月，我與來自四大洲的員工、合作夥伴和客戶進行了交流。儘管全球經濟環境充滿不確定性，但基於這些交流，我對IT服務業在可預見的未來仍保持樂觀。客戶正在向數位化營運模式轉型，以變得更加敏捷、自動化和創新。他們深知，這是實現以客戶為中心的使用者體驗和高度個人化服務、簡化複雜工作流程以及建立可擴展且高彈性的現代化營運基礎設施的唯一途徑。

Our strategic repositioning enables us to engage more deeply with clients, helping them to succeed and supports our growth trajectory. Our capabilities are in strong demand as digital becomes mainstream. Ultimately, I believe that our scale in India, complemented by our growing global delivery network will differentiate us as clients seek talent and business stability.

我們的策略調整使我們能夠更深入地與客戶互動，幫助他們取得成功，並支持我們自身的成長。隨著數位化成為主流，我們的能力需求強勁。最終，我相信我們在印度的規模優勢，加上我們不斷擴展的全球交付網絡，將使我們在客戶尋求人才和業務穩定性時脫穎而出。

Meanwhile, the labor market continues to be challenging with industry-wide elevated attrition, demand supply imbalances and inflationary pressure. I'd like to thank our teams across the globe for their leadership, patience and engagement as we navigate these challenges and execute against our client commitments.

同時，勞動市場仍充滿挑戰，產業整體人員流失率居高不下，供需失衡，通膨壓力也隨之而來。在此，我要感謝我們全球各地的團隊，感謝他們在應對這些挑戰、履行對客戶承諾的過程中所展現的領導力、耐心和敬業精神。

Today, more than ever, employees demand that we invest not just in total rewards, including compensation, but also in the end-to-end employee experience, their skilling and career advancement. Cognizant has always been known for our investment in our people. And in the last year, we built in this legacy with accelerated skilling and enhancements to our promotion framework.

如今，員工比以往任何時候都更希望我們不僅投資於包括薪資在內的整體福利，還要投資員工的端到端體驗、技能提升和職涯發展。 Cognizant 一直以重視人才培育而聞名。去年，我們透過加速技能培訓和完善晉升機制，進一步鞏固了這項傳統。

First quarter voluntary attrition fell 5 points to 26% on an annualized basis or 29% on a trailing 12-month basis. While we made sequential progress reducing voluntary attrition for the second consecutive quarter, we anticipate attrition will remain elevated for the full year and will increase in the second quarter, reflecting seasonality. To mitigate labor cost increases and the investments we are making in our people, we continue to execute against a series of measures including our automation agenda, pyramid and shoring optimization and a deep pricing.

第一季員工自願離職率下降5個百分點，年化率為26%，過去12個月為29%。儘管我們連續第二個季度在降低員工自願離職率方面取得了進展，但我們預計全年離職率仍將居高不下，並且由於季節性因素，第二季度離職率還會上升。為了緩解勞動成本上漲和我們對員工的投資，我們將繼續推動一系列措施，包括自動化計劃、金字塔式架構和外包優化以及深度定價。

Turning to the industry segments. In Financial Services, our ongoing recovery continued with growth of 6% year-over-year in constant currency reflecting the sale of our Samlink subsidiary in February, continue to make progress repositioning the business towards higher growth and higher value services and solutions with a more focused client set. We expect to pace recovery in banking and insurance to continue with strong demand for digital transformation.

接下來談談各行業板塊。在金融服務領域，我們持續復甦，以固定匯率計算年增6%，這主要得益於2月份出售了子公司Samlink。我們正不斷調整業務方向，朝向更高成長、更高價值的服務和解決方案轉型，並專注於更精準的客戶群。我們預計，在對數位轉型需求強勁的推動下，銀行業和保險業的復甦步伐將持續加快。

One client whose digital transformation journey we've been supporting is ABN AMRO Clearing Bank. We are transforming the bank's IT landscape into a hybrid cloud platform with a focus on security and regulatory compliance. We'll be implementing an end-to-end secure, scalable and compliant infrastructure as a service model in support of the bank's IT modernization agenda.

我們一直在為荷蘭銀行清算銀行（ABN AMRO Clearing Bank）的數位轉型之旅提供支援。我們正在將該銀行的IT架構轉型為混合雲平台，並專注於安全性和合規性。我們將實施端對端安全、可擴展且合規的基礎設施即服務（IaaS）模式，以支援該銀行的IT現代化計劃。

In Healthcare, revenue grew 9% year-over-year in constant currency, with particularly strong growth in life sciences. Our investments to modernize the TriZetto product portfolio, which includes the integration of AI and machine learning capabilities continued to pay off. Our clients are responding to our commitment to deliver next-generation platform solutions that help them offer patients real-time insights and personalized care.

在醫療保健領域，以固定匯率計算，營收年增9%，其中生命科學領域的成長尤為強勁。我們對TriZetto產品組合現代化改造的投資，包括整合人工智慧和機器學習功能，持續取得成效。我們的客戶積極回應我們致力於提供下一代平台解決方案的承諾，這些解決方案能夠幫助他們為患者提供即時洞察和個人化護理。

We're keeping our products cutting edge, building new solutions across the value chain and capitalizing on the opportunity at the intersection of health and digital in areas such as virtual care and telehealth. During the first quarter, we announced our collaboration with Microsoft to deliver a new digital health solution designed to improve medical care. Leveraging Microsoft Cloud for Healthcare, our new solution is the first of several planned offerings that combine remote patient monitoring and virtual health using products like smart watches, blood pressure monitors and glucose meters to collect and communicate patient health data to providers.

我們始終致力於維持產品領先地位，在整個價值鏈上建立全新解決方案，並充分利用健康與數位整合的機遇，例如虛擬醫療和遠距醫療領域。第一季度，我們宣布與微軟合作，推出旨在改善醫療服務的全新數位健康解決方案。該方案利用微軟醫療雲，是我們計劃推出的多項產品中的首款，它將遠端患者監測和虛擬醫療相結合，利用智慧手錶、血壓計和血糖儀等產品收集患者健康數據並將其傳輸給醫療服務提供者。

Wellmark, Blue Cross and Blue Shield, a leading health insurer with more than 2 million members is a great example of how we're partnering with AWS to drive digital transformation. Wellmark aims to improve the experience of their stakeholders by accelerating cloud migration and data modernization, all while strengthening their information security.

Wellmark（隸屬於藍十字藍盾）是一家領先的健康保險公司，擁有超過200萬會員，它完美地詮釋了我們如何與AWS合作推動數位轉型。 Wellmark致力於透過加速雲端遷移和資料現代化，提升利害關係人的體驗，同時加強資訊安全。

In Products and Resources, we continue to see excellent growth in client success across travel and hospitality and in manufacturing, logistics, energy and utilities. Automation is top of mind for clients like Pacific Gas and Electric, which sought our help to realize their vision for a new digital productivity center of excellence that aims to reduce manual efforts, simplify their automation tools and provide agile and scalable solutions for their business and IT users. To that end, our IPA team helped deploy Microsoft Power Platform and simplified our tool sets with Cognizant Neuro, our recently announced intelligent automation fabric. PG&E is now well on its way to saving 1 million hours of work through low code, no code automation.

在產品與資源領域，我們持續看到客戶在旅遊酒店、製造、物流、能源和公用事業等行業的成功案例顯著增長。自動化是太平洋煤氣電力公司 (PG&E) 等客戶的首要關注點，他們尋求我們的幫助，以實現其建立全新數位化生產力卓越中心的願景。該中心旨在減少人工操作，簡化自動化工具，並為其業務和 IT 用戶提供敏捷且可擴展的解決方案。為此，我們的 IPA 團隊協助部署了 Microsoft Power Platform，並利用我們近期發布的智慧自動化平台 Cognizant Neuro 簡化了工具集。 PG&E 目前正朝著透過低程式碼/無程式碼自動化節省 100 萬工時的目標穩步邁進。

Finally, in Communications, Media and Technology, we saw continued strength in technology, where we've sustained double-digit growth over the last 4 quarters. I'd like to briefly switch gears now to the future of work, a universal topic amongst the C-Suite with enduring societal implications. Organizations around the world are deliberating how to best attract, engage and retain employees. The events of the past few years have prompted people worldwide to question their life and work choices, including how and where they work. In the meantime, executive teams are determining how to best nurture company culture and values in the face of today's labor market realities and a hybrid work environment. These socioeconomic questions also intersect with business practicalities such as real estate strategy, one of the many things we are currently reviewing.

最後，在通訊、媒體和科技領域，我們看到科技部門持續強勁成長，過去四個季度保持了兩位數的成長。現在我想簡要地談談未來工作，這是高階主管普遍關注的話題，具有深遠的社會影響。世界各地的企業都在思考如何更好地吸引、激勵和留住員工。過去幾年的種種事件促使全球各地的人們反思自己的生活和工作選擇，包括工作方式和工作地點。同時，高階主管團隊也在思考如何在當今勞動力市場現狀和混合辦公環境下，更好地培養企業文化和價值觀。這些社會經濟問題也與房地產策略等商業實際問題息息相關，而房地產策略正是我們目前正在審查的眾多事項之一。

One of the prominent business themes of our time is the relationship between purpose and work. Purpose encompasses all the values that drive people's choices, actions and attitudes from wider social and environmental goals to professional and personal objectives such as a healthy work-life balance. That's one reason we put so much time, thought and energy into developing and activating a compelling purpose, vision and set of values for our company, which express our commitment to making a positive impact on the environment and the wider society.

當今商業領域的一個重要主題是目標與工作的關係。目標涵蓋了驅動人們選擇、行動和態度的所有價值觀，從更廣泛的社會和環境目標到職業和個人目標，例如健康的工作與生活平衡。正因如此，我們投入了大量的時間、思考和精力，為公司製定並實施一套引人注目的目標、願景和價值觀，以表達我們致力於對環境和更廣泛的社會產生積極影響的承諾。

We continue to advance our ESG agenda, applying our knowledge, portfolio and partnerships to engineer new levels of environmental and social benefits for our company, clients and communities. In April, we announced that we will source 100% renewable energy for all our global offices and facilities by the end of 2026. Sourcing 100% renewable energy supports our goal, and as last year, to achieve net zero greenhouse gas emissions by 2030 and responds to client expectations that business transition to a low-carbon economy.

我們持續推進ESG議程，運用我們的知識、投資組合和合作夥伴關係，為公司、客戶和社區創造更高水準的環境和社會效益。今年4月，我們宣布將在2026年底前實現全球所有辦公室和設施100%使用再生能源。 100%使用再生能源有助於我們實現2030年溫室氣體淨零排放的目標，並回應客戶對企業轉型為低碳經濟的期望。

We also want our employees, clients, partners and other stakeholders to better understand today's Cognizant, which is why during the first quarter, we modernized and reintroduced our brand to mirror the company we've become, the services leader with world-class digital solutions and talent. Our brand now carries the tagline, Intuition engineered. This is our promise to engineer clients' businesses so they can anticipate and meet their customers' needs with the insight and speed of intuition.

我們也希望我們的員工、客戶、合作夥伴和其他利益相關者能夠更好地了解如今的 Cognizant，因此在第一季度，我們對品牌進行了現代化改造和重新推出，以更好地展現我們如今的形象——一家擁有世界一流數位化解決方案和人才的服務領導者。我們的品牌標語是「直覺驅動，成就卓越」。這是我們對客戶的承諾，我們將協助他們打造卓越的業務，使他們能夠憑藉直覺般的洞察力和速度，預見並滿足客戶的需求。

As a global company, we will always stand with the right of people to choose a path of self-determination and democracy. Wave humanitarian relief efforts for Ukraine, Cognizant contributed $1 million in grants to several organizations that are delivering food, water, shelter, health care and economic assistance. We joined the international community in hoping that a path to lasting peace can be found soon.

作為一家全球性公司，我們始終支持人民選擇自決和民主道路的權利。在聲援烏克蘭人道救援行動之際，Cognizant 向多個組織捐贈了 100 萬美元，用於提供食物、飲用水、住所、醫療保健和經濟援助。我們與國際社會一道，期盼烏克蘭早日找到通往持久和平的道路。

In closing, I believe we were strategically well positioned to capture a large growing addressable market and drive profitable revenue growth. A month ago, I marked my third year anniversary leading Cognizant. While we are a company in transition, our evolution has been significant across multiple dimensions. We're putting the company on a strong growth trajectory, and I'm optimistic about Cognizant's prospects as we bolster our portfolio judiciously, to not only build and run clients' technology foundations but also transform their enterprises into modern businesses.

最後，我認為我們在策略上佔據了有利地位，能夠抓住不斷成長的龐大目標市場，並推動獲利性收入成長。一個月前，我迎來了領導 Cognizant 的第三年。雖然我們正處於轉型期，但我們在多個方面都取得了顯著的進步。我們正引領公司走上強勁的成長軌道，我對 Cognizant 的前景充滿信心，因為我們將審慎地強化產品組合，不僅為客戶建立和營運技術基礎架構，更致力於將他們的企業轉型為現代化企業。

And with that, I'll turn the call over to Jan, who will cover the details of the quarter and our financial outlook before we take your questions. Jan, over to you.

接下來，我會把電話交給簡，她將詳細介紹本季的狀況和財務展望，之後我們再回答大家的問題。簡，請你發言。

Thank you, Brian, and good afternoon, everyone. Our first quarter results reflect continued momentum within our digital portfolio. While overall uncertainty around the economic outlook has increased, we continue to see a healthy demand environment across our portfolio of services and offerings.

謝謝布萊恩，大家下午好。我們第一季的業績反映了我們數位業務組合的持續成長動能。儘管整體經濟前景的不確定性增加，但我們各項服務和產品組合的需求仍保持健康。

Q1 revenue was $4.8 billion, representing an increase of 9.7% year-over-year or 10.9% in constant currency. Year-over-year growth includes approximately 220 basis points of growth from our recent acquisitions partially offset by a negative 40 basis point impact from the sale of Samlink completed February 1. In Q1, Digital revenue grew 20% year-over-year and represented approximately 50% of total revenue. During the quarter, we reviewed the scope of our digital revenue definition to ensure alignment across digital skills, growth priorities and our pricing initiatives. This is the first time we have reviewed our definition since we updated it in 2020.

第一季營收為48億美元，年增9.7%，以固定匯率計算成長10.9%。年比成長主要得益於近期收購帶來的約220個基點的成長，但部分被2月1日完成的Samlink出售帶來的40個基點的負面影響所抵銷。第一季度，數位業務營收年增20%，約佔總營收的50%。本季度，我們重新審視了數位業務營收的定義範圍，以確保其與數位技能、成長重點和定價策略保持一致。這是自2020年更新該定義以來，我們首次對其進行重新審視。

Under the new definition, Q4 '21 digital revenue would have been about 49% of total revenue, approximately 4 points higher than the 45% we previously reported. For this quarter only, we are also providing some additional information to highlight the change in our digital definition. Under our previous definition, digital would have grown 18% in Q1, and represented approximately 47% of revenue.

根據新的定義，2021年第四季數位收入約佔總收入的49%，比我們先前報告的45%高出約4個百分點。此外，我們還提供一些補充信息，以突出我們對數位收入定義的調整。根據先前的定義，第一季數位營收成長了18%，約佔總營收的47%。

As Brian mentioned, Q1 bookings grew 4% year-over-year, which resulted in trailing 12 months bookings of $23.4 billion, representing a book-to-bill of approximately 1.2 unchanged from Q4. We believe this book-to-bill provides us a healthy opportunity to support our full year growth ambitions.

正如布萊恩所提到的，第一季訂單量年增4%，過去12個月的訂單量達到234億美元，訂單出貨比約為1.2，與第四季持平。我們相信，這項訂單出貨比為我們實現全年成長目標提供了良好的契機。

Moving on to segment results for the first quarter where all growth rates provided will be year-over-year in constant currency. Financial Services revenue increased approximately 6%. Trends within this segment were consistent with last quarter as positive momentum within our North American banking business and improved performance in insurance were offset by softness in our global banking portfolio. Q1 growth also included a negative 130 basis point impact from the sale of our Samlink subsidiary. We remain focused on investing in our talent and digital capabilities while targeting growth opportunities with new and existing clients aligned to our strategy.

接下來是第一季各業務板塊的業績，所有成長率均為固定匯率計算的年比數據。金融服務收入成長約6%。該板塊的趨勢與上季一致，北美銀行業務的積極成長動能和保險業務的改善被全球銀行業務的疲軟所抵消。第一季的成長也受到出售子公司Samlink帶來的130個基點的負面影響。我們將繼續專注於人才和數位化能力的投資，同時致力於與新舊客戶共同掌握符合我們策略的成長機會。

Healthcare revenue increased approximately 9%, primarily organic, driven by demand for digital services among pharmaceutical companies within our life sciences business, around digitization of clinical trial processes and modernization of manufacturing operations. Products and Resources revenue increased approximately 15%, driven by double-digit growth across all subsectors within the segment. Segment growth also benefited from recently completed acquisitions, which contributed approximately 500 basis points to growth. Communications, Media and Technology revenue grew 20%, primarily organic reflecting growing demand for data services and our work with leading digital-native clients, which has continued to support growth in our core portfolio.

醫療保健業務收入成長約9%，主要得益於內生成長，這主要歸功於生命科學業務中製藥公司對數位化服務的需求，尤其是在臨床試驗流程數位化和生產營運現代化方面。產品與資源業務收入成長約15%，主要得益於該業務板塊所有子產業的兩位數成長。此外，近期完成的收購也為此業務板塊的成長貢獻了約500個基點。通訊、媒體與科技業務收入成長20%，主要得益於內生成長，這反映了市場對數據服務需求的成長以及我們與領先的數位原生客戶的合作，這些都持續支撐著我們核心業務的成長。

From a geographic perspective, in Q1, North America revenue grew 9% year-over-year. Growth continued to be led by life sciences, manufacturing, logistics, energy and utilities and communications and technology clients. Our global growth markets, which include all revenue outside of North America grew approximately 17% year-over-year in constant currency. Growth was led by 20-plus percent growth in the U.K., where we saw strong double-digit growth within Financial Services, including public sector clients, Products and Resources and Communications, Media and Technology segments. We also continued to experience strong growth in Australia and Germany, driven and powered by our recent acquisitions.

從地理角度來看，第一季北美地區的營收年增9%。生命科學、製造業、物流、能源與公用事業以及通訊與科技產業的客戶持續引領成長。我們的全球成長市場（包括北美以外的所有收入）以固定匯率計算年增約17%。英國的成長主要得益於超過20%的成長，其中金融服務（包括公共部門客戶）、產品與資源以及通訊、媒體與科技等業務板塊均實現了強勁的兩位數成長。此外，在澳洲和德國，我們近期完成的收購也推動了業務的持續強勁成長。

Now moving on to margins. In Q1, our GAAP and adjusted operating margins were 15% as there were no non-GAAP charges in the quarter. On a year-over-year basis, operating margin declined by approximately 20 basis points. The largest headwind remains increased compensation costs, including the cost of subcontractors. Partially offsetting these headwinds were delivery efficiencies, slowing growth of SG&A and depreciation of the rupee against the dollar. Our GAAP tax rate in the quarter was 23.3%, and the adjusted tax rate in the quarter was 22.5%, which benefited from discrete items, which we do not expect to repeat. Q1 diluted GAAP EPS was $1.07, and Q1 adjusted EPS was $1.08.

接下來我們來看利潤率。第一季度，由於沒有非GAAP費用，我們的GAAP和調整後營業利潤率均為15%。年比來看，營業利益率下降了約20個基點。最大的不利因素仍然是不斷上漲的薪酬成本，包括分包商成本。部分抵銷這些不利因素的是交付效率的提高、銷售、管理及行政費用成長放緩以及盧比兌美元貶值。本季我們的GAAP稅率為23.3%，調整後稅率為22.5%，這得益於一些特殊項目，我們預計這些項目不會再次出現。第一季稀釋後GAAP每股收益為1.07美元，第一季調整後每股收益為1.08美元。

Now turning to the balance sheet. We ended the quarter with cash and short-term investments of $2.3 billion and net cash of $1.7 billion. Free cash flow in Q1 was $186 million, representing approximately 33% of net income. As a reminder, Q1 is seasonally our softest quarter for free cash flow, primarily due to the timing of bonus payments.

現在來看資產負債表。本季末，我們持有現金及短期投資23億美元，淨現金17億美元。第一季自由現金流為1.86億美元，約佔淨利的33%。需要提醒的是，第一季通常是我們自由現金流最淡的季度，這主要是由於獎金發放的時間安排所致。

DSO of 72 days increased by 3 days sequentially and by 2 days year-over-year. During the quarter, we repurchased 5 million shares for $444 million on our share repurchase program and returned $143 million to shareholders through our regular dividend.

本季應收帳款週轉天數為72天，季增3天，較去年同期增加2天。本季度，我們透過股票回購計畫回購了500萬股股票，總額為4.44億美元，並透過常規股息向股東返還了1.43億美元。

Turning to guidance. For Q2, we expect revenue in the range of $4.9 billion to $4.94 billion, representing year-over-year growth of 6.8% to 7.8% or 9.3% to 10.3% in constant currency. Our guidance assumes currency will have a negative 250 basis points impact as well as an inorganic contribution of approximately 100 basis points.

接下來談談業績展望。我們預計第二季營收將在49億美元至49.4億美元之間，年增6.8%至7.8%，以固定匯率計算則為9.3%至10.3%。我們的業績展望基於以下假設：匯率波動將對營收產生250個基點的負面影響，同時非內生性成長也將貢獻約100個基點。

For the full year, we are increasing the organic growth outlook assumption in our guidance reflecting strong performance in our digital portfolio and a healthy demand backdrop. However, we are tightening our constant currency outlook at both ends of the range, which reflects our improved organic revenue growth. This is partially offset by a lower expectation of inorganic growth, which we now expect to contribute approximately 100 basis points to full year growth versus 200 basis points previously.

鑑於數位業務的強勁表現和良好的市場需求，我們提高了全年業績指引中對內生成長的預期。然而，我們收緊了以固定匯率計算的業績指引，這反映了內生收入成長的改善。部分抵銷這項影響的是，我們下調了對外生成長的預期，目前預期外生成長對全年成長的貢獻約為100個基點，而先前預期為200個基點。

Our reported revenue outlook now assumes a negative 180 basis points impact from currency versus 70 points previously, which equates to roughly $200 million headwind in reported revenues. This leads to a revised reported revenue guidance range of $19.8 billion to $20.2 billion representing 4.2% to 9.2% growth or 10% to 11% (sic - see slide 13, "9% to 11%") in constant currency. This compares to our previous guidance of $20 billion to $20.5 billion, which represented growth of 7.8% to 10.8% or 8.5% to 11.5% in constant currency.

我們目前公佈的收入預期將受匯率波動影響，預計匯率將對收入造成180個基點的負面影響，而此前的預期為70個基點，這相當於報告收入將面臨約2億美元的不利影響。因此，我們將報告營收預期範圍調整為198億美元至202億美元，年增率4.2%至9.2%，或以固定匯率計算成長10%至11%（原文如此，請參閱第13頁投影片，「9%至11%」）。相較之下，我們先前的預期為200億美元至205億美元，年增7.8%至10.8%，或以固定匯率計算成長8.5%至11.5%。

Our capital allocation framework is unchanged. While we did not complete any acquisitions in Q1, we remain active in pursuit of acquisitions aligned with our strategy. We will stay disciplined as we analyze the acquisition pipeline and thoughtful as we assess the best use of capital. For the full year, we expect to return at least $600 million through share repurchases subject to market conditions and other factors.

我們的資本配置架構維持不變。雖然第一季我們沒有完成任何收購，但我們仍積極尋求符合我們策略的收購目標。我們將保持嚴謹的態度分析收購計劃，並審慎評估資本的最佳用途。全年來看，我們預計將透過股票回購返還至少6億美元，具體金額將視市場狀況和其他因素而定。

Moving on to adjusted operating margin. Our adjusted operating margin outlook is unchanged, and we continue to expect approximately 20 to 30 basis points of expansion versus 2021. Our outlook for operating margin continues to assume industry supply side constraints and elevated attrition for the remainder of the year. Headwinds to operating margin include increased compensation costs, T&E and return-to-office costs, which we expect to offset to -- through delivery efficiencies, digital revenue mix, pricing and SG&A leverage and discipline.

接下來是調整後的營業利益率。我們對調整後的營業利潤率預期保持不變，預計較2021年將成長約20至30個基點。我們對營業利益率的預期仍基於產業供應端受限以及今年剩餘時間內較高的員工流失率。營業利潤率面臨的不利因素包括薪資成本、差旅費和復工復產成本的增加，我們預期這些不利因素將透過提高交付效率、優化數位化收入結構、優化定價策略以及有效控制銷售、管理及行政費用來抵銷。

We currently expect to see some gradual improvement in our operating margin in Q2. This leads to our full year adjusted EPS guidance of $4.45 to $4.55 compared to $4.46 to $4.60 previously, which primarily reflects the FX impact on our reported revenue outlook. Our full year outlook assumes interest income of $25 million and average share outstanding of approximately 522 million, both unchanged from our prior outlook. We also continue to expect a tax rate of 25% to 26%.

我們目前預計第二季營業利潤率將逐步改善。因此，我們將全年調整後每股收益預期從先前的 4.46 美元至 4.60 美元下調至 4.45 美元至 4.55 美元，這主要反映了匯率波動對我們報告收入預期的影響。我們全年預期假設利息收入為 2,500 萬美元，平均流通股數約為 5.22 億股，與先前的預期一致。我們預計稅率仍維持在 25% 至 26% 之間。

Finally, we are still targeting full year cash flow conversion of approximately 100% of net income. However, there are several moving pieces that could cause us to fall below our goal. Key factors impacting our conversion rates includes the timing of certain payments, cash taxes and higher CapEx. We remain focused on our working capital initiatives to offset these headwinds for the remainder of the year.

最後，我們仍將全年現金流轉換率設定為淨利的100%左右。然而，一些不確定因素可能導致我們無法實現這一目標。影響轉換率的關鍵因素包括某些款項的支付時間、現金稅金以及更高的資本支出。我們將繼續專注於營運資本的舉措，以抵銷這些不利因素在今年剩餘時間內的影響。

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

接下來，我們將開始接受大家的提問。

(Operator Instructions) First question comes from the line of Tien-Tsin Huang with JPMorgan.

（操作員說明）第一個問題來自摩根大通的黃天進。

I want to ask on bookings up 4%. You said that was in line. I think the math I guess my simple math suggests that it's a pretty solid book-to-bill in the quarter 2 in addition to the trailing 12-month figure that you shared. Is that accurate? And maybe can you give us a little bit more on why you're confident in the acceleration for the year in bookings?

我想問一下關於預訂量成長4%的問題。您說這個數字符合預期。我簡單計算了一下，除了您分享的過去12個月的數據之外，第二季的預訂出貨比也相當不錯。我的理解準確嗎？您能否再詳細解釋一下，為什麼您對今年預訂量的成長如此有信心？

Tien-Tsin, it's Brian here. So look, all in all, we actually had an exceptional Q3, Q4 in bookings, if you remember, both quarters were up in excess of 20% year-over-year. And so some of that, there's natural behavior in a commercial team to pull in bookings in the latter part of the year to maximize their variable compensation. So the compares what the compare is. But I feel very good about where we are, a book-to-bill of 1.2, the book-to-bill in the quarter is fine too and generally good momentum behind digital bookings as well. So our pipeline plus the book-to-bill ratio, which is very healthy at this moment in time, give me confidence that we continue to do the right thing.

田進，我是布萊恩。總的來說，我們第三季和第四季的預訂量都非常出色，如果你還記得的話，這兩個季度的年增率都超過了20%。當然，銷售團隊為了最大化他們的浮動薪酬，在下半年爭取更多訂單也是很正常的。所以，比較數據本身就存在差異。但我對我們目前的狀況非常滿意，訂單出貨比為1.2，本季的訂單出貨比也相當不錯，而且數位訂單的成長動能也很好。因此，我們目前的銷售管道和訂單出貨比都非常健康，這讓我相信我們將繼續朝著正確的方向前進。

On the contrary, we don't really have what I would view a demand issue as an industry that is faced with elevated attrition. The trick is always to optimize how much you want to sell, otherwise, you end up frustrating clients if you can't deliver against it. So it's more a demand, supply and balanced labor cost and attrition dilemma than a top line dilemma at this moment in time.

相反，我認為我們這個產業並沒有面臨高流失率，也不存在真正的需求問題。關鍵在於如何優化銷售目標，否則，如果無法滿足客戶的需求，最終只會讓客戶失望。因此，目前的問題更多的是供需平衡、勞動成本控制和人員流失率控制，而不是營收成長的問題。

Now in the same vein, I'll be the first to say that the economic backdrop is uncertain. And therefore, we continue to monitor, as you do on a daily and weekly basis the war in Europe, the inflation or the risk of stagflation, to broader economic sentiment, of course, and how this may impact not just us, but our clients and therefore, indirectly us. But at this moment in time, despite an uncertain economic backdrop, I'm certainly optimistic about the IT services demand picture for the foreseeable future and our role within that.

同樣，我必須先指出，當前的經濟狀況充滿不確定性。因此，我們和你們一樣，每天每週都在密切關注歐洲戰事、通貨膨脹或滯脹風險，以及更廣泛的經濟形勢，當然，這些因素不僅會影響我們自身，還會影響我們的客戶，進而間接影響我們。但就目前而言，儘管經濟形勢不明朗，但我對未來一段時間內IT服務的需求前景以及我們在其中的角色仍然充滿信心。

Great. Yes. No, that's encouraging and fair. So I guess my quick follow-up just on the inorganic change in the outlook. Is that a function of maybe some deals falling out of the pipeline or just a timing issue with what you've seen year-to-date? Just anything else to add there, that would be great.

太好了。是的。沒錯，這令人鼓舞，也很合理。所以我想快速跟進一下關於前景中非有機成長變化的問題。這是否是因為一些交易計劃取消，還是只是您今年迄今為止觀察到的情況的時間節點問題？如果您還有其他補充，那就太好了。

I would say, Jan and I are quite judicious when it comes to M&A, quite disciplined, very intentional, and we tend to step out of certain deals if they don't make economic sense. We're here to represent shareholders. Of course, we're custodians of the company. And in some cases, it's been us stepping out. In some cases, there are deals that we weren't able to get done or we weren't able to get the counterparty to engage. There's no fundamental change to our philosophy with regards to M&A. We continue to view that as a core element of our capital allocation framework, certainly a core element of us executing against our strategy. And where we do M&A, we'll be in tune with our digital aspirations, key vertical aspirations, geographic expansion and of course, our desire to be a little bit more advisory led.

我想說，我和Jan在併購方面非常謹慎，行事嚴謹，目標明確。如果某些交易在經濟上不合理，我們往往會選擇退出。我們代表的是股東的利益。當然，我們也是公司的守護者。在某些情況下，我們會主動退出。有些交易我們未能完成，或未能說服交易對手參與。我們在併購方面的理念並沒有根本性的改變。我們仍將其視為資本配置架構的核心要素，也是我們執行策略的核心要素。在進行併購時，我們會兼顧數位轉型、關鍵垂直領域發展、地理擴張，當然，也希望能更多扮演諮詢顧問的角色。

In certain deals, you hit multiple birds with the one stone. You can have an international deal that is aligned to a digital priority that is aligned to a key industry. And so it's more of the same going forward. It can be choppy. Sometimes you get more higher return average, but we feel pretty good about our strategy and how M&A will play a role within that.

在某些交易中，你可以一箭多雕。例如，你可以達成一項國際交易，該交易既符合數位化優先事項，又與關鍵產業相契合。未來情況也大致如此。當然，這其中難免會有波動。有時你能獲得更高的平均回報率，但我們對我們的策略以及併購在其中扮演的角色感到非常滿意。

Our next question comes from the line of Bryan Bergin with Cowen.

我們的下一個問題來自 Bryan Bergin 與 Cowen 的對話。

So I just wanted to follow up here on an outlook. First, just to unpack the revised revenue outlook. So you took down the inorganic by 100 bps and the FX headwind was obviously a little bit more than 2x what it was before. So collectively about -- I think $385 million of headwind versus the prior view. So I just wanted to clarify that, that was really the big piece there with obviously a little bit better organic. And then just on the M&A, just going forward, is it more fair to assume, let's say, a range, 100 bps to 200 bps a year versus a specific target, just given potential lumpiness?

所以我想就前景展望做個後續跟進。首先，我們來解讀一下修訂後的營收預期。你們將非內生性成長預期下調了100個基點，而匯率不利因素顯然比之前高出兩倍以上。所以，總的來說，不利因素比之前的預期高出約3.85億美元。我想澄清一下，這確實是主要因素，內生性成長顯然有所改善。然後，關於併購，展望未來，考慮到潛在的波動性，假設每年併購規模在100到200個基點之間，而不是設定一個具體目標，是否更為合理？

Yes. It's a good comment. I'll start to tackle the M&A stuff first. I think we should expect a little bit of bumpiness in M&A just by the nature of it. And so it's fair to say we haven't really changed our capital allocation framework, so I think the general guideline on Brian's and my mind is still 2%. I think in this case, we had a couple of deals that fell out of the pipeline for the reasons that Brian described. And as we outlook, we see a little bit more activity in the third and fourth quarter happening. So we just felt it was prudent to let you know about that. There's no change. It's just like these are discrete items and in 1 or 2 deals can make a little bit of a difference. But no change for the medium-term outlook. I think we're sticking with our 2% revenue growth and 50% of our free cash flow allocation to M&A.

是的，這是一個很好的評論。我先來談談併購方面的事。我認為，就併購本身的性質而言，我們應該預料到併購過程中會有一些波動。因此，可以說我們並沒有真正改變資本配置框架，我和布萊恩都認為2%的指導原則仍然不變。我認為，就目前的情況而言，我們有一些交易因為布萊恩描述的原因而退出了計劃。展望未來，我們預計第三季和第四季會有一些交易活動。所以我們覺得有必要告知您這一點。計劃沒有改變。這些只是個別事項，一兩筆交易可能會產生一些影響。但中期展望不變。我認為我們仍然堅持2%的營收成長目標，並將50%的自由現金流用於併購。

On the guidance, I think you got it right. We basically took the inorganic down by 100 bps, and we increased the organic constant currency at the same rate. So we are sticking with our same organic -- constant currency revenue, not organic, but all in constant currency revenue was sticking at the same midpoint.

關於業績指引，我認為你理解得沒錯。我們基本上將非有機成長下調了100個基點，同時將自然成長（以固定匯率計算）以相同幅度上調。因此，我們維持了先前的有機成長——以固定匯率計算的收入，而不是非有機成長，而是所有以固定匯率計算的收入都維持在先前的中間值。

Okay. Okay. And then just on margin, has the margin progression gone as planned as it relates to maybe the timing of investments that you had budgeted for in 2022? Curious if just the wage inflation has shifted any things around for you. And maybe help us with the cadence of how we go forward from here on operating margin.

好的。好的。那麼，關於利潤率，利潤率的成長是否按計畫進行？這是否與您在2022年預算中的投資時機有關？我很想知道薪資上漲是否對您的計劃造成了任何影響。能否也請您幫我們釐清接下來在營業利潤率方面該如何推進？

No, I appreciate that. You're familiar that our margin profile throughout the year has a typical curve with the second and third quarter being stronger, and we anticipate this year to have a typical curvature, so to speak, on margin. Clearly, you have seen an increased pressure on compensation costs. And so we have built into our forecast, of course, offsetting measures relative to improvement in our cost delivery efficiencies, investment into automation. We have -- of course, pricing is rolling out throughout the 4 quarters and will gain momentum throughout the year. So all these things have to be coming together in order for us to achieve the 20 to 30 basis points of margin expansion, which is our best outlook right now that we have.

不，我很感激。您也知道，我們全年的利潤率曲線通常呈現典型的第二季和第三季較為強勁，我們預期今年的利潤率曲線也將如此。顯然，您已經看到了薪酬成本壓力的增加。因此，我們在預測中當然也考慮了成本控制效率提升和自動化投資等抵銷措施。當然，價格調整將在未來四個季度逐步實施，並將在全年持續推進。所有這些因素都必須齊頭並進，我們才能實現20到30個基點的利潤率成長目標，這也是我們目前的最佳預期。

Our next question comes from the line of Moshe Katri with Wedbush.

我們的下一個問題來自 Moshe Katri 與 Wedbush 的淵源。

I have two. Can you give some more color on subcontractor use? I think you indicated that was one of the factors impacting margins for the quarter, maybe kind of look at that versus percentage of revenues where it has been trending. And then on top of that, maybe some color on the weakness you mentioned in your banking portfolio. Is that the same kind of issue that we've had during the past few years? Or is that anything different?

我有兩個問題。能否詳細說明一下分包商的使用情況？我記得您曾提到這是影響本季利潤率的因素之一，或許可以分析一下分包商使用率佔總收入的百分比及其變化趨勢。另外，您能否也談談您提到的銀行組合疲軟的問題？這和我們過去幾年遇到的問題類似嗎？還是有所不同？

You broke up in the second question, the weakness in...

你在第二個問題中就崩潰了，這是你的弱點…

In your banking portfolio. And you indicated -- and the question is, whether this was the same weakness that we've been talking about for a couple of years now in BFSI.

在您的銀行投資組合中。您也指出了這一點——問題是，這是否與我們過去幾年一直在銀行、金融服務和保險（BFSI）領域討論的弱點相同。

Okay. Okay. Perfect. Yes. So we don't really break out our subcontractor cost explicitly for you. But the biggest impact on our operating margin by far is really merit and off-cycle and then pair that with the subcontractor hiring. So it's just a bigger factor as you would expect, higher attrition leads to some of that use. I don't think we're breaking it out publicly, but those were the major factors on it.

好的，好的，完美。是的。我們沒有特別列出分包商成本。但對我們營業利潤率影響最大的因素是績效薪資和非週期性支出，再加上分包商的招募成本。正如您所料，這是一個更重要的因素，較高的員工流動率會導致部分成本增加。我們目前沒有公開列出這部分成本，但這些是主要影響因素。

BFS continues to be on a good path. We see steady expansion. I mentioned in my call that Samlink went out of the revenue that put a little bit of pressure in the European banking and Financial Services revenue growth. But overall, we see a steady improvement that shows that we are on the right path here. There's actually increased digital bookings. There are cool projects, as Brian mentioned in his call that are driving up. So as we -- I think Brian used on this call, the continued and steady improvement for BFS is kind of where we are. We're not at the end of our work here, but we're feeling we are on solid ground.

BFS業務持續穩定發展，我們看到了穩定擴張。我在電話會議中提到，Samlink的退出為歐洲銀行和金融服務業務的收入成長帶來了一些壓力。但總體而言，我們看到了穩步改善，這表明我們正走在正確的道路上。事實上，數位化預訂量有所增加。正如Brian在電話會議中提到的，一些很棒的項目正在推動成長。所以，正如Brian在這次電話會議中所說，BFS業務的持續穩定成長正是我們目前所處的階段。我們還沒有完成所有工作，但我們感覺我們已經站穩了腳跟。

Our next question comes from the line of Lisa Ellis with MoffettNathanson.

我們的下一個問題來自 Lisa Ellis 和 MoffettNathanson 的問題。

Sure. I'll start with the inflation question. And specifically, I know you called out you're taking some pricing actions. Can you just elaborate a bit on what components of revenue will be affected? Is this mostly in your time and materials business that you'll be able to effect through pricing. And then also a bit of a more strategic question on inflation, how is it affecting your clients' agendas or mix of work at this point?

好的。我先從通貨膨脹的問題談起。具體來說，我知道您提到正在採取一些價格調整措施。您能否詳細說明哪些收入組成會受到影響？這些調整主要針對的是按工時和材料計費的業務嗎？另外，還有一個關於通貨膨脹的更具策略性的問題，目前它對您客戶的計劃或工作組合有何影響？

Yes. We have clearly, the pricing is always part of our business model, and many of our clients obviously have regular price increases built into their contracts. But I think the extraordinary situation of wage inflation and cost pressure that also our clients' experience has, I think, opened more opportunities for us to drive pricing initiatives across the entire company. And I think we are deploying really a variety of approaches. Each client a little bit individualized to it, but [we're] finding basically for many clients, receptivity. So it will be still hard. We are in the business of generating benefit and value for our clients. But the discussions from what I can see have been starting and have been constructive with our clients. So I'm expecting pricing to build momentum and help us to contribute to the margin expansion throughout the next 3 quarters.

是的。定價顯然一直是我們商業模式的重要組成部分，而且我們許多客戶的合約中都包含了定期漲價的條款。但我認為，薪資上漲和成本壓力等特殊情況，以及我們客戶所面臨的困境，為我們提供了更多機會，讓我們能夠在全公司範圍內推行價格調整。我們正在採取多種策略，每個客戶的情況都略有不同，但我們發現，大多數客戶都樂於接受這些策略。當然，這仍然會面臨一些挑戰。我們的業務宗旨是為客戶創造利益和價值。但就我目前所見，我們與客戶的討論已經開始，而且富有建設性。因此，我預計價格調整將逐步推進，並有助於我們在未來三個季度內實現利潤率的提升。

Okay. And then maybe as my follow-up question just on the BPO call out. Brian, in your prepared remarks, you highlighted again now this been a couple of quarters in a row, the strengthened BPO. Can you just elaborate what service line specifically, like which verticals is that showing up in? And is there in what way are you sort of leaning into that opportunity, which seems to have come out of the tight labor market in the back of the pandemic?

好的。那麼，關於BPO業務，我還有一個後續問題。布萊恩，你在事先準備好的發言稿中再次強調了BPO業務的加強，這已經是連續幾個季度了。你能否具體說明一下，這種強化體現在哪些服務領域，例如哪些垂直產業？你們是如何把握這個機會的？這個機會似乎是在疫情後勞動市場緊張的情況下出現的。

Yes. Lisa. Look, the team has done an extraordinary job, I would say not just in this quarter or recent quarters, but in the last few years, we exited. As you know, content moderation that has been a large driver of growth in that business, and we executed it seamlessly, we repivoted the company more towards certain categories, notably around intelligent process automation. Ultimately contextualized to industry-specific use cases as well as a very strong focus on the digital-native clients. But not just has that been a success story in its own right, we're also, Lisa, in every 1 of our 4 externally reportable segments, growing our BPO business in strong double digits. So it's broad-based, not just along the lines of digital natives. Margins have been improving, and we're obviously now using this to try to get pull through to the, let's say, tech services portion of the company.

是的，麗莎。你看，團隊做得非常出色，我不僅要說這季度或最近幾個季度，還要說過去幾年我們退出的內容審核業務都取得了顯著成就。如你所知，內容審核一直是該業務成長的主要驅動力，我們順利地完成了轉型，將公司業務重心轉向了某些特定領域，特別是智慧流程自動化。最終，我們根據行業特定用例進行調整，並專注於數位原生客戶。麗莎，這不僅本身就是一個成功的案例，而且在我們所有四個對外報告的業務板塊中，我們的BPO業務都實現了兩位數的強勁增長。所以，我們的業務基礎很廣泛，不僅限於數位原生客戶。利潤率一直在提高，我們現在顯然正利用這一點，努力將這種成長帶動到公司的其他業務，例如技術服務部門。

The -- if you think about our BPO business, I mean fundamentally, it's historically been about 80% aligned to verticalized plays. We continue to strengthen our hand in that regard, but we're also looking in other growth postures, including F&A and CRM and doing that in conjunction with partners and starting to see a pipeline behind that as well. So we have, I would say, very strong client references, a lot of swagger in that group that are consistently beating their forecasts and budgets. And that swagger correlates to broad-based momentum across geographies and indeed across all 4 verticals.

——如果你仔細想想我們的業務流程外包（BPO）業務，我的意思是，從根本上講，它歷來約有80%的業務都集中在垂直領域。我們在這方面持續加強，但我們也在探索其他成長點，包括財務與會計（F&A）和客戶關係管理（CRM），並與合作夥伴攜手推進，而且我們也開始看到這方面的業務成長勢頭。因此，我認為我們擁有非常強大的客戶口碑，這些客戶信心十足，他們持續超越期望和預算。這種信心轉化為跨地域、跨四大垂直領域的廣泛成長動能。

Our next question comes from the line of Ashwin Shirvaikar with Citibank.

我們的下一個問題來自花旗銀行的 Ashwin Shirvaikar。

I guess I wanted to ask with regards to any indirect or flow-through impact you may have seen from the earn Ukraine, either clients coming to you to potentially move work away from East European clients or East European locations with other vendors or subcontractor work that might come your way or even on the supply side, any increased pricing wage pressure?

我想問的是，您是否看到了烏克蘭經濟復甦帶來的任何間接或連鎖影響，例如客戶可能因此將工作從東歐客戶轉移到您這裡，或者東歐其他供應商或分包商的工作可能會轉移到您這裡，甚至在供應方面，是否存在價格和工資方面的壓力增加？

Yes. Ashwin, look, generally, we don't really have any exposures to Ukraine or Russia, no significant operations there whatsoever. And I would say, at this moment in time, we've seen no material impact of the conflict on client demand either. Of course, we'll continue to monitor that situation. One, we have had clients come our way. I mean we're clearly aware of our digital engineering strength and our ambition to scale further there. I actually think if I stand back from the here and now, I believe that the implications will be lasting and that our scale in India, which we're actually tying into our digital studios around the rest of the world, which are very much part of our digital and global delivery network. They'll ultimately help us distinguish ourself and ultimately, as clients are assessing their vendors and strategic partners and in particular, as digital becomes mainstream, I suspect that scaled players like Cognizant will stand to win in the long term. And India will continue to be an asset for us.

是的。阿什溫，你看，總的來說，我們實際上在烏克蘭或俄羅斯沒有任何業務，沒有任何重要的營運活動。而且我認為，就目前而言，我們也沒有看到衝突對客戶需求產生任何實質影響。當然，我們會繼續關注局勢。一方面，確實有一些客戶主動聯絡我們。我的意思是，我們非常清楚自身的數位化工程實力，以及進一步擴大規模的雄心。實際上，我認為，如果從長遠來看，這些影響將是持久的。我們在印度的規模，實際上與我們在世界其他地區的數位化工作室相連接，這些工作室是我們數位化和全球交付網路的重要組成部分。最終，這將幫助我們脫穎而出。而且，隨著客戶評估他們的供應商和策略夥伴，尤其是在數位化成為主流的情況下，我認為像Cognizant這樣規模化的企業將在長期競爭中勝出。印度將繼續成為我們的寶貴資產。

And if you just think about the last few years in the COVID period, there's been a number of point mix shift to offshore, notwithstanding the industry scaling towards digital. And I think that will stand Cognizant in good stead given the tremendous strength and talent we have across India.

如果回顧過去幾年新冠疫情期間的情況，儘管整個行業都在向數位轉型，但許多業務組合仍然轉向了離岸外包。鑑於我們在印度擁有的強大實力和人才，我認為這將對 Cognizant 大有裨益。

Understood. And with regards to just talking about wage inflation and pricing trends. I know there are many nuances as it relates to the ability to proactively pass price increases to clients when you can do that, the number of times a year or the color definitions, things like that. Could you sort of walk through what you're seeing in those areas?

明白了。關於薪資上漲和價格趨勢，我知道這其中有很多細微差別，比如何時主動將價格上漲轉嫁給客戶、一年漲價的次數、價格標準等等。您能否詳細解釋一下您在這些方面觀察到的情況？

Yes. I'll start and Jan will jump in if needed. Ashwin, I think, first of all, pricing is extremely topical at this moment time, given the services companies are knowledge-based organizations and therefore, our supply chain for want of better word is our talent. And as costs of our people go up, by definition, we have an obligation to, in one form or another, either automate, change the pyramid shape, change the offshoring mix or nearshoring mix and/or find a way to pass on cost to clients, notwithstanding automation agendas or whatnot. So I think at this stage, pricing is mainstream in terms of dialogue amongst not just Cognizant, but also our peers in the industry to try to offset the compensation pressure. So the classic situation that we have grown up with historically around MSAs being signed with rate cards associated with those and rate cards coming up for renewal every 1 or 2 years, that is not necessarily as relevant anymore because people have to intersect those natural cycles.

是的。我先開始，如果需要的話，Jan會加入。 Ashwin，我認為，首先，鑑於服務公司是知識型組織，因此，我們的供應鏈（姑且這麼說吧）就是我們的人才，定價在目前是一個非常熱門的話題。隨著人力成本的上升，我們有義務以某種形式實現自動化、改變金字塔結構、調整離岸或近岸外包的比例，以及/或找到將成本轉嫁給客戶的方法，無論自動化計劃或其他因素如何。所以我認為，在現階段，定價問題已經成為主流，不僅是Cognizant，我們業界的同業也在討論這個問題，試圖緩解薪資壓力。因此，我們過去習慣的那種簽訂主服務協議（MSA）並附帶價目表，然後每1到2年續簽一次的模式，現在已經不再那麼適用了，因為人們必須適應這些自然週期。

Now on top of that, I'd just point out that as well, as Jan said, we have a pricing initiative underway. Clearly, the business model evolution of Cognizant, which has been quite intentional in recent years, including a much greater shift towards digital and the commitment to try to evolve from being a provider of resources to be a solution provider that enables clients to address their pain points by a selling solutioning and delivering client outcomes. That puts us in a position where we are competing with sometimes very different competitors and we may have some margin opportunity via pricing leverage as well. So both of those factors, I think, are pertinent at this moment in time.

此外，正如Jan所說，我們目前正在推動一項定價策略。顯然，Cognizant的商業模式近年來一直在穩步發展，包括大幅轉向數位化，並致力於從資源提供者轉型為解決方案提供商，透過銷售解決方案和交付成果，幫助客戶解決痛點。這使得我們有時需要與截然不同的競爭對手競爭，同時也為我們提供了透過價格優勢提升利潤的機會。我認為，這兩個因素在當前情況下都至關重要。

Our next question comes from the line of Rod Bourgeois with DeepDive Equity Research.

我們的下一個問題來自 DeepDive Equity Research 的 Rod Bourgeois。

I just want to ask about acquisitions that you've completed in the past couple of years and how you're performing against the revenue and synergy targets on those acquisitions. And I would also ask if you could include any kind of update on TriZetto. I know that you made some good turnaround progress in that business' growth last year. And it would be helpful to hear your latest thoughts also on TriZetto's growth trajectory.

我想問一下您過去幾年完成的收購項目，以及您在實現這些收購的收入和協同效應目標方面進展如何。另外，能否請您提供TriZetto的最新狀況？我知道您去年在TriZetto的業務成長方面取得了顯著的進展。如果您能分享一下您對TriZetto成長前景的最新看法，那就太好了。

Rod, I'll take your second question first. TriZetto had actually, interesting that you're asking, the best product sales quarter ever in the history this quarter. So the product modernization that we had undergone with TriZetto continues to show benefit and -- so that did really well and the pull-through implementation services and other services to it. Sorry, I'm coughing here a little bit.

羅德，我先回答你的第二個問題。你問到這個問題很有意思，TriZetto 本季的產品銷售業績創下了歷史新高。我們對 TriZetto 進行的產品現代化改造持續發揮積極作用，而且——這項改造非常成功，相關的實施服務和其他服務也取得了不錯的成績。不好意思，我剛才有點咳嗽。

Relative to the M&A performance, we had -- our M&A portfolio is performing well against our budget, and we are generating actually revenue synergies as we had planned for -- apologies. And I think we have probably a little bit more work to do to counter the margin dilution that our M&A does. But I'll give you one example. Our Softvision acquisition that we did now a number of years ago is now the core basis of our digital engineering business, and we're really integrating our entire engineering practice, digital engineering practice based on the Softvision model. So I would describe our M&A program is largely successful as a portfolio. Now you always have in a portfolio of companies, some that are not doing quite as well, but as a portfolio, we are very satisfied with the progress we're making on M&A.

就併購業績而言，我們的併購組合表現良好，符合預算，並且正如我們預期的那樣，實現了收入協同效應——抱歉。我認為我們可能還需要做一些工作來抵消併購帶來的利潤率稀釋。舉個例子來說，我們幾年前收購的Softvision現在已成為我們數位工程業務的核心基礎，我們正在基於Softvision的模式整合我們所有的工程實踐，特別是數位工程實踐。因此，我認為我們的併購專案作為一個整體是成功的。當然，任何投資組合中總會有一些公司表現不佳，但就整體而言，我們對併購方面取得的進展感到非常滿意。

Great. You could have just said TriZetto's performance is so good, it can make you cough, but that's my bad analyst humor.

太好了。你本來可以直接說TriZetto的表現好到讓人咳嗽，不過這是我作為分析師的蹩腳幽默。

I'm sorry. I'm a little bit under the weather with a little bit of a cough. So sorry for that, Rod.

抱歉，我有點不舒服，咳了幾聲。羅德，真不好意思。

Understood. Hey, just on the attrition front, is the attrition challenge starting to abate? And what levers are being pulled that give you some encouragement about where that might be going from here? Were you getting some benefit on the efforts that you're making to attract and retain talent?

明白了。對了，關於人員流失問題，目前的狀況是否有緩解？有哪些措施讓你對未來的發展前景感到樂觀？你在吸引和留住人才方面所做的努力是否取得了成效？

Rod, it's Brian. So first of all, we're delighted. We've reduced voluntary attrition for 2 quarters in a row. This quarter, attrition fell 5 points sequentially on a voluntary basis, and we are extremely comprehensive in our disclosure of attrition perhaps the purest in the industry. That being said, I actually anticipate attrition will pick up in the second quarter, in fact. And I know attrition will pick up because we look at resignations on a daily basis, and we anticipate it will be elevated for the course of the year. We have done a tremendous amount in the last year. We call this [yearly]. We substantially overspent our allocated budget last year for compensation and promotions because we wanted to invest in our talent try to mitigate attrition and make sure we capture the market opportunity. But this is above and beyond simply financial measures. It's total rewards, vacation policy, 401(k) policy, stock purchase price policy, et cetera, within total awards.

羅德，我是布萊恩。首先，我們非常高興。我們已經連續兩季降低了員工自願離職率。本季，自願離職率季減了5個百分點，而且我們在員工離職資訊揭露方面非常全面，或許是業界最透明的。話雖如此，我預計第二季員工離職率實際上會上升。我知道離職率會上升，因為我們每天都會查看離職情況，而且我們預計全年離職率都會居高不下。過去一年，我們做了大量工作。我們稱之為「年度」。去年，我們在薪資和晉升方面的預算支出大幅超支，因為我們希望投資人才，努力降低員工流失率，並確保抓住市場機會。但這不僅僅關乎財務指標，它還包括整體獎勵、休假政策、401(k)計劃、股票購買價格政策等等。

And on top of that then, there's a significant amount that we've been doing around investing in our employees, whether that is skilling or indeed enabling career path advancements. Cognizant as you know very well, has always been a company that invested heavily in our people, attracted smart people, put them into accounts and really enabled ourselves to ingratiate ourselves at accounts.

除此之外，我們還在員工發展方面投入了大量資源，包括技能培訓和職業晉升機會。如你所知，Cognizant 一直是一家重視人才培育的公司，我們吸引優秀人才，將他們安排到財務部門，並努力在財務領域建立良好的口碑。

Well, we've furthered that in the last year by doing what I would view as clever things with regards to our promotion process, really trying to make this a little bit more self-service and constant through the course of the year by tying it much greater to skilling as opposed to longevity of tenure. And making sure that we try to correlate that with bill rate increases as well.

去年，我們在這方面做了一些改進，我認為這些改進在晉升流程方面相當巧妙，我們努力讓晉升更加自助化，並使其全年保持穩定，更多地與技能提升而非工齡掛鉤。同時，我們也確保將晉升與薪資上漲掛鉤。

And then there's a broader notion of us getting back on the front foot growing double digits, which creates career path opportunities for people and upward mobility and just a celebratory sense of winning bigger deals, winning in digital and delivering with success. Now all of that comes against the backdrop of us also in the course of the last few years, taking some pain by really balancing our visa dependency in North America given the regulatory backdrop as well. But the heavy lifting of that is now essentially behind us.

此外，還有一個更廣闊的願景，那就是我們重回正軌，實現兩位數成長，這將為員工創造職業發展機會和晉升空間，並帶來贏得更大訂單、在數位化領域取得成功以及交付成果的喜悅。當然，這一切都發生在過去幾年裡，我們不得不努力平衡在北美的簽證依賴，並考慮到監管環境的複雜性，這給我們帶來了一些挑戰。但現在，這些最艱難的時期已經基本過去了。

So we've been working very hard to mitigate attrition. But the reality is the market is red hot behind certain skills and try as we might, and we track the data when we promote people or when we give them salary increases. We know how long it mitigates attrition before it picks up again. So I just think this industry is perhaps at a different curve than it was in the last 15 to 20 years, perhaps the return to office or much more of a hybrid work will help mitigate what we've seen in the last year, but I'm still somewhat pessimistic about the industry attrition trends.

所以我們一直在努力降低人員流失率。但現實是，某些技能的人才市場非常搶手，無論我們怎麼努力，也無論如何調整，我們都會追蹤員工晉升或加薪的數據。我們知道這些措施能暫時降低人員流失率，之後流失率又會上升。所以我認為，這個行業目前的發展軌跡可能與過去15到20年有所不同，或許重返辦公室或更多地採用混合辦公模式能夠緩解我們去年看到的情況，但我仍然對行業的人員流失趨勢持悲觀態度。

Our next question comes from the line of Brian Essex with Goldman Sachs.

我們的下一個問題來自高盛的布萊恩·艾塞克斯。

Brian, I was wondering if you could address headcount growth, a number of quarters here of nice strong double-digit headcount growth in spite of attrition, although attrition has been improving. Can you maybe unpack that growth a little bit and give us a little bit of insight around have you been able to improved lateral hiring. Are you making some digital ads? Is this primarily freshers that you're bringing on board? And how that might translate into revenue related -- I guess, headcount-related revenue growth going forward?

布萊恩，我想請你談談員工人數成長的問題。儘管人員流失率有所上升，但公司已經連續幾季保持了兩位數的強勁成長，而且人員流失情況也在改善。你能否詳細分析一下這種成長，並分享你們在招募方面是否取得了進展？你們是否投放了數位廣告？你們主要招募的是應屆畢業生嗎？未來，這種成長將如何轉化為營收成長——我猜想，是與員工人數相關的營收成長？

Yes. Well, the holy grail of course, in a services company is somehow to decouple headcount growth and revenue growth, but there are multiple factors at play, including accelerators and the mix of their headcount onshore versus offshore and indeed within the pyramid. Clearly, if I start with the pyramid, at the bottom of the pyramid, I felt 3 years ago, we were light. We hadn't been as aggressive on campus hiring, et cetera. And in the last few years, we have really, I would say, materially changed our hiring practices, 17,000 a few years ago, 33,000 freshers onboarded and infused in the last year. And then we're aiming for 45,000, 50,000 this coming year. And I'm assuming that will continue to grow.

是的。當然，對於服務型公司來說，最終目標是實現員工人數成長與營收成長的脫鉤，但這其中涉及許多因素，包括加速器、員工在岸與離岸的比例，以及金字塔內部的層級結構。顯然，如果從金字塔的底層說起，三年前，我覺得我們的人員配置比較弱。當時我們在校園招募等方面不夠正面。但在過去幾年裡，我們的招募策略發生了實質的改變。幾年前我們招募了17,000名員工，而去年我們招募並整合了33,000名應屆畢業生。我們明年的目標是45000到50000名員工。我預計這個數字還會繼續成長。

So that by definition, adds headcount at lower levels from a billing perspective. And clearly, as you go through rightsize that, then you bring people on board, you get them trained for a few months, you infuse them into accounts and ultimately get them into more billable type roles. So that's been one factor where you've seen us materially add headcount. And I think it's fundamentally so core to our success in the years ahead because with those people being skilled and with this internal job moves program that creates upward mobility in our organization, we are therefore able to promote from within more often, particularly when we have fixed bid or managed services type deals versus a more traditionality with staff augmentation or interview-based role.

因此，從計費角度來看，這自然會增加基層員工的數量。顯然，在進行人員精簡的過程中，我們會招募新員工，對他們進行幾個月的培訓，讓他們參與到客戶專案中，最終讓他們擔任更多計費職位。所以，這正是我們大幅增加員工人數的原因之一。我認為這對我們未來幾年的成功至關重要，因為這些員工技能嫻熟，而且我們內部的職位調動計劃也為員工提供了向上流動的機會，因此我們能夠更頻繁地從內部提拔人才，尤其是在我們承接固定報價或管理服務類型的專案時，而不是像傳統方式那樣透過人員擴充人才或面試來招募。

The second factor I'd say is our mix has shifted like many in the industry, about 2 points towards offshore in the last year, and that has different dynamics in terms of average bill rate per employee or margin dollars per employee but also margin rate per employee can be higher in offshore. But the attrition that we're experiencing, I think, as an industry and within Cognizant is broad-based. It's not just in India, it's not just in the junior levels of the organization. It's also across Western Europe and North America. So we are continuing to complement the programs we put in place with incremental campus programs in North America, nearshore programs in Mexico and Canada, which are ramping nicely for us, and of course, the need for subcontractors and laterals. Subcontractors actually fell sequentially in mid-single digits, and that's something we'd obviously like to continue to optimize in the years ahead by getting more campus programs, more upward mobility and better demand visibility such that we can avoid as much subcontractors.

第二個因素是，和業界許多公司一樣，我們的業務結構也發生了變化，過去一年離岸外包的比例增加了約2個百分點。這在員工平均計費率或員工利潤率方面產生了不同的影響，因為離岸外包的員工利潤率通常更高。但我認為，我們目前面臨的人員流失問題，無論是在業界還是在Cognizant內部，都是普遍存在的。這不僅發生在印度，也不僅僅發生在公司的基層員工。西歐和北美地區也是如此。因此，我們正在不斷改進現有項目，例如在北美地區逐步增加校園招聘項目，在墨西哥和加拿大地區推進近岸外包項目（這些項目進展順利），當然，我們也需要分包商和橫向派遣人員。事實上，分包商的數量較上季下降了5個百分點，這顯然是我們未來幾年希望繼續優化的方向，透過增加校園招募專案、提升員工晉昇機會以及提高需求可見性，從而盡可能減少對分包商的依賴。

And then last but not least, one of our core competencies, I would argue, has been our talent acquisition group, who has done remarkable work in the last year or so. Certainly, the offer-to-join-ratio has eroded in the industry and Cognizant is no different. But nonetheless, we have an incredible capability to bring in tens of thousands of employees per quarter. And I'm firmly of the opinion, we're not yet hitting our stride in terms of our revenue potential. So we want to continue to scale our operations to get after the market possibilities that are out there.

最後但同樣重要的是，我認為我們的核心競爭力之一是人才招募團隊，他們在過去一年左右的時間裡取得了卓越的成績。誠然，整個產業的錄用率都在下降，Cognizant 也不例外。但即便如此，我們仍然擁有強大的能力，每季都能招募數萬名員工。而且我堅信，就營收潛力而言，我們還沒有完全發揮出來。因此，我們希望繼續擴大營運規模，抓住市場上的各種機會。

Got it. Very helpful. I appreciate that. And maybe just a quick follow-up for Jan. On FX, maybe any way to quantify the contribution from rupee depreciation versus the dollar and how you might be thinking about that going forward given the margin guidance you've given?

明白了，很有幫助，非常感謝。另外，關於一月份的外匯交易，能否量化一下盧比兌美元貶值的影響？鑑於您先前給予的保證金指引，您對此有何看法？

Yes. Actually, the rupee movement going forward, which is largely affecting basically, of course, our cost base is, as you know, moderated by our hedging program. So we really don't make an assumption around this. In the quarter, I think I mentioned in the script that the rupee did contribute about 50 basis points in a set of ups and downs to our margin. But that may help you a little bit to extrapolate for what it is. So this is largely driven by our revenue forecast that's going to be the euro and the pound are going to be the most impactful one in that.

是的。實際上，盧比未來的走勢，當然會對我們的成本基礎產生很大影響，但正如您所知，我們的對沖計劃可以有效緩解這種影響。所以我們不會對此做任何假設。在本季度，我想我在簡報中提到過，盧比匯率的波動對我們的利潤率造成了大約50個基點的影響。但這或許能幫助您更好地推斷其影響。因此，這主要取決於我們的收入預測，而歐元和英鎊將是其中影響最大的貨幣。

Our next question comes from the line of Keith Bachman with BMO.

我們的下一個問題來自BMO的Keith Bachman。

I'll ask my 2 questions concurrently since they're related. Brian, first for you. When you last -- since you last gave guidance, based on our discussions with folks in India, in particular, it seems like wage rates have actually moved against you. In other words, wage rates have gotten more expensive even over the last 90 days. And assuming that supposition is true, I'm just -- what is going right that allows you to maintain the margin guidance even with perhaps wage rates getting more onerous. So perhaps you assumed in the previous guidance that wage rates were going to continue to move against you. But is it as simple as pricing? Because when we do our calcs on the rupee exchange rate, it's not enough to offset the change in waste rates even over the last 90 days. So a, what is going right that helped you maintain the guidance? And are you comfortable that, in fact, with the current wage rate structure, you're leaving enough room as you said, to strengthen your hand or invest appropriately for the longer term?

我將同時提出兩個相關問題。布萊恩，首先問你。根據我們與印度方面人員的討論，自從你上次發布業績指引以來，薪資水平似乎實際上對你們不利。換句話說，即使在過去90天裡，薪資水準也變得更高了。假設這個假設成立，我想知道──是什麼因素讓你們能夠在薪資水準可能變得更高的情況下維持利潤率指引？或許你們在先前的指引中已經預料到薪資水準會繼續對你們不利。但這僅僅是定價的問題嗎？因為我們計算盧比匯率後發現，即使在過去90天裡，匯率的變動也不足以抵銷損耗率的變動。所以，究竟是什麼因素幫助你們維持了業績指引？你是否確信，正如你所說，在目前的薪資水平下，你們留有足夠的空間來增強自身實力或進行適當的長期投資？

Well, we have continued to invest in the company. As you know, over the last few years, our SG&A has outgrown revenue and margin dollars substantially on a year-over-year basis for a whole host of initiatives, from IT security to marketing to reinvigorating the commercial momentum story that is now fueling the growth that we're seeing. Keith, by definition, it's not an easy environment. By definition, when we look at forward guidance, we anticipate not just the here and now, but potentially the trends that we -- with every passing month and quarter, we have more lateral hires that we're bringing in from the outside, which are coming in at rates. But I still feel in the same vein that the negatives of labor cost increases, the attrition impact on utilization, the increased costs associated with travel and entertainment and return to office, we still have possibilities to offset that with moderated SG&A growth, with revenue growth leverage, pyramid optimization, shoring optimization, automation, real estate and, of course, pricing. And arguably, pricing is the big one.

我們一直在持續投資公司。如您所知，過去幾年，由於一系列舉措，從IT安全到行銷，再到重振商業勢頭，我們的銷售、管理及行政費用（SG&A）同比增長幅度遠超收入和利潤增長，而這些舉措正是我們目前增長的動力。基思，毋庸置疑，現在的環境並不輕鬆。因此，當我們展望未來時，我們不僅要考慮當下，還要考慮潛在的趨勢——隨著時間的推移，我們每個月、每季都會從外部引進更多人才，而且這些人才的入職速度也很快。但我仍然認為，儘管勞動成本上升、人員流失對利用率的影響、差旅娛樂成本增加以及員工重返辦公室等負面影響依然存在，但我們仍然可以透過控制SG&A成長、利用收入成長槓桿、優化組織架構、優化外包、自動化、房地產以及定價策略來抵消這些不利因素。而定價策略無疑是其中的關鍵。

We are seeing some nice green shoots there. It's a programmatic approach that Jan and I are heavily invested in with our pricing team globally and with the markets to make sure that we have the courage to talk to clients around the importance of investing in our people, which will help mitigate attrition on their accounts and the various other actions we're taking. So pricing is ultimately the factor that gives us an ability to maintain margin growth of 20 to 30 basis points for the year.

我們看到了一些令人欣喜的復甦跡象。我和Jan在全球定價團隊和市場中都投入了大量資源，採用程序化的方法，確保我們有勇氣與客戶探討投資員工的重要性，這將有助於降低客戶帳戶的流失率，以及我們正在採取的其他各種措施。因此，定價最終是我們能夠維持全年20至30個基點利潤率成長的關鍵因素。

Right. In other words, those pricing discussions, even since the beginning of the year, those are perhaps a bit more favorable where clients are willing to listen or it's a more equitable discussion at least it sounds...

沒錯。換句話說，從年初開始的那些定價討論，如果客戶願意聽取意​​見，或者至少聽起來討論會更公平一些，那麼結果可能就更有利一些…

Yes. Look, let's face it. I mean in every C-Suite conversation that I have as I go around the world, we all end up talking about multiple things around return to office, hybrid work, culture and also about labor and supply chain disruption. And many clients over the years, as you know, have brought certain skills in-house and they're all dealing with the same trends we are dealing with ourselves in terms of elevated attrition and labor cost increases. So it is quite topical. It's quite known for our client base, and we're not the only company in the world approaching clients outside of standard renewal dates to intersect the classic rate card work.

是的。說實話，我走遍世界各地，每次與高階主管交流，最終都會談到重返辦公室、混合辦公、企業文化以及勞動力和供應鏈中斷等問題。如您所知，多年來，許多客戶都將某些技能納入公司內部，他們也面臨著與我們自身相同的趨勢，即員工流失率上升和勞動力成本增加。所以，這確實是一個熱門話題。我們的客戶群對此非常了解，而且我們並非唯一一家在標準續約日期之外與客戶溝通，以打破傳統價目表模式的公司。

It's heavy lifting. It's not easy. I want to call out my team globally. We've worked very hard in the last 9 months to mitigate this to navigate our way through certain icebergs. And we know we've got some heavy lifting ahead of us as well. But the team are committed to do so. And we'll keep, obviously, everybody current on a quarter-by-quarter basis and see how much progress we can make in this regard.

這的確是一項艱鉅的任務，絕非易事。我要特別感謝我的全球團隊。在過去的九個月裡，我們付出了巨大的努力來緩解這種情況，並努力克服重重困難。我們也知道，未來還有許多艱鉅的任務要完成。但團隊決心全力以赴。當然，我們會按季度向大家報告最新進展，看看我們在這方面能取得多大的進展。

Okay. Fair enough. And then, Brian, just to clarify, you did say that you've had a really nice move in quarter with attrition over 2 quarters. You said it would go back up in June due to some seasonal factors. But do you think it flattens out there, even declines as you look at the back half of the calendar year? Or do you think it kind of stays at these elevated levels? Can you make progress in attrition, if you look over the horizon from the June quarter?

好的，沒問題。布萊恩，為了確認一下，你之前說過，過去兩個季度員工流動率確實有所下降。你說由於一些季節性因素，六月流失率會回升。但你認為下半年流失率會趨於平穩，甚至下降嗎？還是會維持在目前的高點？從六月的季度來看，員工流動率還能有所改善嗎？

We just don't know. It's very hard to call, Keith. The reality is that attrition slows based on a series of financial measures we've made, series of promotion measures we've made. But obviously, there are an element of seasonality at play here as bonuses are paid, which triggered an increase in attrition in the last few months. And so therefore, I know that attrition will go up in Q2, and that's factored into our guidance. Once we get past Q2, we're just going to have to keep a close eye on this and see how we're able to continue to engage employees.

我們現在還無法確定。這很難說，基斯。事實上，根據我們採取的一系列財務措施和晉升措施，員工流動率有所下降。但顯然，這裡也存在季節性因素，因為獎金發放導致過去幾個月的員工流動率上升。因此，我知道第二季的員工流動率會上升，這也已納入我們的業績預期。第二季度過後，我們將密切關注情況，看看如何繼續提高員工的敬業度。

I actually believe that the environment we're in these days, which I think we've hit a watershed moment of people no longer necessarily wanting to work in an office environment like in the past can be detrimental to employee engagement and cultural affinity and indeed can enable people to work more remotely. And then in countries like India, the notion of moving from a large urban center to a rural environment, trying to encourage people back to an urban environment can have meaningful consequences for their disposable income at the end of the month. So there's not just a philosophical debate in terms of whether you can still get your work done remotely leveraging technology, but it's very much a financial debate as well, notwithstanding the broader inflationary pressure in the urban centers or indeed in rural.

我確實認為，我們如今所處的環境——我認為我們已經到了一個分水嶺，人們不再像過去那樣渴望在辦公室工作——可能會損害員工的敬業度和文化認同感，並促使人們更多地選擇遠距辦公。而在像印度這樣的國家，從大城市搬到農村地區，試圖鼓勵人們重返城市環境，可能會對他們月底的可支配收入產生重大影響。因此，這不僅是一個關於能否利用科技遠端完成工作的哲學辯論，更是一個關乎經濟的辯論，即使城市和農村地區都面臨著普遍的通膨壓力。

So I'm somewhat of the opinion that we're at a new norm, the labor market has reset. And with that new approach to work, industry attrition may pick up on a more sustainable basis, particularly in today's demand environment, where I still feel that digital transformation is clearly throughout multiple industries, and there's a lot more legs on this in the years ahead.

所以我認為我們已經進入了一種新的常態，勞動市場已經重置。隨著這種新的工作方式，產業人員流失可能會以更永續的方式增加，尤其是在當前的市場需求環境下，我仍然認為數位轉型已經滲透到多個產業，而且在未來幾年裡，這種趨勢還會持續下去。

Our next question comes from the line of James Faucette with Morgan Stanley.

我們的下一個問題來自摩根士丹利的詹姆斯·福塞特。

Great. Just on kind of a follow-up question on pricing. Can you talk a little bit about -- well, historically, you've talked about there being a gap between your current pricing and the pricing you command in some of your acquisitions. Where are we in terms of closing the gap? And how much incremental benefit do you think can come from that this year?

好的。關於定價，我還有一個後續問題。您能否談談—您之前提到過，您目前的定價與您在某些收購項目中採用的定價之間存在差距。那麼，在縮小這個差距方面，我們進展如何？您認為今年在這方面能帶來多少額外收益？

I think I don't want to go into all the details of the pricing opportunity, but you're pointing out, I think, a key element of -- that is playing a little bit in our favor. The shift towards digital is on its own helping because we have a higher gross margin in our digital business focusing, obviously, also on the pricing of these high-in-demand resources. And so that gives a little bit more pricing opportunities. Also these projects tend to be a little bit shorter term compared to other long-term contractual things. So in that area, we're going to expect to make some progress, and I think our clients have also shown more receptivity in the area of these set of digital skills to discuss pricing with us. So I think that's helping. So you have a double effect of driving higher share using our acquisitions and pricing levels that have been established by our acquisitions as a guide to establish better pricing levels for the entire enterprise. So I think you're intuitively pointing out one area that gives us -- is definitely part of our overall thinking relative to revenue generation.

我想我不想深入探討定價機會的所有細節，但您指出的這一點，我認為確實是對我們有利的關鍵因素。向數位轉型本身就對我們有所幫助，因為我們的數位業務毛利率更高，而且顯然，我們也專注於這些高需求資源的定價。因此，這為我們提供了更多的定價機會。此外，與長期合約相比，這些項目的周期通常較短。因此，我們預計在這一領域會取得一些進展，而且我認為我們的客戶也更願意與我們討論這些數位技能的定價。所以我認為這很有幫助。因此，我們利用收購來提高市場份額，並以收購中建立的定價水平為指導，為整個企業制定更合理的定價水平，從而產生雙重效應。所以我認為您敏銳地指出了一個對我們有利的領域——這無疑是我們整體營收策略的一部分。

There's also an element, if I come back to the question is really the overall margin discussion and pricing has been a focus on this call. But we do have, with our shift towards hiring of Gen C's dramatically shifted our cost pyramid development and the internal promotions not only help, of course, generating better career pathing happening for our associates, but also help us to mitigate the cost of lateral hires. And we hope that as we execute on our strategy of increased Gen C hiring that we plan on cost efficiencies and in our delivery model helping in a similar way as to offset the compensation pressure that we're seeing just on wages, basically.

回到剛才的問題，這次電話會議的重點確實是整體利潤率和定價。但隨著我們轉向招募C世代員工，成本結構發生了顯著變化。內部晉升不僅有助於為員工創造更好的職涯發展路徑，還能幫助我們降低橫向招募的成本。我們希望，隨著我們增加C世代員工招募力度，提高成本效益，並優化我們的交付模式，從而以類似的方式抵消我們目前面臨的薪資壓力。

Got it. Got it. And then how would you talk about -- and maybe just for you, Brian, how do you feel about the current state of your delivery organization and even outside of attrition, obviously, attrition and hiring is always going to be a challenge for delivery. But how are you feeling about that structurally and skill wise, et cetera? And any unique challenges outside of hiring and attrition that you want to make sure you try to address as we go through the rest of this year?

明白了，明白了。那麼，布萊恩，您能否談談——也許就您而言——您對目前交付團隊的狀況有何看法？即使拋開人員流失不談（當然，人員流失和招募對交付團隊來說始終都是挑戰），您在組織架構、技能等方面有何感受？除了招募和人員流失之外，您還有哪些獨特的挑戰需要在今年剩餘的時間裡著手解決？

I'm very proud of our delivery organization. At the end of the day, Cognizant is a delivery company, whatever we sell a little more than a commitment to actually go and deliver against that. And come what may in the last few years, humanitarian crisis, a cyber attack and of course, in today's elevated industry attrition, our delivery team have gone the extra mile time and time again to satisfy client demand and juggle various balls. So I'd like to complement them. We, of course, are complementing India as well by bolstering that with a global delivery network in Europe, in North America, onshore as well as nearshore locations. So they've done a really nice job for us.

我為我們的交付團隊感到非常自豪。歸根究底，Cognizant 是一家交付公司，我們銷售的不僅是產品，更重要的是我們承諾實際履行交付義務。過去幾年，無論遭遇人道危機、網路攻擊，或是如今產業人員流失率居高不下，我們的交付團隊都一次又一次地竭盡全力滿足客戶需求，並同時處理各種事務。因此，我想對他們表示讚揚。當然，我們也透過在歐洲、北美以及本地和近岸地區建立全球交付網路來加強印度的交付能力。他們為我們做出了卓越的貢獻。

As we evolve the way we show up the clients and lead with advisory capabilities to sell solutions and deliver outcomes by industry, addressing client pain points, of course, there is an evolution that's happening in our delivery organization. And that includes how we solution and project and program management, and of course, the degree of efficiencies and accelerators we're able to use within our portfolio. And that's something we're making good progress on. And at some stage in the future, we'll talk more about that externally. But our delivery organization is the heart of Cognizant.

隨著我們不斷改進與客戶的互動方式，並憑藉諮詢能力引領行業解決方案的銷售和成果交付，解決客戶的痛點，我們的交付組織自然也在發生變革。這包括我們解決方案、專案和專案群的管理方式，以及我們在業務組合中能夠利用的效率提升和加速器。我們在這方面取得了顯著進展。未來某個階段，我們會就此向外界進行更詳細的闡述。但交付組織是 Cognizant 的核心。

I, frankly, was in India probably 4, 5 weeks ago, I'll be back there in the coming month or 2 as well. A lot of my team have been there in more recent weeks. I actually characterized the morale and the vibe amongst the delivery organization to be perhaps the highest it's been in the last 3 years. I really feel very good about where we are, notwithstanding the pressure everybody has been under given these either self-imposed or exogenous events.

坦白說，我大概四、五週前去了印度，未來一兩個月我還會再去。最近幾週，我的許多團隊成員也都去了。事實上，我覺得交付團隊的士氣和氛圍可能是近三年來最高的。儘管每個人都承受著來自自身或外部的各種壓力，但我對我們目前的狀況感到非常滿意。

We have time for one more question. Our last question comes from the line of Bryan Keane with Deutsche Bank.

我們還有時間回答最後一個問題。最後一個問題來自德意志銀行的布萊恩‧基恩。

I'll keep it short here. I guess, I know focus of the company has been to do larger deals, just get an update on how that pipeline looks and if you're being able to close some of the larger deals? And then kind of the secondly, is there a bookings target for the year that we should think about? I know we started at 4%, you're talking about an acceleration. I know we've done mid-teens the last couple of years, just trying to get our models set up correctly.

我就長話短說。我知道公司目前的重點是達成更大的交易，我想了解目前的進展情況，以及你們是否已經敲定了一些大單？其次，今年的預訂目標是什麼？我知道我們最初的目標比例是4%，你們說要加速成長。我知道過去幾年我們的成長率都在15%左右，我們只是在努力完善我們的模型。

Yes. Look, I think fundamentally, given the revenue guidance Jan and I gave in November last year in the multiyear outlook as well as the current guidance for 2022, we've got to maintain a book-to-bill ratio at 1.1 or above. That's certainly directionally what's going to be needed for us to achieve those goals. I always think it's very important to underscore the importance of thinking about bookings across a trailing 12-month basis. And to your point, Bryan, we've had some very strong years now the last 2. And from my perspective, we are in a much better position that we've been at any stage since I came here a few years ago. And I feel good about our win rate, and I feel good or better pipeline within that. So that's kind of my perspective in terms of bookings and our readiness to get after the market opportunity in the years ahead. The demand picture is less to be concerned than the attrition and labor cost concerns.

是的。你看，我認為從根本上講，鑑於我和Jan去年11月在多年展望中給出的收入指引，以及目前對2022年的指引，我們必須將訂單出貨比維持在1.1或以上。這無疑是我們實現這些目標的必要方向。我一直認為，強調過去12個月的訂單量至關重要。正如你所說，Bryan，過去兩年我們的業績非常強勁。從我的角度來看，我們現在的處境比我幾年前來到這裡以來的任何階段都要好得多。我對我們的成交率感到滿意，而且我認為目前的銷售管道狀況良好甚至更好。這就是我對訂單量以及我們未來幾年把握市場機會的準備情況的看法。相較之下，需求前景更令人擔憂，而人員流失和勞動成本問題則更為突出。

And what about larger deals, Brian?

布萊恩，那麼更大的交易呢？

Larger deals, trailing 12-month basis, we've got $23.4 billion of bookings without substantial large deals within that. And I view that as a positive because our digital momentum has really picked up. But certainly, with, I would say, strong delivery capabilities, strengthening project and program management, strengthening solutioning, discipline within Cognizant. We are continuing to review the opportunity to get into some larger deals. And hopefully, we'll have some good news for you on that in the next few quarters. Some of those will be aligned to really strategic industries for us like FSI, where we've done some good work in recent years. We cleaned up our portfolio. We cleaned -- refreshed our client-facing teams, both in delivery as well as in commercial, and we've got a very strong industry solutions group that needs to continue to get stronger. And we've been spending a lot of time with clients that we haven't sold to in recent years, and I think we have the opportunity to get into some of those larger accounts as well.

過去12個月，我們已獲得234億美元的訂單，但其中並沒有真正意義上的大宗交易。我認為這反而是個好兆頭，因為我們的數位發展勢頭強勁。當然，憑藉強大的交付能力、不斷加強的專案和專案管理、強化的解決方案以及Cognizant內部的嚴謹作風，我們正在持續評估達成一些大宗交易的機會。希望未來幾季能帶給大家一些好消息。其中一些交易將與我們一些具有戰略意義的行業相關，例如金融服務業（FSI），近年來我們在這些行業中取得了顯著的成果。我們優化了業務組合，重組了面向客戶的團隊，包括交付團隊和商務團隊，並組建了一個實力雄厚的行業解決方案團隊，這個團隊還需要繼續發展壯大。此外，我們也投入大量時間與近年來未曾合作過的客戶保持聯繫，我認為我們也有機會拿下其中一些大客戶。

So hopefully, you'll see something in the coming quarters in that regard. But our momentum has ultimately been carried by digital momentum, the reinvigoration of our commercial sales team and client centricity at our core. Clearly, a broader portfolio that's more compelling than ever before, which has been intentionally built to exposures us higher-growth categories.

所以，希望在接下來的幾個季度裡，您能看到這方面的進展。但我們的發展動能最終得益於數位轉型、商業銷售團隊的重振以及以客戶為中心的核心理念。顯然，我們擁有比以往任何時候都更具吸引力的更廣泛產品組合，這是我們有意建立的，旨在讓我們涉足高成長領域。

Our international expansion, I'll call out the U.K., our second largest country after the U.S., growing consistently now. 20% plus is a really strong success story. And then, of course, if we get post-merger integration opportunity to scale into our accounts. If we can complement all of that with a few larger deals per year that will be done opportunistically, judiciously, there's a lot of potential left in this company, and I really feel good about that.

我們的國際擴張，我特別要提到英國，它是我們僅次於美國的第二大市場，目前正持續成長。超過20%的成長率是一個非常強勁的成功案例。當然，如果我們能在合併後獲得整合機會，進一步擴大客戶規模，再加上每年把握機會、謹慎行事地達成幾筆大單，那麼這家公司仍然擁有巨大的發展潛力，我對此充滿信心。

Okay. With that, thank you very much for joining us today, and we look forward to speaking with you soon.

好的。非常感謝您今天參加我們的節目，我們期待很快能再次與您交流。

This concludes today's Cognizant Technology Solutions Q1 2022 Earnings Conference Call. You may now disconnect your lines at this time. Thank you for your participation. Enjoy the rest of your day.

今天的 Cognizant Technology Solutions 2022 年第一季財報電話會議到此結束。您可以掛斷電話了。感謝您的參與。祝您一天餘下的時間愉快。