埃森哲 (ACN) 2021 Q4 法說會逐字稿

And ladies and gentlemen, thank you for standing by, and welcome to the Accenture Fourth Quarter Fiscal 2021 Earnings Conference Call. (Operator Instructions) As a reminder, today's call is being recorded. I would now like to turn the conference over to our host, Angie Park, Managing Director and Head of Investor Relations. Please go ahead.

女士們，先生們，感謝各位的支持，歡迎參加埃森哲2021財年第四季業績電話會議。 （接線員指示）提醒一下，今天的電話會議正在錄音中。現在，我想將會議交給我們的主持人、董事總經理兼投資者關係主管Angie Park。請開始。

Thank you, operator, and thanks, everyone, for joining us today on our fourth quarter and full fiscal 2021 earnings announcement. As the operator just mentioned, I'm Angie Park, Managing Director, Head of Investor Relations. On today's call, you will hear from Julie Sweet, our Chair and Chief Executive Officer; and KC McClure, our Chief Financial Officer. We hope you've had an opportunity to review the news release we issued a short time ago.

謝謝接線員，也謝謝各位今天加入我們，共同發表2021財年第四季及全年業績。正如接線員剛才提到的，我是董事總經理兼投資人關係主管Angie Park。在今天的電話會議上，您將聽到我們董事長兼執行長Julie Sweet和財務長KC McClure的演講。希望您已經閱讀了我們不久前發布的新聞稿。

Let me quickly outline the agenda for today's call. Julie will begin with an overview of our results. KC will take you through the financial details, including the income statement and balance sheet, along with some key operational metrics for both the fourth quarter and full fiscal year. Julie will then provide a brief update on our market positioning before KC provides our business outlook for the first quarter and full fiscal year 2022. We will then take your questions before Julie provides a wrap-up at the end of the call.

我先簡單介紹一下今天電話會議的議程。朱莉首先會概述一下我們的業績。 KC會向大家詳細介紹財務細節，包括損益表和資產負債表，以及第四季和全年的一些關鍵營運指標。之後，朱莉會簡要介紹我們的市場定位，然後KC會介紹我們對2022年第一季和全年的業務展望。之後，我們會回答大家的提問，最後朱莉會在電話會議結束時做總結。

Some of the matters we'll discuss on this call, including our business outlook, are forward-looking and as such, are subject to known and unknown risks and uncertainties, including, but not limited to, those factors set forth in today's news release and discussed in our annual report on Form 10-K and quarterly reports on Form 10-Q and other SEC filings. These risks and uncertainties could cause actual results to differ materially from those expressed in this call.

我們將在本次電話會議上討論的部分事項，包括我們的業務展望，均具有前瞻性，因此可能受到已知和未知風險及不確定性的影響，包括但不限於今日新聞稿中所述以及我們10-K表年度報告、10-Q表季度報告和其他提交給美國證券交易委員會的文件中討論的因素。這些風險和不確定性可能導致實際結果與本次電話會議中表達的結果有重大差異。

During our call today, we will reference certain non-GAAP financial measures, which we believe provide useful information for investors. We include reconciliations of non-GAAP financial measures, where appropriate, to GAAP in our news release or in the Investor Relations section of our website at accenture.com. As always, Accenture assumes no obligation to update the information presented on this conference call.

在今天的電話會議上，我們將參考一些非公認會計準則 (non-GAAP) 財務指標，我們認為這些指標對投資者而言非常有用。我們會在新聞稿或公司網站 accenture.com 的「投資者關係」版塊中提供非公認會計準則 (non-GAAP) 財務指標與公認會計準則 (GAAP) 的對帳表（如適用）。與以往一樣，埃森哲不承擔更新本次電話會議資訊的義務。

Now let me turn the call over to Julie.

現在讓我把電話轉給朱莉。

Thank you, Angie, and everyone, for joining us. Before diving into our results, thank you to our 624,000 incredibly talented people around the world, including over 8,500 Managing Directors. This past fiscal year, your hard work and dedication to creating value that matters for our clients was unwavering despite the ongoing and sometimes quite extreme challenges of COVID.

感謝Angie以及各位的到來。在深入探討我們的表現之前，首先要感謝我們遍布全球的62.4萬名才華橫溢的員工，其中包括超過8500名董事總經理。在過去的財年，儘管新冠疫情持續帶來有時甚至相當嚴峻的挑戰，但你們的辛勤工作和為客戶創造重要價值的奉獻精神始終堅定不移。

We've had a truly extraordinary year as reflected in our outstanding financial results and in the 360-degree value we delivered beyond our financials. From the over 120,000 promotions and over 31 million training hours, an increase of 43% for our people; to increasing our workforce by approximately 118,000 people, creating significant employment opportunities in our communities; to achieving 46% women on our way to our goal of gender parity by 2025; to our top 3 ranking in the Refinitiv Global Diversity and Inclusion Index for the fourth consecutive year; to the #1 position with our largest ecosystem partners; to the exciting accomplishment of 50% renewable energy now powering our offices and centers globally; to the donation of $54 million in COVID surge relief.

我們度過了真正非凡的一年，這體現在我們出色的財務表現以及我們超越財務表現的全方位價值上。從超過 12 萬次晉升和超過 3,100 萬小時的培訓，員工人數增加了 43%；到員工人數增加了約 118,000 人，為我們的社區創造了大量就業機會；到女性員工佔比達到 46%，我們正朝著 2025年實現性別平等的目標邁進；到我們連續第四年在路孚特全球多元化和包容性指數中排名前三；到我們與最大的生態系統合作夥伴一起位居第一；到令人振奮的成就，現在我們全球的辦事處和中心使用 50% 的可再生能源供電；到捐贈 5400 萬美元用於新冠疫情。

In December, we will publish our first-ever annual 360-degree value report to more fully describe the FY '21 value we created in all directions, and we'll report against 3 additional key ESG frameworks: SASB, TCFD, and WEF IBC.

12 月，我們將發布首份年度 360 度價值報告，以更全面地描述我們在各個方向創造的 21 財年價值，並且我們將根據另外 3 個關鍵 ESG 框架進行報告：SASB、TCFD 和 WEF IBC。

We believe that the trust we have from our clients and partners, our continuous innovation and our ability to consistently attract the best people, including the 56,000 net new hires this past quarter are directly linked to our commitment to measuring our success by how well we create this 360-degree value for all our stakeholders, clients, people, partners, shareholders and communities and on our culture of shared success.

我們相信，客戶和合作夥伴對我們的信任、我們的持續創新以及我們持續吸引優秀人才的能力（包括上個季度淨招聘的 56,000 名新員工）都與我們致力於衡量成功的承諾直接相關，我們的成功取決於我們如何為所有利益相關者、客戶、員工、合作夥伴、股東和社區創造 360 度價值，以及我們共享成功的文化價值。

Here are some key financial highlights of the year, which position us strongly as we begin FY '22. FY '21 demonstrated our leadership in helping our clients achieve compressed transformation, with 72 clients with bookings greater than $100 million compared to 53 last year and 229 Diamond clients, our largest client relationship compared to 216 last year.

以下是本年度的一些關鍵財務亮點，這些亮點使我們在22財年伊始佔據了強勁的勢頭。 21財年展現了我們在幫助客戶實現精簡轉型方面的領導地位，訂單額超過1億美元的客戶數量為72家（去年為53家），鑽石客戶數量為229家（去年為216家），這是我們最大的客戶關係。

With a 20% increase in bookings to $59 billion, we have strong momentum across all dimensions of our business across geographic markets, industries and services, reaching revenues of $50.5 billion, a significant milestone, representing 11% growth. We added $6.2 billion in revenue this year, gaining significant market share, with 40 basis points of operating margin expansion, demonstrating yet again our ability to grow profitably and at scale.

訂單量成長20%，達到590億美元，我們在各個地區市場、產業和服務領域都保持著強勁發展勢頭，營收達到505億美元，這是一個重要的里程碑，增幅達11%。今年，我們的營收增加了62億美元，市佔率顯著提升，營業利潤率提高了40個基點，再次證明了我們獲利和規模成長的能力。

We achieved this profitable growth while investing at a higher level than ever before, with $4.2 billion in acquisitions, $1.1 billion in R&D in assets, platforms and industry solutions, including growing our portfolio of patents and pending patents to more than 8,200 and total training investment of $900 million. And according to BrandZ, our brand value increased 56% to over $64 billion, ranking us #27 on the prestigious BrandZ's Top 100 Most Valuable Global Brands list.

我們在實現獲利成長的同時，也進行了前所未有的高額投資，其中包括42億美元的收購，11億美元的資產、平台和產業解決方案研發投入，以及將我們的專利和待批專利組合擴大到8,200多項，以及9億美元的培訓總投入。根據BrandZ的數據，我們的品牌價值成長了56%，超過640億美元，在享有盛譽的BrandZ全球最具價值品牌100強榜單中位列第27位。

Finally, I want to highlight cloud and our ability to move with agility to serve our clients' needs and capture momentum in the market. At the beginning of FY '21, after investing in cloud for a decade, we saw that the pandemic would dramatically accelerate our clients' move to the cloud. More than technology, the move to the cloud would be about the adoption of a new operating system for the future enterprise, a dynamic continuum of capabilities from public to edge to everything in between, opening up radically new ways for companies to work, compete and drive value.

最後，我想強調雲端技術以及我們敏捷遷移的能力，以滿足客戶需求並掌握市場動能。在21財年伊始，在雲端技術投入十年之後，我們發現疫情將大幅加速客戶向雲端的遷移。遷移到雲端不僅僅是技術層面，更意味著為未來企業採用一種新的作業系統，一種從公有雲到邊緣雲，再到兩者之間所有功能的動態連續體，為企業開闢全新的工作、競爭和價值創造方式。

Just over 1 year ago, we created Accenture Cloud First to capitalize on this momentum, bringing together all of our capabilities from migration to cloud-native development, data, AI, industry talent and change. Accenture Cloud First was the biggest driver of our overall cloud business growth, from $12 billion to $18 billion, a 44% increase.

就在一年多前，我們創建了埃森哲雲端優先 (Accenture Cloud First)，以充分利用這一發展勢頭，整合我們所有能力，從遷移到雲端原生開發，再到資料、人工智慧、產業人才和變革。埃森哲雲優先是我們整體雲端業務成長的最大驅動力，業務規模從 120 億美元成長至 180 億美元，增幅達 44%。

KC, over to you.

KC，交給你了。

Thank you, Julie, and thanks to all of you for joining us on today's call. We were very pleased with our results in the fourth quarter, which completes an outstanding year for Accenture and reflect broad-based momentum across all dimensions of our business. Once again, our results reflect our relentless focus to deliver across our 3 key imperatives for driving superior stakeholder value.

謝謝朱莉，也謝謝各位參加今天的電話會議。我們對第四季的業績非常滿意，這為埃森哲的年度業績畫上了圓滿的句號，也反映了我們業務各個方面都保持著良好的發展勢頭。我們的業績再次體現了我們始終如一地專注於實現三大關鍵目標，從而為利害關係人創造卓越價值。

So let me begin by summarizing a few of the highlights of the quarter. Revenue growth of 21% in local currency, at the top end of our guided range, reflects double-digit growth across all markets, all industry groups and all services. We also continue to extend our leadership position at an accelerated pace, with growth significantly above the market.

首先，我想總結一下本季的一些亮點。以當地貨幣計算，營收成長21%，達到我們預期區間的上限，這反映了所有市場、所有產業集團和所有服務均實現了兩位數的成長。我們也持續加速鞏固我們的領導地位，成長速度遠高於市場。

Operating margin was 14.6%, an increase of 30 basis points for the quarter, reflecting 40 basis points of expansion for the full year. We delivered this expansion while investing significantly in our business and in our people to position us for long-term market leadership.

本季營業利益率為14.6%，成長30個基點，全年成長40個基點。我們在實現這一成長的同時，大力投資業務和人才，以鞏固我們長期的市場領導地位。

We delivered very strong EPS of $2.20, which represents 29% growth compared to adjusted EPS last year. And finally, we delivered free cash flow of $2.2 billion, which was driven by continued strong growth and profitability.

我們實現了非常強勁的每股盈餘，達到2.20美元，較去年調整後每股盈餘成長29%。此外，由於持續強勁的成長和獲利能力，我們實現了22億美元的自由現金流。

Now let me turn to some of the details. New bookings were $15 billion for the quarter with a book-to-bill of 1.1. Consulting bookings were $8 billion with a book-to-bill of 1.1. Outsourcing bookings were $7.1 billion with a book-to-bill of 1.2. We were very pleased with our new bookings, which represents 7% growth in U.S. dollars, with 18 clients with bookings over $100 million. We were also pleased with the strength of bookings across all services, with a book-to-bill 1 in strategy and consulting, 1.2 in technology services, and 1.1 in operations.

現在讓我來談談一些細節。本季新訂單金額為150億美元，訂單出貨比為1.1。諮詢訂單金額為80億美元，訂單出貨比為1.1。外包訂單金額為71億美元，訂單出貨比為1.2。我們對新訂單金額非常滿意，以美元計算成長了7%，其中18位客戶的訂單金額超過1億美元。我們也對所有服務訂單額的強勁成長感到滿意，其中策略與諮詢服務訂單出貨比為1，技術服務訂單出貨比為1.2，營運服務訂單出貨比為1.1。

Turning now to revenues. Revenues for the quarter were $13.4 billion, a 24% increase in U.S. dollars and 21% in local currency, slightly above our FX-adjusted range, as the FX tailwind was 3% compared to the 4% estimated last quarter. Consulting revenues for the quarter were $7.3 billion, up 29% in U.S. dollars and 25% in local currency. Outsourcing revenues were $6.1 billion, up 19% in U.S. dollars and 16% in local currency.

現在談談收入。本季營收為134億美元，以美元計算成長24%，以當地貨幣計算成長21%，略高於我們經匯率調整後的預期範圍，因為匯率因素的利好因素為3%，而上季預期的成長為4%。本季諮詢收入為73億美元，以美元計算成長29%，以當地貨幣計算成長25%。外包收入為61億美元，以美元計算成長19%，以當地貨幣計算成長16%。

Taking a closer look at our service dimensions. Strategy and consulting, technology services and operations all grew very strong double digits.

仔細觀察我們的服務領域，策略與諮詢、技術服務和營運均實現了強勁的兩位數成長。

Turning to our geographic markets. In North America, revenue growth was 22% in local currency driven by double-digit growth in Consumer Goods, Retail and Travel Services, Software & Platforms and Public Service. In Europe, revenues grew 18% in local currency, led by double-digit growth in Consumer Goods, Retail and Travel Services, Industrial and Banking & Capital Markets.

回顧我們的地理市場。在北美，以當地貨幣計算，收入成長22%，這得益於消費品、零售和旅遊服務、軟體和平台以及公共服務的兩位數成長。在歐洲，以當地貨幣計算，收入成長18%，這得益於消費品、零售和旅遊服務、工業和銀行及資本市場的兩位數增長。

Looking closer at the countries. Europe was driven by double-digit growth in the U.K., Germany, France and Italy. In growth markets, we delivered 21% revenue growth in local currency, driven by double-digit growth in Consumer Goods, Retail and Travel Services, Banking & Capital Markets and high-tech. From a country perspective, growth markets was led by double-digit growth in Japan, Australia and Brazil.

更詳細地看各個國家。歐洲市場由英國、德國、法國和義大利的兩位數成長所驅動。在成長市場中，我們實現了21%的當地貨幣收入成長，這得益於消費品、零售和旅遊服務、銀行和資本市場以及高科技領域的兩位數成長。從國家來看，成長市場由日本、澳洲和巴西的兩位數成長引領。

Moving down the income statement. Gross margin for the quarter was 33.3% compared with 31.8% for the same period last year. Sales and marketing expense for the quarter was 11.3% compared with 10.6% for the fourth quarter last year. General and administrative expense was 7.4% compared to 6.8% for the same quarter last year.

利潤表方面，本季毛利率為33.3%，去年同期為31.8%。本季銷售及行銷費用為11.3%，去年第四季為10.6%。一般及行政管理費用為7.4%，去年同期為6.8%。

Operating income was $2 billion in the fourth quarter, reflecting a 14.6% operating margin, up 30 basis points compared with Q4 last year. As a reminder, in Q4 last year, we recorded an investment gain that impacted our tax rate and increased EPS by $0.29 for the quarter. The following comparisons exclude this impact and reflect adjusted results.

第四季營業利潤為20億美元，營業利益率為14.6%，較去年同期成長30個基點。需要提醒的是，去年第四季度，我們記錄了一項投資收益，影響了我們的稅率，導致當季每股收益增加0.29美元。以下比較結果已剔除此影響，反映的是調整後績效。

Our effective tax rate for the quarter was 25% compared with an adjusted effective tax rate of 28.4% for the fourth quarter last year. Diluted earnings per share were $2.20 compared with adjusted EPS of $1.70 in the fourth quarter last year. Days service outstanding were 38 days compared to 36 days last quarter and 35 days in the fourth quarter of last year.

本季我們的有效稅率為25%，而去年第四季的調整後有效稅率為28.4%。稀釋每股收益為2.20美元，而去年第四季的調整後每股收益為1.70美元。未償服務天數為38天，而上季為36天，去年第四季為35天。

Free cash flow for the quarter was $2.2 billion, resulting from cash generated by operating activities of $2.4 billion, net of property and equipment additions of $236 million. Our cash balance at August 31 was $8.2 billion compared with $8.4 billion at August 31 last year.

本季自由現金流為22億美元，源自經營活動產生的現金24億美元，扣除2.36億美元的物業和設備新增。截至8月31日，我們的現金餘額為82億美元，而去年同期為84億美元。

With regards to our ongoing objective to return cash to shareholders. In the fourth quarter, we repurchased or redeemed 3 million shares for $915 million at an average price of $305.61 per share. Also in August, we paid our fourth quarterly cash dividend of $0.88 per share for a total of $558 million. And our Board of Directors declared a quarterly cash dividend of $0.97 per share to be paid on November 15, a 10% increase over last year and approved $3 billion of additional share repurchase authority.

關於我們持續向股東返還現金的目標。第四季度，我們回購或贖回了300萬股股票，總價值9.15億美元，平均價格為每股305.61美元。此外，在8月份，我們支付了每股0.88美元的第四季現金股息，總計5.58億美元。董事會宣布，將於11月15日支付每股0.97美元的季度現金股息，較去年同期成長10%，並批准了30億美元的額外股票回購授權。

Now I would like to take a moment to summarize our outstanding year. We are extremely pleased with the performance of our business in fiscal year '21, greatly exceeding all aspects of our original outlook that we provided last September. We delivered $59 billion in new bookings, a 20% increase in U.S. dollars over last year, which positions us well as we begin fiscal year '22.

現在，我想花點時間總結一下我們出色的一年。我們對21財年的業務表現非常滿意，各項指標都大大超出了我們去年9月提出的初始預期。我們實現了590億美元的新訂單，比去年增長了20%，這為我們開啟22財年奠定了良好的基礎。

Revenues increased a record $6.2 billion, hitting the $50 billion mark, reflecting growth of 11% in local currency for the full year. This result, which is more than double the revenue growth we anticipated at the beginning of the year, showcases our agility and ability to quickly scale to deliver value and outcomes for our clients.

收入創紀錄地增長了62億美元，突破500億美元大關，全年收入以當地貨幣計算增長了11%。這項業績是我們年初預期營收成長的兩倍多，彰顯了我們敏捷的營運能力以及快速擴展規模的能力，從而為客戶創造價值和成果。

Operating margin of 15.1% reflected a 40 basis point expansion over fiscal year '20, above the top end of our original guided range, even after making continued significant investments in our business and our people. Adjusted earnings per share were $8.80, reflecting 18% growth over adjusted FY '20 EPS and was well above our revenue growth. As a reminder, we adjusted earnings in both years to exclude gains on investment.

15.1% 的營業利潤率反映出較 2020 財年增長了 40 個基點，高於我們最初預期範圍的上限，即使在我們持續對業務和員工進行大量投資之後也是如此。調整後每股收益為 8.80 美元，反映出較 2020 財年調整後每股收益成長 18%，遠高於我們的營收成長。需要提醒的是，我們對這兩年的收益進行了調整，以剔除投資收益。

Free cash flow of $8.4 billion was significantly above our original guided range, reflecting a free cash flow to net income ratio of 1.5, driven by strong profitability. And finally, we significantly exceeded our original guidance for capital allocation by returning $5.9 billion of cash to shareholders, while investing roughly $4.2 billion across 46 acquisitions to acquire critical skills and capabilities in strategic, high-growth areas of the market.

84億美元的自由現金流顯著高於我們最初的預期範圍，反映出在強勁獲利能力的推動下，自由現金流與淨收入比率達到1.5。最後，我們大幅超出了最初的資本配置預期，向股東返還了59億美元現金，同時透過46項收購投資約42億美元，用於在策略性高成長市場領域獲得關鍵技能和能力。

So again, FY '21 was truly an outstanding year. Momentum continues into fiscal '22, and we are laser-focused on capturing the market opportunities, coupled with the disciplined execution that you and we expect of us.

所以，21財年真是傑出的一年。這種勢頭延續到了22財年，我們正全心全意地抓住市場機遇，並嚴格執行您和我們對我們的期望。

Now let me turn it back to Julie.

現在讓我把話題轉回給朱莉。

Thanks, KC. Turning to the demand environment. Compressed transformation underpinned by cloud and digital continues to drive strong double-digit growth across our business, including for Applied Intelligence, cloud, Industry X, intelligent operations, Interactive, Intelligent Platform Services, security and transformational change management.

謝謝，KC。談需求環境。以雲端和數位化為支撐的壓縮轉型持續推動我們各項業務實現強勁的兩位數成長，包括應用智慧、雲端、工業X、智慧營運、互動、智慧平台服務、安全和轉型變革管理。

Technology is the single biggest driver of change in companies today, and the depth, breadth and scale of our technology capabilities across our services is unmatched. We see the demand environment shaping up for FY '22 to be more of the same, while digital leaders seeking to widen their competitive advantage and companies seeking to leapfrog their cloud and digital transformation, are driving momentum in our business. The vast majority of companies are early in their transformation. And whether digital leader, leapfrogger, laggard or in between, all face multiyear journeys ahead of them because the replatforming in the cloud and use of new technologies across the enterprise is a once-in-a-digital era profound transformation.

科技是當今企業變革的最大驅動力，我們各項服務的技術能力在深度、廣度和規模上都無與倫比。我們預計22財年的需求環境將與此大體相同，而尋求擴大競爭優勢的數位化領導者以及尋求實現雲端運算和數位轉型跨越式發展的企業，正在推動我們業務的發展。絕大多數企業正處於轉型初期。無論是數位化領導者、跨越式發展者、落後者，或是介於兩者之間的企業，都面臨著多年的轉型之路，因為雲端平台的重構和整個企業對新技術的應用是數位時代一次深刻的變革。

Simultaneously, we have ongoing exponential technology change that is accelerating and will create new opportunities, disruptions and change for our clients. In addition, growth in parts of our business are, by their very nature, continuously evolving. For example, Interactive, now a $12.5 billion business growing 15%, continues to set a new standard for customer experience, connections, sales and marketing at the intersection of data, creativity and technology and is tied to the ever-changing needs and preferences of B2C and B2B customers.

同時，我們正經歷指數級的技術變革，這種變革正在加速發展，並將為我們的客戶創造新的機會、顛覆和變革。此外，我們部分業務的成長本身也在不斷發展。例如，互動業務目前規模達125億美元，成長了15%，它持續在數據、創造力和技術的交匯處為客戶體驗、連接、銷售和行銷樹立新的標桿，並與B2C和B2B客戶不斷變化的需求和偏好緊密相連。

Similarly, security, now a $4.4 billion business growing 29%, is driven by needs related to an ever-expanding digital threat landscape, and with our managed services is providing much-needed protection and talent to our clients.

同樣，安全業務目前規模達 44 億美元，成長 29%，其驅動力來自於不斷擴大的數位威脅情勢相關的需求，而我們的託管服務正在為客戶提供急需的保護和人才。

Our clients value the depth and breadth of our services for the entire enterprise, across strategy and consulting, interactive, technology and operations and industry and functional expertise across 13 industries, plus the ability to deliver tangible outcomes as well as our strong track record of investing ahead of our clients to anticipate their needs to drive our next waves of growth, such as our early moves in digital, cloud and security.

我們的客戶重視我們為整個企業提供的服務的深度和廣度，涵蓋策略和諮詢、互動、技術和營運以及 13 個行業的行業和職能專業知識，以及提供切實成果的能力，以及我們在客戶之前進行投資的良好記錄，以預測他們的需求，推動我們下一波成長，例如我們在數位、雲端和安全方面的早期舉措。

There remain entire parts of the enterprise for which digitization and the move to the cloud has only just begun. In particular, both the things companies make and the way they make things are being dramatically changed by technology. And that is the focus of our Industry X business, which we believe is the next big digital frontier. In fact, a 2021 Gartner survey of Board of Directors indicates that 93% expect that the #1 business priority that will see transformational improvement from digital technology is manufacturing, distribution and supply chain.

企業中仍有一些領域才剛開始數位化和向雲端遷移。具體來說，企業生產的產品和服務以及生產方式都正在被技術徹底改變。這正是我們X產業業務的重點，我們相信這是下一個重要的數位化前沿。事實上，Gartner 2021年對董事會的一項調查顯示，93%的董事會成員預計，製造、分銷和供應鏈將是數位技術帶來的轉型改善的首要業務重點。

We have invested for nearly a decade in Industry X and are now at approximately $5 billion in revenue, growing 36%. We look forward to welcoming the 4,200 industry-leading engineers and consultants of umlaut when the acquisition closes in October.

我們在 X 產業投資近十年，目前營收約 50 億美元，成長率達 36%。我們期待在十月收購完成後，迎接 umlaut 4,200 名業界領先的工程師和顧問的加入。

Similarly, sustainability is a critical area for which technology is still evolving. We believe that every business must be a sustainable business, and yet companies are at very early stages of figuring out how to make this shift.

同樣，永續發展也是一個關鍵領域，其技術仍在不斷發展。我們相信，每個企業都必須是可持續發展的企業，但企業目前仍處於探索如何實現這一轉變的早期階段。

Last year, building on years of investment and experience, we launched our sustainability services under our new Chief Responsibility Officer and Global Sustainability Services lead. We have continued to accelerate our focus in this expanding and changing market, and are proud of the work we are doing with leading partners like Mastercard as we enhance its ability to track and analyze the carbon emissions of their suppliers and help decarbonize the U.K. energy system with clients such as National Grid.

去年，基於多年的投資和經驗，我們在新任首席責任長兼全球永續發展服務主管的領導下推出了永續發展服務。我們持續增加對這個不斷擴張和變化的市場的關注，並為與萬事達卡等領先合作夥伴的合作感到自豪，我們致力於提升萬事達卡追蹤和分析其供應商碳排放的能力，並與國家電網等客戶攜手推動英國能源系統脫碳。

We do see a shift in the nature of the demand for our managed services across IT, security and operations, with these services emerging as one of our most strategic differentiators. As companies simultaneously seek greater resilience, face a war for talent, the need to rapidly digitize and cost pressures, strategic managed services are increasingly a C-suite priority, with Accenture as the trusted partner of choice and increasingly integrated as a part of their talent strategy.

我們確實看到，IT、安全和營運領域對我們託管服務的需求性質正在轉變，這些服務正逐漸成為我們最具戰略意義的差異化優勢之一。隨著企業同時尋求更高的韌性、面臨人才爭奪戰、快速數位化的需求以及成本壓力，策略性託管服務日益成為高階主管層的優先事項，而埃森哲則是值得信賴的首選合作夥伴，並日益融入其人才策略。

Table stakes from managed services are efficiency, resiliency and reliability. We further differentiate in our managed services because they are uniquely informed by our strong strategy and consulting capabilities and deep industry and functional expertise. And they benefit from our strong level of investment for digital platforms like SynOps and myWizard, and the seamless integration with our ecosystem partners as well as due to the incredible pool of talented people our clients can access quickly when partnering with us.

託管服務的首要目標是效率、彈性和可靠性。我們進一步在託管服務方面脫穎而出，因為我們強大的策略和諮詢能力以及深厚的行業和職能專業知識為其提供了獨特的優勢。此外，我們還受益於我們對 SynOps 和 myWizard 等數位平台的大力投資，與生態系統合作夥伴的無縫集成，以及客戶與我們合作時能夠快速獲得的龐大人才庫。

For example, we are partnering with Olympus, a leading manufacturer of optical and digital precision technology to help them drive their transformation to become a global medical technology company. As part of this partnership, we have acquired their Japanese IT subsidiary company, which we will transform to deliver significant IT cost savings to Olympus as well as upskill their people, combining their knowledge with our talent and technology to lead Olympus' digital transformation.

例如，我們正與領先的光學和數位精密技術製造商奧林巴斯合作，協助其轉型成為全球醫療科技公司。作為此次合作的一部分，我們收購了其日本IT子公司，並將對其進行轉型，從而大幅降低奧林巴斯的IT成本，並提升其員工技能，將他們的知識與我們的人才和技術相結合，引領奧林巴斯的數位轉型。

Now let me bring to life some more of the demand we are seeing. All of these examples bring together the diverse capabilities across Accenture to create tangible value. We are a leader in cloud because we're able to serve our clients across the cloud continuum and create business value.

現在，讓我再詳細談談我們看到的需求。所有這些例子都匯聚了埃森哲的各項能力，從而創造了實際的價值。我們之所以成為雲端運算領域的領導者，是因為我們能夠在整個雲端服務體系中為客戶提供服務，並創造商業價值。

We are partnering with Kubota, a Japanese multinational company, providing solutions leveraging a diverse range of products, technologies and services in the fields of food, water and the environment to accelerate Kubota's digital transformation by creating solutions that will enhance the productivity and safety of food, promote circularity of water resources and waste and improve urban and living environments. We will help create innovative sustainability solutions and a platform applying leading-edge digital technologies, including AI and IoT. Diverse data held across the group will be centralized for easing maintenance and use. We're also modernizing, replacing or migrating legacy applications to the cloud and strengthening their global computer security incident response team.

我們正與日本跨國公司久保田合作，利用食品、水和環境領域豐富的產品、技術和服務，提供解決方案，加速久保田的數位轉型，創造能夠提高食品生產率和安全性、促進水資源和廢物循環利用以及改善城市和生活環境的解決方案。我們將協助久保田創造創新的永續發展解決方案，並打造一個應用人工智慧和物聯網等尖端數位技術的平台。集團內儲存的各種資料將集中管理，以方便維護和使用。我們也正在對原有應用程式進行現代化改造、替換或遷移到雲端，並加強其全球電腦安全事件回應團隊的實力。

We are partnering with Jabil, a U.S.-based global manufacturing services company to further enhance their IT infrastructure capabilities through providing infrastructure managed services for digital workplace, network, cloud and data center support.

我們正在與美國的全球製造服務公司 Jabil 合作，透過為數位工作場所、網路、雲端和資料中心支援提供基礎設施管理服務，進一步增強他們的 IT 基礎設施能力。

We're helping Fennia, a Finnish insurer offering casualty, motor and health and accident services to implement a cloud-based policy administration system to improve customer service using data and automation to make sales, claims, payments and policy management processes more user-friendly. This will allow the company to quickly respond to changing market and customer demands and meet its goal of providing the best customer experience in the industry.

我們正在幫助芬蘭保險公司 Fennia 部署基於雲端的保單管理系統，該公司提供意外險、車險、健康和意外險服務，旨在利用數據和自動化技術提升客戶服務，使銷售、理賠、支付和保單管理流程更加便捷。這將使該公司能夠快速回應不斷變化的市場和客戶需求，並實現其提供業內最佳客戶體驗的目標。

Compressed transformation is occurring across industries. We're partnering with Unilever, one of the world's largest consumer goods companies in their digital transformation. Together, we are setting a new industry standard by reinventing technology delivery with cutting-edge automation, delivering cloud migration at scale, the largest ERP migration to the cloud and the industry and shifting to technology solutions that support their growth strategy.

各行各業都在經歷壓縮轉型。我們正與全球最大的消費品公司之一聯合利華攜手，協助其數位轉型。我們將攜手打造全新的產業標準，透過尖端自動化技術重塑技術交付，實現大規模雲端遷移，實現業界最大規模的 ERP 雲端遷移，並轉向支援其成長策略的技術解決方案。

With McCormick, a global leader in flavor in the food industry, where we are partnering on a strategic transformation program, encompassing finance, supply chain, logistics and plant maintenance. The new cloud-based platform and innovative data-driven approach will help standardize processes, increase efficiencies and support their goal of doubling in size quickly.

我們正與食品業全球香料領導者McCormick合作開展一項策略轉型計劃，涵蓋財務、供應鏈、物流和工廠維護。全新的雲端平台和創新的數據驅動方法將有助於其標準化流程、提高效率，並支持其快速實現規模翻倍的目標。

We're helping a European financial institution build the bank of the future and helping them become a next-level innovator, one that is leveraging technology and sustainability to transform multiple parts of their business, drive hyper-personalized customer experience and create new lines of business like wealth management and insurance, which is expected to triple digital sales by 2023 and improve their already stellar cost-to-income ratio. At the same time, we're helping them deliver on their ESG initiatives, including inclusive financing, green software and carbon data-free data centers.

我們正在幫助一家歐洲金融機構打造面向未來的銀行，並協助其成為更高層次的創新者。該機構正在利用科技和永續性來轉型其業務的多個領域，推動高度個人化的客戶體驗，並拓展財富管理和保險等新業務線。預計到2023年，該機構的數位銷售額將成長兩倍，並進一步提升其本已卓越的成本收入比。同時，我們也在幫助他們落實ESG計劃，包括普惠金融、綠色軟體和零碳排放資料中心。

At Accenture, we're enabling new experience in growth and cost transformation across the enterprise and across industries. And the key enabler to these innovative scaled service is the power of our operations capabilities. We are helping Open Fiber, an Italian telecommunications company, design and orchestrate construction of an ultra broadband network, which will deliver fiber to 20 million households across Italy. Digitization and automation will help the construction site to proceed faster and more efficiently.

在埃森哲，我們致力於為整個企業和各行各業帶來全新的成長和成本轉型體驗。這些創新規模化服務的關鍵驅動力在於我們強大的營運能力。我們正在幫助義大利電信公司Open Fiber設計和協調超寬頻網路的建設，該網路將為義大利2000萬戶家庭提供光纖服務。數位化和自動化將幫助施工現場更快、更有效率地推進。

With Interactive, we're helping MediaMarktSaturn Retail Group, Europe's leading consumer electronics retailer, transform their digital content capabilities with a state-of-the-art marketing operation. Automation and data insights enabled by SynOps will help deliver more engaging and personalized content while driving millions in savings.

借助 Interactive，我們正在幫助歐洲領先的消費電子產品零售商 MediaMarktSaturn 零售集團，透過先進的行銷經營，實現其數位內容能力的轉型。 SynOps 支援的自動化和數據洞察將有助於提供更具吸引力和個人化的內容，同時節省數百萬美元。

Our industry expertise continues to be a core competitive advantage, allowing us to breathe deep industry and cross-industry knowledge enterprise-wide for our clients. I want to recognize, in particular, our software and platform industry, which is approximately $4 billion in revenue. In Q4, this group celebrated 20 consecutive quarters of double-digit growth, serving as a leading partner to our clients in this hyper-growth industry.

我們的行業專長始終是我們的核心競爭優勢，使我們能夠為客戶提供深厚的行業知識和跨行業知識。我特別要強調的是我們的軟體和平台業務，這項業務的收入約為40億美元。第四季度，該業務連續20個季度實現兩位數成長，成為客戶在這個高速成長產業的領先合作夥伴。

KC, back to you.

KC，回到你身邊。

Thanks, Julie. Now let me turn to our business outlook. For the first quarter of fiscal '22, we expect revenues to be in the range of $13.9 billion to $14.35 billion. This assumes the impact of FX will be about positive 0.5% compared to the first quarter of fiscal '21, and reflects an estimated 18% to 22% growth in local currency.

謝謝，朱莉。現在我來談談我們的業務展望。我們預計22財年第一季的營收將在139億美元至143.5億美元之間。這假設外匯影響與21財年第一季相比約為正0.5%，並反映了預計的當地貨幣18%至22%的成長。

For the full fiscal year '22, based upon how the rates have been trending over the last few weeks, we currently assume the impact of FX on our results in U.S. dollars, will be approximately negative 0.5% compared to fiscal '21. For the full fiscal '22, we expect our revenue to be in the range of 12% to 15% growth in local currency over fiscal '21, which includes an inorganic contribution of about 5% as we continue to expect to invest about $4 billion in acquisitions.

對於整個22財年，根據過去幾週的匯率走勢，我們目前預計外匯對我們以美元計算的業績的影響將比21財年下降約0.5%。對於整個22財年，我們預計以當地貨幣計算的收入將比21財年增長12%至15%，其中包括約5%的無機收入貢獻，因為我們預計將繼續投資約40億美元用於收購。

For operating margin, we expect fiscal year '22 to be 15.2% to 15.4%, a 10 to 30 basis point expansion over fiscal '21 results. We expect our annual effective tax rate to be in the range of 23% to 25%. This compares to an adjusted effective tax rate of 23.1% in fiscal '21.

就營業利益率而言，我們預期22財年的營業利益率為15.2%至15.4%，較21財年的業績成長10至30個基點。我們預計年度有效稅率將在23%至25%之間。相較之下，21財年的調整後有效稅率為23.1%。

For earnings per share, we expect full year diluted EPS for fiscal '22 to be in the range of $9.90 to $10.18, or 13% to 16% growth over adjusted fiscal '21 results. For the full fiscal '22, we expect operating cash flow to be in the range of $8.2 billion to $8.7 billion, property and equipment additions to be approximately $700 million and free cash flow to be in the range of $7.5 billion to $8 billion. Our free cash flow guidance reflects a very strong free cash flow to net income ratio of 1.1 to 1.2.

就每股盈餘而言，我們預計22財年全年稀釋每股盈餘將在9.90美元至10.18美元之間，較調整後的21財年業績成長13%至16%。我們預計22財年全年營運現金流將介於82億美元至87億美元之間，物業及設備新增支出約7億美元，自由現金流將介於75億美元至80億美元之間。我們的自由現金流指引反映了強勁的自由現金流與淨收入比率，為1.1至1.2。

Finally, we expect to return at least $6.3 billion through dividends and share repurchases as we remain committed to returning a substantial portion of cash to our shareholders.

最後，我們預計透過股利和股票回購還至少 63 億美元，因為我們仍然致力於向股東返還大量現金。

With that, let's open it up so that we can take your questions. Angie?

好了，我們現在開始回答你們的問題。安吉？

Thanks, KC. (Operator Instructions) Operator, would you please provide instructions for those on the call?

謝謝，KC。 （接線生指示）接線員，您能為通話中的人員提供指示嗎？

(Operator Instructions) Our first question comes from the line of Keith Bachman of Bank of Montreal.

（操作員指示）我們的第一個問題來自蒙特利爾銀行的 Keith Bachman。

I had two, if I could. Outstanding set of results and guidance, first of all. I wanted to ask about the cash flow, if I could, guidance. And even at the high end of the range, the cash flow margin would be a pretty significant step-down from fiscal '20 into fiscal '21. So I just wondered, is there any puts and take within the cash flow guidance that we should be aware of as we're doing our model? And I have a quick follow-up to that.

如果可以的話，我有兩個問題。首先，是出色的業績和指引。如果可以的話，我想問現金流指引。即使是最高水平，從2020財年到2121財年，現金流利潤率也會有相當顯著的下降。所以我想知道，在我們建立模型時，現金流指引中是否存在一些我們應該注意的優點和缺點？我接下來會簡短地跟進。

Sure. Great. Thanks. Nice to hear from you, Keith. Yes, so our free cash flow of $7.5 billion to $8 billion, it reflects very strong free cash flow to net income ratio of 1.1 to 1.2. And so we're really pleased with that. And it does have slightly higher CapEx expense of $700 million. So that's one slight difference from -- over '21.

當然。太好了。謝謝。很高興收到你的來信，基斯。是的，我們的自由現金流在75億美元到80億美元之間，這反映了非常強勁的自由現金流與淨收入比率，為1.1到1.2。我們對此非常滿意。而且它的資本支出確實略高，為7億美元。所以這與2021年相比略有不同。

We did have exceptionally strong free cash flow in fiscal year '21 at 1.5 free cash flow to net income ratio, and that is just exceptional performance. It's not unusual for us to have free cash flow guidance at the beginning of the year that is a decrease over what we've done in the previous years.

我們在21財年的自由現金流確實異常強勁，自由現金流與淨收入之比為1.5，無疑是非常出色的表現。我們年初發布的自由現金流預期會比前幾年下降，這並不罕見。

And then lastly, we do allow for a slight uptick in DSO in our guidance for next year, which would still be a very industry-leading DSO performance.

最後，我們確實允許在明年的指導中略微提高 DSO，但這仍將是業界領先的 DSO 表現。

Okay. Excellent. Excellent. And then Julie, maybe just for you, I think you mentioned this year, you did 46 M&A deals. And you mentioned in the guidance comments that there's quite a bit of M&A, I think $4 billion in M&A contemplated for this coming fiscal year.

好的。非常好。非常好。朱莉，我想問你，我記得你提到過，今年你完成了46筆併購交易。你在指導意見中提到，今年的併購交易數量相當多，我認為下一財年計畫進行的併購交易金額將達到40億美元。

How do you think about the integration risk? Accenture has, I would argue, a very special culture, and you're bringing in a lot of new people over the course of the last 12 months and the forward next 12 months. How do you think about the risk of a simulation of these deals? And how do you manage this process? You have a very good track record over the last 10 years, but there is a lot of M&A on the table that you're bringing in the company. I'm just wondering if you could speak to how you think about the risk associated with that to make sure the business keeps moving forward.

您如何看待整合風險？我認為埃森哲擁有非常獨特的文化，過去12個月以及未來12個月，你們都在不斷引進新人才。您如何看待這些交易模擬的風險？您是如何管理這個過程的？過去10年，你們的業績記錄非常出色，但目前公司正在考慮許多併購交易。您能否談談，您如何看待與此相關的風險，以確保業務持續發展？

Sure. So great question, and thanks, Keith. So first of all, as you indicated, we've got a really strong track record. And so this step-up in acquisitions comes based on years of experience, including in fine-tuning integration. So that's number one.

當然。這個問題問得真好，謝謝，Keith。首先，正如您所說，我們擁有非常出色的業績記錄。此次收購的推進是基於我們多年的經驗，包括在精細整合方面的經驗。這是第一點。

Secondly, our acquisitions happen globally. And then as I've talked about this year, they're pretty evenly balanced. And why is that important? When we switched to our model earlier this year of a geographic-focused model from a P&L perspective, one of the reasons is to allow us as well to be super close to our people. And most of these acquisitions are not global, right?

其次，我們的收購遍及全球。正如我今年提到的，我們的收購規模相當均衡。為什麼這很重要？今年早些時候，我們從損益表的角度轉向了以地理為中心的模式，原因之一就是為了讓我們更能貼近員工。而且，這些收購大多不是全球性的，對吧？

Some are like an umlaut, but like, for example, Project Novetta in the federal business, very local. And the vast majority are in 1 or 2 markets. Like there -- and so the integration, it's not like you have this enormous company that's trying to integrate lots of people all over the globe at the same time. We have senior leaders accountable for the acquisitions.

有些項目就像變音符號，但例如聯邦業務中的Novetta項目，非常本地化。絕大多數項目只在一、兩個市場。所以，整合並非像你擁有一家龐大的公司，試圖同時整合全球各地的許多人才。我們有高階領導負責這些收購。

And so we really get the right balance, and we have our own. And so for example, when we look at this, we look at market by market, how many acquisitions are we doing in this market? So how does that enable us make sure that we can spend the time?

所以，我們確實找到了正確的平衡點，並且擁有我們自己的平衡點。例如，當我們審視這個問題時，我們會逐一觀察，看看我們在這個市場進行了多少次收購？那麼，這如何確保我們能夠投入時間呢？

So this is a finely tuned approach for integration. And of course, we bring on people in acquisition or not, all the time. And so this focus on culture is just part of who we are.

所以，這是一種精心調整的整合方法。當然，無論是否被收購，我們都會持續引進人才。所以，對文化的關注是我們公司文化的一部分。

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

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

Thinking about the $50 billion revenue milestone, which is pretty amazing. Julie, as you're mapping out the path to $60 billion over the next few years, can you talk about where do you see the major sources of incremental revenue looking out from here forward?

說到500億美元的營收里程碑，真是令人驚嘆。朱莉，您規劃了未來幾年實現600億美元的目標，能否談談您認為未來主要的增量收入來源在哪裡？

Great. Well, thanks, Lisa. Nice to talk to you. So first of all, and I talked a little bit about this in the script, we are still very early in the transformation of companies in building just their digital core. So for example, if you look at something like SAP, their stats that they point out, you sort of have less than 20% of companies who've actually both bought and begun implementing S/4HANA, right? And we see the move to the cloud, you've got sort of maybe today, roughly 25% to 30% of workload.

太好了。好的，謝謝，麗莎。很高興和你聊天。首先，我在演講稿裡稍微談了一下，我們公司在建構數位核心的轉型過程中還處於非常早期的階段。例如，如果你看看SAP的數據，你會發現只有不到20%的公司真正購買並開始實施S/4HANA，對吧？而我們看到向雲端遷移，目前大概佔了25%到30%的工作量。

So there's a lot of work, which is a multiyear journey, in actually building the digital core and then, at the same time, transforming the way they work. And so we've got multiyear ahead. And even when you look at who's doing compressed transformation, you have this core of leaders and leapfroggers, but the vast majority of companies are not yet engaged in compressed transformation.

因此，建立數位化核心並同時轉變其工作方式需要大量的工作，這是一個多年的歷程。因此，我們還有多年的時間。即使你看看那些正在進行壓縮轉型的公司，你也會發現其中有一些核心領導者和跨越式企業，但絕大多數公司尚未進行壓縮轉型。

So just from a multiyear outlook on the fundamentals of replatforming and moving to a true digital-enabled enterprises still in early stages. When you add on top of that, there are whole parts of the enterprise where even the technologies are really new.

因此，僅從多年展望來看，平台重構和向真正的數位化企業轉型的基本面仍處於早期階段。除此之外，企業中還有很多領域，甚至連科技都是全新的。

So Industry X is a great example of that. We see that as the next digital frontier, and we're still very, very early. And so that will be kind of its own wave as we look forward. And then areas like sustainability. Again, technology is early. Every industry has to find its way on sustainability.

X產業就是一個很好的例子。我們將其視為下一個數位化前沿，而我們目前仍處於非常非常早期的階段。因此，展望未來，這將會形成一股獨特的浪潮。然後是可持續發展等領域。同樣，技術領域也處於早期階段。每個產業都必須找到自己的永續發展之路。

And so as we think about our own growth strategy, it starts with what our clients need. So we continue to diversify the parts of the enterprise that we're serving, and that enables -- that's what our clients need, and that enables next waves of growth for us. And we continue to innovate and anticipate, like in sustainability, what our clients need. And so when you kind of take this, you see both from serving the enterprise, the maturity of -- to that and then you add on top of that, that there are areas that are evergreen. Like Interactive, it's all about clients, the growth agenda. It's always going to change. Manufacturing will be the same. Security grows as the digital landscape grows.

因此，當我們思考自身的成長策略時，首先要考慮客戶的需求。因此，我們持續豐富我們服務的企業業務，以滿足客戶的需求，並協助我們實現下一波成長。我們持續創新，並預測客戶的需求，例如在永續發展方面。因此，從服務企業的角度來看，我們不僅看到了業務的成熟度，也看到了一些長期穩定的領域。例如互動業務，一切都圍繞著客戶和成長議程。業務總是在變化。製造業也是如此。隨著數位化格局的發展，安全業務也隨之發展。

So hopefully, that gives you a flavor of how we're thinking about both our next waves of growth and just the resiliency of the diversity of what we do.

所以希望這能讓您了解我們如何思考下一波成長以及我們所做工作的多樣性的彈性。

Yes, terrific. My follow-up was actually on managed services, which you called out in the prepared remarks. Not really used to thinking about Accenture doing managed services. Can you just elaborate a bit on that?

是的，太棒了。我的後續問題實際上是關於託管服務，您在準備好的演講中提到了這一點。我不太習慣埃森哲提供託管服務。能詳細解釋一下嗎？

Is this primarily actually infrastructure-related managed services or apps? Or just maybe a little bit more detail on what exactly you're doing in Accenture's differentiation there.

這主要是與基礎設施相關的託管服務或應用程式嗎？或者，您能更詳細地介紹一下您在埃森哲的差異化策略中具體做了哪些工作嗎？

So just think of we have consulting and outsourcing, right? So managed services is just another term for outsourcing. And so if you think about our operations business, which is now about $8 billion, right, so all the managed services we provide -- or everything from finance and accounting to industry-specific, like we called out in the script, the stuff we're doing in telecom, we're doing things in insurance and both health and P&C. So we have industry specific, we have marketing services to [move that].

想想我們有諮詢和外包業務，對吧？託管服務只是外包的另一種說法。想想我們的營運業務，現在大約80億美元，我們提供的所有託管服務——從財務會計到行業特定服務，就像我們在腳本中提到的那樣，我們在電信領域開展的業務，我們在保險、健康和財產險領域開展的業務。所以我們有行業特定服務，我們有行銷服務來推動這些服務。

Then, of course, those are powerful IT services, we've been doing outsourcing for years, right, term application outsourcing is an industry term. And then we have our managed services and security. We bought Symantec last year. And so this is a core part when you think about our revenue between consulting and outsourcing.

當然，這些都是強大的IT服務，我們多年來一直在做外包，沒錯，「應用程式外包」是一個行業術語。然後，我們還有託管服務和安全服務。我們去年收購了賽門鐵克。所以，當你考慮到我們諮詢和外包收入時，這是核心部分。

And the point that's happening now is that we've always done this, but what we're seeing is -- I just had a call with a CEO the other day, who's like, he started the call with like, "Julie, I'm really having a hard time hiring people in digital, right, and how are you seeing companies' health?" And we talked about how by strategically outsourcing like in security, in marketing, you can access the digital talent and it becomes part of their own talent strategy to address the war for talent, while at the same time, digitizing faster.

現在的情況是，我們一直都是這樣做的，但我們看到的是——前幾天我剛和一位首席執行官通了電話，他一開始就問：“朱莉，我真的很難招到數字人才，對吧，你覺得公司的健康狀況如何？” 我們討論瞭如何通過戰略性地外包安全、營銷等領域，來獲得數字人才，並將其作為自身化戰略的一部分，以加快數字化戰略人才。

I have another client that said, "Look, you had 50 things that my IT department was about to build in order for us to automate and transform, and I get it through your SynOps platform. The same, too, on the IT and infrastructure side." And of course, infrastructure managed services in the cloud, growing area as well from the move to the cloud.

我的另一位客戶說：「你看，我的IT部門原本要建立50個項目，以便我們實現自動化和轉型，而我透過你們的SynOps平台就搞定了。IT和基礎設施方面也是如此。」當然，雲端基礎設施託管服務也是隨著向雲端遷移而不斷發展的領域。

So I think the shift we were calling out, Lisa though, is just how strategic this is at a time of compressed transformation because it's meeting the needs of the war on talent and the need to digitize and the need to move fast at the same time.

所以我認為，麗莎，我們所呼籲的轉變，正是在壓縮轉型時期的戰略意義，因為它同時滿足了人才爭奪戰的需要、數位化的需要和快速行動的需要。

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

我們的下一個問題來自 Cowen 的 Bryan Bergin。

First, I have a question on bookings. Can you talk about the dynamic in 4Q? It looks like outsourcing did tick down for the first time in a while year-over-year. So just anything to call out there?

首先，我有一個關於預訂量的問題。能談談第四季的動態嗎？外包業務似乎出現了一段時間以來的首次同比下降。有什麼需要注意的嗎？

And then just generally, how do you see the pipeline developing as you think about fiscal '22 bookings levels?

那麼總體而言，當您考慮 22 財年的預訂水準時，您如何看待管道的發展？

Yes. Thanks, Bryan. So there's nothing really to point out in terms of Q4 bookings with outsourcing. They can just be a little bit lumpy, but it was a very strong performance. But let me just maybe talk a little bit about overall bookings as we head into '22.

是的。謝謝，布萊恩。所以，第四季的外包訂單量其實沒什麼好說的。雖然可能有點波動，但整體表現非常強勁。不過，在邁入2022年之際，我或許可以稍微談談整體訂單量。

We do feel really good about the momentum in our business. And as Julie went through, we had 72 clients with bookings over $100 million this year. And you can see that then helping us as we head into FY '22, Bryan, with the 18% to 22% that we have in Q1. And you also see that in our 12% to 15% revenue range that we have for fiscal '22.

我們確實對業務發展動能感到非常滿意。正如朱莉所說，我們今年有72位客戶的訂單額超過1億美元。布萊恩，您可以看到，這在我們邁向22財年時對我們起到了幫助，第一季我們的收入增長了18%到22%。您也可以看到，我們22財年的營收成長了12%到15%。

I think it's important to also note that it does include about 5% inorganic contribution. But at the top end of our revenue range, again, driven by bookings, it's going to represent about 10% organic growth at the upper end. And while we do benefit from an easier compare in the first half, it does continue to imply strong organic growth in the second half.

我認為還需要注意的是，這確實包含了約5%的無機收入貢獻。但在我們的收入區間上限，同樣受預訂量推動，這將代表約10%的有機成長。雖然我們確實受益於上半年更容易比較的數據，但這也意味著下半年仍將保持強勁的自然成長。

And if you look at why is that, when you peel back bookings, again, pleased with the $15 billion that we had in Q4, strong book-to-bill of 1.1. It is $60 billion for the whole year with double-digit growth in consulting. And I think it's important to also note, in consulting bookings, we had $8 billion for the last 3 quarters, which is terrific. And outsourcing, which for the entire year, kind of very strong book-to-bill of 1.2 in all 3 markets and services.

如果你探討其中的原因，當你仔細分析訂單數據時，你會發現，第四季度我們取得了150億美元的訂單出貨比，達到了1.1的強勁水平，這令人欣喜。全年訂單量達到600億美元，諮詢業務實現了兩位數的成長。值得一提的是，過去三個季度，我們的諮詢訂單量達到了80億美元，這非常出色。外包業務全年訂單量非常強勁，在所有三個市場和服務領域都達到了1.2的訂單出貨比。

And when you peel it back, there's really 3 things. Again, just peeling back bookings for you, there are 3 things that I would also note. One is that, yes, we did have a lot of larger bookings that help us for -- position us well for the future throughout FY '22. But we had a nice mix all the way through to the smaller deals, which benefit near-term revenue.

細細分析，你會發現其實有三件事。再說一遍，我再說一下訂單，有三件事需要注意。第一，是的，我們確實有很多大額訂單，這幫助我們在2022財年為未來做好了準備。但我們從小額訂單到小額訂單，都保持了良好的組合，這對短期收入有利。

The second thing is that the bookings were very broad-based across all of our services, and that includes strategy and consulting, which is really good as well.

第二件事是，我們所有服務的預訂範圍都非常廣泛，其中包括策略和諮詢，這也非常好。

And lastly, their line, as Julie talked quite a bit about our strategic priorities: cloud, Industry X and security, for example.

最後，正如朱莉所言，他們談論了很多我們的戰略重點：例如雲端、產業 X 和安全。

Okay. A follow-up here then on attrition. Can you just give us a sense of what you're anticipating for attrition levels factored into '22? And any added measures you're taking to try and drive that 19% down?

好的。接下來是關於人員流失的問題。能否簡單介紹一下，您預期2022年的人員流失率會是多少？您還採取了哪些額外措施來降低19%的流失率？

Yes. So let me just maybe talk a little bit about the numbers, and Julie can give some other color here. But our [unmanaged] (corrected by company after the call) attrition of 19%, Bryan, was really, in the fourth quarter, was in the zone that we expected. And it's 14% for the year, and we've been at 19% before. It's obviously a very hot market right now. But when you peel it back, it continues to be more in the lower part of the pyramid and it's largely concentrated in India, where we really don't have any issues in hiring.

是的。我大概講一下數據，朱莉可以再補充一些其他資訊。布萊恩說，我們第四季的[非管理型]員工流失率（電話會議後公司已修正）為19%，這確實在我們預期的範圍內。今年的流失率是14%，之前也達到19%。現在顯然市場非常熱門。但如果你深入分析一下，你會發現員工仍然更處於金字塔的底層，而且主要集中在印度，我們在那裡招募員工確實沒有遇到任何問題。

Yes. And I think that's important because you look at a headline number, and then you have to kind of understand where is the attrition. And at the same time, as you might imagine, we're always very focused on making sure that we're attractive. So we're very pleased that our executive retention is going very well. I think we are -- we're very much focused on our employee value proposition.

是的。我認為這很重要，因為你看的是總體數字，然後你必須了解員工流失在哪裡。同時，正如你可能想像到的，我們始終非常注重確保公司對人才的吸引力。因此，我們很高興看到我們的高階主管保留率很高。我認為我們非常注重員工的價值主張。

And when you think about the actions we've taken, like a record number of 120,000 promotions, the training that we're providing people that's really valued. And then, frankly, things like the way that we have approached vaccines, right? So we've now vaccinated 85,000 of our people and their families directly in addition to what we're supporting through -- like in the U.S., through our carriers.

想想我們採取的行動，例如創紀錄的12萬次促銷活動，以及我們為人們提供的真正有價值的培訓。然後，坦白說，例如我們處理疫苗的方式，對吧？除了我們透過疫苗接種機構（例如在美國）提供支援外，我們現在已經直接為8.5萬名員工及其家人接種了疫苗。

And as I talked a little bit about in the script, what we find is people really care about the fact that they are working for a company that focuses on financials and all of the other, what we call, 360-degree value. So what we're doing in sustainability, being a leader that we're going to be carbon-neutral by 2025, really matters.

正如我在劇本中提到的，我們發現人們真正關心的是，他們正在為一家專注於財務和其他所有方面（我們稱之為360度價值）的公司工作。因此，我們在永續發展方面所做的努力，以及作為領導者承諾在2025年實現碳中和的目標，真的非常重要。

And so we continue to look at how can we help our people be net better off, succeed personally and professionally and be proud of the company that not only creates value, but leads with values.

因此，我們將繼續研究如何幫助我們的員工過上更好的生活，在個人和職業上取得成功，並為公司不僅創造價值，而且以價值觀為主導而感到自豪。

And 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 James Faucette。

Wanted to ask a couple of quick questions that are follow-up on the hiring. Your pace of hiring and net has been quite stunning, at least, over the last couple of quarters. Can you talk about a little more detail in terms of how you're finding the hiring environment, particularly for newer skill sets? And I guess, do you think you need to kind of sustain the recent pace of hiring going forward?

想問幾個關於招募的後續問題。至少在過去幾個季度，你們的招募速度和淨利潤成長非常驚人。能否更詳細地談談你們對招募環境的看法，尤其是對新技能人才的招募環境？另外，您認為你們未來需要維持目前的招募速度嗎？

And I guess, the -- my second question, I'll just throw it in at the same time, is back to V&A. You talked about the kind of the inorganic contribution and integration. But is this kind of the recent pace that we've seen? Is this also something that you expect to need to sustain and want to sustain on a go-forward basis, whether in terms of number of deals or amount that you're spending, et cetera?

我想，我的第二個問題，我想同時提出來，是關於V&A的。您談到了無機貢獻和整合。但這是我們最近看到的那種速度嗎？您是否也預計需要並希望在未來繼續保持這種勢頭，無論是在交易數量還是支出金額等方面？

Okay. Thanks. I will cover the headcount. So I would just first start with, in this market, with the war for talent, we're very pleased with the 56,000 net additional people that we hired in Q4. As we see strong momentum really continuing in FY '22, and you see that again in our growth rates for the first quarter, we're off to a strong start at 18% to 22% in Q1, and the full year at the top end of 15%. And we were able to accelerate some of our hiring.

好的，謝謝。我先說一下員工人數。首先，在這個人才爭奪戰激烈的市場中，我們對第四季淨增加5.6萬名員工感到非常滿意。 2022財年，我們依然保持著強勁的成長勢頭，這一點在第一季的成長率中也反映出來了。我們第一季的成長率達到了18%至22%，全年成長率最高達到了15%。而且，我們也加快了部分招募速度。

And we plan to continue to do so in quarter 1 in order to have the talented people that we need to match demand in the market. And so that's to your first question on hiring.

我們計劃在第一季繼續這樣做，以便擁有滿足市場需求的人才。這是您關於招募的第一個問題。

To your second question on V&A. While we -- I won't guide longer term into the amount of spend that we're going to do past '22 in V&A, it remains an important part of our strategy on a go-forward basis.

關於你關於 V&A 的第二個問題。雖然我不會對 2022 年後我們在 V&A 的長期支出做出預測，但它仍然是我們未來策略的重要組成部分。

Yes. And I just -- I think it's just to remember, taking a step back on two things. One is on the people side, we made a deliberate decision to accelerate hiring this quarter and next quarter, which given, as you said, the environment and our ability to attract people, we think makes sense so that we're not worried about being constrained with respect to people. And we're able to do that. And I think that's a huge differentiator for us.

是的。我想，我只是想提醒大家，先回顧一下兩件事。一是人才方面，我們特意決定在本季和下季加快招募速度。正如你所說，考慮到當前的環境和我們吸引人才的能力，我們認為這是合理的，這樣我們就不用擔心在人才方面受到限制。我們能夠做到這一點。我認為這對我們來說是一個巨大的優勢。

And secondly, we made a decision last year, and we've made a decision this year in V&A to really invest and take advantage of our ability to invest to serve our clients. And when I go to clients, one of the things that we talk about is, and clients really value, is that when they're partnering with us, they're partnering not just for the capabilities that we have today, but because we have a track record of investing year in and year out in creating and anticipating their needs. And we point to the kinds of acquisitions like in umlaut, like in Novetta, like Infinity Works and cloud that we're doing it in markets all around the world to benefit them.

其次，我們去年做出了一個決定，今年在V&A也做出了一個決定，那就是要真正投入，並利用我們的投資能力來服務客戶。當我與客戶見面時，我們談論的一件事，也是客戶真正重視的一點，是他們與我們合作不僅僅是因為我們現有的能力，還因為我們在創造和預測他們的需求方面有著多年投資的良好記錄。我們指出，我們在全球市場的收購，例如對變音符號（umlaut）、Novetta、Infinity Works和雲端運算的收購，都是為了讓他們受益。

And so we believe this is really setting us up last year and this year, right, for those next waves of growth, and it's truly differentiating in the eyes of our clients.

因此，我們相信這確實為我們去年和今年的下一波成長做好了準備，而且在我們的客戶眼中，這確實與眾不同。

And our next question comes from the line of Ashwin Shirvaikar from Citi.

我們的下一個問題來自花旗銀行的 Ashwin Shirvaikar。

Congratulations on the results and outlook. First question is it seems clear, we're in a very exciting time here for IT services, right? I had this view for some time now that the acceleration of demand that you're seeing is sustainable for several years. And I don't mean to imply that getting revenue growth is easy, but if you have to worry less about revenue growth given the investments you've already made, do you have the opportunity to change your financial model to accelerate it, get higher gross margins, better G&A leverage? Thoughts on moving to a more nonlinear model with solutions, maybe especially important given that you're at 620,000 people?

祝賀你們所取得的成果和所取得的前景。第一個問題是，現在IT服務業似乎正處於一個非常令人興奮的時期，對吧？我一直認為，你們看到的需求加速成長將持續數年。我的意思並不是說收入增長很容易，但如果考慮到你們已經做出的投資，你們不必太擔心收入增長，那麼你們是否有機會改變財務模式來加速增長，獲得更高的毛利率和更好的一般及行政管理槓桿？你們是否考慮轉向一個更非線性的模式來提供解決方案？考慮到你們擁有62萬名員工，這可能尤其重要。

Yes, I'll start with that. I think, Ashwin, our financial model really remains the same in terms of the 3 key imperatives that you hear us go through each year, which is grow faster than the market, take share; modest margin expansion while investing at scale in our business and our people. So in the last part, maybe I'll just talk about op margins.

是的，我就從這個開始。阿什溫，我認為我們的財務模式實際上保持不變，就我們每年都會強調的三個關鍵要素而言，那就是：成長速度超過市場；佔據市場份額；在大規模投資於業務和員工的同時，保持利潤率適度增長。所以在最後一部分，我可能只談營業利益率。

So we are very proud of the 10 to 30 that we have this year. That does imply, obviously, that we will continue to get efficiencies in how we run our business, both in terms of how we deliver to our clients as well as within the SG&A and how we run our own organization.

因此，我們對今年新增的10到30名員工感到非常自豪。這顯然意味著，我們將繼續提高業務營運效率，包括如何為客戶提供服務、如何控制銷售、行政和管理費用 (SG&A)，以及如何運作我們自己的組織。

Yes. Maybe just to add a couple of points. I'm glad you acknowledged that revenue growth is not easy. So thank you for that. But I -- just taking a step back just to make sure because I think over the last decade, we've seen a real shift in the professional services industry. The nature of the exponential technology change, and the need to help clients move faster and do so more efficiently, has meant that you need to be able to invest significantly.

是的。或許我只是想補充幾點。我很高興你承認收入成長並非易事。所以謝謝你。但我——只是想退一步確認一下，因為我認為在過去十年裡，我們看到了專業服務業發生的真正轉變。科技快速發展，以及幫助客戶更快、更有效率地行動的需求，意味著你需要能夠進行大規模投資。

So as we think about moving forward, like the investments we've done to build SynOps, like to -- and continue to evolve it, to build industry solutions, as you mentioned, require us to continuously innovate, invest. And you saw that in our IP patent portfolio.

因此，當我們考慮未來發展時，例如我們為建立SynOps所做的投資，以及為了繼續發展它、建立產業解決方案所做的投資，正如您所提到的，都需要我們不斷創新和投資。您在我們的IP專利組合中也看到了這一點。

And so what I would say is it's not that you sort of say, here's the revenue and then can you just fundamentally shift because there is significant cost. Having all aspects of our business grow like this is not simply because there's demand, it's the solutions we're bringing them.

所以我想說的是，你不能說，這是收入，然後你就因為成本太高而徹底改變。我們業務的各個方面都如此成長，不僅是因為有需求，還因為我們為他們提供了解決方案。

And as I've talked about in prior earnings club, it isn't linear today even because we've automated so much of what we do when you look at something like our operations business, you look at myWizard, and we continue to do so. And that's really part of the business now.

正如我在之前的獲利俱樂部中提到的，如今情況並非直線性成長，因為我們已經實現了很大一部分自動化，例如我們的營運業務，例如myWizard，而且我們還在繼續這樣做。這實際上已經成為我們業務的一部分。

And so I think it's important to kind of understand what's helping drive the demand for our services are -- the way we're gaining market share is not simply because there's a lot of demand in the market, but the solutions we're bringing. And this is our big differentiator because we can go all the way from strategy to operations, right?

所以我認為，了解是什麼推動了我們服務的需求至關重要——我們獲得市場份額的原因不僅僅是市場需求巨大，而是我們提供的解決方案。這是我們最大的優勢，因為我們可以從策略到運營，全程參與，對吧？

All of the examples we're giving involve multiple aspects of our services, and you can't just build that overnight either, right? So the fact that we're becoming integrated in talent strategy, in our outsourcing, in our -- also called managed services, is about being trusted. And the fact that we could deliver during the pandemic and be a trusted partner puts us in a very different place than others who might be trying to build these capabilities.

我們所舉的所有例子都涉及我們服務的多個方面，而這些也不是一朝一夕就能建立起來的，對吧？因此，我們融入人才策略、外包以及我們（也稱為託管服務）的環節，都是為了贏得信任。我們能夠在疫情期間交付成果，並成為值得信賴的合作夥伴，這一事實使我們與其他試圖建立這些能力的公司截然不同。

Got it. Got it. And then the other question is, over the last 18 months, your revenue growth has absorbed the negative impact of less T&E. Is that coming back? Do you have updated thoughts on back to office? What's the assumption for that in your outlook?

明白了，明白了。另一個問題是，在過去的18個月裡，你們的收入成長已經吸收了差旅費減少帶來的負面影響。這種影響會恢復嗎？您對復工有什麼新的想法嗎？在展望中，對此有何假設？

So I'll let KC answer specifically, but I will say that if any of us can actually predict how we're going to go to the office, I'd like to meet that person. Let's just say, it's been a humbling experience, right, how many times have we all gotten ready to go back? And I don't know about you, but like 5 different things that we're going to be impressed over the next 2 months have just come back to Zoom, so -- or Teams. So it's been an interesting time, the new normal.

所以我請KC具體回答一下，但我想說，如果我們當中有人真的能預測到以後會怎麼去辦公室，我很想見見這個人。這麼說吧，這是一次謙卑的經歷，對吧？我們有多少次準備回去上班了？我不知道你怎麼樣，但在接下來的兩個月裡，有5件不同的事情會給我們留下深刻的印象，它們剛剛回歸到Zoom或Teams上。所以這是一個有趣的時期，一個新常態。

But KC, why don't you take us through to see assumptions we're using.

但是 KC，為什麼不帶我們看看我們正在使用的假設呢？

Yes. So Ashwin, just -- I'll first start with revenue. Our revenue guidance, the 12% to 15%, it does not include any specific uptick from reimbursable travel. And if that assumption changes, we'll reflect that in our updated guidance.

是的。阿什溫，我先從收入說起。我們的收入預期是12%到15%，這不包括可報銷差旅費帶來的任何具體增長。如果這個假設發生變化，我們會在更新後的預期中反映出來。

And as Julie said, just in terms of increases to travel assumed in our overall P&L for '22, it is difficult to predict, but we do have an increase built into -- particularly in the back half of the year for some travel costs.

正如朱莉所說，僅就我們 22 年整體損益表中假設的旅行費用增加而言，這很難預測，但我們確實已經考慮到了增加——特別是在下半年的一些旅行費用。

And our next question comes from the line of Jason Kupferberg with Bank of America.

我們的下一個問題來自美國銀行的 Jason Kupferberg。

I wanted to start just with the visibility question. The reason I asked is, obviously, your constant currency revenue growth here in Q4 was quite robust, but it wasn't really above the top end of your guidance, whereas in recent quarters, you had been candidly exceeding the top end of your expectations.

我想先從可見性問題開始。我之所以問這個問題，顯然是因為貴公司第四季度按固定匯率計算的收入增長相當強勁，但並沒有真正超過預期上限，而最近幾個季度，你們的表現都坦率地超出了預期上限。

So I'm just wondering, is this simply because your visibility has improved, so you've gotten more comfortable, you don't necessarily need to put extra cushion into the guidance? Or did some bookings not ramp as fast as expected in the quarter? And then just a related question for fiscal '22. As you set the initial outlook for this year, any change in approach versus this time last year, again, perhaps because your visibility has improved?

所以我想知道，這只是因為你們的可見度提高了，所以你們更加放心，不需要在業績指引中增加額外的緩衝嗎？還是說本季一些訂單的成長速度沒有預期那麼快？還有一個與2022財年相關的問題。你們在設定今年的初步預期時，與去年同期相比，你們的做法有什麼改變嗎？也許是因為你們的可見度提高了？

Yes. I will answer both questions in really the same way, which is for the fourth quarter, we were slightly above our FX-adjusted guided range. But we always try to aim to be in the top part of our guided range. And really, just this year, it's been a story of an unprecedented ramp. So we're really pleased that we were able to kind of nail down where we thought we would end out the quarter.

是的。我對這兩個問題的回答基本上一致：第四季度，我們的業績略高於經外匯調整後的預期範圍。但我們始終力爭達到預期範圍的上限。事實上，就今年而言，我們的業績成長史無前例。因此，我們很高興能夠大致確定本季的預期目標。

And I'd say the same thing really for '22. It's not any change in visibility. It's not any change in the way we're doing things. We always call it as we see it. These are our best estimates. And with the 12% to 15%, all parts -- all points are a possibility, that's why they're in the range. But we continue, like we always do to aim for the top part and top part of the range. No change.

對於2022年，我的看法也是一樣的。可見性沒有任何變化，我們的做事方式也沒有任何變化。我們始終實事求是。這些是我們最好的估計。 12%到15%的區間，所有部分——所有點都有可能實現，這就是為什麼它們在這個區間內。但我們會像往常一樣，繼續瞄準區間的頂部和頂部。沒有變化。

Okay. Okay. Good to know. And just a follow-up. What are your expectations for book-to-bill in consulting and overall for the first quarter and for the full fiscal year? And then just what you're thinking about for consulting versus outsourcing revenue growth this year?

好的。好的。很高興知道。接下來還有個問題。您對第一季以及整個財年的顧問業務和整體訂單出貨比（B/B）的預期是多少？您認為今年諮詢業務和外包業務的收入成長如何？

Yes. Yes. Thank you. Yes. So we feel good about our pipeline as we head into the fiscal year. I would say -- I will just comment on Q1 bookings. We do feel really good about where we are. Historically, we do see some seasonality in Q1, and larger deals can make things lumpy, but we feel really good about our positioning for the first quarter.

是的，是的。謝謝。是的。所以，在進入新財年之際，我們對現有業務的規劃感到很滿意。我想說的是——我只想評論一下第一季的訂單情況。我們對目前的狀況確實很滿意。從歷史上看，第一季確實會受到一些季節性因素的影響，而且較大的交易可能會使情況出現波動，但我們對第一季的定位非常滿意。

And in terms of revenue growth, I'll just say that for quarter 1, we see consulting continuing at strong double digits and outsourcing in the double-digit range.

就營收成長而言，我只想說，在第一季度，我們看到諮詢業務持續保持強勁的兩位數成長，外包業務也保持在兩位數的範圍內。

Okay. And for the full year?

好的。那全年呢？

Yes. And for the full year, I mean, consulting should continue to be strong double digits. And outsourcing, depending on where we land in the range, will be high single to low double digits.

是的。就全年而言，諮詢業務應該會繼續保持強勁的兩位數成長。而外包業務，根據我們在這個範圍內的具體位置，將會是高個位數到低兩位數的成長。

Thanks. Operator, we have time for one more question, and then Julie will wrap up the call.

謝謝。接線員，我們還有時間再問一個問題，然後朱莉會結束通話。

Of course. And that last question comes from the line of Tien-Tsin Huang with JPMorgan.

當然。最後一個問題來自摩根大通的黃天津。

Really impressive growth at scale here. I wanted to ask on Industry X, it was $5 billion in revenues. So you said up 36% [of it then]. So I think Julie said it's the next frontier here. Does this have potential to be as big as cloud? I'm just trying to think about the sizing of Industry X, recognizing it's early, but also it's importance.

這裡的規模成長確實令人印象深刻。我想問X產業，它的收入是50億美元。你當時說成長了36%。所以我覺得茱莉說過這是下一個前沿領域。它有潛力發展到和雲端運算一樣大嗎？我只是在思考X產業的規模，並意識到它還處於早期階段，但它的重要性也不容忽視。

Yes. I mean I think we're not really sizing that today. I mean when you think about cloud, cloud is the entire enterprise. So it's sort of hard to sort of do that. What we'd say is this will be -- I mean, we're already at $5 billion, and we consider it the next digital frontier. And it's super early, right?

是的。我的意思是，我認為我們目前還沒有真正評估這一點。我的意思是，當你想到雲端時，雲指的是整個企業。所以很難做到這一點。我們會說，這將是——我的意思是，我們已經達到了50億美元的規模，我們認為這是下一個數位前沿。現在還為時過早，對吧？

Some technologies have just really been coming online in the last year or 2 that are cloud-based. And when you look at like what we're doing for example, like Vivienne Westwood, one of the largest independent global fashion companies, we're doing a new PLM solution for them. We're doing so for Alstom. Alstom, a global leader in transportation. We're doing the same in a power company [specifically].

一些基於雲端的技術在過去一兩年才剛剛興起。例如，看看我們正在做的事情，例如Vivienne Westwood，全球最大的獨立時尚公司之一，我們正在為他們開發一套新的PLM解決方案。我們也在為阿爾斯通（Alstom）開發一套新的PLM解決方案。阿爾斯通是全球領先的交通運輸企業。我們也正在為一家電力公司開發同樣的解決方案。

The range of what we're doing is both broad-based in terms of industry. And so we do think of this as really a big growth driver for the future, but not sizing it today.

我們所做的事情涉及的行業非常廣泛。因此，我們確實認為這將是未來一個巨大的成長動力，但目前還不能確定其規模。

Okay. No worries. I just thought it was interesting because the scope of it can be quite large. Just my quick follow-up. I know you had -- you field a lot of questions on acquisitions already.

好的。不用擔心。我只是覺得這很有趣，因為它的範圍可能相當大。我只是想快速跟進一下。我知道你已經回答了很多關於收購的問題。

Digital assets are being quite valued pretty highly here across the board. It looks like you're still implying a reasonable revenue multiple with your inorganic contribution. Have you seen any changes on the valuation side? I know you're still a destination for many companies, but just curious if valuations have changed in any way in your thinking.

數位資產的估值普遍較高。看來您仍然暗示著您的非核心貢獻帶來了合理的收入倍數。估值方面有變化嗎？我知道您仍然是許多公司的目標，但我好奇的是，您對估值的看法是否改變了。

KC, do you want to answer that?

KC，你想回答這個問題嗎？

Yes. I'd say, Tien-Tsin, clearly, valuations, we participate in the overall market. You've seen what valuations have done in the overall market. But I would just say that we have pretty high hurdle rates in terms of what we expect from our business cases. And we track that very closely, as you would expect of us, and we're very pleased with our ongoing performance of our portfolio against the hurdle rates that we put forth in those business cases.

是的。田津，我想說，估值顯然是參與整體市場的。您已經看到了估值對整體市場的影響。但我只想說，就我們對商業案例的預期而言，我們的最低迴報率相當高。正如您所期望的那樣，我們會密切關注這一點。我們對投資組合的持續表現感到非常滿意，這與我們在這些商業案例中提出的最低迴報率相符。

Yes. That's impressive.

是的，真令人印象深刻。

All right. Well now, time to wrap up. In closing, I want to thank all of our people and our Managing Directors for what you all do every day. Our people and actions and results in FY '21 have really put us in a terrific position as we go into FY '22 to create even more value ahead.

好的。現在是時候總結一下了。最後，我要感謝我們所有的員工和董事總經理們，感謝你們每天的辛勤付出。我們的員工、行動以及21財年的業績，確實讓我們在邁入22財年時處於非常有利的位置，能夠創造更多價值。

And I know, I and the entire leadership team, are super excited and confident about what's to come. And I'll simply end by thanking all of our shareholders for your continued trust and support. Be well, everyone. Thanks.

我知道，我和整個領導團隊都對未來充滿期待和信心。最後，我只想感謝所有股東一直以來的信任與支持。祝大家一切安好！謝謝。

And ladies and gentlemen, today's conference will be available for replay after 10:00 a.m. Eastern today through December 16. You may access AT&T replay system at any time by dialing 1 (866) 207-1041, entering the access code 6704907. International participants may dial (402) 970-0847. That does conclude your conference for today. Thank you for your participation and for using AT&T conference service. You may now disconnect.

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