埃森哲 (ACN) 2020 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to Accenture's Fourth Quarter Fiscal 2020 Earnings Call. (Operator Instructions) As a reminder, today's conference is being recorded.

女士們，先生們，感謝各位的支持，歡迎參加埃森哲2020財年第四季財報電話會議。 （操作員指示）提醒一下，今天的會議正在錄製中。

And I would now like to turn the conference over to your host, Angie Park, Managing Director, Head of Investor Relations. Please go ahead.

現在，我想將會議交給主持人、董事總經理兼投資者關係主管安吉·帕克 (Angie Park)。請開始。

Thank you, operator, and thanks, everyone, for joining us today on our fourth quarter and full fiscal 2020 earnings announcement. As the operator just mentioned, I'm Angie Park, Managing Director, Head of Investor Relations.

謝謝接線員，也謝謝大家今天加入我們，共同發布2020財年第四季及全年業績。正如接線員剛才提到的，我是安吉‧帕克 (Angie Park)，董事總經理兼投資人關係主管。

On today's call, you will hear from Julie Sweet, our Chief Executive Officer; and KC McClure, our Chief Financial Officer. We hope you've had an opportunity to review the news release issued a short time ago.

在今天的電話會議上，您將聽到我們執行長 Julie Sweet 和財務長 KC McClure 的演講。希望您已經閱讀了我們之前發布的新聞稿。

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 the 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 2021. We will then take your questions before Julie provides a wrap-up at the end of the call.

讓我簡單介紹一下今天電話會議的議程。朱莉首先會概述我們的業績。 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2021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，酌情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。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 thank you, everyone, for joining us. Fiscal '20 results demonstrate the relevance of our growth strategy, the resilience of our business and our people, our operational rigor and discipline, the power of the relationships we have with the world's leading companies and ecosystem partners and our ability to pivot rapidly to meet the needs of our clients and new ways of operating.

謝謝Angie，也謝謝大家的參與。 2020財年的業績證明了我們成長策略的相關性、我們業務和員工的韌性、我們營運的嚴謹性和紀律性、我們與世界領先公司和生態系統合作夥伴建立的穩固關係，以及我們快速調整以滿足客戶需求和新營運方式的能力。

Fiscal year '20 also demonstrated the unique advantages of our long track record of focusing on being a responsible business, from our commitment to inclusion and diversity that has helped make us an innovation-led company, to our focus on investing in our people and their skills, to the way we live our core values, all of which help make us the trusted partner that our clients have turned to in the face of the ongoing global health, economic and social crisis.

20財年也展現了我們長期以來致力於成為一家負責任的企業的獨特優勢，從我們對包容性和多樣性的承諾（這使我們成為一家創新型公司），到我們對員工及其技能的投資，再到我們實踐核心價值觀的方式，所有這些都使我們成為客戶在當前全球衛生、經濟和社會危機面前值得信賴的合作夥伴。

And if there was ever any doubt, we clearly demonstrated that scale matters. We are unique in our industry for the scale of our digital, cloud and security capabilities, and for our leadership in all the services critical to building a company's digital core, transforming its operations and accelerating growth with our 4 services of strategy and consulting, interactive, technology and operations, as well as our deep industry experience and data and artificial intelligence capabilities. And we are also unique in the scale we have with large client relationships and across 13 industry groups with a global footprint. This scale has been core to our resilience in the second half of FY '20. Let me share a few highlights.

即便有任何疑問，我們也清楚證明了規模的重要性。我們在產業中獨樹一幟，因為我們擁有龐大的數位、雲端和安全能力，並且在建立公司數位核心、轉型營運和加速成長的關鍵服務領域處於領先地位，這得益於我們四大服務：策略與諮詢、互動、技術與運營，以及我們深厚的產業經驗和資料與人工智慧能力。此外，我們擁有龐大的客戶關係，業務遍及13個產業集團，業務遍佈全球，規模也獨樹一格。這種規模是我們2020財年下半年維持韌性的核心。讓我分享一些亮點。

We are now approximately 70% in "the New"- digital, cloud and security, just when the need for these services, already high, accelerated dramatically as a result of COVID-19. In fact, in FY '21, we will no longer measure "the New" as "the New" is now our core. And as of March 1, with the new growth model, we have embedded digital everywhere. We will continue to share color on our growth drivers, including cloud and security as we continue to invest in these large, high-growth market opportunities.

目前，我們約有70%的業務投入「新業務」——數位、雲端和安全，而這些服務的需求原本就很高，而新冠疫情更是加速了這些需求的成長。事實上，在21財年，我們將不再以「新業務」來衡量，因為「新業務」現在是我們的核心。自3月1日起，隨著新的成長模式的實施，數位化已滲透到各個領域。我們將繼續分享包括雲端和安全性在內的成長動力，並持續投資於這些規模龐大、高成長的市場機會。

We ended FY '20 with 216 Diamond clients, which represent our largest client relationships, a net increase of 15 over the prior year. We transitioned seamlessly to our new growth model with a new global management committee to increase our agility in bringing together the power of our multiservice teams to our clients and to create greater opportunities for our people. And the new model and team successfully passed a challenging test, navigating the pandemic and emerging stronger. More on that later.

截至2020財年，我們擁有216家鑽石客戶，代表我們最大的客戶關係，比前一年淨增加15家。我們無縫過渡到新的成長模式，成立了新的全球管理委員會，以提高我們整合多服務團隊力量的靈活性，更好地服務客戶，並為員工創造更多機會。新的模式和團隊成功經受住了嚴峻的考驗，安然度過疫情，並變得更加強大。稍後將詳細介紹。

We committed to stronger bookings in Q4, and we delivered with our second highest bookings ever in the fourth quarter, finishing the year with a record $50 billion of sales.

我們致力於在第四季度實現更高的訂單量，並且我們在第四季度實現了歷史第二高的訂單量，以創紀錄的 500 億美元銷售額結束了這一年度。

In FY '20, we continued to increase our investments for the future at scale with $1.5 billion in acquisitions, $871 million in R&D in our assets, platforms and solutions, including growing our portfolio of patents and pending patents to over 7,900 and delivering a 6% increase in training hours for our 500,000 people, while reducing our training cost by 11% to $866 million due to our digital learning platforms. We are now 45% women, on track for our 2025 goal of a 50-50 gender balance. And this month, we announced ambitious new goals to increase our African-American and Black and Hispanic American and Latinx communities in the U.S. And despite the unprecedented uncertainty and volatility, with the pandemic declared only a few days before we had to give guidance for Q3, we called it like we saw it for each of Q3 and Q4 and delivered within our guidance. For the full year, we delivered either within or above our guided range and continued to deliver growth ahead of market modest margin expansion and record free cash flow.

在 20 財年，我們繼續大規模增加對未來的投資，其中收購金額達 15 億美元，資產、平台和解決方案研發費用達 8.71 億美元，包括將專利和待批專利組合增至 7,900 多項，為 50 萬名員工增加 6% 的培訓時長，同時藉助我們的數位學習平台將藉助我們的數位學習。目前，我們的員工中有 45% 是女性，預計 2025 年將實現 50-50 的性別平衡目標。本月，我們宣布了雄心勃勃的新目標，以擴大我們在美國非裔美國人、黑人、西班牙裔美國人和拉丁裔社區的規模。儘管疫情在我們不得不提供第三季業績指引前幾天才宣布，因此帶來了前所未有的不確定性和波動性，但我們對第三季和第四季都直言不諱，並在指引範圍內完成了業績。全年來看，我們的業績均達到或超過了預期範圍，並繼續領先於市場溫和的利潤率擴張和創紀錄的自由現金流。

Our resilience begins with an exceptional leadership team and our incredibly talented and dedicated people. Before I turn over to KC, I want to thank each of them for what has truly been an exceptional year that we should all be proud of. KC, over to you.

我們的韌性源自於卓越的領導團隊以及我們才華洋溢、敬業奉獻的員工。在將時間交給KC之前，我想感謝他們每一位，感謝他們為公司帶來了非凡的一年，我們所有人都應該為此感到自豪。 KC，接下來輪到你了。

Thank you, Julie, and thanks to all of you for joining us on today's call. We were pleased with our overall results in the fourth quarter, which were within our guided range and aligned to our expectations. Our results reinforce our distinctive position in the marketplace and reflect the diversity of our business. Once again, these results illustrate Accenture's unique ability to run our business with discipline and deliver significant value for our shareholders in an uncertain environment. So let me begin by summarizing a few of the highlights of the quarter.

謝謝朱莉，也謝謝各位參加今天的電話會議。我們對第四季的整體業績感到滿意，業績符合我們的預期，並符合我們的指導範圍。我們的業績鞏固了我們在市場上的獨特地位，並體現了我們業務的多樣性。這些業績再次展現了埃森哲在充滿不確定性的環境中，以嚴謹的方式經營業務，並為股東創造巨大價值的獨特能力。首先，請容許我總結本季的一些亮點。

Revenues declined 1% in local currency, in line with our guided range. This includes a reduction of approximately 2 percentage points from a decline in revenues from reimbursable travel costs. Importantly, aligned with our growth imperatives, we continued to take significant market share for both the quarter and the year.

以當地貨幣計算，收入下降1%，符合我們的預期範圍。這其中包括可報銷差旅費收入下降約2個百分點。重要的是，與我們的成長目標一致，我們在本季和全年都繼續佔據了顯著的市場份額。

The diversity of our business continues to serve us well. From an industry perspective, consistent with last quarter, approximately 50% of our revenues came from 7 industries that were less impacted from the pandemic and, in aggregate, grew high single digits with continued double-digit growth in Public Service, Software & Platforms and Life Sciences.

我們業務的多元化持續為我們帶來良好的效益。從行業角度來看，與上季度持平，我們約50%的收入來自7個受疫情影響較小的行業，這些行業總體實現了高個位數增長，其中公共服務、軟體與平台以及生命科學領域繼續保持兩位數增長。

At the same time, as we expected, we saw continued pressure from clients in highly impacted industries, which include travel; retail; energy; high tech, including aerospace and defense; and industrial. While performance varied, this group collectively represents over 20% of our revenues and declined mid-teens.

同時，正如我們預期的那樣，我們看到來自受疫情嚴重影響產業的客戶持續承壓，這些產業包括旅遊、零售、能源、高科技（包括航空航太和國防）以及工業。雖然業績表現不一，但這些產業合計占我們總收入的20%以上，且收入下降了15%左右。

Operating margin was 14.3%, an increase of 10 basis points for the quarter and the full year. We continue to drive sustainable margin expansion while making significant investments in our business and our people to extend our market leadership. We continue to benefit from lower spend on travel, meetings and events. And finally, we delivered free cash flow of $3 billion, which surpassed our expectations, driven by superior DSO management.

營業利益率為14.3%，本季及全年均成長10個基點。我們繼續推動利潤率的可持續成長，同時大力投資於業務和人才，以鞏固我們的市場領導地位。差旅、會議和活動支出的降低繼續為我們帶來利益。最後，在卓越的DSO管理的推動下，我們實現了30億美元的自由現金流，超出了我們的預期。

Now let me turn to some of the details. New bookings were $14 billion for the quarter, our second highest on record and reflect 9% growth with a book-to-bill of 1.3. Consulting bookings were $6.5 billion with a book-to-bill of 1.1. Outsourcing bookings of $7.5 billion were a record, with a book-to-bill of 1.5.

現在讓我來談談一些細節。本季新訂單金額為140億美元，創歷史第二高，訂單出貨比為1.3，成長9%。諮詢訂單額為65億美元，訂單出貨比為1.1。外包訂單金額達75億美元，創歷史新高，訂單出貨比為1.5。

Bookings continue to be dominated by strong demand for digital, cloud and security-related services, which we estimate represented approximately 70% of our new bookings. We were very pleased that we delivered on our expectations of strong bookings this quarter, and they came in as we expected, with strong bookings in technology and operations and lower bookings in strategy and consulting.

訂單量持續由對數位、雲端和安全相關服務的強勁需求主導，我們估計這些服務約占我們新增訂單量的70%。我們非常高興本季實現了強勁訂單量的預期，正如我們預期的那樣，技術和營運領域的訂單量強勁，而戰略和諮詢領域的訂單量有所下降。

Turning now to revenues. Revenues for the quarter were $10.8 billion, a 1% decline in local currency and 2% decline in U.S. dollars, including a reduction of approximately 2% from a decline in revenues from reimbursable travel costs. Consulting revenues for the quarter were $5.7 billion, a decline of 8% in both local currency and U.S. dollars, which includes a reduction of approximately 3% from a decline in revenues from reimbursable travel costs. Outsourcing revenues were $5.2 billion, up 7% in local currency and 6% in U.S. dollars. Digital, cloud and security-related services grew low single digits.

現在談談收入。本季營收為108億美元，以當地貨幣計算下降1%，以美元計算下降2%，其中可報銷差旅費收入下降約2%。本季諮詢收入為57億美元，以當地貨幣和美元計算均下降8%，其中可報銷差旅費收入下降約3%。外包收入為52億美元，以當地貨幣計算成長7%，以美元計算成長6%。數位、雲端和安全相關服務均實現低個位數成長。

Taking a closer look at our service dimensions. Operations grew high single digits. Technology services grew mid-single digits. And strategy and consulting services declined low teens.

仔細觀察我們的服務維度，營運業務實現了高個位數成長。技術服務業務實現了中等個位數成長。策略和諮詢服務業務則出現了低個位數的下滑。

Before I give color on our markets, the industry dynamics that I have mentioned previously played out in a similar fashion across all 3. In North America, revenue growth was flat in local currency. In Europe, revenue declined 5% in local currency. We saw mid-single-digit growth in Italy, slight growth in Germany, with continued declines in the U.K. In the Growth Markets, we delivered 3% revenue growth in local currency, led by double-digit growth in Japan and high single-digit growth in Brazil.

在介紹我們各個市場之前，我之前提到的產業動態在三大市場都呈現類似的表現。在北美，以當地貨幣計算的收入成長持平。在歐洲，以當地貨幣計算的收入下降了5%。義大利實現了中等個位數的成長，德國略有成長，而英國則繼續下滑。在成長市場，我們實現了3%的收入成長（以當地貨幣計算），其中日本實現了兩位數的成長，巴西實現了高個位數的成長。

Moving down the income statement. Gross margin for the quarter was 31.8% compared with 31.1% for the same period last year. Sales and marketing expense for the quarter was 10.6%, consistent with the fourth quarter last year. General and administrative expenses was 6.8% compared to 6.2% for the same quarter last year. Operating income was $1.5 billion in the fourth quarter, reflecting a 14.3% operating margin, up 10 basis points compared with Q4 last year.

利潤表方面，本季毛利率為31.8%，去年同期為31.1%。本季銷售及行銷費用為10.6%，與去年第四季持平。一般及行政管理費用為6.8%，去年同期為6.2%。第四季營業利潤為15億美元，營業利益率為14.3%，較去年第四季上升10個基點。

Before I continue, I'd like to highlight an investment gain that impacted our tax rate and increased EPS by $0.29 for the fourth quarter and $0.43 for the full year. Of this $0.43 gain, $0.27 was factored into the full year EPS guidance provided in June, and a quarterly reconciliation can be found on our website.

在繼續之前，我想強調一項投資收益，它影響了我們的稅率，使第四季度每股收益增加了0.29美元，全年每股收益增加了0.43美元。在這0.43美元的收益中，有0.27美元已計入6月份發布的全年每股收益指引，季度對帳可在我們的網站上查看。

The following comparisons exclude this impact and reflect adjusted results. Our adjusted effective tax rate for the quarter was 28.4% compared with an effective tax rate of 26.6% for the fourth quarter last year. Adjusted diluted earnings per share were $1.70 compared to EPS of $1.74 in the fourth quarter last year. For the full fiscal year, adjusted earnings per share were $7.46, which was $0.03 above our adjusted guidance range for the year.

以下比較結果已剔除此影響，反映的是調整後績效。本季調整後有效稅率為28.4%，而去年第四季有效稅率為26.6%。調整後稀釋每股收益為1.70美元，去年第四季每股收益為1.74美元。全年調整後每股收益為7.46美元，比我們調整後的年度指引區間高出0.03美元。

Days service outstanding were 35 days compared to 41 days last quarter and 40 days in the fourth quarter of last year. Free cash flow for the quarter was $3 billion, resulting from cash generated by operating activities of $3.2 billion, net of property and equipment additions of $189 million. Our cash balance at August 31 was $8.4 billion compared with $6.1 billion at August 31 last year.

未償服務天數為35天，而上季為41天，去年第四季為40天。本季自由現金流為30億美元，來自營運活動產生的現金32億美元，扣除1.89億美元的物業和設備新增。截至8月31日，我們的現金餘額為84億美元，而去年同期為61億美元。

With regards to our ongoing objective to return cash to shareholders, in the fourth quarter, we repurchased or redeemed 2.6 million shares for $590 million at an average price of $225.25 per share. Also in August, we paid our fourth quarterly cash dividend of $0.80 per share for a total of $509 million. And our Board of Directors declared a quarterly cash dividend of $0.88 per share to be paid on November 13, a 10% increase over last year, and approved $5 billion of additional share repurchase authority.

秉承我們持續向股東返還現金的目標，我們在第四季回購或贖回了260萬股股票，總價值5.9億美元，平均價格為每股225.25美元。此外，在8月份，我們發放了每股0.80美元的第四季現金股息，總額達5.09億美元。董事會宣布，將於11月13日派發每股0.88美元的季度現金股息，較去年同期成長10%，並批准了50億美元的額外股票回購授權。

Reflecting our results for the full year. We started with strong momentum in the first half and quickly adjusted and reset with the onset of the pandemic. We delivered approximately $50 billion in new bookings, reflecting a 10% increase over last year, setting 2 record highs this year. We continued to provide guidance on our business throughout the year and, importantly, delivered revenues within our guided range at 4%, significantly taking market share. We delivered on our commitment of margin expansion even with lower top line growth and fully continued all elements of our capital allocation, with $1.5 billion of investments in acquisitions, a record $7.6 billion of free cash flow and returned $5 billion of cash to shareholders, exceeding our outlook provided last September.

全年業績表現亮眼。上半年我們保持強勁勢頭，並隨著疫情的爆發迅速調整調整。我們實現了約500億美元的新訂單，較去年同期成長10%，創下今年兩項紀錄。我們全年持續提供業務指引，更重要的是，營收成長4%，符合我們預期，市佔率大幅提升。即使在營收成長放緩的情況下，我們也兌現了提高利潤率的承諾，並全面延續了各項資本配置，其中15億美元投資於收購，自由現金流創下76億美元的紀錄，並向股東返還了50億美元的現金，超過了我們去年9月給出的預期。

In closing, our fiscal -- with fiscal year '20 behind us, we are proud of how we managed our business and delivered for our clients, our people, our shareholders, our partners and our communities in what was truly an unprecedented fiscal year. And we feel really good about our positioning for fiscal '21.

最後，2020財年已經過去，我們為在前所未有的一個財年中，我們管理業務、為客戶、員工、股東、合作夥伴和社區所做的貢獻感到自豪。我們對21財年的業績表現充滿信心。

Now let me turn it back to Julie.

現在讓我把話題轉回給朱莉。

Thank you, KC. From an overall demand perspective, the trends that we discussed last quarter are continuing. Companies need to accelerate their digital transformation across their enterprises and move to the cloud; address cost pressures, which vary by industry but are universal; build resilience; adjust their operations and customer engagement to a remote-everything environment; and find new sources of growth.

謝謝，KC。從整體需求角度來看，我們在上個季度討論的趨勢仍在持續。企業需要加速整個企業的數位轉型，並遷移到雲端；應對成本壓力（雖然各行業存在差異，但都具有普遍性）；增強韌性；調整營運和客戶互動以適應遠距辦公環境；並尋找新的成長點。

Now I will give you a little more color on the depth and breadth of our ability to deliver value to our clients in this environment through the lens of some of our 17 clients with new bookings over $100 million in Q4. Then I will turn to fiscal year '21.

現在，我將透過我們17位在第四季度新訂單超過1億美元的客戶的視角，進一步闡述我們在當前環境下為客戶提供價值的能力的深度和廣度。然後，我將談談21財年。

Diebold Nixdorf, a global leader in services, software and hardware for the banking and retail industries, and Accenture have extended a strategic agreement to accelerate Diebold Nixdorf's multiyear digital and cloud transformation program, which includes streamlining its finance, human resource, IT and sales systems. The collaboration will unlock approximately $50 million of incremental savings through 2023, while improving business productivity, consolidating operations and enabling investment in innovation and growth opportunities.

迪堡利多富 (Diebold Nixdorf) 是全球領先的銀行和零售業服務、軟體和硬體供應商，與埃森哲 (Accenture) 已延長一項戰略協議，以加速迪堡利多富的多年期數位化和雲端轉型計劃，該計劃包括精簡其財務、人力資源、IT 和銷售系統。此次合作將在 2023 年前實現約 5,000 萬美元的增量成本節約，同時提高業務生產力、整合營運並促進對創新和成長機會的投資。

Prudential Financial, a financial wellness leader and premier active global investment manager, has entered into an agreement with Accenture to transform its group insurance operating model by redesigning its processes, operations and technology to create simple, intuitive interactions between brokers, customers and employees that enhance financial wellness. New digital solutions designed by Accenture Interactive and powered by artificial intelligence and analytics from our SynOps platform and our operations team will provide more data-driven, seamless and human-centered experiences in onboarding, billing and claims processes, enhancing user satisfaction and, ultimately, revenue growth.

保誠金融集團（Prudential Financial）是一家領先的財務健康領域領導者，也是全球首屈一指的主動型投資管理公司。該公司已與埃森哲達成協議，將透過重新設計其流程、營運和技術來轉變其團體保險營運模式，從而在經紀人、客戶和員工之間建立簡潔直觀的互動，從而提升財務健康。由埃森哲互動設計、並由我們SynOps平台和營運團隊的人工智慧和分析技術提供支援的全新數位解決方案，將在客戶入職、計費和理賠流程中提供更加數據驅動、無縫銜接和以人為本的體驗，從而提升用戶滿意度，並最終促進收入成長。

Halliburton, a leading global provider of products and services to the energy industry, Accenture and Microsoft entered into a 5-year strategic agreement to advance Halliburton's digital capabilities in Microsoft Azure. Halliburton will complete its move to cloud-based digital platforms, drive additional business agility, reduce capital expenditures and strengthen its customer offerings as well as achieve sustainability benefits by migrating all of its physical data centers to Azure.

全球領先的能源產業產品和服務供應商哈里伯頓 (Halliburton)、埃森哲 (Accenture) 和微軟 (Microsoft) 簽署了一項為期五年的策略協議，旨在提升哈里伯頓在 Microsoft Azure 中的數位化能力。哈里伯頓將透過將其所有實體資料中心遷移至 Azure，完成向雲端數位化平台的遷移，提升業務敏捷性，降低資本支出，增強客戶服務，並實現永續發展效益。

A leading global automotive company has selected Accenture to migrate 55% of its applications over 18 months to the cloud, working with its ecosystem partners for the public cloud, AWS and GCP, and HPE for its hybrid cloud. This work will address both cost pressures and the need to transform their IT infrastructure to address obsolescence and provide digital experiences.

一家全球領先的汽車公司選擇埃森哲，在18個月內將其55%的應用程式遷移到雲端。埃森哲與其生態系合作夥伴攜手，在公有雲上部署AWS和GCP，並在混合雲上部署HPE。這項工作將有效緩解成本壓力，並滿足其IT基礎設施轉型的需求，從而應對過時的挑戰並提供數位體驗。

These examples are noteworthy for their diversity across industries, complexity requiring multiservice teams, strong ecosystem partnerships and using our assets, platforms and solutions. And many involve us delivering what we call 360-degree value, because we are creating agility, helping reskill our clients' employees or helping reduce their carbon footprint to the move to the cloud in addition to delivering clear financial value.

這些案例值得關注，因為它們涵蓋了各行各業的多樣性、需要多服務團隊的複雜性、強大的生態系統合作夥伴關係，以及充分利用我們的資產、平台和解決方案。許多案例都反映了我們所謂的360度全方位價值，因為我們不僅提供顯著的財務價值，還致力於創造敏捷性，幫助客戶員工進行技能再培訓，或幫助他們在遷移至雲端的過程中減少碳足跡。

And stepping back for a moment. Our clients were being impacted by unprecedented change before COVID-19. Then came COVID-19, giving a whole new meaning to unprecedented and requiring our clients to change virtually every aspect of their business faster than ever before, and they are turning to us to help embrace that need for change and become stronger.

退一步說，在新冠疫情爆發之前，我們的客戶就受到了前所未有的變化的影響。而新冠疫情的到來，賦予了「前所未有」的全新意義，要求我們的客戶以前所未有的速度改變其業務的方方面面。他們正在尋求我們的幫助，以適應這種變革的需求，並變得更強大。

Turning to fiscal year '21. Our own formula for market leadership is enduring. We continually transform our business and embrace change to create more value for our clients with incredibly talented people. We view fiscal year '21 as turning a page. We are no longer navigating a crisis. We are facing a new reality, and we plan on returning to pre-COVID growth rates by the second half of this fiscal year, and we are ready. We are emerging from the second half of fiscal year '20 stronger than when we entered, which was our strategy.

展望21財年。我們自身的市場領導模式將歷久不衰。我們不斷轉型業務，擁抱變化，以卓越的人才為客戶創造更多價值。我們將21財年視為翻開新的一頁。我們不再只是在危機中摸索，而是面臨新的現實，我們計劃在本財年下半年恢復到新冠疫情之前的增長率，我們已經做好了準備。 20財年下半年，我們正以比初創時更強勁的勢頭復甦，這正是我們的策略。

As a leadership team, we set 5 measures of what stronger means, and we have met each of them. First, did we grow market share faster than pre-COVID? Check. We grew at approximately 4x the market in H2 as compared to 2x the market in H1. And as a reminder, when we say market, we were referring to our basket of publicly traded companies.

作為領導團隊，我們設定了五項衡量「更強」的標準，而每一項都達到了。首先，我們的市佔率成長速度是否快於新冠疫情之前？答案是肯定的。下半年，我們的市佔率成長約為市場的4倍，而上半年僅為市場的2倍。需要提醒的是，我們所說的「市場」指的是我們投資組合中的上市公司。

Second, did we execute on our big deal pipeline in H2 despite the crisis, which would be a proxy for enhancing our role as the trusted transformation partner? Check. In fact, we had 3 more clients with over $100 million of bookings in H2 compared to H1 of this year.

第二，儘管面臨危機，我們下半年是否完成了重要的交易計畫？這是否能體現我們作為值得信賴的轉型合作夥伴的地位得到了提升？答案是肯定的。事實上，與上半年相比，下半年我們新增了3個訂單額超過1億美元的客戶。

Third, did we capture new growth opportunities? Check. We have had substantial new bookings in the health and public sector, such as the 10 states in the U.S. where we are doing contact tracing in remote collaboration services as well as cloud, security, supply chain and digital manufacturing, which helped offset a portion of the severe impact on some of our clients.

第三，我們是否抓住了新的成長機會？答案是肯定的。我們在醫療和公共領域獲得了大量新訂單，例如在美國10個州開展的遠端協作服務中的接觸者追踪，以及雲端、安全、供應鍊和數位化製造，這在一定程度上抵消了部分客戶受到的嚴重影響。

Fourth, did we continue to invest in our business and our people? Check. Not only did we invest significantly in our business and increase our training hours, but we also created the capacity to pay our people meaningful bonuses for fiscal year '20 performance and are planning for a significant level of promotions in our upcoming December promotion cycle. And all of this, we believe, will distinguish us from our competitors.

第四，我們是否持續投資於業務和員工？答案是肯定的。我們不僅大力投資於業務，增加了培訓時間，還根據2020財年的業績，為員工發放了豐厚的獎金，併計劃在即將到來的12月晉升週期中大幅提升員工的晉升幅度。我們相信，所有這些都將使我們在競爭中脫穎而出。

And finally, fifth, did we continue to deliver consistently on our shareholder commitments? Check. And we also reduced structural costs through our new growth model and took to accelerate our fiscal year '21 usual level of performance management-related exits of around 5% each fiscal year so that we are preserving our talented workforce for the future while positioning ourselves for modest margin expansion and continued investment in our business in fiscal year '21.

最後，第五點，我們是否持續兌現了對股東的承諾？答案是肯定的。我們也透過新的成長模式降低了結構性成本，並將21財年的績效管理相關退出率提高到通常的5%左右，以便在為未來保留優秀員工的同時，為21財年實現利潤率適度增長和業務持續投資做好準備。

Before KC gives you more details on our FY '21 outlook, I want to touch on Accenture Cloud first, which is an example of how we anticipate client needs and then act at speed and at scale. Last week, we announced the creation of Accenture Cloud First and a $3 billion investment over 3 years, which will be funded by prioritizing our expected investments across the business. Accenture Cloud First is a new multiservice group of 70,000 cloud professionals with more than 100,000 people providing cloud-related services, which brings together the full power and breadth of Accenture's industry and technology capabilities, ecosystem partnerships and deep commitment to upskilling clients' employees and to responsible business with the singular focus of enabling organizations to move to the cloud with greater speed and achieve greater value for all their stakeholders at this critical time. We have been building our cloud capabilities for the last decade and are a leader with approximately $12 billion in cloud revenue for FY '20, growing double digits, which includes our SaaS capabilities delivered through our Intelligent Platform Services business. This positioned us well to recognize that COVID-19 has created a new inflection point that requires every company to dramatically accelerate the move to the cloud as a foundation for digital transformation to build the resilience, new experience and products, trust, speed and structural cost reduction that the ongoing health, economic and societal crisis demands and that a better future for all requires.

在KC向您詳細介紹我們21財年的展望之前，我想先談談埃森哲雲。它是我們如何預測客戶需求，然後快速、大規模採取行動的一個例子。上週，我們宣布成立埃森哲雲端優先團隊，並在三年內投資30億美元，資金將透過優先考慮我們在整個業務中的預期投資來籌集。埃森哲雲端優先團隊是一個全新的多服務團隊，擁有7萬名雲端專業人員，其中超過10萬名員工提供雲端相關服務，它整合了埃森哲在行業和技術方面的全部實力和廣度、生態系統合作夥伴關係以及對提升客戶員工技能和負責任經營的堅定承諾，其唯一目標是幫助企業以更快的速度遷移到雲端，並在這個關鍵的價值。過去十年，我們始終致力於建立雲端能力，並保持行業領先地位。 2020財年，我們的雲端收入約為120億美元，並保持兩位數成長，其中包括透過智慧平台服務業務提供的SaaS功能。這讓我們充分認識到，新冠疫情創造了一個新的轉折點，要求每家公司都大幅加快向雲端遷移的步伐，以此作為數位轉型的基礎，從而構建韌性、全新體驗和產品、信任、速度和結構性成本削減，這些都是應對持續的衛生、經濟和社會危機以及創造更美好未來所必需的。

Post-COVID leadership requires that every business become a cloud-first business, quickly moving from today's approximately 20% in the cloud to 80%. This is a "once in a digital era" massive replatforming of global business.

後疫情時代的領導力要求每家企業都成為雲端優先企業，迅速將業務遷移到雲端的比例從目前的約20%提升至80%。這是一場「數位時代百年一遇」的全球商業平台化大規模重塑。

Accenture Cloud First works seamlessly with our Intelligent Platform Services, which focuses on our SaaS capabilities, which are an important part of replatforming global businesses. Recent wins include working with a leading consumer goods manufacturer on a global deployment of SAP S/4HANA, initially focusing on their central finance system and building a new digital backbone for the entire supply chain in China from purchasing to direct-to-consumer sales; working with the U.S. Air Force to establish a new cloud-based common infrastructure for its Oracle Enterprise Resources Planning program; working with a bank on the integration of their front office operations and enhancing customer relationships powered by Salesforce; and working with a top higher education research institution to implement Workday to transform their HR capabilities, to drive real-time data analytics and become a strategic partner across the organization.

埃森哲雲端優先 (Cloud First) 與我們的智慧平台服務無縫協作，後者專注於我們的 SaaS 功能，而 SaaS 功能是全球業務平台化轉型的重要組成部分。近期的合作包括：與一家領先的消費品製造商合作，在全球部署 SAP S/4HANA，最初專注於其中央財務系統，並為中國從採購到直銷的整個供應鏈構建新的數位主幹網；與美國空軍合作，為其 Oracle 企業資源規劃 (Oracle Enterprise Resources Planning) 專案建立新的基於空軍合作，為其 Oracle 企業資源規劃 (Oracle Enterprise Resources Planning) 項目建立新的基於空軍合作，為其 Oracle 企業資源規劃 (Oracle Enterprise Resources Planning) 項目建立新的基於空軍合作，為其 Oracle 企業資源規劃 (Oracle Enterprise Resources Planning) 項目建立新的基於空軍的通用基礎設施；的支持下增強客戶關係；以及與頂尖高等教育研究機構合作，實施 Workday，以轉變其人力資源能力，推動即時數據分析，並成為該機構的策略合作夥伴。

And ServiceNow is another digital platform that is critical. For example, for a public service agency, we collaborated with ServiceNow to rapidly implement a cloud-enabled workflow solution, enabling millions of citizens to access government services while complying with dynamic pandemic health safety guidelines.

ServiceNow 是另一個至關重要的數位平台。例如，我們與 ServiceNow 合作，為公共服務機構快速部署了一套基於雲端的工作流程解決方案，使數百萬公民能夠在遵守動態疫情期間健康安全指南的同時存取政府服務。

Now over to you, KC.

現在輪到你了，KC。

Thanks, Julie. Before I get into our business outlook, as I did last quarter, I would like to remind you that given the coronavirus pandemic, there are a number of factors that we may not be able to accurately predict, including the duration and magnitude of the impact, the pace of recovery as well as those described in our most recent quarterly filings. With that said, let me now turn to our business outlook.

謝謝，朱莉。在介紹我們的業務展望之前（就像上個季度一樣），我想提醒大家，鑑於新冠病毒疫情，我們可能無法準確預測許多因素，包括影響的持續時間和程度、復甦速度，以及我們最近季度報告中所述的因素。話雖如此，現在讓我來談談我們的業務展望。

For the first quarter of fiscal '21, we expect revenues to be in the range of $11.15 billion to $11.55 billion. This assumes the impact of FX will be about a positive 1.5% compared to the first quarter of fiscal '20. It also reflects an estimated negative 3% to flat growth in local currency and includes a reduction of approximately 2 percentage points from a decline in revenue from reimbursable travel costs.

我們預計21財年第一季的營收將在111.5億美元至115.5億美元之間。這假設外匯影響與20財年第一季相比約為正1.5%。此外，該預測也反映了當地貨幣預計的負3%至持平的成長，以及可報銷差旅費收入下降約2個百分點帶來的損失。

For the full fiscal year '21, based on 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 positive 2% compared to fiscal '20. For the full fiscal '21, we expect our revenue to be in the range of 2% to 5% growth in local currency over fiscal '20, including approximately negative 1% from a decline in revenues from reimbursable travel based on a 2% reduction in the first half of the year and no material impact in the second half of the year.

對於21財年全年，根據過去幾週的匯率走勢，我們目前預期外匯對美元業績的影響將較20財年同期約為正2%。對於21財年全年，我們預計以當地貨幣計算的收入將較20財年增長2%至5%，其中包括報銷差旅費收入下降約1%（基於上半年2%的降幅，下半年無重大影響）。

A couple of key points that are helpful to understand our guidance. We expect our growth will be lower in H1, with Q1 and Q2 ranges being similar, and we expect we will reconnect with higher growth in H2 in the range of high single digits to low double digits.

以下幾個關鍵點有助於理解我們的預期。我們預計上半年的成長率會較低，第一季和第二季的成長幅度相近。我們預計下半年的成長將恢復到較高的水平，成長速度將在高個位數到低兩位數之間。

For operating margin, we expect fiscal year '21 to be 14.8% to 15%, a 10 to 30 basis point expansion over fiscal '20 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 23.9% in fiscal '20. For earnings per share, we expect full year diluted EPS for fiscal '21 to be in the range of $7.80 to $8.10 and or 5% to 9% growth over adjusted fiscal '20 results.

就營業利益率而言，我們預期21財年的營業利益率為14.8%至15%，較20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，20財年的調整後有效稅率為23.9%。就每股盈餘而言，我們預計21財年全年稀釋每股盈餘將在7.80美元至8.10美元之間，或較20財年調整後業績成長5%至9%。

For the full fiscal '21, we expect operating cash flow to be in the range of $6.35 billion to $6.85 billion; property and equipment additions to be approximately $650 million; and free cash flow to be in the range of $5.7 billion to $6.2 billion. Our free cash flow guidance reflects a very strong free cash flow to net income ratio of 1.1 to 1.2. Finally, we expect to return at least $5.3 billion through dividends and share repurchases as we remain committed to returning a substantial portion of our cash to our shareholders.

在整個21財年，我們預計營運現金流將在63.5億美元至68.5億美元之間；物業和設備新增支出約為6.5億美元；自由現金流將在57億美元至62億美元之間。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。最後，我們預計將透過股利和股票回購至少返還53億美元，因為我們將繼續致力於將大部分現金回饋給股東。

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 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 today will come from the line of Tien-Tsin Huang of JPMorgan.

（操作員指示）我們今天的第一個問題來自摩根大通的黃天津。

I wanted to -- you gave a lot of good information here. It sounds like strategy and consulting services saw the biggest rate of change exiting the year, a little bit more pressure. I know operations improved. So I'm curious on the visibility and the outlook for strategy and consulting in fiscal '21. I presume that's going to see probably a nice recovery in the second half, based on your comments there. And are you over-indexed at all in strategy and consulting to some of the industries impacted by the pandemic?

我想問——您在這裡提供了許多有用的信息。聽起來策略和諮詢服務在年底經歷了最大的變化，壓力也更大了。我知道營運有所改善。所以我對21財年策略和諮詢服務的可見性和前景感到好奇。根據您的評論，我推測下半年可能會出現良好的復甦。您在策略和諮詢方面是否過度投資於一些受疫情影響的行業？

Thanks, Tien-Tsin, for your question. So let me talk about what we see for growth in strategy and consulting, and then Julie can pass on some additional color.

謝謝田津的提問。那麼，我先來談談我們對策略和諮詢業務成長的看法，然後朱莉可以補充一些資訊。

So first thing I would say is that when we look at strategy and consulting, we really do see that it's held up in this environment, because it really is critical to our differentiation in the places where our clients are continuing to invest. And if we look at the actual results, strategy and consulting, they came in really as we expected in Q4. And you're right, it does follow a very similar pattern from an industry perspective, Tien-Tsin, where we see pressure in strategy and consulting in the most highly impacted industries in the market.

所以我想說的第一點是，當我們審視策略和諮詢業務時，我們確實發現它在當前的環境下仍然堅挺，因為它對於我們在客戶持續投資的領域中實現差異化至關重要。如果我們看一下實際業績，策略和顧問業務在第四季度的表現確實符合我們的預期。你說得對，從產業角度來看，情況確實非常相似，Tien-Tsin，我們看到在市場受影響最嚴重的產業中，策略和顧問業務面臨壓力。

Now in terms of the dynamics for growth, we see the same dynamics in the first quarter essentially that we saw -- that we're seeing from an industry perspective in strategy and consulting growth in the first quarter as we saw in the fourth quarter, and that should play out pretty similar in the first half. But we do see recovery and reconnecting with growth in the back half of the year. Let me just hand it over to Julie for some more comments.

就成長動力而言，我們在第一季看到的成長動力與第四季基本相同——從產業角度來看，策略和顧問產業在第一季的成長與第四季基本相同，而且上半年的成長趨勢應該也大致相同。但我們確實看到了下半年的復甦和重新回歸成長的勢頭。請朱莉發表更多評論。

Yes. Tien-Tsin, I think what's important -- so in other words, we're not over-indexed in strategy and consulting versus the rest of our business and industries. And so how it's kind of worked with sort of 20% in severe industries, et cetera.

是的。田津，我認為重要的是——換句話說，我們在策略和諮詢方面的投入，相對於我們其他的業務和行業，並沒有過高。至於在嚴苛產業中，20% 的投入是如何運作的，等等。

As I talked about last quarter, right, when you think about strategy and consulting, it's a huge differentiator in sort of these transformational deals, and I'll talk about that in a minute.

正如我上個季度談到的，當你考慮策略和諮詢時，它是這些轉型交易中一個巨大的區別因素，我稍後會談到這一點。

And then, as I said, the leading companies right now are very focused. So some of the smaller work that you would do to sort of incubate and to start doing things, companies are saying, and we're telling companies, focus on the big rocks that you need to do, right. And so what's playing out in the market isn't about sort of a weakness in strategy and consulting. It's a reflection of how our clients are thinking about their businesses and what they need.

正如我所說，現在領先的公司都非常專注。所以，有些公司會說，就像孵化和開始做事那樣，要專注於一些小事，而我們也告訴他們，要專注於需要做的大事。所以，市場的表現並非策略和諮詢的弱點。這反映了我們的客戶如何看待他們的業務以及他們的需求。

So I'm actually quite pleased with how well strategy and consulting is holding up.

因此，我對策略和諮詢業務的進展感到非常滿意。

And the thing that's the most important is that this is how we're delivering 17 clients with over $100 million bookings, because each of these big transformations, like, require this deep understanding of industry and functions. And you see that in other places.

最重要的是，我們就是這樣為17位訂單量超過1億美元的客戶提供服務的，因為每一次重大轉型都需要對產業和職能有深刻的理解。你在其他地方也能看到這種情況。

For example, the Bank of England, we announced a deal there where we're helping them with their high-value payments infrastructure to support resilience and innovation, right. Digital payments and instant payments were huge before the crisis. As you know, it's changed dramatically. And because we understand the industry, we have cross-industry expertise in how digital payments are being used, right, as well as the understanding of data and the technology, those things come together to create this new system that improves resiliency, customer experience, access to data and end-to-end risk management. No one can do that, right, with all of those skills but us. Anything? Maybe next question.

例如，我們與英格蘭銀行宣布了一項協議，幫助他們建立高價值支付基礎設施，以增強其韌性和創新能力。危機前，數位支付和即時支付非常流行。如你所知，現在情況發生了巨大變化。由於我們了解這個行業，我們在數位支付應用方面擁有跨行業的專業知識，以及對數據和技術的理解，這些因素共同構成了這個新系統，該系統能夠提升韌性、客戶體驗、數據存取和端到端風險管理。除了我們，沒有人能夠擁有所有這些技能。有什麼可以做的嗎？或許下一個問題可以提出來。

Next question is from Lisa.

下一個問題來自麗莎。

Lisa Ellis of MoffettNathanson.

MoffettNathanson 的 Lisa Ellis。

Yes, following up a little bit on -- well, a related question to Tien-Tsin's question about consulting. Can you talk a little bit about -- just looking like, obviously, revenue is down in the quarter, but then bookings and consulting very strong. I guess a follow-up on that is what are you seeing clients kind of commit to in the current environment on the consulting side of things? Like meaning, what's their willingness to commit on these kind of new, more strategic projects in the current environment? I'll leave it there, and then I have a follow-up.

是的，稍微跟進一下——嗯，這個問題和Tien-Tsin關於諮詢的問題有關。您能否談談——顯然，本季的收入有所下降，但訂單量和諮詢業務非常強勁。我想接下來的問題是，在當前環境下，您認為客戶在諮詢上有哪些投入？也就是說，在當前環境下，他們對這些新的、更具策略性的專案投入的意願如何？我就先回答到這裡，然後我再跟進。

So Lisa, and again, and I know all of you guys think very much about strategy and consulting and then the technology and operations separately. But in fact, as I've said consistently, including pre-COVID, we really think about our services together. But let me just give you an example of one of the most severely impacted industries, energy.

所以麗莎，我再說一遍，我知道你們大家都在認真考慮策略和諮詢，然後是技術和營運。但事實上，正如我一直說的，包括在新冠疫情之前，我們實際上是一起考慮我們的服務的。不過，我先舉一個受影響最嚴重的產業——能源產業的例子。

So last week, I'm with the CEO and the leadership team of one of our major clients, and the meeting goes like this: The first part of the meeting is, thank you very much, Accenture, for helping us save money in finance and accounting operations because we lowered what they needed to create some -- help them with their cost pressures.

因此，上週，我與我們的主要客戶之一的執行長和領導團隊在一起，會議內容如下：會議的第一部分是，非常感謝埃森哲，幫助我們節省財務和會計營運方面的資金，因為我們降低了他們創造一些資金所需的成本——幫助他們應對成本壓力。

Then the next part of the meeting is all about the IT modernization that we signed during Q3, right, which includes strategy and consulting. It includes our application outsourcing, maintenance. And it includes other technology services, right. And that was about -- because they have to continue to build their digital core, they need -- it's helping them with cost, but it's also about moving to the cloud. It's about creating those capabilities.

會議的下一部分是關於我們在第三季簽署的IT現代化協議，對吧？這包括策略和諮詢，包括我們的應用程式外包和維護，以及其他技術服務。這是因為他們必須繼續建立他們的數位核心，他們需要——這不僅能幫助他們降低成本，還能幫助他們遷移到雲端，創造這些能力。

Then the third part of the meeting was around some pilots that we're trying to shape with them that include -- that are -- it's driven by strategy and consulting, where the criteria is we need to turn them faster. So there's small pilots all about innovation, right. But the criteria we're helping them say is, well, how can you -- what should we do that will get more return, right, because they've got to balance, right.

會議的第三部分討論了我們正在與他們共同製定的一些試點項目，這些項目由策略和諮詢驅動，其標準是我們需要更快地完成。所以，有一些小型試點計畫都與創新有關，對吧。但我們幫助他們確定的標準是，你該怎麼做才能獲得更多回報，對吧，因為他們必須取得平衡，對吧。

So again, we think about this as what are the needs of the client and how do we bring these services to deal with their short term, their longer-term transformation and also thinking very quickly about how they can innovate to get nearer-term returns. Does that help kind of bring that together in terms of how they're thinking?

所以，我們再次思考客戶的需求是什麼，我們如何提供這些服務來應對他們的短期和長期轉型，同時快速思考他們如何創新以獲得短期回報。這是否有助於整合他們的想法？

Yes. Yes. And then my follow-up, this is a kind of broader industry question. But we're looking at -- we typically think of Accenture, given your scale, as sort of a bellwether for the industry. And we are looking at kind of historical times in history when we've seen this bifurcation between IT spending and GDP. And you're running kind of flattish on revenues, which is very impressive given that GDP is running down mid- to high single digits. And those times in the history have always been when there's been like a really big disruption on the technology side: the Internet, personal computers, whatnot. Do you feel like -- and this is again a question because I know you're in client meetings all day every day. Do you feel like the shift to digital happening right now because of the pandemic is kind of similar to those situations and that we're seeing sort of that level of dislocation or change at the enterprise level in terms of their investments in technology?

是的，是的。接下來我想問的是，這是一個更廣泛的行業問題。但我們正在研究——鑑於埃森哲的規模，我們通常認為它是該行業的風向標。我們正在研究歷史上IT支出與GDP之間出現分化的時期。而埃森哲的收入卻基本持平，考慮到GDP正以中高個位數下降，這非常令人印象深刻。歷史上的這些時期通常都是科技層面重大改變的時候：網路、個人電腦等等。您是否覺得—這又是一個問題，因為我知道您每天都在和客戶開會。您是否覺得目前由於疫情而發生的數位轉型與當時的情況有些相似？我們在企業層面的技術投資方面也看到了這種程度的錯位或變化？

Yes. I mean -- and Lisa, that's exactly what's happening. Because remember, before crisis, there was exponential technology change, right. I mean, just in January, we were talking about the big inflection point. Remember, it was back in 2013 that we first said every business is a digital business. So that was happening pre-COVID.

是的。我的意思是——麗莎，這正是正在發生的事情。因為要記住，在危機之前，科技發生了指數級的變化，對吧。我的意思是，就在一月份，我們還在談論一個重大的轉捩點。要知道，早在2013年，我們就首次提出了每個企業都是數位化企業的觀點。所以，這在新冠疫情之前就發生了。

What COVID has done -- we thought it would take a decade. It's now shortened to what we think is more like 5 years. That's why we announced Accenture Cloud First last week, because we think this is right, now the "once in a digital era" moment where we are rapidly moving to a complete replatforming of global business, right. It is hugely significant. And that's why having invested since 2014 when we first created digital in these capabilities is what's helping us, as you say, do so well in this incredibly difficult challenging macro environment.

新冠疫情的影響——我們原以為這需要十年。現在縮短到五年左右。這就是我們上週宣布推出埃森哲雲優先 (Accenture Cloud First) 的原因，因為我們認為現在正值「數位時代」難得一見的時刻，我們正在快速邁向全球業務的全面平台化轉型。這意義重大。正因如此，我們自2014年首次創建數位化以來就一直在投資這些功能，正如您所說，正是這些功能幫助我們在當前極其艱難、充滿挑戰的宏觀環境中取得瞭如此出色的成績。

Great. Thank you, Lisa.

太好了！謝謝你，麗莎。

We'll go next to the line of Jason Kupferberg of Bank of America.

接下來我們來看看美國銀行的 Jason Kupferberg 的發言。

I just had kind of a two-part question, so maybe I'll ask it upfront. Just if we look at the growth in "the New" here in Q4, it was up low single digits, and it was less of a premium in the growth rate there relative to the overall corporate growth than we saw last quarter. So I just wanted to get a sense of whether or not that was in line with your expectations.

我的問題大概分成兩個部分，所以我可能會先問一下。如果我們看一下第四季度「新業務」的成長，它只成長了較低的個位數，而且相對於整體企業成長而言，其成長率溢價幅度比上一季降低。所以我只是想了解這是否符合您的期望。

And then can you just more broadly comment like across consulting and outsourcing, what you're seeing in terms of the pace of converting bookings to revenue? And how that's factoring into your thought process, especially for the outlook in the first half of fiscal '21.

然後，您能否更廣泛地評論一下，例如在諮詢和外包領域，您看到的預訂轉化為收入的速度如何？這對您的思考過程有何影響，尤其是對21財年上半年的前景。

Yes. Let me cover the first question. In terms of the growth of "the New", so it did hold up very well, and it really came in as we had expected, right. So remember, "the New" now is 70% of our business.

是的。我先回答第一個問題。就「新業務」的成長而言，它確實保持了良好的成長勢頭，而且確實達到了我們的預期。記住，「新業務」現在占我們業務的70%。

And when we talked about "the New" and you remember this well when we put this in, the point of it really was to make sure that we were resilient in the pace of change. And if you go through and look back at what we did in 2015, where it's 1/3 of the business, it's now 70% of our business. And that really has provided us with a position of strength in which we were able then to -- when we talked about our new growth model in March 1, that we embedded digital everywhere. So that's all now the core of our business. So we did come in where we expected it to be. And overall, we feel very good about our positioning in "the New."

當我們談到「新」時，你們應該還記得，當我們提出這個概念時，其真正目的是確保我們能夠適應變化的步伐。如果回顧我們2015年的表現，你會發現當時數位化只占我們業務的三分之一，而現在佔了70%。這確實為我們提供了優勢地位，讓我們能夠——當我們在3月1日談到新的成長模式時，我們提到了將數位化融入各個領域。所以，現在數位化已經成為我們業務的核心。所以我們確實達到了預期的目標。總的來說，我們對在“新”中的定位感到非常滿意。

So on the second question around how are things kind of bleeding into -- I think your question is more, how are bookings bleeding into our revenue? So let me just cover that in terms of maybe, first, looking at our bookings in terms of the mix.

那麼關於第二個問題，我認為你的問題更多的是，預訂量如何影響我們的收入？首先，我先從預訂量組合的角度來分析。

So if you look at the mix of what we're selling, which was very strong in the fourth quarter, $14 billion of bookings, very strong in tech, very strong in operations and I mentioned lower bookings in strategy and consulting, which we expected. So given that the lower percentage of the mix of our bookings are strategy and consulting, and as you know, they tend to be shorter, the overall duration of our bookings are a little bit longer. So when you think about our revenue and when it's going to start coming into our bookings and when it's going to start coming into revenue, I think it's important to really take a look at what's been happening in our business since COVID hit.

所以，如果你看一下我們銷售業務的組合，你會發現第四季度的訂單量非常強勁，達到了140億美元，科技和營運業務的訂單量都非常強勁。我之前提到過，策略和諮詢業務的訂單量有所下降，這在我們預料之中。考慮到策略和諮詢業務的訂單量佔比較低，而且正如你所知，這些業務的周期通常較短，所以我們訂單的整體持續時間會更長一些。所以，當你考慮我們的收入，以及這些收入何時會開始計入訂單量和收入時，我認為有必要認真回顧一下自新冠疫情爆發以來，我們的業務發生了哪些變化。

So when we talked about our business as really impacted, and we hit our lows in April and May. And we were very pleased that in Q4, we improved from those lows, right? And we came in at where we expected within our guidance range. We also, Jason, have that 2% headwind from reimbursable revenues. So that also has a 3% impact in consulting. So that's also very unique and unusual to the situation.

所以，當我們談到我們的業務確實受到了影響時，我們在4月和5月跌到了谷底。我們很高興在第四季度從低谷中有所回升，對吧？我們的業績達到了預期，也處於指導範圍內。傑森，我們的可報銷收入也帶來了2%的不利影響。這對諮詢業務也產生了3%的影響。所以，這種情況也非常獨特，不尋常。

And the third thing just to continue to remember is that dynamics that we saw, we talked in Q3, about the higher -- the more impacted industries being where we said, 20%, feeling a little bit more pressure on growth. That's going to play out very similar -- that played out very similar in Q4, and we see that playing out very similar in the beginning part of H1 in the year. But we will build back our business from -- in Q1 to Q2 based on our guided range that we provided.

第三點要繼續記住的是，我們在第三季看到的動態，也就是我們所謂的受影響較大的產業，也就是我們所說的20%，會感受到更大的成長壓力。這種情況將會非常相似——第四季的情況非常相似，我們也看到今年上半年的情況也非常相似。但我們將根據我們提供的指導範圍，在第一季到第二季之間恢復業務。

So just again, to be very clear, the guided range for Q1 of negative 3% to 0% implies stability from the growth that we -- the build back that we had in Q4, stability at the bottom end, and improvement at -- anywhere else in the range. And we continue to see that build happening in Q2 through the first half of the year.

所以，再次明確一點，第一季的指導範圍為-3%至0%，這意味著我們第四季的成長保持穩定，底部保持穩定，其他方面也保持改善。而且，我們預計這種成長將在第二季乃至今年上半年持續下去。

We'll go next to the line of Bryan Keane of Deutsche Bank.

接下來我們來談談德意志銀行的布萊恩‧基恩 (Bryan Keane)。

I had kind of a similar question, and so let me ask it a different way. The dichotomy between strong bookings, up 9% in Q4, but revenue is dropping down 1% in constant currency, that gap is the biggest, I recall, in the company's history. Because bookings are so strong, but it doesn't quite translate to revenue. And other factors I'm thinking about is potentially pricing and was there any cancellations. And then maybe there's a high amount of renewals in there. Just thinking about for the quarter itself, the dichotomy, maybe you can comment on that.

我之前也遇到類似的問題，所以想換個角度問。第四季預訂量強勁成長9%，但營收卻以固定匯率計算下降了1%，這兩者之間的差距我記得是公司史上最大的。因為預訂量非常強勁，但並沒有完全轉化為收入。我還在考慮其他因素，例如潛在的定價，以及是否有取消預訂的情況。此外，可能還有大量的續訂。就本季而言，這種差距，或許您可以評論一下。

Yes. And let me just take, Bryan -- I'm going to just take your question, and I want to just talk about connecting the point of, okay, bookings and the top line revenue growth. So I talked a little bit about the duration when I was talking with Jason on his question. So let me round it out by just kind of stepping back and looking at how we see all of these bookings connecting to revenue growth.

是的。布萊恩，我來回答你的問題，我想談談預訂量和營收成長之間的關聯。我在和傑森討論他的問題時，稍微談了一下持續時間。所以，讓我總結一下，我們是如何看待所有這些預訂量與營收成長之間的關聯的。

So I did touch on already what happened in Q3 and how we -- the build back from April and May in Q4. And I've touched quite a bit on H1, how we see that playing out, where we're going to continue to build back in our business. So you're going to see those bookings, Bryan, start coming back into Q1 and Q2. Although our growth rates are going to be in the similar range, we are building back our business.

我已經談到了第三季的情況，以及我們如何在第四季度從四月和五月的業績中恢復過來。我也多次談到了上半年的情況，以及我們預計的後續發展，以及我們將如何繼續恢復業務。布萊恩，你會看到這些預訂量在第一季和第二季開始回升。雖然我們的成長率將保持類似的水平，但我們正在恢復業務。

But let me just talk a little bit about the second half, because it's going to get a little bit more to probably your question on bookings. So we do see a different growth dynamic in the second half of fiscal '21, and we expect to reconnect with higher growth. And when we say higher growth, at the bottom end of our range, that's high single digits. At the top end, it's low double digits. And there are really 4 main drivers that we see for connecting with this higher-level growth in the back half.

但我先簡單談談下半年的情況，因為接下來可能會涉及您關於預訂量的問題。我們確實看到了21財年下半年不同的成長動態，並預計會重新實現更高的成長。我們所說的更高成長，指的是我們預期區間的低端高個位數成長。高端則是低兩位數成長。我們認為，下半年實現更高水準成長的主要驅動力主要有四個。

So the first assumption that we have is we do expect some improvement in the macroeconomic environment, which doesn't -- so we don't assume another macroeconomic shock. The second thing that we see, and this gets to your question is, we will see more of the benefit from the significant transformation deals that we sold over the last few quarters in the back half of the year. But then the third point is, at the same time, that's when we expect strategy in consulting to reconnect with growth. And I think Julie gave just terrific color on why it is that we see that coming back in the second half. And then the fourth point is that we will have in the back half of the year, as all of you know, the benefit of an easier compare.

因此，我們的第一個假設是，我們確實預期宏觀經濟環境會有所改善，但實際情況並非如此——所以我們不會假設再次出現宏觀經濟衝擊。我們看到的第二個假設，也與你的問題相關，那就是我們將在下半年看到更多過去幾季達成的重大轉型交易的收益。但第三點是，同時，我們預期諮詢業務的策略將與成長重新掛鉤。我認為朱莉已經很好地解釋了為什麼我們認為這種趨勢會在下半年回歸。第四點是，如大家所知，我們將在下半年獲得更容易比較的優勢。

And with that, I just want to point out a couple of things. We're going to anniversary the reimbursable revenue headwind. Because -- so that's been 2% in the first half of the year. But not only will we anniversary that, but we have adjusted to this new reality of less travel as have our clients. So of course, we are meeting with clients, and, yes, we are returning to some client sites, but our H2 revenue assumption does not include a significant increase in travel.

說到這裡，我只想指出幾件事。我們將迎來可報銷收入逆風的周年紀念日。因為——今年上半年，這數字已經下降了2%。但我們不僅要慶祝這一周年紀念日，而且我們已經適應了差旅減少的新現實，我們的客戶也是如此。當然，我們正在與客戶會面，是的，我們正在返回一些客戶所在地，但我們下半年的收入預測不包括差旅的大幅成長。

So along with a 2% inorganic contribution for the year, which aligns to about $1.7 billion acquisition spend, that gives you kind of the full picture of how we shaped our guidance, how the bookings are going to come in, when they're going to come in and drive our top line growth. And based on the current environment, while I want to continue to say for this -- for quarter 1 and for the full fiscal '21, that all of our ranges in play, we will connect with strong level of growth in H2. So you can consider that if you look at the impact of this, and Julie talked about turning the page, the pandemic, it was really an H2 of FY '20 impact on our business. We're building back up in H1 of fiscal year '21. And we're going to connect with growth that we believe is a strong level of growth, as characterized by at least high single digits in the second half of the year, which is implied in the low end of our guidance.

因此，加上全年 2% 的無機收入貢獻（相當於約 17 億美元的收購支出），這大致可以讓你全面了解我們如何制定業績指引，訂單將如何產生，何時產生並推動我們的營收成長。基於當前環境，我想繼續強調的是——對於第一季和整個 21 財年，我們所有的業務範圍都將在下半年保持強勁成長。所以你可以考慮疫情的影響，朱莉談到了翻開新的一頁，疫情實際上是 2020 財年下半年對我們業務的影響。我們將在 21 財年上半年恢復成長。我們將保持我們認為強勁的成長水平，下半年至少實現高個位數成長，這暗示了我們指引的低端。

Our next question will come from the line of Ashwin Shirvaikar of Citi.

我們的下一個問題來自花旗銀行的 Ashwin Shirvaikar。

So good results. Good results and comments, pretty directionally consistent with what we essentially said. And thank you for the clarification with regards to just the trajectory.

結果很好。結果和評論都很好，與我們的基本設想基本一致。感謝您對發展軌蹟的澄清。

I just want to put maybe a couple of finer points on it, if you don't mind. So you're essentially saying on one of those elements, the step-up in demand for "the New," you're already seeing in terms of conversations, bookings, pipeline building, all of that. The meat of it can potentially basically kick in when budgets are nailed down by your clients next calendar year, because it just takes time for large enterprises to do -- to move from a plan to do something over 5, 7 years to do it over 3 to 5 years, right.

如果您不介意的話，我只想稍微提幾點。所以您實際上是在說其中一個因素，即對「新事物」的需求正在上升，您已經從對話、預訂、管道建立等等方面看到了這一點。當您的客戶在下個日曆年確定預算時，其核心內容可能會開始顯現，因為對於大型企業來說，從計劃用5年、7年的時間完成某件事，轉變為用3到5年的時間完成，對吧？

That's -- and then the clarification on that is consultants traveling on projects with clients, you do not expect that to come back. Is that more of a fiscal '21 thing? Or is that just like the new reality?

需要澄清的是，顧問與客戶一起出差進行項目，這種情況預計不會再發生。這更像是21財年的事嗎？還是說這只是新的現實？

Yes. So let me take just the last question and a point on the first question, then hand it over to Julie. So maybe Ashwin, a point on your first question, so let me talk about how we see demand in terms of our pipeline and bookings in FY '21.

是的。那麼，我先回答最後一個問題，並談談第一個問題的要點，然後交給茱莉。阿什溫，關於你的第一個問題，我先談談我們對21財年在建項目和訂單方面的需求的看法。

So we have a strong pipeline coming into the year, even after doing the $14 billion of bookings in Q4. And just as we look at how that's going to play out over the year, we do see Q1 being a little bit lighter and building throughout the year, which is our typical pattern.

因此，即使在第四季度完成了140億美元的訂單量之後，我們今年的預訂量仍然強勁。正如我們展望全年的走勢一樣，我們確實看到第一季的預訂量略有下降，並且全年都在增加，這是我們的典型模式。

And then on the last point, what I would say is, I just want to be clear on the assumption that I have made on what we have in revenue in the back half of the year. We've been talking about this revenue headwind from travel. So I just wanted to be really clear about the assumption that I'm making in revenue that we are not assuming an uplift in the back half of the year.

關於最後一點，我想說的是，我只是想明確一下我對下半年收入的預測。我們一直在討論旅行帶來的收入逆風。所以我想非常明確地說明我對收入的預測，我們並沒有假設下半年收入會有所成長。

Yes, which means, of course, H1, we've got -- still got the headwinds in terms of the compare. It's like the sunsets. But we're not saying, hey, but we're just going to get on. We're going to get an uplift.

是的，當然，這意味著上半年我們仍然面臨一些阻力，就像夕陽西下一樣。但我們不會說，嘿，我們只會繼續前進。我們會獲得提升。

I'm not baking any uplift in.

我沒有烘烤任何提升。

It could be an upside, right. So -- but just on the demand side, you do have it right, Ashwin, in that there's -- what's happening right now is you've got certain things we're doing immediately, and then you have these bigger conversations that we're doing. That's how you saw 17 clients last quarter. We're continuing to shape a lot of these bigger things.

這可能是個好處，對吧。所以——但就需求方面而言，阿什溫，你說得對——目前的情況是，我們正在立即進行一些工作，然後進行一些更大規模的對話。這就是上個季度我們擁有17個客戶的原因。我們正在繼續塑造許多更重要的事情。

If you take like supply chain, for example, with one client, we -- they needed immediate forecasting help because it's a pharma client that had to get PPE. So we worked quickly with SAP to put an integrated business planning, help forecasting, decrease critical shortages, while we're talking about a broader transformation of supply chain.

以供應鏈為例，我們有一個客戶，他們需要即時的預測協助，因為這是一家製藥公司，需要採購個人防護裝備 (PPE)。因此，我們迅速與 SAP 合作，制定了整合業務規劃，以幫助進行預測，減少關鍵短缺，同時我們正在討論更廣泛的供應鏈轉型。

Same thing for a leading health and personal care company. They needed a transportation management system, which we partnered with Blue Yonder to put in, to immediately address the issues about getting goods to different places. But we're talking about shaping an entire transformation of the supply chain to build in the resilience, get the data and the analytics, right.

一家領先的健康和個人護理公司也面臨同樣的情況。他們需要一套運輸管理系統，我們與Blue Yonder合作安裝了該系統，以立即解決貨物運送到不同地點的問題。但我們討論的是打造供應鏈的整體轉型，以增強韌性，並獲得正確的數據和分析結果。

And so -- and that's what you're starting -- we're doing kind of everywhere, where we have the agility to quickly -- and by the way, the critical ecosystem partnerships to do that while at the same time we're shaping the larger conversations. That's happening in cloud as well, right. That's why we're doing Accenture Cloud First. We're oftentimes doing some immediate things, but we're shaping these bigger transformations, working with the public hyperscalers on the hybrid cloud, working with the hyperscalers as well as the HPE, VMware, Red Hat, Ciscos of the world, who are incredibly important partners as we shape this.

所以——這就是你要開始的——我們幾乎無所不在，只要我們擁有敏捷性，就能快速行動——順便說一下，我們與關鍵的生態系統合作夥伴合作，同時我們也在塑造更大的對話。雲端運算領域也是如此，對吧。這就是我們推出埃森哲雲端優先的原因。我們經常做一些眼前的事情，但我們正在塑造這些更大的轉型，與混合雲上的公共超大規模供應商合作，與超大規模供應商以及HPE、VMware、Red Hat、思科等全球公司合作，他們是我們在塑造這一目標過程中極其重要的合作夥伴。

Got it. And then the second question on cash flow. It's solid in the quarter, continues to be -- projections look pretty good for next year. And I know cash flow has always been a strong point for Accenture, but these levels of cash conversion are still quite impressive. So I had to ask, has something changed? Or is it perhaps related to single factors like lower variable comp? Is it sustainable at this level?

明白了。第二個問題是關於現金流的。本季現金流表現穩健，持續維持－明年的預測看起來相當不錯。我知道現金流一直是埃森哲的強項，但這種現金週轉率水準仍然令人印象深刻。所以我想問一下，情況有什麼改變嗎？或可能與一些單一因素有關，例如較低的浮動薪酬？這種水平能持續下去嗎？

Yes. So thanks for the question on free cash flow. You're right, I mean we had record free cash flow of $7.6 billion in the year, and it surpassed even our expectations for the year. And why is that? Really, it's due to just stellar billing and collections this year. So you know we have industry-leading DSO, right. You know us well. So we're usually either around 40 days, 41 days. We closed at 35 days, right, so -- which is we haven't seen those levels since fiscal 2015. And we did all that during liquidity crisis, during a pandemic, right. So I think it's just very impressive. And it just goes to the rigor and discipline that our team has and how we run the business. And that was a 1.5 free cash flow to net income ratio.

是的。感謝您關於自由現金流的問題。您說得對，我的意思是，我們今年的自由現金流達到了創紀錄的76億美元，甚至超出了我們對今年的預期。為什麼呢？其實，這完全歸功於今年出色的帳單和收款業績。您知道我們擁有業界領先的應收帳款週轉天數 (DSO)。您很了解我們。我們的應收帳款週轉天數通常在40天或41天左右。我們的應收帳款週轉天數是35天，也就是說，自2015財年以來，我們從未見過這樣的水準。而且，在流動性危機和疫情期間，我們做到了這一切。所以我認為這非常令人印象深刻。這歸功於我們團隊的嚴謹和紀律，以及我們經營業務的方式。當時的自由現金流與淨收入之比是1.5。

So Ashwin, just -- you're used to how we do guide free cash flow. You know how strong we perform. And it's typical for the bottom end of our range to be a decline. And what you see this year is that we have all of our ranges decline over what we did last year. And I just want to give you some just context in this.

所以，阿什溫，你應該已經習慣了我們引導自由現金流的方式。你知道我們的表現有多強。我們的最低端通常會下降。而今年的情況是，我們所有的區間都比去年有所下降。我想給你一些背景資訊。

As you know, when we go back to what is still industry-leading DSO, we've added at least 5 days to get back into 40 days of DSO. The way free cash flow works is it's that change of 5 days, and that's almost $1 billion, it's like $800 million plus of a change in free cash flow, just getting ourselves back to that level. So there's nothing other than just stellar free cash flow this year and going back to what is still superior cash management next year.

如您所知，當我們回到仍處於業界領先水準的應收帳款週轉天數（DSO）時，我們至少增加了5天，才回到40天的DSO。自由現金流的運作方式是，這5天的變化，相當於近10億美元，相當於8億多美元的自由現金流變化，才讓我們回到那個水平。所以，除了今年擁有出色的自由現金流，並在明年恢復仍然卓越的現金管理水平之外，別無他求。

We'll go next to the line of James Faucette of Morgan Stanley.

接下來我們來談談摩根士丹利的詹姆斯‧福塞特 (James Faucette)。

Just 2 quick questions from me. First, we've talked a lot about the engagement with customers and what they're looking for from Accenture. But wondering if you can provide any color as to what we're seeing in terms of decision cycles and times around those. If those are seeing any improvement, et cetera?

我只想問兩個簡短的問題。首先，我們已經討論了很多關於與客戶的互動，以及他們對埃森哲的期望。但您能否介紹一下我們在決策週期和時間方面的情況？這些方面是否有改善等等？

And my second question is related to inorganic contribution. I think you mentioned that you're expecting some level of inorganic contribution is built into your guidance. Can you just once again clarify what that looks like? And I guess more importantly, as we think about all the change and the type of work you're doing for your clients, should we expect that level of inorganic contribution to persist into the future beyond fiscal year '21?

我的第二個問題與無機貢獻有關。我記得您提到過，您預計一定程度的無機貢獻會納入您的績效指引中。您能否再次解釋一下具體情況？更重要的是，考慮到所有這些變更以及您為客戶所做的工作類型，我們是否應該預期這種程度的無機貢獻會持續到21財年之後？

So thanks for the question. So I'll just take the -- just clarify and confirm that for next year, we do have 2% inorganic revenue contribution factored into our guidance with up to $1.7 billion of spend.

謝謝你的提問。我只是想澄清一下，確認一下，明年我們的預期支出中確實包含了2%的無機收入貢獻，最高支出額為17億美元。

I'm not -- we won't -- don't guide into future years in terms of what we're going to do. But obviously, the D&A is a key part of our capital allocation. We have no planned changes at all to our capital allocation approach. And I'm going to hand it over to Julie to talk a little bit about any other color.

我不會——我們也不會——對未來幾年的行動做出任何預測。但顯然，折舊攤提前利潤是我們資本配置的關鍵部分。我們目前沒有任何計劃改變資本配置方法。接下來，我將把時間交給朱莉，她將就其他顏色的配置發表一些看法。

Yes. Look, on the decision-making, what's happening is what you'd expect to happen, right. Everyone had to make really fast decisions in how to navigate the crisis. So there are some things that are happening at lightning speed, right. When you have to figure out your supply chain or get up on Teams fast, you do that. We've seen some acceleration in the transformation deals, right, because they're like, we got to move faster to kind of get to that. And you have other places where they slowed down things, clients where we had 3 things teed up, and they're like, let's do this one and then let's wait and see on these others.

是的。就決策而言，現在發生的事情正如你所預料的那樣。每個人都必須快速做出決定來應對危機。所以有些事情發生得非常快，對吧。當你需要弄清楚你的供應鏈或快速啟動Teams時，你就會這麼做。我們看到轉型交易有所加速，對吧，因為他們覺得，我們必須加快步伐才能實現這一點。而有些地方他們放慢了速度，有些客戶我們之前安排了三件事，他們卻說，先做這個，然後再看看其他的。

And so I would just say it's very contextual right now and it varies also by industry. And of course, we're now going into kind of budgets for the end of the -- as you normally note, due in the fall season. So that will be -- and that will -- we'll see how that plays out as well.

所以我想說，目前情況非常複雜，而且每個行業都有所不同。當然，我們現在正在製定秋季末的預算——正如你通常提到的那樣。所以，這將會——而且——我們也會看看結果如何。

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

好的。接線員，我們還有時間再問一個問題，然後朱莉將結束通話。

And that will come from the line of Bryan Bergin of Cowen. .

而這將來自考恩公司的布萊恩伯金 (Bryan Bergin) 的說法。

I just got one here for you. So on margin, how should we be thinking about your comfort level in your typical margin expansion range? And can you also comment how work-from-home implications may play into that?

我剛剛給你提了一個問題。那麼，關於利潤率，我們該如何考慮你在典型利潤率擴張區間內的舒適度？你能否評論一下在家工作的影響會如何影響利潤率擴張？

Yes. So thanks for the question. So obviously, one of our key financial imperatives is to expand -- give modest margin expansion while investing at scale in our business and in our people. And we did this, you saw, Bryan, even in fiscal year '20 with lower ranges of revenue growth. And so we feel comfortable that we can continue to create the flexibility and the investment, to do our investments in talent, to do the investments in the business. Julie talked quite a bit about how excited we are in Cloud First. So I would say it's the normal rigor and discipline that we need to bring to our business, to create that margin capacity, to invest back while keeping within our 10 to 30 basis points of expansion.

是的。謝謝你的提問。顯然，我們的主要財務要務之一是擴張——在大規模投資於業務和人才的同時，實現利潤率的適度增長。布萊恩，你看到了，即使在2020財年收入成長幅度較低的情況下，我們也做到了這一點。因此，我們感到安心，因為我們可以繼續創造靈活性和投資，並繼續投資於人才和業務。朱莉多次談到我們對Cloud First的興奮之情。所以，我想說，我們需要將正常的嚴謹性和紀律性帶到我們的業務中，創造利潤空間，在保持10到30個基點擴張的同時進行投資。

Yes. And on remote -- on the work from home, right, that's -- I talked about the new reality, and we're going to be working differently, but it's going to be constantly evolving.

是的。關於遠距辦公，也就是在家辦公，對，這就是——我談到了新的現實，我們的工作方式將會有所不同，但它會不斷發展。

So for example, we've got about 1,400 clients worldwide, where our people are back at the clients. We're encouraging our people to come into the offices with respect to doing collaboration. We're back to approving travel. Now it's massively restricted because you're not going to go to a place where you're quarantining. We've got some people who have childcare issues, who've got health issues, and that is the reality, right. And so we're going to continue to navigate that. And this, of course, is where we already were so remote that we're really good at being able to navigate that. But that's all about the new reality.

例如，我們在全球擁有約1400家客戶，我們的員工已經回到客戶那裡。我們鼓勵員工來辦公室進行協作。我們已恢復旅行審批。現在旅行受到了嚴格限制，因為你無法前往隔離區。我們有一些員工有育兒問題，有健康問題，這就是現實，對吧。所以我們會繼續處理這些問題。當然，我們已經非常擅長處理遠距辦公的問題。但這都是關於新現實的。

Okay. And KC, you said 2% inorganic for fiscal '21. Was that -- was it 1% or 2% in fiscal '20 as well?

好的。 KC，您說21財年的無機稅率是2%。那麼20財年也是1%還是2%呢？

Yes. It was 2% in fiscal '20.

是的。 2020財年是2%。

Great. So we're excited to turn the page and deliver for our clients, people, shareholders, ecosystem partners and communities in FY '21. We call this shared success, and it is a mindset we strive to live every day. Thank you to our people and leaders for how you come together to deliver on these commitments and shared success. And a special thank you to our shareholders for your continued trust and support. Be well, everyone, and thank you for joining.

太好了！我們非常高興能夠翻開新的一頁，在21財年為我們的客戶、員工、股東、生態系統合作夥伴和社區帶來成果。我們稱之為共享成功，這也是我們每天努力實踐的理念。感謝我們的員工和領導者齊心協力，共同履行這些承諾，並實現共享成功。同時，也特別感謝股東們一直以來的信任與支持。祝大家一切安好，謝謝你們的加入。

Thank you. And ladies and gentlemen, today's conference will be available for replay, available today after 10 a.m. Eastern Time, running through December 17 at midnight. You may access the replay system by dialing 1 (866) 207-1041 and entering the access code of 4996254. International participants may dial (402) 970-0847. That does conclude our conference for today. Thank you for your participation and for using AT&T Teleconferencing Services. You may now disconnect.

謝謝！女士們，先生們，今天的會議將提供重播，重播將於美國東部時間今天上午10點後開始，持續到12月17日午夜。您可以撥打1-866-207-1041並輸入存取代碼4996254存取重播系統。國際與會者請撥402-970-0847。今天的會議到此結束。感謝您的參與及使用AT&T電話會議服務。現在您可以斷開連線了。