埃森哲 (ACN) 2022 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to Accenture's Second Quarter Fiscal 2022 Earnings. (Operator Instructions) And as a reminder, this conference is being recorded.

各位女士、先生，感謝您稍候，歡迎參加埃森哲（Accenture）2022 會計年度第二季財報電話會議。（接線員指示）並提醒各位，本次會議將被錄音。

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

現在我想將會議交給我們的主持人——投資人關係主管、董事總經理 Angie Park 女士。請開始。

Thank you, operator, and thanks, everyone, for joining us today on our second quarter fiscal 2022 earnings announcement. As the operator just mentioned, I'm Angie Park, Managing Director, Head of Investor Relations.

謝謝接線員，也謝謝各位今天參加我們 2022 會計年度第二季財報發布電話會議。如接線員剛才所提，我是 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 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.

今天的電話會議中，您將聽到董事長暨執行長 Julie Sweet，以及財務長 KC McClure 的發言。我們希望各位已經有機會閱讀我們稍早發布的新聞稿。

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 the second quarter. Julie will then provide a brief update on our market positioning before KC provides our business outlook for the third quarter and full fiscal year 2022. We will then take your questions before Julie provides a wrap-up at the end of the call.

我先快速說明今天的議程。Julie 將先概述我們的業績；KC 將帶各位了解財務細節，包括損益表與資產負債表，以及第二季的一些關鍵營運指標。接著 Julie 會就我們的市場定位提供簡要更新，之後 KC 將提供第三季與 2022 會計年度全年的業務展望。然後我們將進入問答，最後由 Julie 在會議結束前做總結。

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.

我們在本次電話會議中將討論的部分事項（包括業務展望）屬於前瞻性陳述，因此可能受到已知與未知的風險與不確定性影響，包括但不限於今日新聞稿所列因素，以及我們在 Form 10-K 年報、Form 10-Q 季報與其他向美國證券交易委員會（SEC）提交文件中所討論的因素。這些風險與不確定性可能導致實際結果與本次電話會議所表達內容出現重大差異。

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.

在今天的電話會議中，我們將引用若干非 GAAP 財務衡量指標，我們相信這些指標能為投資人提供有用資訊。於適用情況下，我們在新聞稿或 accenture.com 網站的投資人關係專區中，提供非 GAAP 財務衡量指標與 GAAP 之間的調節表。一如既往，埃森哲不承擔更新本次電話會議所呈現資訊的任何義務。

Now let me turn the call over to Julie.

現在我把電話交給 Julie。

Thank you, Angie, and thank you, everyone, for joining. I would like to begin by honoring the incredible bravery of the Ukrainian people in the face of the unlawful invasion by Russia and extending our deep sympathy and concern over the horrific losses of life. While these words don't feel adequate to capture what is happening, we are taking actions to help in the small ways we can, which I will share more about later in the call.

謝謝你，Angie，也謝謝各位的參與。我想先向烏克蘭人民在面對俄羅斯非法入侵時展現的非凡勇氣致敬，並對令人震驚的生命損失表達我們深切的同情與關切。雖然言語不足以完整描述正在發生的一切，但我們正在採取行動，盡我們所能以微薄之力提供協助，我稍後會在電話會議中分享更多。

Turning now to the quarter. I will start by thanking our almost 700,000 people around the world for your incredible dedication and work to create 360-degree value for our clients and all our stakeholders. Thank you to our clients who are making bold moves to transform and putting their trust in us to help them. Finally, thank you to our technology ecosystem partners we work with every day to innovate and create more value for our clients.

接著談本季。我首先要感謝我們遍布全球、將近 70 萬名同仁，以非凡的投入與努力，為客戶及所有利害關係人創造 360 度價值。也感謝我們的客戶勇於推動轉型，並信任我們協助他們。最後，感謝每天與我們合作、共同創新並為客戶創造更多價值的科技生態系夥伴。

Now a few highlights from the quarter. We had record bookings of almost $20 billion and continued improved pricing, which refers to contract profitability or margin on the work that we sell across the business with 36 clients with bookings over $100 million. We had record revenue growth of 28% in local currency, bringing total revenue added through H1 to $6.2 billion, which is what we added in all of FY '21. And our EPS grew 25% year-over-year with flat operating margin and continued significant investment in our business and our people.

以下是本季幾項重點。我們創下接近 200 億美元的訂單（bookings）新高，並持續改善定價；此處的定價指的是我們在全公司所銷售工作之合約獲利能力或毛利率（margin）。本季有 36 家客戶的訂單超過 1 億美元。我們以當地貨幣計算的營收成長創下 28% 的新高，使上半年（H1）新增營收達 62 億美元，等同於我們在 2021 會計年度（FY '21）全年的新增營收。此外，在營業利益率持平、且持續對業務與人才進行重大投資的情況下，我們的每股盈餘（EPS）年增 25%。

Our workforce grew by 24,000 people, demonstrating again our ability to attract top talent at the scale needed by our clients. We were the top scoring company on the Bloomberg Gender-Equality Index out of more than 400 organizations globally. We were recognized in Ethisphere's World's Most Ethical Companies for the 15th year in a row and by JUST Capital for the sixth consecutive year. Our people completed another 9.2 million training hours this quarter. And we continue to gain market share, growing more than 3x the market.

我們的員工人數增加了 24,000 人，再次展現我們具備以客戶所需的規模吸引頂尖人才的能力。在彭博性別平等指數（Bloomberg Gender-Equality Index）中，我們在全球超過 400 家組織中獲得最高分。我們連續第 15 年獲 Ethisphere 評選為「全球最具商業道德企業」（World's Most Ethical Companies），並連續第 6 年獲 JUST Capital 肯定。本季我們的同仁完成了另外 920 萬小時的訓練。我們也持續提升市占率，成長速度超過市場的 3 倍。

With such an exceptional quarter, I would like to particularly recognize and thank the incredibly strong delivery teams that underlie these results. Our clients know that our commitments are backed by the outstanding work our people do every day, working side-by-side with them, from shaping the future to building the best systems and platforms to creating amazing new experiences and brands to running critical functions for our clients and everything in between.

在如此卓越的一季，我特別要表揚並感謝支撐這些成果、極其強大的交付團隊。我們的客戶知道，我們的承諾背後有同仁每天出色的工作作為後盾，與客戶並肩合作——從塑造未來、建置最佳系統與平台、打造令人驚豔的新體驗與品牌，到為客戶營運關鍵職能，以及介於其間的一切。

Before handing over to KC, let me pause to reflect on the current macro environment. It was almost exactly 2 years ago that we did earnings only 8 days after the pandemic was declared. Then, as now, the world faced incredible uncertainty. We are all watching the events unfold in Ukraine, and there are many potential scenarios which are difficult to predict.

在把電話交給 KC 之前，我想先停下來談談目前的總體環境。幾乎正好在 2 年前，我們在疫情被宣布後僅 8 天就進行了財報電話會議。當時如同現在，世界面臨極大的不確定性。我們都在關注烏克蘭局勢的發展，而可能出現的情境很多，且難以預測。

While the circumstances are very different, our focus is the same: on the well-being of our people, serving our clients and staying close to their evolving needs and helping our communities. We emerged from the pandemic an even stronger and more relevant company, and we will use this strength to successfully navigate this environment and fulfill these same 3 goals.

雖然情勢非常不同，但我們的重點不變：關注同仁福祉、服務客戶並貼近其不斷演變的需求，以及協助我們的社區。我們在疫情後成為一家更強大、也更具關聯性的公司；我們將運用這份實力，成功因應當前環境，並達成同樣的三項目標。

Over to you, KC.

交給你了，KC。

Thank you, Julie, and thanks to all of you for taking the time to join us on today's call. We were extremely pleased with our overall results in the second quarter, which exceeded our expectations with record new bookings of almost $20 billion, $2.8 billion higher than our previous record set last quarter. Our results reflect very strong double-digit revenue growth across all dimensions of our business, which reinforce the relevance of our offerings and capabilities in the market to deliver value for our clients.

謝謝你，Julie，也謝謝各位撥冗參加今天的電話會議。我們對第二季整體表現感到非常滿意，結果超出我們的預期：新訂單接近 200 億美元創下紀錄，較上季創下的前一項紀錄高出 28 億美元。我們的成果反映出業務各面向皆呈現強勁的雙位數營收成長，進一步印證我們的產品與能力在市場上的重要性，能為客戶交付價值。

We had a very strong Q2 and first half of the year. While we know the environment is uncertain given the ongoing conflict in Ukraine, we always call it as we see it. And based on the best information we have today, we are increasing key elements of our full year guidance, which I will cover in more detail later in our call.

我們第二季與上半年表現都非常強勁。雖然我們知道，因烏克蘭持續的衝突使環境充滿不確定性，但我們一向依所見如實說明。根據我們目前掌握的最佳資訊，我們將上調全年財測中的若干關鍵項目，我稍後會在電話會議中更詳細說明。

Now let me begin by summarizing a few of the highlights for the quarter. Revenues grew 28% local currency, increasing $3 billion over Q2 last year and nearly $300 million above the top end of our guided range, driven by broad-based over-delivery across all markets, services and industries with all 13 industries growing double digits. We also continued to extend our leadership position with growth estimated to be more than 3x the market, which refers to our basket of publicly-traded companies.

現在我先總結本季幾項重點。以當地貨幣計算，營收成長 28%，較去年第二季增加 30 億美元，並較我們指引區間上緣高出近 3 億美元；此成長由所有市場、服務與產業的全面超預期表現所帶動，13 個產業全數呈現雙位數成長。我們也持續擴大領先地位，估計成長速度超過市場的 3 倍；此處的「市場」指的是我們所選取的一籃子公開上市公司。

We delivered EPS in the quarter of $2.54, reflecting 25% growth over adjusted EPS last year. And operating margin of 13.7% was consistent with Q2 of last year. And 10 basis points expansion year-to-date reflects continued significant investments in our people and our business. Finally, we delivered free cash flow of $2 billion and returned $2.3 billion to shareholders through repurchases and dividends. We have made investments of $1.8 billion in acquisitions, primarily attributed to 21 transactions in the first half of the year. And we continue to expect to invest approximately $4 billion in acquisitions this fiscal year.

本季我們的每股盈餘（EPS）為 2.54 美元，較去年調整後 EPS 成長 25%。營業利益率為 13.7%，與去年第二季一致。年初至今擴張 10 個基點，反映我們持續對人才與業務進行重大投資。最後，我們創造了 20 億美元的自由現金流，並透過庫藏股回購與股利向股東返還 23 億美元。我們在併購方面投資 18 億美元，主要來自上半年完成的 21 筆交易。我們仍預期本會計年度在併購上的投資約為 40 億美元。

With that, let me turn to some of the details. New bookings were a record at $19.6 billion for the quarter, representing growth of 22% in USD over a very strong Q2 last year, with an overall book-to-bill of 1.3. Consulting bookings were $10.9 billion, a record high, with a book-to-bill of 1.3. Outsourcing bookings were also a record at $8.7 billion with a book-to-bill of 1.3. We were very pleased with our new bookings, which were driven by both technology services and strategy and consulting as well as 36 clients with bookings over $100 million.

接下來我將說明一些細節。本季新訂單達 196 億美元，創下紀錄，較去年表現非常強勁的第二季以美元計成長 22%，整體接單出帳比（book-to-bill）為 1.3。顧問服務（Consulting）訂單為 109 億美元，同樣創新高，接單出帳比為 1.3。外包服務（Outsourcing）訂單也創新高，達 87 億美元，接單出帳比為 1.3。我們對新訂單表現非常滿意，成長動能來自科技服務以及策略與顧問服務，並且有 36 家客戶的訂單超過 1 億美元。

Turning now to revenues. Revenues for the quarter were $15 billion, a 24% increase in U.S. dollars and 28% in local currency. Consulting revenues for the quarter were $8.3 billion, up 29% in U.S. dollars and 34% in local currency. Outsourcing revenues were $6.7 billion, up 19% in U.S. dollars and 23% in local currency. Taking a closer look at our service dimensions, strategy and consulting, technology services and operations all grew very strong double digits.

接下來談營收。本季營收為150億美元，以美元計成長24%，以當地貨幣計成長28%。本季顧問服務營收為83億美元，以美元計成長29%，以當地貨幣計成長34%。外包營收為67億美元，以美元計成長19%，以當地貨幣計成長23%。進一步檢視我們的服務面向，策略與顧問、科技服務與營運皆呈現非常強勁的兩位數成長。

Turning to our geographic markets. In North America, revenue growth was 26% in local currency, driven by double-digit growth in Software & Platforms, Consumer Goods, Retail & Services -- Travel Services and Public Service. In Europe, revenues grew 31% in local currency, led by double-digit growth in Consumer Goods, Retail & Travel Services, Industrial and Banking & Capital Markets.

接著看我們的地理市場。在北美，以當地貨幣計的營收成長為26%，主要由軟體與平台、消費品、零售與服務——旅遊服務，以及公共服務的兩位數成長所帶動。在歐洲，以當地貨幣計營收成長31%，由消費品、零售與旅遊服務、工業，以及銀行與資本市場的兩位數成長領軍。

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 30% revenue growth in local currency, driven by double-digit growth in Consumer Goods, Retail & Travel Services, Banking & Capital Markets and Public Service. From a country perspective, Growth Markets was led by double-digit growth in Japan, Australia and Brazil.

再更細看各國表現。歐洲的成長主要來自英國、德國、法國與義大利的兩位數成長。在成長市場，我們以當地貨幣計達成30%的營收成長，動能來自消費品、零售與旅遊服務、銀行與資本市場，以及公共服務的兩位數成長。就國家別而言，成長市場由日本、澳洲與巴西的兩位數成長帶動。

Moving down the income statement. Gross margin for the quarter was 30.1% compared with 29.7% for the same period last year. Sales and marketing expense for the quarter was 9.4%, consistent with the second quarter last year. General and administrative expense was 7% compared to 6.6% for the same quarter last year. Operating income was $2.1 billion in the second quarter, reflecting a 13.7% operating margin, consistent with Q2 last year.

接著往下看損益表。本季毛利率為30.1%，高於去年同期的29.7%。本季銷售與行銷費用率為9.4%，與去年第二季一致。一般與行政費用率為7%，高於去年同期的6.6%。第二季營業利益為21億美元，反映13.7%的營業利益率，與去年第二季一致。

Before I continue, as a reminder, we recognized an investment gain in Q2 last year, which impacted our tax rate and increased EPS by $0.21. The following comparisons exclude these impacts and reflect adjusted results. Our effective tax rate for the quarter was 19.2% compared with an adjusted effective tax rate of 17.5% for the second quarter last year.

在我繼續之前提醒一下：去年第二季我們認列了一筆投資收益，影響了稅率並使每股盈餘增加0.21美元。以下比較已排除這些影響，並反映調整後結果。本季有效稅率為19.2%，相較之下，去年第二季調整後有效稅率為17.5%。

Diluted earnings per share were $2.54 compared with an adjusted diluted EPS of $2.03 in the second quarter last year. Days service outstanding were 41 days compared to 42 days last quarter and 34 days in the second quarter of last year. Free cash flow for the quarter was $2 billion, resulting from cash generated by operating activities of $2.2 billion, net of property and equipment additions of $165 million. Our cash balance at February 28 was $5.5 billion compared with $8.2 billion at August 31.

稀釋後每股盈餘為2.54美元，相較去年第二季調整後稀釋EPS為2.03美元。應收服務款項週轉天數（DSO）為41天，較上季的42天下降，較去年第二季的34天上升。本季自由現金流為20億美元，來自營運活動產生現金22億美元，扣除不動產及設備新增投資1.65億美元。截至2月28日，我們的現金餘額為55億美元，相較8月31日的82億美元。

With regards to our ongoing objective to return cash to shareholders, in the second quarter, we repurchased or redeemed 4.6 million shares for $1.7 billion at an average price of $369.19 per share. As of February 28, we had approximately $4.6 billion of share repurchase authority remaining.

就我們持續將現金回饋股東的目標而言，第二季我們以每股平均369.19美元的價格，回購或贖回460萬股，金額為17億美元。截至2月28日，我們尚餘約46億美元的庫藏股回購授權額度。

Also in February, we paid a quarterly cash dividend of $0.97 per share for a total of $617 million. This represents a 10% increase over last year. And our Board of Directors declared a quarterly cash dividend of $0.97 per share to be paid on May 13, a 10% increase over last year. So at the halfway point of fiscal '22, we have delivered very strong results.

另外在2月，我們支付每股0.97美元的季度現金股利，合計6.17億美元，較去年增加10%。董事會亦宣告每股0.97美元的季度現金股利，將於5月13日支付，同樣較去年增加10%。因此在2022會計年度過半之際，我們已交出非常強勁的成果。

Now let me turn it back to Julie.

現在我把時間交回給Julie。

Thank you, KC. Let's begin with the demand environment. We are experiencing double-digit growth in all parts of our business across all markets, industries and services. All our growth priorities, Applied Intelligence, Cloud, Industry X, Intelligent Operations, Intelligent Platform Services, Interactive, Security and transformational change management all are growing double digits. Many of our clients are taking on bold transformation programs, often spanning multiple parts of the enterprise in an accelerated time frame, which we call compressed transformation, as they recognize the need to transform every part of their enterprise with technology, data and AI and new ways of working.

謝謝你，KC。我們先從需求環境談起。我們在所有市場、產業與服務的各個業務領域都呈現兩位數成長。我們所有成長優先事項——應用智慧（Applied Intelligence）、雲端、Industry X、智慧營運（Intelligent Operations）、智慧平台服務（Intelligent Platform Services）、互動（Interactive）、資安，以及轉型變革管理——也都在兩位數成長。許多客戶正推動大膽的轉型計畫，往往在加速的時間框架內橫跨企業多個部分；我們稱之為「壓縮式轉型」（compressed transformation）。他們意識到必須運用科技、數據與AI，以及新的工作方式，來轉型企業的每一個環節。

What is also clear is that the sheer speed at which an enterprise now needs to move and the breadth of the expertise required to transform demands partnerships. For example, our wide range of managed services from Intelligent Operations to application development and maintenance to Cloud, infrastructure and security, our strategic capabilities that enable our clients to digitize faster, access hard-to-hire talent, transform more quickly due to our deep expertise and achieve outcomes from greater efficiency to improved customer satisfaction, to enhance security, to faster development, to higher growth.

同樣明確的是，如今企業必須前進的速度之快，以及轉型所需專業的廣度，都要求建立夥伴關係。舉例來說，我們提供從智慧營運到應用程式開發與維護，再到雲端、基礎設施與資安的廣泛託管服務；這些策略能力使客戶能更快數位化、取得難以招募的人才、憑藉我們深厚的專業更快速轉型，並實現從提升效率到改善客戶滿意度、強化安全性、加速開發到更高成長等成果。

Our managed services are unique because they combine our strong strategy and consulting capabilities to anticipate and shape the future and be at the cutting-edge of industry, function and technology. We also see our clients looking for partners who can create 360-degree value, upskilling our people, focusing on enhancing diversity and building in sustainability, which is our focus.

我們的託管服務之所以獨特，是因為它結合了我們強大的策略與顧問能力，能預見並塑造未來，並站在產業、職能與科技的最前沿。我們也看到客戶在尋找能創造360度價值的夥伴，包括提升我們員工技能、聚焦於提升多元性，以及將永續性納入其中——這正是我們的重點。

Stepping back, when you think about the extraordinary growth we are experiencing and how we navigated the pandemic, we believe our commitment to create 360-degree value for all our stakeholders and our unmatched diversity of people, services, industries, functions, markets, ecosystem partners and investments, together with our leadership and technology, have made us both relevant to the world's largest companies and resilient.

退一步來看，當你想到我們正在經歷的非凡成長，以及我們如何因應疫情，我們相信：我們致力於為所有利害關係人創造360度價值的承諾，加上我們在人才、服務、產業、職能、市場、生態系夥伴與投資方面無可匹敵的多元性，並結合我們的領導力與科技，使我們既與全球最大企業高度相關，也具備韌性。

I will now bring to life how we are partnering with our clients with a snapshot of the range of solutions we are bringing across industries and across the enterprise. Let's start with enterprise functions. In chemicals and natural resources, we are expanding our relationship with a leading chemical manufacturer to carve out one of their business units serving the automotive industry to better focus on sustainable solutions.

接下來我將透過一些案例，具體呈現我們如何與客戶合作，展示我們跨產業、跨企業各環節所帶來的解決方案範圍。先從企業職能開始。在化學與天然資源領域，我們正擴大與一家領先化學製造商的合作，協助其分拆一個服務汽車產業的事業單位，以便更聚焦於永續解決方案。

As part of this carve-out, we will build the backbone of this new entity with a cloud-based infrastructure, ERP platforms and Intelligent Operations managed services for technology, HR and finance, all in just over 1 year. This compressed transformation will create new value, reduce operating costs by up to 30%, enhance portfolio flexibility and enable future growth in new areas.

作為此次分拆的一部分，我們將在一年多一點的時間內，為這家新實體打造骨幹，包括雲端式基礎設施、ERP平台，以及涵蓋科技、人資與財務的智慧營運託管服務。這項壓縮式轉型將創造新價值，將營運成本最多降低30%，提升投資組合的彈性，並促進未來在新領域的成長。

In consumer goods and services, we are working with a large multinational personal care corporation to build an integrated digital core with standardized processes, IT enterprise platforms and instant access to consolidated data in the cloud, which will enable a more efficient and flexible supply chain and digital order processing. This will provide more time to sell, reduce human error, create a better customer experience and deliver a stronger bottom line. We will also streamline financial operations, leading to greater agility and cost benefits to remain competitive in any environment and delight their consumers.

在消費品與服務領域，我們正與一家大型跨國個人護理公司合作，建立整合式數位核心，包含標準化流程、IT企業平台，以及在雲端即時存取整合後的彙總數據，從而打造更高效率且更具彈性的供應鏈與數位訂單處理。這將提供更多銷售時間、降低人為錯誤、創造更佳的客戶體驗，並帶來更強勁的獲利表現。我們也將精簡財務營運，使其更具敏捷性並帶來成本效益，以在任何環境下保持競爭力並取悅其消費者。

Now I will turn to our solutions helping transform the core operations of our clients. In high tech, we are supporting Airbus, a leading aircraft manufacturer in several areas of their business, including digital design, manufacturing and services. With our acquisition of umlaut, we're also helping Airbus engineering and manufacturing teams to develop the new A350F. At the same time, we will also onboard and manage training for new frontline employees using a realistic digital twin pilot, optimizing onboarding time and significantly reducing the learning curve of shop floor workers without disturbing production.

現在我將談到我們協助客戶轉型核心營運的解決方案。在高科技領域，我們正於多個業務面向支援全球領先的飛機製造商Airbus，包括數位設計、製造與服務。透過我們收購umlaut，我們也在協助Airbus的工程與製造團隊開發新款A350F。同時，我們也將使用逼真的數位孿生（digital twin）試點方案，為新的第一線員工導入並管理訓練，優化到職導入時間，並在不干擾生產的情況下，顯著縮短產線員工的學習曲線。

In Banking & Capital Markets, we are helping BBVA, a global financial services firm, synchronize and speed up its digital journey. With the power of analytics, AI and automation, we will create an intelligent data-driven banking operation with greater agility and productivity, lowering costs by up to 30% by leveraging our strategic managed services, improving their customer experience and becoming an integral part of their talent strategy to provide new growth opportunities, upskilling and security opportunities. This builds on our work with this digital leader that spans over 25 years, including international expansion, capital market strategy and digital sales and services.

在銀行與資本市場領域，我們正協助全球金融服務公司BBVA同步並加速其數位旅程。藉助分析、AI與自動化的力量，我們將打造更具敏捷性與生產力的智慧數據驅動銀行營運，透過我們的策略性託管服務將成本最多降低30%，改善其客戶體驗，並成為其人才策略不可或缺的一部分，提供新的成長機會、技能提升與資安機會。這也延續了我們與這家數位領導者超過25年的合作，涵蓋國際擴張、資本市場策略，以及數位銷售與服務。

In Health, we are helping Highmark Health, a national blended health organization to make Health care more personalized and proactive through the power of technology and data. By leveraging the cloud and operational hub, we'll bridge business units, consolidate enterprise data, provide faster insights and personalize the customer experience with the flexibility to evolve as needs change. By maximizing its key asset data, Highmark Health will see faster time to market, reduce operational costs and increase innovation and most importantly, better health outcomes.

在健康領域，我們正協助全國性的混合型健康組織Highmark Health，透過科技與數據的力量，讓醫療照護更個人化且更具前瞻性。藉由運用雲端與營運中樞（operational hub），我們將串聯各事業單位、整合企業數據、提供更快速的洞察，並以可隨需求變化而演進的彈性來個人化客戶體驗。透過最大化其關鍵資產——數據——Highmark Health將能更快上市、降低營運成本並提升創新；最重要的是，帶來更好的健康成果。

And we are helping clients accelerate their growth agenda. In consumer goods and services, we are collaborating with Del Monte, the iconic fresh and packaged food company, to establish effective B2B2C and direct-to-consumer commerce platforms. We will transition and scale their existing platforms into a one commerce ecosystem to make it easier to create and launch new products, driving significant growth in their e-commerce revenue.

我們正在協助客戶加速其成長議程。在消費性商品與服務領域，我們正與經典的新鮮與包裝食品公司 Del Monte 合作，建立有效的 B2B2C 與直達消費者（DTC）的商務平台。我們將把他們既有的平台轉型並擴大規模，整合為單一商務生態系，讓新產品更容易被創建與上市，進而帶動其電商營收顯著成長。

We are helping with clients to help shape and deliver on the significant emerging opportunity of the Metaverse. We've been an early innovator in this area backing -- going back a number of years, investing in R&D, our people and our own metaverse, One Accenture Park, all of which positions us to help our clients accelerate their Metaverse strategies and initiatives.

我們正在協助客戶把握並落實「元宇宙」這項重大的新興機會。我們多年來一直是此領域的早期創新者，投入研發、投資我們的人才，以及打造我們自己的元宇宙 One Accenture Park；這些都使我們具備優勢，能協助客戶加速其元宇宙策略與各項計畫。

In communications and media, we are helping Telstra, Australia's leading telecommunications company, to deploy 5G connectivity and technology to deliver immersive fan experiences at Melbourne's Marvel Stadium. From booking a seat to parking, to engaging with a match, fans will soon be able to experience a new augmented reality stadium experience before, during and after they attend the game. And if you missed the release yesterday, please be sure to read our new technology vision, which is titled, Meet Me in the Metaverse, and is available on our website. And we are building the digital cores of our clients from replatforming in cloud to building core systems as described in many of the examples above, to helping them secure their enterprise as the security landscape widens.

在通訊與媒體領域，我們正協助澳洲領先的電信公司 Telstra 部署 5G 連線與技術，在墨爾本的 Marvel Stadium 提供沉浸式的球迷體驗。從訂位到停車，再到參與賽事互動，球迷很快就能在觀賽前、觀賽中與觀賽後，體驗全新的擴增實境（AR）球場體驗。另外，如果你昨天錯過了發布，請務必閱讀我們最新的科技願景報告《Meet Me in the Metaverse》，已在我們的網站上提供。並且，我們也在為客戶打造數位核心：從雲端上的重新平台化，到如上述多個案例所述的核心系統建置，再到在資安版圖擴大的情況下協助他們強化企業安全。

In Life Sciences, we are working with Merck, a global pharmaceutical leader to create robust intangible value across the organization, which will help enable growth, accelerate the development of life-changing therapies for patients around the world. We will develop a more flexible and responsive IT infrastructure in the cloud, leveraging data and analytics and product-centric methodologies to power innovation, insight and speed. At the same time, we are cultivating IT talent through a new operating model that drives upskilling, diversity and development.

在生命科學領域，我們正與全球製藥領導者 Merck 合作，在整個組織中創造強健的無形價值，這將有助於推動成長，並加速為全球患者開發改變生命的療法。我們將在雲端打造更具彈性且更能快速回應的 IT 基礎架構，運用資料與分析以及以產品為中心的方法論，驅動創新、洞察與速度。同時，我們也透過新的營運模式培育 IT 人才，推動技能提升、多元與發展。

Also in Life Sciences, we are expanding our partnership with an international drug wholesale company, which advances development and delivery of health care products, including life-saving cancer treatments and COVID vaccines around the world to support their suite of cybersecurity towers by creating an integrated delivery model to increase resilience, accountability, collaboration and feedback across monitoring, engineering, data protection, risk and compliance and identity while also reducing costs.

同樣在生命科學領域，我們正擴大與一家國際藥品批發公司的合作；該公司推進醫療保健產品的研發與交付，包括在全球提供救命的癌症治療與 COVID 疫苗。我們將透過建立整合式交付模式，支援其一系列資安「塔」的能力，以提升在監控、工程、資料保護、風險與合規以及身分識別等面向的韌性、責任歸屬、協作與回饋，同時降低成本。

And we are helping our clients...

而我們正在協助我們的客戶……

(inaudible)

（聽不清楚）

I'm sorry?

不好意思？

The call dropped.

電話斷線了。

Has the call dropped?

電話斷線了嗎？

No, I think it's still going.

沒有，我想還在進行。

Sorry about that, everyone. I just want to make sure, confirm that we're good. Apologies. If you can hear me, we heard the call apparently dropped. We're good. Okay.

各位抱歉。我只是想確認一下，確定我們一切正常。抱歉。如果你們聽得到我，我們剛剛聽說電話似乎斷線了。不過我們沒問題。好的。

So let's go back to we're helping our clients put sustainability in their core. We are helping a leading steel and mining company move to low-carbon steelmaking and employ decarbonization technologies. As an end-to-end partner supporting the company's ambitious decarbonization program, we will help standardize and implement the technical solution among its sites.

那我們回到：我們正在協助客戶把永續納入其核心。我們正協助一家領先的鋼鐵與礦業公司轉向低碳煉鋼並採用去碳化技術。作為端到端的合作夥伴，支援該公司雄心勃勃的去碳化計畫，我們將協助在其各據點之間標準化並落實技術解決方案。

I would now like to briefly comment on how Accenture as a company and our people have mobilized to support our Ukrainian colleagues and provide humanitarian aid. When people ask me what makes Accenture special, our actions like these are what come to mind. While we do not have operations or people who work in the Ukraine, we have many Ukrainians who work for us, particularly in Poland. For their extended families who are in Ukraine, we quickly put in place Ukrainian language telehealth and other remote support services. And for those family members who are leaving the Ukraine, we are providing the settlement assistance.

我現在想簡要說明 Accenture 作為一家公司以及我們的同仁，如何動員起來支援我們的烏克蘭同事並提供人道援助。當人們問我 Accenture 的特別之處是什麼時，像這樣的行動就是我首先想到的。雖然我們在烏克蘭沒有營運據點，也沒有在當地工作的員工，但我們有許多烏克蘭籍同仁為我們工作，尤其是在波蘭。針對他們仍在烏克蘭的大家庭成員，我們迅速提供烏克蘭語的遠距醫療（telehealth）與其他遠端支援服務。而對於正在離開烏克蘭的家人，我們也提供安置協助。

I also am proud of our people who have volunteered to drive refugees from the border to help get them settled. With a decade of experience helping refugees, we knew that not-for-profit organizations operating in Ukraine and the border countries providing humanitarian relief would have an initial immediate need for cash. We are currently donating $5 million in cash to these organizations.

我也為我們自願從邊境接送難民、協助他們安頓下來的同仁感到自豪。憑藉十年協助難民的經驗，我們知道在烏克蘭及邊境國家提供人道救援的非營利組織，最初會有立即的現金需求。我們目前正向這些組織捐贈 500 萬美元現金。

In addition, our people have donated nearly $1.5 million in our employee giving program, and we are providing 100% match funding. Our people also have sprung into action to anticipate the next needs of refugees. In Poland, we are piloting the first addition of an Accenture Academy for women refugees from Ukraine to build their technology skills starting in cybersecurity.

此外，我們的同仁透過員工捐贈計畫已捐出近 150 萬美元，而我們也提供 100% 的配捐。我們的同仁也迅速行動，預先因應難民接下來的需求。在波蘭，我們正試辦首個 Accenture Academy，專為來自烏克蘭的女性難民設立，從資安開始培養她們的科技技能。

Finally, as we've shared, we are discontinuing our business in Russia. We are working to support our nearly 2,300 employees there, and we want to thank them for their dedication and commitment to Accenture over the years.

最後，如同我們已分享的，我們將停止在俄羅斯的業務。我們正努力支援當地近 2,300 名員工，並感謝他們多年來對 Accenture 的奉獻與承諾。

Back to you, KC.

交回給你，KC。

Thanks, Julie. Before I get into our business outlook, I would like to provide some context as events are rapidly evolving and there's significant amount of uncertainty. Our third quarter and full year guidance does not include any assumption for a significant escalation or expansion of economic disruption or the conflict's current scope.

謝謝，Julie。在我談到我們的業務展望之前，我想先提供一些背景，因為事件正在快速演變，且存在相當程度的不確定性。我們對第三季與全年所提供的指引，並未納入對經濟干擾或衝突目前範圍出現重大升級或擴大的任何假設。

Now let me turn to our business outlook. For the third quarter of fiscal '22, we expect revenues to be in the range of $15.7 billion to $16.15 billion. This assumes the impact of FX will be about negative 4 compared to the third quarter of fiscal '21 and reflects an estimated 22% to 26% growth in local currency.

接著我來談我們的業務展望。就 2022 會計年度第三季而言，我們預期營收將落在 157 億美元至 161.5 億美元之間。此預估假設匯率（FX）影響相較於 2021 會計年度第三季約為負 4%，並反映以當地貨幣計算約 22% 至 26% 的成長。

For the full fiscal year '22, based upon how the rates have been trending over the last few weeks, we continue to expect the impact of FX on our results in U.S. dollars will be approximately negative 3% compared to fiscal '21. For the full fiscal '22, we now expect our revenues to be in the range of 24% to 26% growth in local currency over fiscal '21, which continues to assume an inorganic contribution of about 5%.

就 2022 會計年度全年而言，根據過去幾週匯率走勢，我們仍預期匯率對以美元呈現之結果的影響，相較於 2021 會計年度約為負 3%。對於 2022 會計年度全年，我們目前預期以當地貨幣計算的營收將較 2021 會計年度成長 24% 至 26%，其中仍假設約 5% 來自非有機（inorganic）貢獻。

For operating margin, we now expect fiscal year '22 to be 15.2%, a 10 basis point expansion of our fiscal '21 results. We continue to 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.

在營業利益率方面，我們目前預期 2022 會計年度為 15.2%，較 2021 會計年度結果擴張 10 個基點。我們仍預期年度有效稅率將落在 23% 至 25% 的區間。相較之下，2021 會計年度調整後有效稅率為 23.1%。

For earnings per share, we now expect our full year diluted EPS for fiscal '22 to be in the range of $10.61 to $10.81 or 21% to 23% growth over adjusted fiscal '21 results. For the full fiscal '22, we now expect operating cash flow to be in the range of $8.7 billion to $9.2 billion, property and equipment additions to be approximately $700 million and free cash flow to be in the range of $8 billion to $8.5 billion. Our free cash flow guidance continues to reflect a very strong free cash flow to net income ratio of 1.1 to 1.2.

在每股盈餘方面，我們目前預期 2022 會計年度全年稀釋後 EPS 將落在 10.61 美元至 10.81 美元之間，或較 2021 會計年度調整後結果成長 21% 至 23%。就 2022 會計年度全年而言，我們目前預期營運現金流將落在 87 億美元至 92 億美元之間，資產與設備新增約 7 億美元，自由現金流將落在 80 億美元至 85 億美元之間。我們的自由現金流指引仍反映非常強勁的自由現金流對淨利比率 1.1 至 1.2。

Finally, we now expect to return at least $6.5 billion through dividends and share repurchases as we remain committed to returning a substantial portion of our cash to our shareholders.

最後，我們目前預期將透過股利與庫藏股回購至少回饋 65 億美元，因為我們仍致力於將相當大比例的現金回饋給股東。

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

接下來，我們開放提問。Angie？

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

謝謝，KC。（接線員指示）接線員，請為線上的與會者提供提問指示。

(Operator Instructions) Our first question comes from the line of Lisa Ellis with MoffettNathanson.

（接線員指示）我們的第一個問題來自 MoffettNathanson 的 Lisa Ellis。

Good stuff here. And yes, Julie, we could hear you the whole time. I don't think the call dropped. Can you talk a little bit about, given you guys are very global and very much on the front lines with major corporations, how -- what impact or changes are you seeing companies start to make with the work they're doing with Accenture in response to the macroeconomic environment, meaning to deal with inflation or supply chain challenges or sanction enforcement or anything like that? What are some of these -- are you seeing -- starting to see some conversations going, some shifts or interest in doing different types of programs with you?

內容很不錯。而且是的，Julie，我們全程都聽得到你。我不覺得電話有斷線。你能否談談，鑑於你們非常全球化、也非常站在與大型企業合作的第一線，在回應總體經濟環境（例如因應通膨、供應鏈挑戰、制裁執行等）時，你們看到企業在與 Accenture 合作的工作上開始做出哪些影響或改變？你們是否開始看到一些對話正在發生、一些轉變，或是對與你們進行不同類型計畫的興趣？

Thanks, Lisa. Great question because we're talking to our clients all the time. And I guess, let me just start with, I think the experience of the pandemic has just built in more of a sense of resilience and agility. And so we're seeing really a lot of what I call calm in response to the macro environment. I mean the reality is that it's very early. And while there are lots of like predictions around what could happen with inflation, what could happen with supply chain, people are not overreacting. And instead, what I'd say is they're remaining very focused on the priorities they had before the crisis because as you talk about, inflation is already a reality, right?

謝謝你，Lisa。這是個很好的問題，因為我們一直都在和客戶溝通。我想我先從這點開始：我認為疫情的經驗讓大家更有韌性與敏捷性。因此，我們看到客戶對宏觀環境的反應相當「冷靜」。現實是現在還非常早期。雖然外界對通膨可能如何發展、供應鏈可能如何變化有很多預測，但人們並沒有過度反應。相反地，我會說他們仍然非常專注在危機前就已確立的優先事項上，因為如你所說，通膨已經是現實了，對吧？

And we're already living that. And so for inflation, depending on the industry, like, for example, consumer goods, there's been a lot of focus on growth and cost, right, with cost being even higher up because you're seeing that you can't push through all of the -- and price increases, all of the increases in input. Of course, as you think about the potential scenarios around like disruption of agriculture and so on, we could see that potentially going higher, but it's too early to tell. And instead, companies are saying, look, we've got to make sure that we're on pace, and we're executing. The same as I think about energy prices. Supply chain, if anything, there's just been an increased focus on we need to think as much about resilience, right, as cost in supply chain. And we absolutely have to digitize so we've got more insight.

而我們也已經在那樣的環境中生活著。所以就通膨而言，會因產業而異；例如消費品產業，大家非常聚焦在成長與成本上，對吧？而且成本的重要性更往前，因為你會看到你無法把所有——以及價格上調、所有投入成本的增加——全部轉嫁出去。當然，若再思考像農業受干擾等潛在情境，我們可能會看到通膨進一步上升，但現在還言之過早。相反地，企業在說：我們必須確保節奏到位、執行到位。同樣地，談到能源價格也是如此。至於供應鏈，如果說有什麼不同，那就是更強調我們在供應鏈中必須把韌性（resilience）和成本同等看待。而且我們絕對必須數位化，這樣才能有更多洞察。

And so I think the trends that we were already seeing to address, things coming out of the pandemic, the changing economic environment around inflation are simply being focused on even more. And this premium on are we building in agility and are we going at the right pace, that's really the nature of the conversations.

因此，我認為我們原本就已經看到、用來因應疫情後變化的趨勢，以及通膨所帶來的經濟環境變化，只是被更加聚焦與加速。大家談話的核心，就是：我們是否把敏捷性內建進去？我們的推進節奏是否正確？這就是對話的本質。

Got it. Okay. Okay. And then maybe my follow-up, KC, for you. I'll ask the inevitable margin question. It looked like -- I know Julie made a comment about contract pricing being up. It looks like gross margins are up, but SG&A also was up a bit, and then you're coming in at the lower end of your margin expectation. Can you just talk a little bit about the drivers there, what's going on in the underlying cost base?

了解。好。好。那接著我可能有個追問，KC，問你。我會問那個不可避免的利潤率問題。看起來——我知道 Julie 提到合約定價上升——看起來毛利率上升了，但 SG&A 也上升了一些，而你們的利潤率指引又落在預期區間的下緣。你能不能談談背後的驅動因素，基礎成本結構到底發生了什麼？

Yes. Sure. Thanks, Lisa. So let me first start with, we were really pleased with our performance in operating margin. So we've expanded 10 basis points to the first half of the year. And we were flat in the second quarter. And really, that was driven by revenue growth, as we mentioned, with -- that had improved pricing on our record bookings. So very pleased with profit this quarter, including the 25% growth that we delivered in EPS.

好的。當然。謝謝你，Lisa。那我先從這裡開始：我們對營業利益率的表現非常滿意。我們在上半年擴張了 10 個基點。而第二季則持平。這主要是由營收成長所帶動，如我們提到的——我們創紀錄的訂單（bookings）中，定價有所改善。因此，我們對本季的獲利非常滿意，包括我們在 EPS 上交出的 25% 成長。

And so let's -- let me just peel that back a bit. So we're in a hypergrowth environment where we're hiring at elevated levels to meet this demand. So at the same time, as you know, we're navigating wage inflation. So Lisa, we remain very focused on pricing, knowing that it's going to take some time for the improved pricing, which lags compensation to flow through our P&L, but we did see some impact to that in this second quarter results.

那我們——我稍微拆解一下。在一個超高速成長（hypergrowth）的環境中，我們正以較高的速度招募人力來滿足需求。同時，如你所知，我們也在因應薪資通膨。所以 Lisa，我們仍然非常專注在定價上，因為我們知道改善後的定價會落後於薪酬變動，需要一些時間才會反映到我們的損益表（P&L）上，但我們確實在第二季的結果中看到了一些影響。

I think probably more importantly, it's really very important that we significantly invest in our people and our business and we're doing so at even higher levels than last year. So we're absorbing that also in our up margin as well as the step-up that we've talked about in our acquisition spend.

我想更重要的是，我們必須大幅投資在我們的人才與業務上，而且我們的投資水準甚至高於去年。因此，我們也在利潤率中吸收了這些投入，此外還包括我們先前談到的併購支出（acquisition spend）的增加。

So just in summary, we're halfway through the year. We're 10 basis points of margin expansion. We think we'll continue to that level of margin expansion in the back half of the year. Really pleased with that. And that would mean an EPS growth, which is stellar at 21% to 23% growth for the year.

所以總結來說，我們已經走過今年的一半，利潤率擴張了 10 個基點。我們認為下半年會持續維持同等幅度的利潤率擴張。我們對此非常滿意。而這也意味著全年 EPS 成長將達到 21% 到 23%，表現非常亮眼。

Our next question comes from the line of Brian Keane with Deutsche Bank.

下一個問題來自德意志銀行（Deutsche Bank）的 Brian Keane。

Congratulations on these great results. I had 2 questions. I guess the first one is, given the disruption to some of the digital engineering IT service firms in Eastern Europe, are you seeing additional demand from clients looking to other vendors?

恭喜你們有這麼好的結果。我有兩個問題。第一個是，鑑於東歐一些數位工程 IT 服務公司受到干擾，你們是否看到客戶轉向其他供應商而帶來額外需求？

Thanks, Bryan. It's really too early to see that. We're seeing clients staying very focused on their business and what we're doing with them.

謝謝你，Bryan。現在要看到那一點還太早。我們看到客戶仍然非常專注在他們的業務，以及我們與他們正在做的事情上。

Got it. And the other thing that jumped out at me is the 3x growth rate versus the market. I think typically, Accenture has been more of a 2x in recent years. So can you just talk to us about why the expansion and share gains that's happened over just recently here?

了解。另一個讓我注意到的是，你們的成長率是市場的 3 倍。我想近年來 Accenture 通常大概是 2 倍左右。你能不能跟我們談談，為什麼最近會出現這樣的擴張與市占提升？

Yes. Thanks, Bryan. It's really, I think, a combination of things, right, but let's just always start with our clients. Prepandemic, what we saw were clients much more into -- they did transformation quite sequentially, right? The pandemic was a major shock. You saw the leaders who are kind of coming into that saying we've got to go even faster. And you saw a bunch of companies saying, we need to leapfrog, right? We need to move online. We need to do digital transformation.

好的。謝謝你，Bryan。我認為這其實是多種因素的組合，但我們永遠先從客戶談起。疫情前，我們看到客戶做轉型更偏向——他們會相當循序漸進地做轉型，對吧？疫情是一個重大衝擊。你看到那些領先者在那個時點進來時說：我們必須更快。你也看到一批公司說：我們需要跳躍式前進（leapfrog），對吧？我們需要上線，我們需要做數位轉型。

And that meant that we saw companies starting to take on -- not sequential transformation, but what we call compressed transformation, where they're, at the same time, doing manufacturing as well as sales. And you saw that in some of the examples that I gave today where you've got entirely new backbones being created across multiple enterprise functions, where you've got both new platforms being put into place and manufacturing. And they're doing that in order to lead because of what they see in the business.

這意味著我們看到企業開始承擔——不是循序式轉型，而是我們所說的「壓縮式轉型」（compressed transformation）：他們同時在做製造以及銷售。你也在我今天舉的一些例子中看到這點：他們在多個企業職能之間打造全新的骨幹架構，同時導入新平台並改造製造流程。他們這麼做是為了領先，因為他們看到了業務上的趨勢。

And when you think about who is able to help navigate, because you don't do that kind of transformation with like a different partner for every transformation, right? Accenture is very distinctive in our industry because we are able to transform every part of the enterprise. And that's one of the things I was trying to emphasize. Like we can do -- we're going to finance in HR, right? We've got the growth agenda, sales, marketing and service, right? We've been investing for a decade in Industry X, which is really taking off. We talked about the digital frontier.

而當你思考誰能協助導航時，因為你不會用「每一個轉型都找不同夥伴」的方式來做那種轉型，對吧？Accenture 在我們的產業中非常獨特，因為我們能夠轉型企業的每一個部分。這也是我想強調的其中一點。像是我們可以做——我們可以做財務與人資（HR），對吧？我們也有成長議程、銷售、行銷與服務，對吧？我們在 Industry X 上已投資十年，現在正快速起飛。我們也談到了數位前沿（digital frontier）。

And so you have in Accenture a partner that can do that. And you see that over the course of the last 2 years in the record numbers compared to prepandemic of clients with over $100 million in bookings. And it's really -- it's recognizing, it's representing that level of demand. And we're quite unique. Like we've talked about this for years, right? All of our different services, our deep industry knowledge. And when you're moving fast, you need a partner that really can span the enterprise and has that deep knowledge of the industry. And that is, of course, driving the growth, right? Because we are capturing the momentum in every part of the enterprise that's happening now.

因此，在 Accenture，你有一個能做到這些的夥伴。你也在過去兩年看到這點：相較於疫情前，訂單金額超過 1 億美元的客戶數創下紀錄。這真的——它反映並代表了那樣的需求水準。而我們相當獨特。就像我們多年來一直談的，對吧？我們各種不同的服務、深厚的產業知識。當你需要快速推進時，你需要一個真正能橫跨整個企業、並且對產業有深度理解的夥伴。而這當然正在驅動成長，對吧？因為我們正在捕捉當下企業各個部分正在發生的動能。

Our next question comes from the line of Tien-Tsin Huang with JPMorgan.

下一個問題來自摩根大通（JPMorgan）的 Tien-Tsin Huang。

Great results here. Just wanted to clarify your assumptions on the really strong outlook. Can we assume that your approach towards guidance is similar to the approach you took at the onset of the pandemic? And are you assuming any slowdown in Europe in your guide? I know there's a lot of questions we're giving on macro within Europe, so figured I'd just ask it here.

這裡的結果很棒。我只是想釐清你們對這個非常強勁展望的假設。我們是否可以假設，你們對指引（guidance）的做法，類似於疫情剛開始時採取的做法？另外，你們在指引中是否假設歐洲會有任何放緩？我知道大家對歐洲的宏觀環境有很多疑問，所以我想就在這裡直接問。

Yes. So thanks, Tien-Tsin. So let me just cover what we're assuming in our guidance. So -- and maybe I'll first start with our guidance does take into account the revenue impact of discontinuing our business in Russia and the cost to wind that down.

好的。謝謝你，Tien-Tsin。那我先說明我們在指引中採用的假設。——也許我先從這點開始：我們的指引已納入停止在俄羅斯的業務所帶來的營收影響，以及為了結束該業務所需承擔的成本。

Now with respect to the broader risk, our guidance, we're calling it like we see it, Tien-Tsin. So the same way that we did -- we always do, we did during the pandemic. And today, we don't see a significant disruption in our business. Now it's still very early, and it's difficult to predict. So our guidance does not take into account any significant escalation or expansion of economic disruption or the conflict's current scope.

現在就更廣泛的風險而言，我們的指引——我們是依我們所見如實反映，Tien-Tsin。就像我們之前做的——我們一直都是這麼做的，我們在疫情期間也是如此。而今天，我們沒有看到我們的業務出現重大中斷。當然現在仍然非常早期，也很難預測。因此，我們的指引並未將任何重大的升級或擴大經濟中斷，或衝突目前範圍的擴大納入考量。

Now as it pertains to Europe, we are not seeing a significant disruption in our business in Europe. You've seen that reflected as well in our very strong bookings and revenue growth. And for the back half of the year, our guidance continues to assume a very strong double-digit growth, including in Europe.

至於歐洲，我們並未看到我們在歐洲的業務出現重大中斷。你也已經在我們非常強勁的訂單與營收成長中看到這點反映。對於今年下半年，我們的指引仍然假設將維持非常強勁的雙位數成長，其中也包括歐洲。

Okay. Great. Look, we trust your outlook. I just want to make sure I understood the approach here. Just my quick follow-up, just the 36 clients, over $100 million, big number. I'm just curious if the pipeline for larger deals, how does that look from here your ability to replenish? I know we're in March now, but just curious what you're thinking on larger deals looking ahead here.

好的。很好。你看，我們信任你們的展望。我只是想確認我理解了這裡的做法。我的快速追問是，那 36 個客戶、超過 1 億美元，這是很大的數字。我只是好奇大型交易的管線，從現在開始看起來如何？你們補充（replenish）的能力如何？我知道現在是三月了，但只是想了解你們對未來大型交易的看法。

Yes. So I'll comment on the pipeline, Tien-Tsin, and see if Julie wants to add anything else. But we continue to feel good about our pipeline even with another quarter of record bookings just completed. We were very pleased with our bookings, obviously, in Q2 and for the first half of the year. But bookings can be lumpy from quarter-to-quarter. So we focus on the trailing 12-month book-to-bill as I know many of you do, too. But we, overall, still feel really good about our pipeline.

是的。我會評論一下管線，Tien-Tsin，看看 Julie 是否想補充其他內容。不過即便我們剛完成又一個創紀錄訂單的季度，我們對管線仍然感覺良好。我們對 Q2 以及上半年訂單表現當然非常滿意。但訂單在季度之間可能會有波動。因此我們會聚焦於過去 12 個月的 book-to-bill（接單/出單比），我知道你們很多人也這麼做。總體而言，我們仍然對管線感到非常有信心。

Yes. And Tien-Tsin, the only one thing I want to add maybe back to your last question is, we are doing exactly what we did at the pandemic, which is we're calling it like we see it, right? So we'll update every quarter. And we've got -- we're really close to the clients, right? And as we said at the beginning, it is too early. So we're not trying to build in, be overly conservative or overly optimistic. Like we really just call it down the fairway. And next quarter, we'll update and we'll go from there.

是的。Tien-Tsin，我唯一想補充、也許回到你上一個問題的是，我們正在做的正是疫情期間做的事，也就是依我們所見如實反映，對吧？所以我們會每一季更新。而且我們——我們與客戶保持非常緊密的連結，對吧？正如我們一開始所說，現在還太早。因此我們不會試圖把假設做得過度保守或過度樂觀；我們真的就是把它放在公平的中間路徑上。下一季我們會更新，然後再從那裡往下走。

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（Bank of America）的 Jason Kupferberg。

Just wanted to ask about the bookings, obviously, extremely strong here. I was just curious on the consulting and outsourcing side. How much above your internal expectations did they come in? And how should we think about book-to-bill in the back half of the year? I know year-to-date, it's nicely elevated at 1.2x. So should we just expect some normalization there in the back half?

我想問一下訂單，顯然這裡非常強勁。我只是好奇在顧問與外包這一側，它們比你們內部預期高出多少？以及我們應該如何看待今年下半年的 book-to-bill？我知道年初至今它很不錯地提升到 1.2 倍。所以我們是否應該預期下半年會有一些正常化？

Jason, I would say that our bookings -- our record bookings did come in higher than we expected. That was a broad-based over-delivery across all markets, all services and industries as well as consulting and outsourcing type of work. And again, we look at an overall book-to-bill, as I just mentioned to Bryan, in a trailing 12 months, 4 quarters at a time. So we feel good about where we are and our positioning and our pipeline and our bookings to date as we head into H2.

Jason，我會說我們的訂單——我們創紀錄的訂單確實高於我們的預期。這是跨所有市場、所有服務與產業的全面超預期交付，也包括顧問與外包類型的工作。再者，正如我剛才對 Bryan 提到的，我們看的是整體的 book-to-bill，以過去 12 個月、一次 4 個季度的方式來看。因此，當我們邁入 H2 時，我們對目前的位置、我們的定位、管線以及迄今的訂單表現都感到良好。

Okay. All right. Understood. And then can you just remind us which countries within Central and Eastern Europe you have the most meaningful headcount, obviously, excluding Russia? But I know you mentioned Poland earlier, but just so we have a broader picture of the headcount distribution in the region.

好的。好。了解。那你能否提醒我們，在中東歐地區你們在哪些國家擁有最具規模的人力配置，當然不包括俄羅斯？我知道你之前提到波蘭，但我想更全面地了解該區域的人力分布。

Sure. Poland and Romania would be the sort of the 2 where we've got delivery centers. We don't have big local market, but Poland and Romania.

當然。波蘭和羅馬尼亞大概是我們設有交付中心的兩個地方。我們在當地市場的規模不大，但主要是在波蘭和羅馬尼亞。

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

我們的下一個問題來自蒙特婁銀行（Bank of Montreal）的 Keith Bachman。

Julie, I wanted to direct this to you. And the nature of the question is I wanted to get your view about the durability of double-digit growth. And I'm not focused on this year. So our model goes back to 2006 for Accenture. So 2006 to 2021, Accenture grew on average, by about 8 points, which includes some M&A. Half of those years were in the double-digit range, half were not. And so I'm just trying to think and I think investors are really focused on the phenomenal year that you're having this year, but it sets up: a, a very difficult compare, including 5 points of M&A; and b, a lot of companies, including my firm, came out of COVID and said, we need to do a lot of things differently. So stressing -- trying to fix our IT infrastructure and -- may have created some pull-ins. The things we're going to do over the next 5 years, many firms are doing over the next 1 year. So I wanted to get your -- with that as a context, how do you see, as you look out to 2023 and beyond, how do you view Accenture's ability to sustain double-digit growth?

Julie，我想把這個問題直接問你。問題的性質是，我想了解你對雙位數成長可持續性的看法。我不是聚焦在今年。我們的模型回溯到 2006 年的 Accenture。從 2006 到 2021 年，Accenture 平均成長大約 8 個點，其中包含一些併購（M&A）。這些年份中有一半是雙位數成長，一半不是。所以我在思考——我想投資人也非常關注你們今年這個非凡的一年，但這會帶來：a，包含 5 個點的併購在內，非常困難的比較基期；以及 b，很多公司（包括我的公司）在 COVID 之後走出來說，我們需要用不同的方式做很多事情。因此在強調——試圖修復我們的 IT 基礎架構，可能造成一些需求提前拉動（pull-ins）。我們原本要在未來 5 年做的事情，很多公司正在未來 1 年內做完。所以在這樣的背景下，我想請教你：當你展望 2023 年及以後，你如何看待 Accenture 維持雙位數成長的能力？

Well, thanks. I love that you look at it over the long term because that's how we do. And so the way we think about growth isn't about is it double digit or not, right? We've had a very enduring and I think it served us well, belief that we should be growing more than the market, right? And so that is what we focus on, is that we are always continuing to take market share. And that is an enduring commitment that we sort of -- that we anchor to.

嗯，謝謝。我很喜歡你用長期視角來看，因為我們也是這樣做的。所以我們思考成長的方式並不是在於是否雙位數，對吧？我們一直有一個非常長久、而且我認為對我們很有幫助的信念：我們應該成長得比市場更快，對吧？因此我們專注的是，我們始終持續取得市占率。而這是一個長期的承諾，也是我們所依據的核心。

Now the way we do that is that we stay very close to clients so that we know not only what they need today, but also we can anticipate what they need tomorrow, right? And that's really important. So yesterday, for example, we talked about the Metaverse continuum where we have been investing for a decade. We think the Metaverse and Web3 is as significant as when, in 2013, we called that every business would be a digital business. And that will be a huge transformation over the next decade that will also be part of sort of next waves of growth.

而我們做到這點的方式，是與客戶保持非常緊密的連結，讓我們不僅知道他們今天需要什麼，也能預判他們明天需要什麼，對吧？這非常重要。比如昨天，我們談到我們已投資十年的「元宇宙連續體」（Metaverse continuum）。我們認為元宇宙與 Web3 的重要性，堪比我們在 2013 年所提出的「每一家企業都將成為數位企業」。而這將在未來十年帶來巨大的轉型，也會成為下一波成長的一部分。

At the same time, it's really important to look at where we are now, which is still extraordinarily early in the digital transformation of every part of the enterprise, right? We estimate, for example, that only about 30% of workloads have been -- have moved to the cloud. And once you get to the cloud, that's when you actually use those technologies to grow and innovate. You saw that in some of the examples that we gave today where you're having the cloud piece, but then you're figuring out how to use the data and the AI to really transform.

同時，觀察我們目前所處的位置也非常重要：企業各個部分的數位轉型其實仍然非常早期，對吧？例如我們估計，只有大約 30% 的工作負載已經——已經遷移到雲端。而一旦上雲，才是你真正運用這些技術來成長與創新的時候。你在我們今天提供的一些例子中也看到了：你有雲端這一塊，但接著你會思考如何運用資料與 AI 來真正完成轉型。

When you look at replatforming on the leading SaaS platform, similarly, extraordinarily early. So everyone feels, right, the big focus on digital because that was the wake-up call from the pandemic. But the actual transformation and just putting in the foundation is still very early stages, and then it's what you do on that foundation.

再看在領先的 SaaS 平台上進行重新平台化（replatforming），同樣也仍然非常早期。所以每個人都感受到、對吧，對數位的高度聚焦，因為那是疫情帶來的警醒。但實際的轉型、以及僅僅把基礎打好，仍然處於非常早的階段，接下來才是你在這個基礎之上要做什麼。

Then if you look at from a technology development point of view, let's take manufacturing and supply chain. Many of the technologies have really -- that are advanced have only been introduced in the last couple of years, right, the advanced cloud-based technologies. And so technology itself, like there's still new functionality that doesn't even exist in some of the major platforms that's still being created. And so we consider the manufacturing and supply chain as the next digital frontier. And of course, that was a big play for us, which we've been doing for the last decade because it's a move from IT to OT as you think about the budgets that we're accessing, right?

然後如果從技術發展的角度來看，以製造與供應鏈為例。許多真正先進的技術——在過去幾年才被引入，對吧，這些先進的雲端技術。因此技術本身仍在演進；在一些主要平台上，甚至還有新的功能尚不存在、仍在被打造中。所以我們把製造與供應鏈視為下一個數位前沿。當然，這也是我們的一個重要布局，我們在過去十年一直在做，因為當你思考我們正在觸及的預算時，這是從 IT 走向 OT 的轉移，對吧？

And so overall, like as much as we feel there's so much going on, you still have many, many companies who have not started the compressed transformation. You're very early in the platforming of what's today, let alone the next things that we can already see like Web3.

因此整體而言，儘管我們覺得有很多事情同時在發生，但你仍然會看到非常、非常多的公司尚未開始這種壓縮式轉型。就當今的平台化而言，你還處於非常早期的階段，更不用說我們已經能看到的下一波事物，例如 Web3。

Okay. Great. Very helpful. KC, I'll make my follow-up a bit more poignant question, and just want to try to understand the operating margin comments that you made before. And specifically, is wage inflation impacting that negatively, influencing some of the comments you made about potential for operating margin expansion this year?

好的。很好。非常有幫助。KC，我把追問變得更尖銳一些，想試著理解你先前提到的營業利益率評論。具體來說，薪資通膨是否正在對其造成負面影響，並影響你所提到今年營業利益率擴張潛力的部分說法？

Yes. So in terms of wage inflation, I will -- it's really a pretty similar case to what we've discussed last quarter. So maybe it just kind of goes back through that again. So obviously, it's occurring in all the industries, and it's across the globe. And our clients have also obviously experienced this as well in this very tight labor market.

是的。就薪資通膨而言，我會說——這其實與我們上季討論的情況非常相似。所以也許我再把那段脈絡重新走一遍。很明顯，這正在所有產業發生，而且是全球性的。我們的客戶在這個非常緊俏的勞動市場中，也同樣明顯地經歷了這件事。

But for us, as it relates to wage inflation, we see for our business that we're going to continue to have wage increases in the market for certain skills, and that's going to continue to vary by geography. And we're also looking at have the Consumer Price Index and any increases there and how that might potentially spill over into inflation at the lower end of our pyramid.

但對我們而言，就薪資通膨來說，我們看到在某些技能上，市場仍會持續出現薪資上調，而且不同地理區域的情況會有所差異。我們也在關注消費者物價指數（CPI）及其任何上升，以及這可能如何外溢並推升我們金字塔底端較低層級的人員的通膨。

And so we're focusing on pricing to absorb our higher labor costs. And again, as it relates to pricing, what we're seeing is that it's going to take some time, Keith, for the improved pricing, which we did have in the second quarter, again, on our record bookings. We see that flow through -- see that flow through our P&L. We did see some of that impact in the second quarter, but that obviously lags the impact of compensation increases.

因此我們把重點放在透過定價來吸收較高的人力成本。同樣地，就定價而言，我們看到的是，Keith，改善後的定價（我們在第二季確實在創紀錄的接單量上取得了改善）需要一些時間才能反映出來——反映到我們的損益表（P&L）上。我們在第二季確實看到部分影響，但那顯然會落後於薪酬上調的影響。

And I'm just going to add -- and I just want to add that I'm very happy with where we are on profitability. I mean if you think about what we are navigating, right, hyper growth has increased costs from all the recruiting, right? We did a big step-up in acquisitions last year. We're absorbing that dilution this year, right? We've increased significantly the investments in our business, which are all about driving growth today, but also tomorrow, right? We're in an unprecedented labor market with wage inflation, which we are absorbing and still delivering at 10 basis points operating margin expansion. So I feel really good about where we are as a company, both for this year and all the things that we're doing to position ourselves to continue to grow in market-leading ways.

我再補充——我也想補充的是，我對我們目前的獲利狀況非常滿意。我的意思是，如果你想想我們正在應對的情況，對吧？高速成長因為大量招募而推升了成本，對吧？我們去年在併購上大幅加碼。我們今年正在吸收那個稀釋效應，對吧？我們也顯著增加了對業務的投資，這些投資都是為了推動今天的成長，也為了明天，對吧？我們處在前所未有、伴隨薪資通膨的勞動市場中，我們正在吸收這些影響，同時仍能交付 10 個基點的營業利益率擴張。所以我對我們作為一家公司目前的狀態感到非常好，無論是今年的表現，還是我們正在做的所有事情，以便讓我們持續以市場領先的方式成長。

Our next question comes from Ashwin Shirvaikar with Citi.

下一個問題來自 Citi 的 Ashwin Shirvaikar。

Julie, KC, congratulations on the quarter and outlook. I wanted to start with the M&A question. I believe there was no M&A since last earnings. Perhaps I may have missed a smaller deal or 2. Is that just a quirk of timing? Or is it that you just recently did larger deals and are integrating? Or might there be other factors at play?

Julie、KC，恭喜本季表現與展望。我想先從併購（M&A）問題開始。我相信自上次財報以來沒有新的併購。也許我漏掉了一兩筆較小的交易。這只是時間點的巧合嗎？還是因為你們最近做了較大型的交易、正在整合？或者還有其他因素在起作用？

Yes. Maybe I'll just state some facts and you can -- yes, so Ash, we're about halfway through the year. And we did have a lot of acquisitions closed in Q1. You're right, we did have less close in Q2. But acquisition closing, they can be lumpy. We can't always control the timing. So we've deployed $1.8 billion of acquisition spend year-to-date. We continue to expect about $4 billion of acquisition spend in FY '22. But of course, we're only going to do deals that make sense. And so it could be plus or minus the $4 billion. And we'll update you next quarter. But let me...

是的。也許我先陳述一些事實，然後你可以——是的，Ash，我們今年大概走到一半。我們在第一季確實完成了很多併購案的交割。你說得對，第二季完成交割的比較少。但併購交割的節奏可能會不均勻，我們不一定能完全掌控時間點。今年迄今我們已投入 18 億美元的併購支出。我們仍預期 2022 財年約 40 億美元的併購支出。但當然，我們只會做合理的交易。因此可能會高於或低於 40 億美元。我們會在下季更新你。但讓我……

Yes. And I just like I wish we could manage it sort of like say, we're going to do this many and then we're going to absorb. But it really is just about timing goes up and down. And also, we have a lot of rigor and discipline. We're only going to do deals that we believe in, right? So we're not trying to manage in any way to a quarter. We've got a capital allocation. If we can do that with great deals, we're going to do it, and so that's the approach.

是的。而且我也——我希望我們能像管理一樣去安排，例如說我們要做多少筆，然後再消化整合。但實際上就是時間點上下波動。另外，我們有很高的嚴謹度與紀律。我們只會做我們真正相信的交易，對吧？所以我們不會試圖以任何方式去配合某一季的數字。我們有資本配置計畫；如果能用很好的交易來執行，我們就會做，這就是我們的做法。

I will take the opportunity just to say one of the ones we did announce, we did close 2 this quarter. But one of the ones we announced I'm super excited about, which is AFD.TECH, which is in the network space, 1,600 people in France. And it's important because as you think about what's happening in digitization, our increasing move into really leading in network is important. And it's just another great example of how we use acquisitions to accelerate our strategic growth priorities. It's an important part of Accenture Cloud First.

我也藉此機會說一下，我們本季確實完成交割了 2 筆。但其中一筆我們已宣布、我非常興奮的是 AFD.TECH，位於網路領域，在法國有 1,600 名員工。這很重要，因為當你思考數位化正在發生的事情時，我們日益朝向在網路領域真正領先的方向前進是很關鍵的。而這也是我們如何運用併購來加速策略性成長優先事項的另一個很好的例子。這是 Accenture Cloud First 的重要一環。

No doubt. I agree with that. Can I -- and I wanted to ask a broader question. This has unfortunately been asked in a few different ways. But I think you captured it well in your takeoff sentence when you mentioned an incredibly high level of uncertainty. But I believe that since the compressed transformation move started, this is probably the first major test of circular trend versus cyclical uncertainty. And I know you're calling outlook like you see it. But is this time different? Can the strength of circular overcome cyclical challenges?

毫無疑問。我同意。能不能——我想問一個更宏觀的問題。這個問題不幸地已經以幾種不同方式被問過。但我覺得你在開場那句提到「極高的不確定性」時抓得很好。不過我相信，自從壓縮式轉型的浪潮開始以來，這可能是第一次對「結構性趨勢」相對於「景氣循環式不確定性」的重大考驗。我知道你們是依所見來給出展望。但這次有什麼不同嗎？結構性強勁能否克服景氣循環的挑戰？

Look, we all rose to dealing with the types of things that may come out of this crisis other than perhaps the military scenarios, right, whether it's more inflation, the need for energy conservation due to higher energy prices, the disruption in supply chain, agriculture. All roads lead to some combination of technology and human ingenuity, right, which is what we bring together. And so you've got great solutions like managed services to accelerate both cost takeout and finding new ways to grow, new ways to access markets, right? You've got energy efficiency that's going to come from technology improvements.

你看，我們都已經挺身而出，去應對這場危機可能帶來的各種事情——除了也許軍事情境之外，對吧？無論是更高的通膨、因能源價格上升而需要節能、供應鏈中斷、農業等。所有道路都會導向某種程度的科技與人類創造力的結合，對吧？而這正是我們所整合帶來的。因此你會有像受管服務（managed services）這樣很好的解決方案，能同時加速成本削減並找到新的成長方式、進入市場的新方式，對吧？你也會有來自技術改進的能源效率提升。

And so as you think about what we do, right, we're the company that's going to be able to help companies navigate these macro trends. And so we really believe that the technology, importance of technology and then being able to apply it to get tangible outcomes is going to be critical. And so we believe we'll be resilient through this, through whatever this is going to be as well.

因此當你思考我們在做什麼時，對吧？我們是一家能夠協助企業穿越這些總體趨勢的公司。所以我們非常相信，科技的重要性，以及能夠把科技應用並產生可衡量、具體成果，將會是關鍵。因此我們相信，無論接下來會是什麼情況，我們都能在其中保持韌性。

Our next question comes from the line of Surinder Thind with Jefferies.

下一個問題來自 Jefferies 的 Surinder Thind。

The first question I'd like to ask is just about talent and your ability to acquire it more globally. Obviously, in the earlier announcement about the apprenticeship program or the expansion of it in the U.S., can you talk a little bit about as you build out the bottom base of the pyramid for your delivery, how does something like that impact like bill rates or the clients' willingness to accept bill rates when you're using individuals with non-4-year degrees and so forth?

我想問的第一個問題是關於人才，以及你們在全球更廣泛取得人才的能力。顯然，在先前關於學徒計畫或其在美國擴大的公告中，你能否談談，當你們在交付體系中擴建金字塔底部的人才基礎時，這類計畫會如何影響例如計費費率（bill rates），或客戶在你們使用非四年制學位的人員等情況下，對計費費率的接受度？

Interesting question. I would say that our clients really focus on skills. They don't focus on degrees. And so what they're looking for are the skills. And that's a broader trend. In fact, we predicted that 3 years from now, Chief Human Resources officers will all be talking about skills. And as part of this trend, you need to be -- not a consumer but a creator of talent, understand skills and then be able to reskill.

很有意思的問題。我會說，我們的客戶真正關注的是技能，而不是學位。因此他們在尋找的是技能。而這也是一個更廣泛的趨勢。事實上，我們預測三年後，人力資源長（CHRO）都會在談技能。作為這個趨勢的一部分，你需要——不是作為人才的消費者，而是作為人才的創造者，理解技能，並且能夠再培訓（reskill）。

Fair enough. And does that also impact your cost as well, though? Are you able to employ them at a better cost base, I guess? How should I think about the arbitrage opportunity there if clients are willing to pay for the full skill?

可以理解。不過那也會影響你們的成本嗎？我想說，你們是否能以更好的成本基礎雇用他們？如果客戶願意為完整技能付費，我該如何看待其中的套利機會？

I wouldn't think about the arbitrary opportunity. We pay market-relevant pay. And it's the focus on skills. Even if you look at our -- the way we draft our recruiting thing, it is about skills. And so there isn't something that because you've got a 2-year degree versus a 4-year degree, now you're paid less. It's about skills. So there's a market price for these skills. So I wouldn't think of it as labor arbitrage.

我不會把它想成套利機會。我們支付的是符合市場水準的薪酬，而重點在技能。即使你看我們——我們撰寫招募內容的方式，也是以技能為核心。因此不會因為你是兩年制學位而不是四年制學位，就因此薪資更低。重點在技能。這些技能有其市場價格。所以我不會把它視為勞動套利。

Got it. And then as a follow-up question, just a big-picture, longer-term question just about the delivery model. Do the current geopolitical events maybe change your perception of where you may want to operate or expand to? There's generally been in the trend of the last few years, much more global delivery. Obviously, you guys are very global. But in terms of just trying to get as much talent in every country everywhere, how does that kind of change the way that you might be thinking about delivery, whether it's being more concentrated in certain regions or areas or avoiding other regions and areas?

了解。接著作為追問，想從更宏觀、較長期的角度請教交付模式。當前的地緣政治事件，是否可能改變你們對於未來在哪些地方營運或擴張的看法？過去幾年整體趨勢是更全球化的交付；顯然你們本來就非常全球化。但就盡可能在各國各地取得人才而言，這是否會改變你們對交付方式的思考，例如更集中在某些區域或地帶，或是避開其他區域與地帶？

What I would say is since the time of the pandemic, when we had this global shock, right, we continue to evolve our ability to move work and be flexible. And so our focus is really on that agility and making sure that we have the right kinds of talent, both geographically dispersed, but also the ability to move talent around.

我會說，自疫情期間出現這種全球性衝擊以來，我們持續演進我們移轉工作與保持彈性的能力。因此，我們的重點確實在於敏捷性，並確保我們擁有合適類型的人才：一方面在地理上分散，另一方面也具備把人才調度到不同地方的能力。

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

接線員，我們還有時間再問一個問題，之後 Julie 會做總結。

Our last question will come from the line of Brian Essex with Goldman Sachs.

我們最後一個問題來自高盛（Goldman Sachs）的 Brian Essex。

Great. I echo my congratulations on the results for the quarter. I guess I wanted to follow up to the last question, maybe a little different angle, focused on the supply side. So I guess with that in mind, Julie, are you seeing -- obviously, in a post-pandemic era or hopefully coming out of the pandemic, companies are used to operating in a hybrid world, more agnostic to where work is performed. Any trends that you -- or overarching trends that you can call out either by skill level or by geography where they might, and specifically, would love to focus it on how they're managing costs? So are they looking to shift work to particular geographies? Do you see demand in particular geographies? Are there certain trends that you can call out with regard to the skilling of labor forces in particular geographies that are notable where you might see some cost benefit or better ability to supply to meet demand?

很好。我也同樣恭喜本季的業績表現。我想延續上一題，但從稍微不同的角度、聚焦在供給端來問。基於這點，Julie，你是否看到——顯然在後疫情時代，或希望正走出疫情之際，企業已習慣在混合式環境中運作，對工作在哪裡完成也更不那麼在意。你能否指出任何趨勢——或按技能層級或按地理位置的整體趨勢——尤其想聚焦在他們如何管理成本？他們是否在把工作移轉到特定地區？你是否看到特定地區的需求？另外，在特定地區的勞動力技能培育方面，是否有任何值得注意的趨勢，讓你看到可能有成本效益或更能供給以滿足需求？

I'm talking about talent all the time with our clients. And I'd say that it's slightly different than what your focus is. Here are the 2 big things, which are all around accessing talent. So in accessing talent, means you have to be able to attract and retain it, and you've got to be able to get it at scale.

我一直都在和客戶談人才。我會說這和你關注的點略有不同。這裡有兩個重點，都是圍繞「取得人才」。所謂取得人才，意味著你必須能吸引並留住人才，而且必須能以規模化的方式取得。

So the bigger focus is around what does it take to attract and retain in a hybrid work environment. And so more companies are focused on where they did -- they used to want everybody in the office, having more of a hybrid model, and that has knock-on cost effects as you decrease your real estate. And so that's been a big focus.

因此更大的重點在於：在混合式工作環境中，要如何吸引並留住人才。更多公司把重心放在——他們過去希望所有人都在辦公室，現在改採更混合的模式；而當你減少不動產（辦公空間）時，這會帶來連帶的成本影響。因此這一直是很大的焦點。

But the actual -- the thing we talk to clients about is it's more about how do you attract people who today, all of our research shows that if you're not having to be there in a frontline worker, you want some combination, and then that does have costs. And so that's a huge focus around talent.

但實際上——我們和客戶談的重點更在於：如何吸引那些如今（我們所有研究都顯示）如果不需要作為第一線工作者到場的人，他們會希望某種組合（的工作方式）；而這確實會產生成本。因此，圍繞人才的這一點是非常大的焦點。

The second piece on access, if you look at the way our managed services are being driven, it is really 2 big things. One is it's faster to digitize because you use our platforms. And the second is the access to hard-to-get talent, right? And so let's just take security. We have 10,000 security professionals who do everything from threat assessment to the rebuilding and designing platforms to managed services. And in today's world, with the security landscape broadening, right, that access to that kind of talent is incredible. And so just the real focus is on access and what does it take to access it, including through partnerships. And those are the kinds of conversations that we have.

第二個關於「取得」的面向，如果你看我們的託管服務是如何被推動的，主要也是兩件大事。第一，因為使用我們的平台，數位化速度更快。第二，是取得難以招募的人才，對吧？以資安為例。我們有 10,000 名資安專業人員，工作範圍從威脅評估，到重建與設計平台，再到託管服務。在當今資安版圖持續擴大的世界裡，能取得這類人才非常關鍵。因此真正的重點就是「取得」以及如何取得，包括透過合作夥伴關係。這些就是我們在進行的對話。

Got it. That's super helpful. And maybe just one quick follow-up on resources. What have you seen historically? I know we've got accelerating energy prices, oil in particular. What have you seen historically with regard to follow-on for alternative projects and greater investment in the energy sector, in particular, in response to prices? How high is it been correlated, particularly on the discretionary side and maybe your experience in terms of how you've seen follow-through with spend in that sector?

了解。這非常有幫助。再就資源方面快速追問一下。從歷史來看，你們觀察到什麼？我知道能源價格正在加速上漲，尤其是原油。就歷史而言，當價格上升時，替代性專案與能源產業投資增加的後續效應，你們過去看到什麼？其相關性有多高，特別是在可自由支配（discretionary）支出那一端？以及就你們的經驗，在該產業的支出落實與延續方面，你們看到的情況如何？

Yes. Well, listen, I was just at CERAWeek, which is the world's largest energy conference for a couple of days just last week, so I spent a lot of time with everyone in the energy sector. And I think rather than looking at it historically, let's look at it like what are people talking about now. So first of all, despite the increases in prices, say, in oil and gas, no one is saying, "Hey, now we've got to let up on cost." In fact, the exact opposite. Because the oil and gas industry, in fact, the entire energy industry has a major challenge ahead of investing to move to sustainable energy solutions.

是的。嗯，聽著，我上週才在 CERAWeek（全球最大的能源會議）待了幾天，所以我和能源產業的各方人士花了很多時間交流。我認為與其從歷史角度看，不如看大家現在在談什麼。首先，儘管油氣等價格上升，沒有人在說「嘿，現在我們可以放鬆成本控制了」。事實上完全相反。因為油氣產業——其實整個能源產業——面臨一個重大挑戰：必須投入資本以轉向永續能源解決方案。

And so what I would say is that there is an absolutely laser focus on continuing what that industry had to do during the pandemic because how it was fit and focus on cost and now accelerate innovation and moving to sustainable energy solutions. And that's where we gave the example today of how we're helping in decarbonization. We announced this week what we're doing with Ecopetrol and AWS around water management, right? And so we're playing -- we're obviously very well situated. We have a deep, deep expertise in utilities and oil and gas and the entire energy sector in -- at their core both enterprise as well as in the grid, at the refinery and then helping really create those sustainable solutions. We see this as a major opportunity for our clients that we want to help them on.

因此我會說，大家非常聚焦於延續該產業在疫情期間必須做到的事：保持精實、聚焦成本，並且現在加速創新、推進永續能源解決方案。這也是我們今天舉例說明我們如何協助去碳化（decarbonization）的原因。我們本週宣布與 Ecopetrol 及 AWS 在水資源管理方面的合作，對吧？因此我們正在扮演——顯然我們處於非常有利的位置。我們在公用事業、油氣以及整個能源產業擁有非常深厚的專業，涵蓋其核心的企業端，以及電網端、煉油廠端，並協助真正打造那些永續解決方案。我們把這視為客戶的一個重大機會，而我們希望在其中協助他們。

Great. Thank you very much. I'm going to close the call now. Thanks, everyone, for joining us, and thank you again to our incredible people and to our shareholders for your continued trust.

很好。非常感謝。我現在要結束本次電話會議。感謝各位的參與，也再次感謝我們卓越的同仁，以及我們的股東持續的信任。

Please make sure to join us for our Virtual Investor and Analyst Day on Thursday, April 7. We're looking forward to being back together. Thanks, everyone.

也請務必參加我們於 4 月 7 日（週四）舉行的線上投資人與分析師日（Virtual Investor and Analyst Day）。我們期待再次相聚。謝謝大家。

Ladies and gentlemen, this conference will be available for replay after 10:00 a.m. Eastern today through June 23. You may access the AT&T replay system at any time by dialing 1 (866) 207-1041 and entering access code 6300496. International participants may dial (402) 970-0847.

各位女士、先生，本次會議將於今日美東時間上午 10:00 之後提供重播，至 6 月 23 日止。您可隨時撥打 1 (866) 207-1041 並輸入存取碼 6300496 以使用 AT&T 重播系統。國際參與者可撥打 (402) 970-0847。

That does conclude our conference for today. We thank you for your participation and for using AT&T conferencing service. You may now disconnect.

我們今天的會議到此結束。感謝各位的參與，以及使用 AT&T 會議服務。您現在可以掛線。