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.

女士們，先生們，感謝你們的支持，歡迎來到埃森哲 2022 財年第二季度財報。 （操作員說明）作為提醒，本次會議正在錄製中。

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

我現在想將會議轉交給我們的主持人，董事總經理兼投資者關係主管 Angie Park 女士。請繼續。

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.

感謝運營商，也感謝大家今天加入我們的 2022 財年第二季度收益公告。正如運營商剛剛提到的，我是 Angie Park，董事總經理，投資者關係負責人。

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.

在今天的電話會議上，您將聽到我們的主席兼首席執行官 Julie Sweet 的講話；和我們的首席財務官 KC McClure。我們希望您有機會查看我們不久前發布的新聞稿。

Let me quickly outline the agenda for today's call. Julie will begin with an overview of our results; KC will take you through the financial details, including the income statement and balance sheet, along with some key operational metrics for 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.

讓我快速概述今天電話會議的議程。 Julie 將首先概述我們的結果； KC 將帶您了解財務細節，包括損益表和資產負債表，以及第二季度的一些關鍵運營指標。然後，朱莉將簡要介紹我們的市場定位，然後 KC 提供我們對第三季度和 2022 財年的業務展望。然後，我們將在朱莉在電話結束時提供總結之前回答您的問題。

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一些事項，包括我們的業務前景，具有前瞻性，因此受到已知和未知風險和不確定性的影響，包括但不限於今天新聞稿中列出並討論的那些因素在我們關於 10-K 表格的年度報告和關於 10-Q 表格的季度報告和其他 SEC 文件中。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大不相同。

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.

在我們今天的電話會議中，我們將參考某些非公認會計準則財務指標，我們認為這些指標可為投資者提供有用的信息。在適當的情況下，我們將非公認會計原則財務措施與公認會計原則的對賬包括在我們的新聞稿或我們網站上的投資者關係部分中。與往常一樣，埃森哲不承擔更新本次電話會議上提供的信息的義務。

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. 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，安吉，也謝謝大家的加入。首先，我要向烏克蘭人民在俄羅斯非法入侵時表現出的令人難以置信的英勇表示敬意，並對可怕的生命損失表示深切的同情和關切。雖然這些話不足以捕捉正在發生的事情，但我們正在採取行動以盡可能小的方式提供幫助，稍後我將在電話會議中分享更多信息。

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.

現在轉到本季度。首先，我要感謝我們在全球的近 700,000 人，感謝你們令人難以置信的奉獻精神，並為我們的客戶和所有利益相關者創造 360 度的價值所做的努力。感謝我們的客戶採取大膽行動進行轉型，並信任我們來幫助他們。最後，感謝我們每天與我們合作的技術生態系統合作夥伴，為我們的客戶進行創新和創造更多價值。

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.

現在是本季度的一些亮點。我們的預訂量達到創紀錄的近 200 億美元，並且定價持續改善，這是指我們與 36 個預訂量超過 1 億美元的客戶在整個業務中銷售的作品的合同盈利能力或利潤率。我們以當地貨幣計算的收入增長了創紀錄的 28%，使上半年增加的總收入達到 62 億美元，這是我們在 21 財年全年增加的收入。我們的每股收益同比增長 25%，營業利潤率持平，並繼續對我們的業務和員工進行大量投資。

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，再次證明了我們吸引客戶所需規模的頂尖人才的能力。在全球 400 多家組織中，我們是彭博性別平等指數中得分最高的公司。我們連續第 15 年被評為 Ethisphere 全球最具道德企業，並連續第六年被 JUST Capital 評為。本季度，我們的員工又完成了 920 萬小時的培訓。我們繼續獲得市場份額，市場增長超過 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.

對於這樣一個特殊的季度，我要特別感謝並感謝支持這些結果的強大交付團隊。我們的客戶知道，我們的承諾得到了員工每天與他們並肩工作的出色工作的支持，從塑造未來到構建最佳系統和平台，再到創造令人驚嘆的新體驗和品牌，再到運行關鍵功能我們的客戶以及介於兩者之間的一切。

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.

在交給KC之前，讓我停下來反思一下當前的宏觀環境。幾乎正好是 2 年前，我們在宣布大流行後僅 8 天就開始盈利。當時和現在一樣，世界面臨著難以置信的不確定性。我們都在關注烏克蘭的事態發展，有許多難以預測的潛在情景。

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.

雖然情況大不相同，但我們的重點是相同的：關注員工的福祉、服務客戶、緊貼他們不斷變化的需求並幫助我們的社區。我們從大流行中脫穎而出，成為一家更強大、更相關的公司，我們將利用這種實力成功駕馭這種環境並實現這三個相同的目標。

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，朱莉，也感謝大家抽出寶貴時間加入我們今天的電話會議。我們對第二季度的整體業績感到非常滿意，這超出了我們的預期，新預訂近 200 億美元，比我們上一季度創下的紀錄高出 28 億美元。我們的業績反映了我們業務各個方面非常強勁的兩位數收入增長，這加強了我們的產品和能力在市場上為客戶創造價值的相關性。

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.

我們有一個非常強勁的第二季度和今年上半年。雖然我們知道鑑於烏克蘭正在進行的衝突，環境是不確定的，但我們總是按照我們所見的那樣稱呼它。根據我們今天掌握的最佳信息，我們正在增加全年指導的關鍵要素，我將在稍後的電話會議中詳細介紹。

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.

現在讓我先總結一下本季度的一些亮點。收入增長了 28%，比去年第二季度增加了 30 億美元，比我們的指導範圍的上限高出近 3 億美元，這得益於所有市場、服務和行業的廣泛超額交付，所有 13 個行業都增長了兩位數。我們還繼續擴大我們的領導地位，增長估計超過市場的 3 倍，這是指我們的一攬子上市公司。

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.

我們在該季度的每股收益為 2.54 美元，與去年調整後的每股收益相比增長了 25%。 13.7%的營業利潤率與去年第二季度一致。今年迄今 10 個基點的擴張反映了對我們的員工和業務的持續重大投資。最後，我們實現了 20 億美元的自由現金流，並通過回購和分紅向股東返還了 23 億美元。我們在收購方面進行了 18 億美元的投資，主要歸功於今年上半年的 21 筆交易。我們繼續預計本財年將投資約 40 億美元進行收購。

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.

有了這個，讓我談談一些細節。本季度的新預訂達到創紀錄的 196 億美元，與去年非常強勁的第二季度相比增長了 22%，總體訂單出貨比為 1.3。諮詢預訂額為 109 億美元，創歷史新高，訂單出貨比為 1.3。外包預訂也達到創紀錄的 87 億美元，訂單出貨比為 1.3。我們對我們的新預訂感到非常滿意，這得益於技術服務、戰略和諮詢以及 36 家預訂超過 1 億美元的客戶。

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.

現在轉向收入。本季度收入為 150 億美元，以美元計算增長 24%，以當地貨幣計算增長 28%。本季度的諮詢收入為 83 億美元，以美元計算增長 29%，以當地貨幣計算增長 34%。外包收入為 67 億美元，以美元計算增長 19%，以當地貨幣計算增長 23%。仔細看看我們的服務維度、戰略和諮詢、技術服務和運營都增長了非常強勁的兩位數。

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.

轉向我們的地理市場。在北美，在軟件和平台、消費品、零售和服務——旅遊服務和公共服務的兩位數增長的推動下，以當地貨幣計算的收入增長了 26%。在歐洲，以當地貨幣計算的收入增長了 31%，這主要得益於消費品、零售和旅遊服務、工業以及銀行和資本市場的兩位數增長。

Looking closer at the countries. Europe was driven by double-digit growth in the U.K., Germany, France and Italy. In Growth Markets, we delivered 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.

仔細觀察這些國家。歐洲受到英國、德國、法國和意大利兩位數增長的推動。在成長型市場，我們實現了 30% 的本地貨幣收入增長，這得益於消費品、零售和旅遊服務、銀行和資本市場以及公共服務的兩位數增長。從國家的角度來看，Growth Markets 以日本、澳大利亞和巴西的兩位數增長為主導。

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.

向下移動損益表。本季度毛利率為 30.1%，而去年同期為 29.7%。本季度的銷售和營銷費用為 9.4%，與去年第二季度一致。一般和行政費用為 7%，而去年同期為 6.6%。第二季度營業收入為 21 億美元，營業利潤率為 13.7%，與去年第二季度持平。

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，我們在去年第二季度確認了投資收益，這影響了我們的稅率並使每股收益增加了 0.21 美元。以下比較排除了這些影響並反映了調整後的結果。我們本季度的有效稅率為 19.2%，而去年第二季度調整後的有效稅率為 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.

稀釋後每股收益為 2.54 美元，而去年第二季度調整後的稀釋後每股收益為 2.03 美元。未完成服務天數為 41 天，上一季度為 42 天，去年第二季度為 34 天。本季度的自由現金流為 20 億美元，來自經營活動產生的 22 億美元現金，扣除了 1.65 億美元的財產和設備增加。 2 月 28 日，我們的現金餘額為 55 億美元，而 8 月 31 日為 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.

關於我們向股東返還現金的持續目標，在第二季度，我們以每股 369.19 美元的平均價格以 17 億美元的價格回購或贖回了 460 萬股股票。截至 2 月 28 日，我們剩餘的股票回購權約為 46 億美元。

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.

同樣在 2 月份，我們支付了每股 0.97 美元的季度現金股息，總計 6.17 億美元。這比去年增加了 10%。我們的董事會宣布將於 5 月 13 日支付每股 0.97 美元的季度現金股息，比去年增加 10%。因此，在 22 財年的中期，我們取得了非常強勁的成果。

Now let me turn it back to Julie.

現在讓我把它轉回朱莉。

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。讓我們從需求環境開始。我們在所有市場、行業和服務的所有業務部分都實現了兩位數的增長。我們所有的增長重點，應用智能、雲、工業 X、智能運營、智能平台服務、交互、安全和轉型變革管理都在以兩位數的速度增長。我們的許多客戶正在採取大膽的轉型計劃，通常在加速的時間框架內跨越企業的多個部分，我們稱之為壓縮轉型，因為他們認識到需要利用技術、數據和人工智能以及新的工作方式。

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.

同樣清楚的是，企業現在需要移動的絕對速度以及轉型所需的專業知識的廣度需要合作夥伴關係。例如，我們廣泛的託管服務，從智能運營到應用程序開發和維護，再到雲、基礎設施和安全，我們的戰略能力使我們的客戶能夠更快地數字化，獲得難以招聘的人才，由於我們的深度專業知識並實現從提高效率到提高客戶滿意度、增強安全性、加快發展和增長的成果。

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.

我們的託管服務是獨一無二的，因為它們結合了我們強大的戰略和諮詢能力來預測和塑造未來，並處於行業、功能和技術的前沿。我們還看到我們的客戶正在尋找能夠創造 360 度價值、提升員工技能、專注於增強多樣性和建立可持續性的合作夥伴，這是我們的重點。

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.

退後一步，當您想到我們正在經歷的非凡增長以及我們如何應對大流行時，我們相信我們致力於為所有利益相關者以及我們無與倫比的人員、服務、行業、功能、市場、生態系統多樣性創造 360 度價值合作夥伴和投資，再加上我們的領導力和技術，使我們既與世界上最大的公司相關聯，又具有韌性。

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.

現在，我將通過簡要介紹我們跨行業和跨企業帶來的一系列解決方案，讓我們與客戶合作的方式栩栩如生。讓我們從企業功能開始。在化學品和自然資源方面，我們正在擴大與一家領先的化學品製造商的關係，以開拓他們為汽車行業服務的業務部門之一，以更好地專注於可持續解決方案。

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，我們將在短短 1 年多的時間裡，通過基於雲的基礎設施、ERP 平台和智能運營管理服務為技術、人力資源和財務建立這個新實體的骨幹。這種壓縮轉型將創造新的價值，將運營成本降低多達 30%，增強產品組合的靈活性，並實現新領域的未來增長。

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.

在消費品和服務方面，我們正在與一家大型跨國個人護理公司合作，構建具有標準化流程、IT企業平台和即時訪問云端整合數據的集成數字核心，這將實現更高效、更靈活的供應鍊和數字訂單處理。這將提供更多銷售時間、減少人為錯誤、創造更好的客戶體驗並提供更強大的底線。我們還將簡化財務運營，提高靈活性和成本效益，從而在任何環境中保持競爭力並取悅消費者。

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，我將求助於我們的解決方案，幫助我們轉變客戶的核心運營。在高科技領域，我們正在支持空中客車公司，這是一家領先的飛機製造商，在其業務的多個領域，包括數字設計、製造和服務。通過收購 umlaut，我們還幫助空客工程和製造團隊開發新的 A350F。同時，我們還將使用逼真的數字雙胞胎試點對新的一線員工進行入職和管理培訓，優化入職時間並在不影響生產的情況下顯著縮短車間工人的學習曲線。

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.

在銀行和資本市場，我們正在幫助全球金融服務公司 BBVA 同步並加快其數字化之旅。憑藉分析、人工智能和自動化的力量，我們將創建一個具有更高敏捷性和生產力的智能數據驅動的銀行業務，通過利用我們的戰略管理服務降低高達 30% 的成本，改善他們的客戶體驗並成為不可或缺的一部分他們的人才戰略，以提供新的增長機會、技能提升和安全機會。這建立在我們與這位數字領導者合作超過 25 年的基礎上，包括國際擴張、資本市場戰略以及數字銷售和服務。

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.

在健康方面，我們正在幫助 Highmark Health（一家全國性混合健康組織）通過技術和數據的力量使醫療保健更加個性化和主動。通過利用雲和運營中心，我們將連接業務部門，整合企業數據，提供更快的洞察力並個性化客戶體驗，並隨著需求的變化靈活地發展。通過最大限度地利用其關鍵資產數據，Highmark Health 將看到更快的上市時間、降低運營成本並增加創新，最重要的是，獲得更好的健康結果。

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.

我們正在幫助客戶加快他們的發展議程。在消費品和服務方面，我們與標誌性的生鮮和包裝食品公司 Del Monte 合作，建立有效的 B2B2C 和直接面向消費者的商務平台。我們將把他們現有的平台轉變和擴展為一個單一的商業生態系統，使創建和推出新產品變得更加容易，從而推動他們的電子商務收入顯著增長。

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.

我們正在幫助客戶塑造和實現元界的重要新興機遇。我們一直是該領域支持的早期創新者 - 回溯數年，投資於研發、我們的員工和我們自己的 Metaverse，One Accenture Park，所有這些都使我們能夠幫助我們的客戶加速他們的 Metaverse 戰略和計劃.

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.

在通信和媒體方面，我們正在幫助澳大利亞領先的電信公司 Telstra 部署 5G 連接和技術，以在墨爾本的漫威體育場提供身臨其境的球迷體驗。從預訂座位到停車，再到參與比賽，球迷們很快就能在觀看比賽之前、之中和之後體驗全新的增強現實體育場體驗。如果您錯過了昨天的發布，請務必閱讀我們的新技術願景，標題為“在元界遇見我”，可在我們的網站上找到。我們正在構建客戶的數字核心，從在雲中重新平台到構建上述許多示例中描述的核心系統，以幫助他們在安全環境擴大時保護他們的企業。

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默克公司合作，在整個組織內創造強大的無形價值，這將有助於促進增長，加速為世界各地的患者開發改變生活的療法。我們將在雲中開發更靈活和響應更快的 IT 基礎架構，利用數據和分析以及以產品為中心的方法來推動創新、洞察力和速度。與此同時，我們正在通過一種新的運營模式來培養 IT 人才，推動技能提升、多元化和發展。

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，我們正在擴大與一家國際藥品批發公司的合作夥伴關係，該公司在全球範圍內推進醫療保健產品的開發和交付，包括挽救生命的癌症治療和 COVID 疫苗，通過創建一個集成的網絡安全塔套件來支持他們的網絡安全塔。交付模型，以提高監控、工程、數據保護、風險和合規性以及身份的彈性、問責制、協作和反饋，同時降低成本。

And we are helping our clients...

我們正在幫助我們的客戶...

(inaudible)

（聽不清）

I'm sorry?

對不起？

The call dropped.

電話掛斷了。

Has the call dropped?

電話掉線了嗎？

No, I think it's still going.

不，我認為它還在繼續。

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.

對不起，大家。我只是想確定，確認我們很好。道歉。如果你能聽到我的話，我們聽到電話顯然掉線了。我們很好。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.

因此，讓我們回到我們正在幫助我們的客戶將可持續發展作為其核心的問題。我們正在幫助一家領先的鋼鐵和礦業公司轉向低碳煉鋼並採用脫碳技術。作為支持公司雄心勃勃的脫碳計劃的端到端合作夥伴，我們將幫助在其站點之間標準化和實施技術解決方案。

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.

我現在想簡要評論一下埃森哲作為一家公司和我們的員工如何動員起來支持我們的烏克蘭同事並提供人道主義援助。當人們問我是什麼讓埃森哲與眾不同時，我會想到我們的這些行為。雖然我們在烏克蘭沒有業務或人員，但我們有很多烏克蘭人為我們工作，尤其是在波蘭。對於他們在烏克蘭的大家庭，我們迅速實施了烏克蘭語遠程醫療和其他遠程支持服務。對於那些離開烏克蘭的家庭成員，我們正在提供定居援助。

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.

我也為我們的人民感到自豪，他們自願從邊境驅趕難民，幫助他們安頓下來。憑藉十年幫助難民的經驗，我們知道在烏克蘭和邊境國家開展人道主義救援的非營利組織最初會立即需要現金。我們目前正在向這些組織捐贈 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，我們的員工在我們的員工捐贈計劃中捐贈了近 150 萬美元，我們提供 100% 的配套資金。我們的人民也迅速採取行動，預測難民的下一個需求。在波蘭，我們正在為來自烏克蘭的女性難民試行首個埃森哲學院，以從網絡安全開始培養她們的技術技能。

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，正如我們所分享的，我們將停止在俄羅斯的業務。我們正在努力支持我們在那裡的近 2,300 名員工，我們要感謝他們多年來對埃森哲的奉獻和承諾。

Back to you, KC.

回到你身邊，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，朱莉。在討論我們的業務前景之前，我想提供一些背景信息，因為事件正在迅速發展並且存在大量不確定性。我們的第三季度和全年指導不包括對經濟中斷或衝突當前範圍顯著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.

現在讓我談談我們的業務前景。對於 22 財年第三季度，我們預計收入將在 157 億美元至 161.5 億美元之間。這假設與 21 財年第三季度相比，外彙的影響約為負 4，並反映當地貨幣估計增長 22% 至 26%。

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%.

對於整個 22 財年，根據過去幾週的匯率趨勢，我們繼續預計，與 21 財年相比，外匯對我們以美元計算的業績的影響約為負 3%。對於整個 22 財年，我們現在預計我們的收入將在 21 財年以當地貨幣計算的 24% 至 26% 的範圍內增長，這繼續假設無機貢獻約為 5%。

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.

對於營業利潤率，我們現在預計 22 財年為 15.2%，比我們 21 財年的業績增長 10 個基點。我們繼續預計我們的年度有效稅率將在 23% 至 25% 之間。相比之下，21 財年調整後的有效稅率為 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.

對於每股收益，我們現在預計我們的 22 財年全年攤薄後每股收益將在 10.61 美元至 10.81 美元之間，或比調整後的 21 財年業績增長 21% 至 23%。對於整個 22 財年，我們現在預計運營現金流量將在 87 億美元至 92 億美元之間，財產和設備增加量約為 7 億美元，自由現金流量將在 80 億美元至 85 億美元之間。我們的自由現金流指引繼續反映出非常強勁的自由現金流與淨收入之比為 1.1 比 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，我們現在預計將通過股息和股票回購獲得至少 65 億美元的回報，因為我們仍然致力於將大部分現金返還給我們的股東。

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

有了這個，讓我們打開它，以便我們可以回答您的問題。安吉？

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

謝謝，KC。 （操作員說明）接線員，您會為通話中的人提供說明嗎？

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

（操作員說明）我們的第一個問題來自 Lisa Ellis 和 MoffettNathanson 的話。

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?

好東西在這裡。是的，朱莉，我們一直都能聽到你的聲音。我不認為電話掉線了。你能談談嗎，鑑於你們非常全球化，並且在大公司的前線非常活躍，你看到公司如何開始對他們與埃森哲合作的工作產生什麼影響或變化作為回應到宏觀經濟環境，意味著應對通貨膨脹或供應鏈挑戰或製裁執法或類似的事情？其中一些——你看到了嗎——開始看到一些對話、一些轉變或對與你做不同類型的項目的興趣？

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，麗莎。很好的問題，因為我們一直在與客戶交談。我想，讓我開始吧，我認為大流行的經歷只是建立了更多的韌性和敏捷感。因此，我們確實看到了很多我所說的對宏觀環境的冷靜反應。我的意思是現實情況還為時過早。儘管有很多關於通貨膨脹可能發生的事情、供應鏈可能發生的事情的類似預測，但人們並沒有反應過度。相反，我想說的是，他們仍然非常關注危機前的優先事項，因為正如你所說，通貨膨脹已經成為現實，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.

我們已經過著這樣的生活了。因此，對於通貨膨脹，取決於行業，例如消費品，有很多關注增長和成本，對，成本甚至更高，因為你看到你無法推動所有- 和價格上漲，所有的投入增加。當然，當您考慮諸如農業中斷等潛在情況時，我們可以看到可能會更高，但現在說還為時過早。相反，公司說，看，我們必須確保我們的步伐，我們正在執行。就像我對能源價格的看法一樣。供應鏈，如果有的話，我們需要更多地關注彈性，對，就像供應鏈中的成本一樣。而且我們絕對必須進行數字化，以便我們有更多的洞察力。

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，我認為我們已經看到要解決的趨勢，大流行帶來的事情，圍繞通貨膨脹的不斷變化的經濟環境正在被更多地關注。這種溢價是我們是否建立了敏捷性，我們是否以正確的步伐前進，這確實是對話的本質。

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?

知道了。好的。好的。然後也許我的後續行動，KC，給你。我會問不可避免的保證金問題。看起來——我知道朱莉對合同價格上漲發表了評論。看起來毛利率上升了，但 SG&A 也上升了一點，然後你就進入了利潤率預期的低端。你能談談那裡的驅動因素嗎，基本成本基礎發生了什麼？

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.

是的。當然。謝謝，麗莎。所以讓我首先開始，我們對我們在營業利潤率方面的表現感到非常滿意。因此，我們將上半年擴大了 10 個基點。我們在第二季度持平。正如我們所提到的，這實際上是由收入增長推動的，這提高了我們創紀錄的預訂價格。對本季度的利潤非常滿意，包括我們實現每股收益 25% 的增長。

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.

所以讓我們 - 讓我把它剝開一點。因此，我們處於高速增長的環境中，我們正在高水平招聘以滿足這一需求。因此，正如您所知，與此同時，我們正在應對工資上漲。所以麗莎，我們仍然非常關注定價，因為我們知道改進定價需要一些時間，這會滯後於我們的損益表的補償，但我們確實在第二季度的業績中看到了一些影響。

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.

我認為可能更重要的是，我們對員工和業務進行大量投資非常重要，而且我們的投資水平甚至比去年更高。因此，我們也在我們的利潤率上升以及我們在收購支出中談到的提升中吸收了這一點。

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.

總而言之，我們已經過了一年。我們的利潤率擴大了 10 個基點。我們認為我們將在今年下半年繼續保持這種利潤率擴張水平。對此真的很滿意。這將意味著每股收益的增長，全年增長 21% 至 23%。

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

我們的下一個問題來自德意志銀行的 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?

祝賀這些偉大的成果。我有 2 個問題。我想第一個問題是，鑑於東歐一些數字工程 IT 服務公司的中斷，您是否看到尋求其他供應商的客戶的額外需求？

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，布萊恩。現在看到這一點還為時過早。我們看到客戶非常關注他們的業務以及我們正在與他們一起做的事情。

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?

知道了。另一件讓我大吃一驚的是與市場相比的 3 倍增長率。我認為通常情況下，埃森哲近年來的股價上漲了 2 倍。那麼你能不能和我們談談為什麼最近在這裡發生的擴張和分享收益？

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.

是的。謝謝，布萊恩。我認為這確實是多種因素的結合，對，但讓我們始終從我們的客戶開始。在大流行前，我們看到客戶更加投入——他們進行了相當有序的轉型，對吧？大流行是一個重大衝擊。你看到那些正在說我們必須走得更快的領導人。你看到一堆公司說，我們需要跨越，對吧？我們需要搬到網上。我們需要進行數字化轉型。

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.

這意味著我們看到公司開始採取 - 不是順序轉型，而是我們所說的壓縮轉型，他們同時在做製造和銷售。您在我今天給出的一些示例中看到了這一點，在這些示例中，您已經在多個企業功能中創建了全新的主幹，在這些示例中，您已經部署了新平台並進行了製造。他們這樣做是因為他們在業務中看到的領先地位。

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.

當您考慮誰能夠幫助導航時，因為您不會像每次轉型都與不同的合作夥伴一樣進行這種轉型，對嗎？埃森哲在我們的行業中非常獨特，因為我們能夠改變企業的每一個部分。這是我試圖強調的事情之一。就像我們可以做的那樣——我們要在人力資源部門融資，對嗎？我們已經制定了增長議程、銷售、營銷和服務，對嗎？十年來，我們一直在投資 X 行業，而該行業確實正在起飛。我們談到了數字前沿。

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，您在埃森哲擁有可以做到這一點的合作夥伴。您會看到，在過去 2 年的過程中，與預訂量超過 1 億美元的客戶在疫情爆發前相比，這一數字創下歷史新高。它真的 - 它正在識別，它代表了這種需求水平。而且我們非常獨特。就像我們多年來一直在談論這個，對吧？我們所有不同的服務，我們深厚的行業知識。當您快速行動時，您需要一個真正能夠跨越企業並擁有深厚行業知識的合作夥伴。這當然是推動增長的，對吧？因為我們正在捕捉企業現在正在發生的每一個部分的動力。

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

我們的下一個問題來自摩根大通的 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.

在這裡取得了很好的成績。只是想澄清你對真正強勁前景的假設。我們可以假設您的指導方法與您在大流行開始時採取的方法相似嗎？您是否在您的指南中假設歐洲經濟放緩？我知道我們在歐洲提出了很多關於宏觀的問題，所以我想在這裡問一下。

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.

是的。所以謝謝，Tien-Tsin。因此，讓我簡單介紹一下我們在指導中假設的內容。所以 - 也許我會首先從我們的指導開始，確實考慮到停止我們在俄羅斯的業務對收入的影響以及結束它的成本。

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.

現在關於更廣泛的風險，我們的指導，我們稱它為我們所看到的，Tien-Tsin。因此，就像我們所做的那樣——我們總是這樣做，我們在大流行期間也是這樣做的。今天，我們沒有看到我們的業務出現重大中斷。現在還為時尚早，很難預測。因此，我們的指導並未考慮經濟破壞或衝突當前範圍的任何重大升級或擴大。

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.

現在就歐洲而言，我們沒有看到我們在歐洲的業務出現重大中斷。您已經在我們非常強勁的預訂量和收入增長中看到了這一點。在今年下半年，我們的指引繼續假設強勁的兩位數增長，包括在歐洲。

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。偉大的。看，我們相信你的前景。我只是想確保我理解這裡的方法。只是我的快速跟進，只有 36 個客戶，超過 1 億美元，數量很大。我只是好奇是否有更大的交易渠道，從這裡看你的補充能力如何？我知道我們現在是 3 月，但只是好奇你對未來更大交易的想法。

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。因此，我將對管道 Tien-Tsin 發表評論，看看 Julie 是否想添加其他任何內容。但是，即使剛剛完成了另外四分之一的創紀錄預訂，我們仍然對我們的管道感覺良好。顯然，我們對第二季度和上半年的預訂感到非常滿意。但是每個季度的預訂量可能會很不穩定。因此，正如我知道你們中的許多人所做的那樣，我們專注於過去 12 個月的帳單到帳單。但總的來說，我們對我們的管道仍然感覺非常好。

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，我想補充的唯一一件事可能是回到你的最後一個問題，我們正在做我們在大流行期間所做的事情，我們所說的就像我們看到的那樣，對吧？所以我們會每季度更新一次。而且我們有——我們真的很接近客戶，對吧？正如我們一開始所說，現在還為時過早。因此，我們並沒有試圖建立，過於保守或過於樂觀。就像我們真的只是把它稱為球道。下個季度，我們將進行更新，我們將從那裡開始。

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

我們的下一個問題來自美國銀行的 Jason Kupferberg。

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?

只是想詢問預訂情況，顯然，這裡非常強大。我只是對諮詢和外包方面感到好奇。他們進來了多少超出你的內部預期？我們應該如何考慮下半年的訂單到賬單？我知道年初至今，它很好地提高了 1.2 倍。那麼我們是否應該期待後半部分出現一些正常化？

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.

傑森，我想說我們的預訂——我們創紀錄的預訂確實比我們預期的要高。這是對所有市場、所有服務和行業以及諮詢和外包工作類型的廣泛過度交付。再一次，正如我剛剛對布萊恩提到的那樣，我們在過去的 12 個月中，一次 4 個季度查看整體的帳單到帳單。因此，當我們進入 H2 時，我們對我們的位置、我們的定位、我們的管道和迄今為止的預訂感覺良好。

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。好的。明白了。然後你能提醒我們中歐和東歐哪些國家的員工人數最多，很明顯，不包括俄羅斯？但我知道你之前提到過波蘭，但我們可以更廣泛地了解該地區的員工人數分佈情況。

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。波蘭和羅馬尼亞將是我們擁有交付中心的兩個。我們沒有大的本地市場，但波蘭和羅馬尼亞。

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利爾銀行的 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?

朱莉，我想把這個給你。問題的本質是我想了解您對兩位數增長的持久性的看法。我並不專注於今年。所以我們的模型可以追溯到 2006 年的埃森哲。因此，從 2006 年到 2021 年，埃森哲平均增長了大約 8 個百分點，其中包括一些併購。這些年有一半在兩位數範圍內，一半不是。所以我只是在想，我認為投資者真的很關注你今年所經歷的非凡的一年，但它建立了：a，一個非常困難的比較，包括 5 分的併購； b，包括我的公司在內的很多公司從 COVID 中走出來，並說，我們需要做很多不同的事情。如此強調 - 試圖修復我們的 IT 基礎設施 - 可能已經產生了一些影響。我們將在未來 5 年做的事情，許多公司在未來 1 年做的事情。所以我想得到你的 - 以此為背景，你如何看待，當你展望 2023 年及以後，你如何看待埃森哲保持兩位數增長的能力？

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.

非常感謝。我喜歡你從長遠來看它，因為我們就是這樣做的。因此，我們對增長的看法並不在於它是不是兩位數，對吧？我們有一個非常持久的，我認為它對我們很有幫助，相信我們應該比市場增長更多，對吧？這就是我們所關注的，是我們一直在繼續佔據市場份額。這是我們某種意義上的持久承諾——我們堅守。

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.

現在我們這樣做的方式是與客戶保持密切聯繫，這樣我們不僅知道他們今天需要什麼，而且我們可以預測他們明天需要什麼，對嗎？這真的很重要。所以昨天，例如，我們談到了我們已經投資了十年的元界連續體。我們認為 Metaverse 和 Web3 的重要性與 2013 年我們所說的每個企業都將成為數字業務時一樣重要。這將是未來十年的巨大轉變，也將成為下一波增長的一部分。

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，看看我們現在所處的位置真的很重要，這在企業各個部分的數字化轉型中仍然非常早期，對吧？例如，我們估計只有大約 30% 的工作負載已經遷移到雲端。一旦你進入雲，你就可以真正使用這些技術來發展和創新。您在我們今天提供的一些示例中看到了這一點，其中您擁有云塊，但隨後您正在弄清楚如何使用數據和 AI 來真正實現轉型。

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.

當您考慮在領先的 SaaS 平台上進行平台重構時，同樣非常早。所以每個人都覺得，對數字的高度關注，因為那是大流行的警鐘。但是實際的轉變和打基礎還很早期，然後就是你在那個基礎上做的事情。

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?

那麼如果你從技術發展的角度來看，讓我們以製造和供應鍊為例。許多先進的技術實際上是在過去幾年才引入的，對，先進的基於雲的技術。所以技術本身，就像在一些仍在創建的主要平台中甚至不存在的新功能一樣。因此，我們將製造和供應鏈視為下一個數字前沿。當然，這對我們來說是一件大事，我們在過去十年中一直在這樣做，因為當您考慮我們正在訪問的預算時，這是從 IT 到 OT 的轉變，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.

總的來說，就像我們覺得發生了很多事情一樣，你仍然有很多很多公司還沒有開始壓縮轉型。你現在還處於平台化的早期階段，更不用說我們已經可以看到的下一個東西，比如 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。偉大的。非常有幫助。 KC，我會讓我的後續問題更加尖銳，只是想嘗試了解您之前提出的營業利潤率評論。具體來說，工資通脹是否會對此產生負面影響，影響您對今年營業利潤率增長潛力的一些評論？

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。因此，就工資通脹而言，我會 - 這與我們上個季度討論的情況非常相似。所以也許它只是又一次回到了過去。很明顯，它發生在所有行業，而且遍及全球。在這個非常緊張的勞動力市場中，我們的客戶顯然也經歷了這一點。

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.

但對我們來說，由於它與工資通脹有關，我們看到我們的業務將繼續在某些技能的市場上增加工資，而且這將繼續因地域而異。我們還在研究消費者物價指數和那裡的任何上漲，以及這可能會如何蔓延到我們金字塔下端的通貨膨脹。

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.

所以我們專注於定價以吸收我們更高的勞動力成本。再一次，因為它與定價有關，我們看到的是，Keith 需要一些時間來改善定價，我們在第二季度確實有過這種情況，我們的預訂記錄也是如此。我們看到這種流動——看到這種流動通過我們的損益表。我們確實在第二季度看到了一些影響，但這顯然落後於薪酬增長的影響。

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.

我要補充一點——我只想補充一點，我對我們的盈利能力感到非常滿意。我的意思是，如果您考慮一下我們的導航，對，高速增長增加了所有招聘的成本，對嗎？去年我們在收購方面取得了很大進展。今年我們正在吸收這種稀釋，對吧？我們顯著增加了對我們業務的投資，這些投資都是為了推動今天的增長，但也是為了明天，對吧？我們處於一個前所未有的勞動力市場，工資上漲，我們正在吸收並仍在以 10 個基點的營業利潤率擴張實現這一目標。因此，我對我們作為一家公司的現狀感到非常滿意，無論是今年還是我們為定位自己以繼續以市場領先的方式增長所做的所有事情。

Our next question comes from Ashwin Shirvaikar with Citi.

我們的下一個問題來自花旗銀行的 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，祝賀本季度和展望。我想從併購問題開始。我相信自上次收益以來沒有併購。也許我錯過了一筆或兩筆較小的交易。這只是時間上的怪癖嗎？還是您最近剛剛進行了較大的交易並正在整合？或者可能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。也許我會陳述一些事實，你可以——是的，所以，Ash，我們今年已經過半了。我們確實在第一季度完成了很多收購。你是對的，我們在第二季度的收盤率確實較低。但收購結束時，它們可能會很坎坷。我們不能總是控制時間。因此，今年迄今為止，我們已經部署了 18 億美元的收購支出。我們繼續預計 22 財年的收購支出約為 40 億美元。但當然，我們只會做有意義的交易。因此，它可能會增加或減少 40 億美元。我們將在下個季度為您更新。但是讓我...

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。我只是希望我們能夠管理它，就像說，我們要做這麼多，然後我們會吸收。但這實際上只是時間的上下波動。而且，我們有很多嚴謹和紀律。我們只會做我們相信的交易，對吧？所以我們不會試圖以任何方式管理到一個季度。我們有資本配置。如果我們可以通過大量交易做到這一點，我們就會這樣做，這就是方法。

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.

我將藉此機會說我們確實宣布的其中一個，我們本季度確實關閉了 2。但是我們宣布的其中一個讓我非常興奮的是 AFD.TECH，它在網絡領域，在法國有 1,600 人。這很重要，因為當您考慮數字化中正在發生的事情時，我們越來越多地進入真正的網絡領先地位是很重要的。這只是我們如何利用收購來加速我們的戰略增長重點的另一個很好的例子。這是 Accenture Cloud First 的重要組成部分。

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。我同意這一點。我可以 - 我想問一個更廣泛的問題。不幸的是，人們以幾種不同的方式提出了這一問題。但我認為當你提到難以置信的高度不確定性時，你在起飛的句子中很好地抓住了它。但我相信，自從壓縮轉型行動開始以來，這可能是對循環趨勢與週期性不確定性的第一次重大考驗。而且我知道您正在調用前景，就像您看到的那樣。但這一次不同嗎？循環的力量能否克服週期性挑戰？

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.

看，我們都開始處理這場危機中可能出現的各種類型的事情，而不是軍事場景，對，無論是更多的通貨膨脹，由於能源價格上漲而需要節能，供應鏈中斷，農業。條條大路通向技術和人類智慧的某種結合，沒錯，這就是我們所匯集的。因此，您擁有出色的解決方案（例如託管服務）來加速成本削減和尋找新的增長方式、進入市場的新方式，對嗎？您將獲得來自技術改進的能源效率。

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，當您考慮我們的工作時，對，我們是能夠幫助公司駕馭這些宏觀趨勢的公司。所以我們真的相信技術，技術的重要性，然後能夠應用它來獲得切實的成果，這將是至關重要的。因此，我們相信我們將在這一切中保持彈性，無論這將是什麼。

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

我們的下一個問題來自於傑富瑞的 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和你在全球範圍內獲得它的能力。顯然，在較早的關於學徒計劃或在美國擴展的公告中，您能否談談當您為交付構建金字塔的底部時，類似的事情如何影響賬單費率或當您使用非 4 年制學位的個人時，客戶是否願意接受賬單費率等等？

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.

有趣的問題。我想說，我們的客戶真正關注的是技能。他們不關注學位。所以他們正在尋找的是技能。這是一個更廣泛的趨勢。事實上，我們預測 3 年後，首席人力資源官都將談論技能。作為這一趨勢的一部分，你需要成為——不是消費者，而是人才的創造者，了解技能，然後能夠重新掌握技能。

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?

很公平。不過，這也會影響您的成本嗎？我猜你能以更好的成本基礎僱用他們嗎？如果客戶願意為全部技能付費，我應該如何考慮套利機會？

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.

我不會考慮任意的機會。我們支付與市場相關的薪酬。這是對技能的關注。即使您查看我們的 - 我們起草招聘內容的方式，它也是關於技能的。所以沒有什麼是因為你有一個 2 年制學位而不是一個 4 年制學位，現在你的薪水更少。是關於技能的。所以這些技能有市場價格。所以我不會認為這是勞動力套利。

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?

知道了。然後作為一個後續問題，只是一個關於交付模式的大局、長期問題。當前的地緣政治事件是否會改變您對您可能想要經營或擴張到哪裡的看法？過去幾年的趨勢通常是更多的全球交付。顯然，你們是非常全球化的。但就試圖在世界各地的每個國家/地區獲得盡可能多的人才而言，這種方式如何改變您可能考慮交付的方式，無論是更集中在某些地區或地區，還是避開其他地區和地區？

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.

我想說的是，自大流行以來，當我們遭受全球衝擊時，對，我們繼續發展我們移動工作和靈活的能力。因此，我們真正關注的是敏捷性，並確保我們擁有合適的人才，既能分散在地域上，又能調動人才。

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，然後 Julie 將結束通話。

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

我們的最後一個問題來自高盛的 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?

偉大的。我對本季度的結果表示祝賀。我想我想跟進最後一個問題，也許有一點不同的角度，專注於供應方面。所以我想考慮到這一點，朱莉，你是否看到 - 顯然，在大流行後時代或希望從大流行中走出，公司習慣於在混合世界中運營，對工作的執行地點更加不可知。你的任何趨勢 - 或者你可以通過技能水平或地理來調用的總體趨勢，他們可能會喜歡將重點放在他們如何管理成本上？那麼他們是否希望將工作轉移到特定的地區？您是否看到特定地區的需求？您是否可以指出某些特定地區勞動力技能的趨勢，在這些地區您可能會看到一些成本效益或更好的供應能力以滿足需求？

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.

我一直在和我們的客戶談論人才。我會說這與您的關注點略有不同。這裡有兩件大事，都是圍繞著獲取人才。因此，在獲取人才時，意味著您必須能夠吸引和留住人才，並且您必須能夠大規模地獲得人才。

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，更大的焦點在於如何在混合工作環境中吸引和留住人才。因此，越來越多的公司專注於他們所做的事情——他們過去希望每個人都在辦公室，擁有更多的混合模式，當你減少你的房地產時，這會產生連鎖成本效應。所以這是一個很大的焦點。

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——我們與客戶談論的更多是關於如何吸引今天的人，我們所有的研究表明，如果你不必在一線工作人員那裡，你想要一些組合，並且那麼這確實有成本。所以這是對人才的巨大關注。

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.

關於訪問的第二部分，如果你看看我們的託管服務的驅動方式，它真的是兩件大事。一是數字化速度更快，因為您使用我們的平台。第二個是獲得難以獲得的人才，對嗎？所以讓我們採取安全措施。我們擁有 10,000 名安全專業人員，他們從事從威脅評估到重建和設計平台再到託管服務的所有工作。在當今世界，隨著安全領域的拓寬，對這類人才的訪問是不可思議的。因此，真正的重點是訪問以及訪問它需要什麼，包括通過合作夥伴關係。這些就是我們進行的對話。

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?

知道了。這非常有幫助。也許只是對資源的一次快速跟進。你在歷史上看到了什麼？我知道我們的能源價格正在加速上漲，尤其是石油。在替代項目的後續行動和對能源領域的更大投資方面，您在歷史上看到了什麼，特別是在應對價格方面？它的相關性有多高，特別是在可自由支配方面，也許你在該領域的支出後續行動方面的經驗？

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。好吧，聽著，我上周剛參加了幾天的世界上最大的能源會議 CERAWeek，所以我花了很多時間與能源領域的每個人在一起。我認為與其從歷史上看，不如讓我們像現在人們談論的那樣看待它。因此，首先，儘管石油和天然氣等價格上漲，但沒有人說，“嘿，現在我們必須降低成本。”事實上，恰恰相反。因為石油和天然氣行業，事實上，整個能源行業在投資轉向可持續能源解決方案之前都面臨著重大挑戰。

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.

所以我要說的是，在大流行期間繼續該行業必須做的事情是絕對的激光焦點，因為它是如何適應和關注成本的，現在加速創新和轉向可持續能源解決方案。這就是我們今天舉例說明我們如何幫助脫碳的地方。我們本周宣布了我們與 Ecopetrol 和 AWS 在水資源管理方面的合作，對吧？所以我們正在比賽——我們顯然處於非常有利的位置。我們在公用事業、石油和天然氣以及整個能源領域擁有深厚的專業知識——在他們的核心企業以及電網、煉油廠，然後幫助真正創造那些可持續的解決方案。我們認為這對我們的客戶來說是一個重要的機會，我們希望幫助他們。

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.

偉大的。非常感謝。我現在要結束通話。感謝大家加入我們，並再次感謝我們出色的員工和股東的持續信任。

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.

請務必在 4 月 7 日星期四加入我們的虛擬投資者和分析師日。我們期待重聚。感謝大家。

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.

女士們先生們，本次會議將於東部時間今天上午 10:00 後至 6 月 23 日重播。您可以隨時撥打 1 (866) 207-1041 並輸入訪問代碼 6300496 訪問 AT&T 重播系統。國際與會者可以撥打 (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.

這確實結束了我們今天的會議。我們感謝您的參與和使用 AT&T 會議服務。您現在可以斷開連接。