埃森哲 (ACN) 2022 Q4 法說會逐字稿

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

女士們，先生們，感謝你們的支持，歡迎參加埃森哲 2022 財年第四季度財報電話會議。 （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, Managing Director, Head of Investor Relations, Ms. Angie Park. 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 Fourth Quarter and Full Fiscal 2022 Earnings Announcement.

感謝運營商，感謝大家今天加入我們的第四季度和 2022 財年全年收益公告。

As the operator just mentioned, I'm Angie Park, Managing Director, Head of Investor Relations. On today's call, you will hear from Julie Sweet, our Chair and Chief Executive Officer; and KC McClure, our Chief Financial Officer. We hope you've had an opportunity to review the news release we issued a short time ago.

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。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 both the fourth quarter and full fiscal year. Julie will then provide a brief update on our market positioning before KC provides our business outlook for the first quarter and full fiscal year 2023. 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，以及第四季度和整個財年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 提供我們對第一季度和 2023 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的那些因素和在我們關於 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 文件中進行了討論。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.

在我們今天的電話會議中，我們將參考某些我們認為為投資者提供有用信息的非公認會計原則財務指標。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。

As always, Accenture assumes no obligation to update the information presented on this conference call.

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 everyone joining us today. And thank you to our 721,000 people around the globe for delivering a truly extraordinary year. We measure our success by both our financial results and the broader 360-degree value we create for all our stakeholders: Our clients, people, shareholders, partners and communities. Strong financial results allow us to deliver more 360-degree value.

謝謝你，安吉，以及今天加入我們的每一個人。感謝我們在全球的 721,000 名員工帶來了真正非凡的一年。我們通過財務業績和我們為所有利益相關者創造的更廣泛的 360 度價值來衡量我們的成功：我們的客戶、員工、股東、合作夥伴和社區。強勁的財務業績使我們能夠提供更多 360 度價值。

Let me share a few highlights of this extraordinary year. In FY '22, we delivered record bookings of $72 billion. As our clients continue to execute compressed transformations, we had 100 clients with quarterly bookings greater than $100 million compared to 72 last fiscal year. We delivered revenues of $62 billion, representing a record 26% growth in local currency, adding $11 billion in revenue for the year. We continue to take significant market share, growing more than 2x the market.

讓我分享一下這個不平凡的一年的一些亮點。在 22 財年，我們實現了創紀錄的 720 億美元的預訂。隨著我們的客戶繼續執行壓縮轉型，我們有 100 家客戶的季度預訂量超過 1 億美元，而上一財年為 72 家。我們實現了 620 億美元的收入，以當地貨幣計算，創紀錄地增長了 26%，全年增加了 110 億美元的收入。我們繼續佔據重要的市場份額，市場增長超過 2 倍。

Our financial results reflect our commitment to creating value for our clients every day, which is why they are turning to us as their trusted partner across the enterprise. We now have 267 Diamond clients, our largest client relationships, compared to 229 last fiscal year. We expanded operating margin by 10 basis points and had EPS growth of 22% over adjusted FY '21 EPS, demonstrating our ability to grow profitably and at scale.

我們的財務業績反映了我們每天為客戶創造價值的承諾，這就是他們選擇我們作為他們在整個企業中值得信賴的合作夥伴的原因。我們現在擁有 267 名鑽石級客戶，這是我們最大的客戶關係，而上一財年為 229 名。我們將營業利潤率擴大了 10 個基點，每股收益比調整後的 21 財年每股收益增長了 22%，這表明我們有能力實現盈利和規模化增長。

We achieved this profitable growth while continuing to invest significantly in our business and people with $3.4 billion deployed across 38 acquisitions that are well balanced across markets, services and strategic priorities; $1.1 billion invested in R&D assets, platforms and industry solutions, including growing our portfolio of patents and pending patents to more than 8,300; and $1.1 billion invested in the training and development of our people to grow the skills needed to serve our clients.

我們實現了這一盈利增長，同時繼續對我們的業務和人員進行大量投資，在 38 項收購中部署了 34 億美元，這些收購在市場、服務和戰略重點方面取得了很好的平衡； 11 億美元投資於研發資產、平台和行業解決方案，包括將我們的專利和待決專利組合增加到 8,300 多項； 11 億美元用於培訓和發展我們的員工，以提高為客戶服務所需的技能。

We continue to offer an employee value proposition that includes providing vibrant career paths and opportunities for our people with approximately 157,000 promotions and over 40 million training hours while expanding our workforce by almost 100,000 and achieving 47% women as we continue our progress towards gender parity by 2025. We believe our unwavering commitment to diversity, broadly defined, and inclusion is an essential element of our ability to deliver market-leading financial results because our diversity and inclusiveness makes us smarter, more innovative and more attractive to top talent.

我們繼續提供員工價值主張，包括為我們的員工提供充滿活力的職業道路和機會，通過大約 157,000 次晉升和超過 4,000 萬小時的培訓，同時將我們的員工隊伍擴大近 100,000 人，並實現 47% 的女性，因為我們繼續朝著性別平等邁進2025. 我們相信，我們對多元化、廣泛定義和包容性的堅定承諾是我們提供市場領先財務業績的能力的基本要素，因為我們的多元化和包容性使我們更聰明、更具創新性並且對頂尖人才更具吸引力。

We achieved over 85% renewable electricity powering our offices and centers around the world, on our way to 100% by 2023.

我們實現了超過 85% 的可再生電力為我們在世界各地的辦公室和中心供電，我們正在努力到 2023 年達到 100%。

We prioritize creating value around the world and the communities where we work and live, both through investments and job creation and through our direct support of meaningful local initiatives, including our apprenticeship programs in the U.S., U.K., Switzerland and Latin America; and our growing partnership with Youth Business International, which will help an additional estimated 240,000 young entrepreneurs, ages 18 to 35, build skills and success in a digital future on top of the 370,000 young entrepreneurs already supported through this partnership in many different communities throughout the world.

我們優先通過投資和創造就業機會，以及通過我們直接支持有意義的地方舉措，包括我們在美國、英國、瑞士和拉丁美洲的學徒計劃，在全球以及我們工作和生活的社區創造價值；我們與 Youth Business International 的合作夥伴關係不斷發展，這將幫助估計另外 240,000 名 18 至 35 歲的年輕企業家，在已經通過該合作夥伴關係在全球許多不同社區獲得支持的 370,000 名年輕企業家的基礎上，在數字化未來培養技能和取得成功世界。

This year, we are proud to achieve our highest brand value and rank to date on BrandZ's prestigious Top 100 Most Valuable Global Brands list, increasing 28% to over $82 billion and ranking #26.

今年，我們很自豪地實現了我們的最高品牌價值，並在 BrandZ 享有盛譽的全球最具價值品牌 100 強榜單中名列前茅，增長 28% 至超過 820 億美元，排名第 26 位。

Over to you, KC.

交給你了，KC。

Thank you, Julie, and thanks to all of you for joining us on today's call. We were very pleased with our results in the fourth quarter, which completes another outstanding year for Accenture. Once again, our results continue to provide strong validation of our leadership position in the marketplace, the relevance of our services to our clients and our ability to consistently deliver on our shareholder value proposition, including both our financial results and creating 360-degree value for all our stakeholders.

謝謝你，朱莉，也感謝大家加入我們今天的電話會議。我們對第四季度的業績感到非常滿意，這對埃森哲來說又是一個出色的一年。再一次，我們的業績繼續有力地證明了我們在市場上的領導地位、我們的服務與客戶的相關性以及我們始終如一地實現股東價值主張的能力，包括我們的財務業績和創造 360 度價值我們所有的利益相關者。

So let me begin by summarizing a few highlights from the quarter across our 3 financial imperatives. Revenue grew 22.4% in local currency, driven by double-digit growth across all markets, services and industries. We once again extended our leadership position with growth estimated to be more than 2x the market, which refers to our basket of publicly traded companies. Operating margin was 14.7%, an increase of 10 basis points for the quarter. We continue to drive margin expansion while making significant investments in our people and our business. We delivered very strong EPS of $2.60, which represents 18% growth compared to EPS last year. And finally, we delivered free cash flow of $3.6 billion, driven by superior DSO management.

因此，讓我首先總結一下本季度在我們的 3 項財務要求中的一些亮點。在所有市場、服務和行業的兩位數增長的推動下，收入以當地貨幣計算增長了 22.4%。我們再次擴大了我們的領導地位，預計增長超過市場的 2 倍，這是指我們的一攬子上市公司。營業利潤率為 14.7%，本季度增長 10 個基點。我們繼續推動利潤率擴張，同時對我們的員工和業務進行重大投資。我們實現了非常強勁的每股收益 2.60 美元，與去年的每股收益相比增長了 18%。最後，在卓越的 DSO 管理的推動下，我們實現了 36 億美元的自由現金流。

Now let me turn to some of the details. New bookings were $18.4 billion for the quarter, our second highest ever, with a book-to-bill of 1.2. Consulting bookings were $8.4 billion with a book-to-bill of 1. Outsourcing bookings of $9.9 billion were a record with a book-to-bill of 1.4. We were very pleased with our strong bookings this quarter, which reflects 22% growth in U.S. dollars and 31% growth in local currency, including 26 clients with bookings over $100 million in the quarter.

現在讓我談談一些細節。本季度的新預訂量為 184 億美元，是我們有史以來第二高的訂單，訂單出貨比為 1.2。諮詢預訂額為 84 億美元，賬面比為 1。外包預訂額為 99 億美元，創紀錄的賬面比為 1.4。我們對本季度的強勁預訂感到非常滿意，這反映了 22% 的美元增長和 31% 的當地貨幣增長，其中包括 26 家本季度預訂量超過 1 億美元的客戶。

Turning now to revenues. Revenues for the quarter were $15.4 billion, a 15% increase in U.S. dollars and 22.4% in local currency. Consulting revenues for the quarter were $8.3 billion, up 14% in U.S. dollars and 22% in local currency. Outsourcing revenues were $7.1 billion, up 16% in U.S. dollars and 23% in local currency.

現在轉向收入。本季度收入為 154 億美元，以美元計算增長 15%，以當地貨幣計算增長 22.4%。本季度的諮詢收入為 83 億美元，以美元計算增長 14%，以當地貨幣計算增長 22%。外包收入為 71 億美元，以美元計算增長 16%，以當地貨幣計算增長 23%。

Taking a closer look at our service dimensions. Technology services grew very strong double digits, operations grew strong double digits and strategy and consulting grew double digits.

仔細看看我們的服務維度。技術服務增長了兩位數，運營增長了兩位數，戰略和諮詢增長了兩位數。

Turning to our geographic markets. In North America, revenue growth was 18% in local currency, driven by double-digit growth in Public Service; Software & Platforms; and Consumer Goods, Retail & Travel Services.

轉向我們的地理市場。在北美，在公共服務部門兩位數增長的推動下，以當地貨幣計算的收入增長了 18%；軟件和平台；消費品、零售和旅遊服務。

In Europe, revenues grew 26% in local currency, led by double-digit growth in Industrial; Banking & Capital Markets; and Consumer Goods, Retail & Travel Services. Looking closer at the countries, Europe was driven by double-digit growth in Germany, The U.K., Italy and France.

在歐洲，以當地貨幣計算的收入增長了 26%，其中工業部門實現了兩位數的增長；銀行與資本市場；消費品、零售和旅遊服務。仔細觀察這些國家，歐洲受到德國、英國、意大利和法國兩位數增長的推動。

In growth markets, we delivered 26% revenue growth in local currency, driven by double-digit growth in Banking & Capital markets; Consumer Goods, Retail & Travel Services; and Public Service. From a country perspective, growth markets was led by double-digit growth in Japan and Australia.

在成長型市場中，在銀行和資本市場兩位數增長的推動下，我們以當地貨幣計算的收入增長了 26%；消費品、零售和旅遊服務；和公共服務。從國家的角度來看，增長市場由日本和澳大利亞的兩位數增長引領。

Moving down the income statement. Gross margin for the quarter was 32.1% compared with 33.3% for the same period last year. Sales and marketing expense for the quarter was 10.2% compared with 11.3% for the fourth quarter last year. General and administrative expense was 7.1% compared to 7.4% for the same quarter last year.

向下移動損益表。本季度毛利率為 32.1%，而去年同期為 33.3%。本季度的銷售和營銷費用為 10.2%，而去年第四季度為 11.3%。一般和行政費用為 7.1%，而去年同期為 7.4%。

Operating income was $2.3 billion in the fourth quarter, reflecting a 14.7% operating margin, up 10 basis points compared with Q4 last year. Our effective tax rate for the quarter was 24.6% compared with an effective tax rate of 25% for the fourth quarter last year. Diluted earnings per share were $2.60 compared with EPS of $2.20 in the fourth quarter last year.

第四季度營業收入為 23 億美元，營業利潤率為 14.7%，與去年第四季度相比上升 10 個基點。我們本季度的有效稅率為 24.6%，而去年第四季度的有效稅率為 25%。每股攤薄收益為 2.60 美元，而去年第四季度每股收益為 2.20 美元。

Days service outstanding were 43 days compared to 44 days last quarter and 38 days in the fourth quarter of last year. Free cash flow for the quarter was $3.6 billion, resulting from cash generated by operating activities of $3.8 billion, net of property and equipment additions of $177 million. Our cash balance of August 31 was $7.9 billion compared with $8.2 billion at August 31 last year.

未完成服務天數為 43 天，上一季度為 44 天，去年第四季度為 38 天。本季度的自由現金流為 36 億美元，來自經營活動產生的現金 38 億美元，扣除財產和設備增加 1.77 億美元。我們 8 月 31 日的現金餘額為 79 億美元，而去年 8 月 31 日為 82 億美元。

With regards to our ongoing objective to return cash to shareholders. In the fourth quarter, we repurchased or redeemed 2.1 million shares for $605 million at an average price of $293.23 per share. Also in August, we paid our fourth quarterly cash dividend of $0.97 per share for a total of $614 million. And our Board of Directors declared a quarterly cash dividend of $1.12 per share to be paid on November 15, a 15% increase over last year; and approved $3 billion of additional share repurchase authority.

關於我們向股東返還現金的持續目標。第四季度，我們以每股 293.23 美元的平均價格以 6.05 億美元的價格回購或贖回了 210 萬股股票。同樣在 8 月，我們支付了每股 0.97 美元的第四季度現金股息，總計 6.14 億美元。我們的董事會宣布將於 11 月 15 日支付每股 1.12 美元的季度現金股息，比去年增加 15%；並批准了 30 億美元的額外股票回購授權。

Now I would like to take a moment to summarize our outstanding year. We were extremely pleased with our performance in fiscal year '22, greatly exceeding almost all aspects of our original outlook that we provided last September. We delivered 7.1 -- $71.7 billion in new bookings, reflecting 21% growth in U.S. dollars, hitting 100 clients with quarterly bookings of $100 million, which positions us well as we begin FY '23.

現在我想花點時間總結一下我們出色的一年。我們對我們在 22 財年的表現感到非常滿意，大大超過了我們去年 9 月提供的原始展望的幾乎所有方面。我們交付了 7.1 至 717 億美元的新預訂，反映了 21% 的美元增長，以 1 億美元的季度預訂吸引了 100 名客戶，這使我們在 23 財年開始時處於有利地位。

We added significant scale with a record $11 billion in incremental revenue, almost double what we added in fiscal '21. Revenue of $61.6 billion for the year reflects growth of 26% in local currency. Operating margin of 15.2% reflects a 10 basis point expansion over FY '21. We were extremely pleased that we were able to deliver within our original guided range, particularly with the continued significant investment in our business and people, including higher wages.

我們以創紀錄的 110 億美元增量收入增加了可觀的規模，幾乎是我們在 21 財年增加的兩倍。全年收入為 616 億美元，以當地貨幣計算增長了 26%。 15.2% 的營業利潤率反映了比 21 財年擴大了 10 個基點。我們非常高興我們能夠在我們最初的指導範圍內交付，特別是在我們的業務和人員持續大量投資的情況下，包括更高的工資。

Earnings per share were $10.71, reflecting 22% growth over adjusted FY '21 EPS, which is our highest growth in over a decade, reinforcing our ability to grow at scale profitably. As a reminder, we adjusted earnings last year to exclude gains on an investment. Free cash flow of $8.8 billion was significantly above our original guided range, reflecting a very strong free cash flow to net income ratio of 1.3.

每股收益為 10.71 美元，比調整後的 21 財年每股收益增長 22%，這是我們十年來的最高增長，增強了我們實現規模盈利增長的能力。提醒一下，我們去年調整了收益以排除投資收益。 88 億美元的自由現金流大大高於我們最初的指導範圍，反映出非常強勁的自由現金流與淨收入之比為 1.3。

And with regards to our ongoing objective to return cash to shareholders, we exceeded our original guidance for capital allocation by returning $6.6 billion of cash to shareholders while investing approximately $3.4 billion across 38 acquisitions.

關於我們向股東返還現金的持續目標，我們通過向股東返還 66 億美元現金，同時在 38 次收購中投資約 34 億美元，超出了我們最初的資本分配指導。

In addition to these excellent financial results, let me turn to the 360-degree value we are creating for all our stakeholders. Through our partnership with Save the Children, we are preparing young people for a more sustainable and exclusive future by skilling an estimated 70,000 people to drive social and environmental change. For more information on the 360-degree value we are creating, please go to the Accenture 360-degree Value Reporting Experience, which reflects new information each quarter.

除了這些出色的財務業績，讓我談談我們為所有利益相關者創造的 360 度價值。通過我們與救助兒童會的合作，我們正在培養大約 70,000 人推動社會和環境變化的技能，從而讓年輕人為更可持續和更獨特的未來做好準備。有關我們正在創造的 360 度價值的更多信息，請訪問埃森哲 360 度價值報告體驗，該體驗會反映每個季度的新信息。

So again, FY '22 was a truly extraordinary year, and we are now focused on delivering in fiscal '23. And now let me turn it back to Julie.

同樣，22 財年確實是不平凡的一年，我們現在專注於在 23 財年交付。現在讓我把它轉回朱莉。

Thank you, KC. We succeed by being close to our clients. Understanding and anticipating their needs, helping them from strategy to execution with the best solutions for their businesses, whether for growth, cost optimization or both and resilience. And it all starts with technology. With the breadth and depth of our existing capabilities, combined with our incredible learning organization, we are able to pivot as necessary, positioning us to serve our clients' changing needs and capture new market opportunities, all while being laser-focused on our own operational excellence.

謝謝你，KC。我們通過貼近客戶而取得成功。了解和預測他們的需求，幫助他們從戰略到執行，為他們的業務提供最佳解決方案，無論是增長、成本優化還是兩者兼而有之以及彈性。而這一切都始於技術。憑藉我們現有能力的廣度和深度，再加上我們令人難以置信的學習型組織，我們能夠根據需要進行調整，使我們能夠滿足客戶不斷變化的需求並抓住新的市場機會，同時專注於我們自己的運營卓越。

I will give some color on the demand we are seeing. First of all, against the backdrop of the current macroeconomic environment, we delivered $18.4 billion in new bookings in Q4, a year-over-year increase of 31% in local currency.

我會根據我們看到的需求給出一些顏色。首先，在當前宏觀經濟環境的背景下，我們在第四季度實現了 184 億美元的新訂單，以當地貨幣計算同比增長 31%。

While industries and markets are being affected differently, there are 2 common themes. All strategies lead to technology, particularly cloud, data, AI and security, which are fundamental to a strong digital core. Our cloud business is now $26 billion and grew 48%, with Cloud First being the biggest driver of the growth.

雖然行業和市場受到不同的影響，但有兩個共同的主題。所有戰略都導向技術，尤其是雲、數據、人工智能和安全，這些都是強大數字核心的基礎。我們的雲業務現在達到 260 億美元，增長了 48%，其中 Cloud First 是增長的最大推動力。

Companies are also seeking to execute compressed transformations, the second theme. These mean bold programs on accelerated time frames often spanning multiple parts of the enterprise at the same time. Managed services have become increasingly strategic as companies seek to move faster and leverage our digital platform and talent, and they are turning to Accenture because of our excellence across the enterprise. We are unmatched in terms of breadth and depth of capabilities and industry coverage.

公司也在尋求執行壓縮轉型，這是第二個主題。這意味著在加速時間框架上的大膽計劃通常同時跨越企業的多個部分。隨著公司尋求更快地行動並利用我們的數字平台和人才，託管服務變得越來越具有戰略意義，並且由於我們在整個企業中的卓越表現，他們正在轉向埃森哲。我們在能力的廣度和深度以及行業覆蓋方面都無與倫比。

We continue to see a growing number of companies embrace the need to harness the 5 key forces of change that we have identified for the next decade: Total enterprise reinvention, talent, sustainability, the Metaverse continuum and the ongoing tech revolution, which in turn will fuel our growth. Let me bring this demand to life.

我們繼續看到越來越多的公司需要利用我們為未來十年確定的 5 種關鍵變革力量：全面的企業重塑、人才、可持續性、元界連續體和正在進行的技術革命，這反過來將推動我們的成長。讓我把這個要求變為現實。

First, total enterprise reinvention. We are helping our clients transform every part of their business with technology, from building a digital core to optimizing operations; to achieve agility, efficiency and resilience; to accelerating their growth agendas. While it is still early stages, there are leading companies that have begun systematically transforming multiple parts of their enterprise, from moving to the cloud and adopting new ways of working to digitizing manufacturing, to reimagining shared services, to creating entirely new business models.

一是企業全面改造。我們正在幫助我們的客戶利用技術改變他們業務的每一個部分，從構建數字核心到優化運營；實現敏捷性、效率和彈性；加速他們的增長議程。雖然仍處於早期階段，但一些領先的公司已經開始系統地轉變其企業的多個部分，從遷移到雲和採用新的工作方式到數字化製造，再到重新構想共享服務，再到創建全新的商業模式。

Unilever, one of the world's largest consumer goods companies, is an example of a company that is leading in total enterprise reinvention. Together, we are setting a new industry standard by reinventing technology delivery with cutting-edge automation, delivering cloud migration at scale, the largest ERP migration to the cloud in the industry and shifting to technology solutions that support their growth strategy. They have changed their business model from a matrix structure to being organized around 5 distinct business groups. Each business group is fully responsible and accountable for their strategy, growth and profit delivery globally.

聯合利華是世界上最大的消費品公司之一，在企業全面改造方面處於領先地位。我們正在共同設定一個新的行業標準，通過尖端自動化重塑技術交付、大規模提供雲遷移、業內最大的 ERP 到雲遷移以及轉向支持其增長戰略的技術解決方案。他們已將業務模式從矩陣結構更改為圍繞 5 個不同的業務組進行組織。每個業務集團都對其全球戰略、增長和利潤交付負全部責任。

Now we are helping them build a B2B marketplace that will help millions of small retailers in emerging markets grow their business and create what the company calls shared prosperity. We helped launch in 7 markets in just 12 months, implemented a cloud-native, scalable commerce platform powered by data and advanced analytics. And we are managing front-end, back-office operations and campaigns delivered in partnership with the Accenture Song team.

現在，我們正在幫助他們建立一個 B2B 市場，幫助新興市場的數百萬小型零售商發展業務並創造公司所謂的共享繁榮。我們在短短 12 個月內幫助在 7 個市場推出，實施了由數據和高級分析提供支持的雲原生、可擴展的商務平台。我們正在與 Accenture Song 團隊合作管理前端、後台運營和活動。

Because across our industries, we are as relevant to the boardroom, to the CFO to the business unit leader, to the GM of the factory, and we understand the connections across the enterprise, we are uniquely positioned to help our clients as they seek to often simultaneously drive growth, efficiency, cost reduction and increased resilience.

因為在我們的行業中，我們與董事會、首席財務官、業務部門負責人、工廠總經理都息息相關，而且我們了解整個企業的聯繫，因此我們具有獨特的優勢，可以幫助我們的客戶尋求通常同時推動增長、效率、降低成本和增強彈性。

For example, we are helping Lupin Limited, a global pharmaceutical company, become an intelligent enterprise by enabling its data-driven transformation journey. A new digital platform will unlock enterprise data to increase efficiencies, and decision-makers will now have real-time visibility into integrated data across 100 countries and 15 manufacturing and research facilities. This consolidated view of global business operations and performance will help the company navigate supply chain disruptions and accelerate product innovation and speed to market while supporting the company's mission to provide affordable health care to people around the world.

例如，我們正在幫助全球製藥公司 Lupin Limited 通過數據驅動的轉型之旅成為一家智能企業。一個新的數字平台將解鎖企業數據以提高效率，決策者現在可以實時了解 100 個國家和 15 個製造和研究機構的綜合數據。這種對全球業務運營和績效的綜合觀點將幫助公司應對供應鏈中斷，加快產品創新和上市速度，同時支持公司為全球人民提供負擔得起的醫療保健的使命。

We see continued demand for our Industry X capabilities, which are all about digitizing engineering and manufacturing. This is the next digital frontier. Industry X revenues grew 38% in FY '22 to total $7 billion.

我們看到對我們的工業 X 能力的持續需求，這些能力都是關於數字化工程和製造的。這是下一個數字前沿。 X 行業的收入在 22 財年增長了 38%，達到 70 億美元。

We are helping EDF, a French multinational utility company, digitize the construction of a nuclear power station that will provide low-carbon energy for more than 6 million U.K. homes. As part of a total enterprise reinvention, our Industry X team transformed EDF's digital construction processes by creating a global digital factory model on a secure cloud infrastructure, driving cost efficiency.

我們正在幫助法國跨國公用事業公司 EDF 將核電站建設數字化，該核電站將為超過 600 萬英國家庭提供低碳能源。作為整個企業重塑的一部分，我們的工業 X 團隊通過在安全的雲基礎設施上創建全球數字工廠模型來改變 EDF 的數字化建設流程，從而提高成本效率。

Construction methods that used to be paper- and blueprint-based will be digitized, and AI will consolidate parts information from millions of pages of supplier guides. Digital dashboards will provide real-time data visibility across all systems, and digital twins will help identify areas for automation across power plants, all of which drive safety, efficiency and quality. We are leveraging our expertise of nuclear construction on our cutting-edge cloud, digital and AI capabilities to help EDF deliver on one of the largest capital projects in Europe and accelerate its mission, helping Britain achieve net zero.

過去基於紙張和藍圖的施工方法將被數字化，人工智能將整合數百萬頁供應商指南中的零件信息。數字儀表板將提供跨所有系統的實時數據可見性，數字雙胞胎將幫助確定發電廠的自動化領域，所有這些都可以提高安全性、效率和質量。我們正在利用我們在尖端雲、數字和人工智能能力上的核建設專業知識，幫助 EDF 交付歐洲最大的資本項目之一併加快其使命，幫助英國實現淨零排放。

And our operation services, now a $9 billion business with 19% growth in FY '22, are fundamental to total enterprise reinvention for our clients because they help our clients digitize faster, access digital talent and reduce cost.

我們的運營服務現在是一項價值 90 億美元的業務，在 22 財年增長了 19%，對於我們的客戶進行全面的企業重塑至關重要，因為它們可以幫助我們的客戶更快地實現數字化、獲取數字人才並降低成本。

For example, we are collaborating with one of the world's largest commercial vehicle manufacturers to develop an independent finance operation, leveraging our deep functional expertise in finance and accounting. With our managed services, we will implement a new platform underpinned by SynOps. Automation, data and analytics will drive and provide real-time decisions while digitizing processes to improve efficiency and user experience, all leading to significant cost reductions, better decision-making and savings.

例如，我們正在與世界上最大的商用車製造商之一合作，利用我們在財務和會計方面的深厚專業知識，開發獨立的財務業務。通過我們的託管服務，我們將實施一個以 SynOps 為基礎的新平台。自動化、數據和分析將推動並提供實時決策，同時將流程數字化以提高效率和用戶體驗，所有這些都將顯著降低成本、做出更好的決策並節省開支。

And as our clients build their digital core, security continues to be more important than ever. With over $6 billion in revenue and 45% growth, our integrated security capabilities, from identity, to threat intelligence, to manage security services, to incident response, are critical as our clients respond to increasing risk as the security landscape widens.

隨著我們的客戶建立他們的數字核心，安全性比以往任何時候都更加重要。憑藉超過 60 億美元的收入和 45% 的增長，我們的集成安全功能（從身份識別、威脅情報、管理安全服務到事件響應）對於我們的客戶應對隨著安全形勢擴大而增加的風險至關重要。

We are working with an Asian multinational conglomerate to deliver a comprehensive managed security services, security operations center, a holistic security solution to detect, monitor and respond to global security threats 24/7. We will also manage tools to continuously monitor end-user devices to detect and respond to cyber threats, like ransomware and malware, and will perform regular threat-hunting activities to detect new cyber hacking techniques. This will provide its business units with timely detection and defense against cyber attacks, deliver threat intel for proactive defense, reduce false alarms by 90% and minimize emergency incidents to less than 1% of total incidents.

我們正與一家亞洲跨國企業集團合作，提供全面的託管安全服務、安全運營中心和整體安全解決方案，以 24/7 全天候檢測、監控和應對全球安全威脅。我們還將管理工具以持續監控最終用戶設備以檢測和響應網絡威脅，例如勒索軟件和惡意軟件，並將執行定期威脅搜尋活動以檢測新的網絡黑客技術。這將為其業務部門提供及時的網絡攻擊檢測和防禦，為主動防禦提供威脅情報，將誤報減少 90%，並將緊急事件減少到總事件的 1% 以下。

Moving from total enterprise reinvention to the other 5 forces. Next, talent. Our clients look to us to help them access, create and unlock the potential of talent.

從全面企業再造轉向其他五種力量。其次，人才。我們的客戶希望我們幫助他們獲得、創造和釋放人才的潛力。

We collaborated with Sky, one of Europe's leading media and entertainment companies, to modernize its employee experience and human resources operations in the era of hybrid working. By migrating to a Software-as-a-Service multi-platform human capital management solution, all in the cloud, employees will be empowered with anytime, anywhere self-service solutions and access to real-time data and dashboards across all markets in one place. The solution supports all people management functions; from recruiting and onboarding; to performance management and learning; as well as compensation, benefits and payroll integration. Employees have the full picture of their work experience at their fingertips, helping them to build their careers and perform at even higher levels.

我們與歐洲領先的媒體和娛樂公司之一 Sky 合作，在混合工作時代實現其員工體驗和人力資源運營的現代化。通過遷移到雲中的軟件即服務多平台人力資本管理解決方案，員工將能夠隨時隨地使用自助服務解決方案並訪問所有市場的實時數據和儀表板地方。該解決方案支持所有人員管理功能；從招聘和入職；績效管理和學習；以及薪酬、福利和工資單整合。員工觸手可及他們的工作經歷的全貌，幫助他們建立自己的職業生涯並在更高的水平上表現。

Now sustainability. With $1 billion in revenues in FY '22, we continue to believe clients will increasingly need our sustainability services in the decade to come.

現在可持續性。憑藉 22 財年 10 億美元的收入，我們仍然相信客戶在未來十年將越來越需要我們的可持續發展服務。

We collaborated with Swisscom, Switzerland's #1 firm for communications, IT and entertainment, on a climate strategy to reduce the company's emissions and help its customers reduce their emissions by 1 million tons of carbon by 2025, equal to 2% of Switzerland's total carbon emissions, by leveraging technology such as cloud, data, AI, 5G and IoT. These technologies will address faster and higher capacity data transmission with remote management and control of connected devices.

我們與瑞士排名第一的通信、IT 和娛樂公司 Swisscom 合作制定氣候戰略，以減少公司的排放並幫助其客戶到 2025 年減少 100 萬噸碳排放，相當於瑞士總碳排放量的 2% ，通過利用雲、數據、人工智能、5G 和物聯網等技術。這些技術將通過遠程管理和控制連接的設備來解決更快、更高容量的數據傳輸。

We are also helping the company explore strategies to incorporate technologies within the emerging Scope 4 classification that can help further reduce carbon emissions from customers, allowing Swisscom to positively impact the planet and provide their customers with a larger number of green products and services to choose from.

我們還幫助該公司探索將技術納入新興範圍 4 分類的戰略，以幫助進一步減少客戶的碳排放，使 Swisscom 能夠對地球產生積極影響，並為其客戶提供更多可供選擇的綠色產品和服務.

Moving to the Metaverse and the ongoing tech revolutions. We continue to invest ahead of our clients' needs and have more than a decade of experience and leadership in Metaverse-related capabilities. In fact, we expect to onboard over 150,000 new joiners using Accenture's Nth Floor. And we use our experience and expertise to help our clients as we believe the Metaverse continuum provides greater possibilities in the wave of digital transformation, and it is still early days.

轉向元宇宙和正在進行的技術革命。我們繼續在客戶需求之前進行投資，並在元界相關能力方面擁有十多年的經驗和領導力。事實上，我們預計將有超過 150,000 名新加入者使用埃森哲的 Nth Floor。我們利用我們的經驗和專業知識來幫助我們的客戶，因為我們相信元界連續體在數字化轉型浪潮中提供了更大的可能性，而且還處於初期階段。

For example, we are helping Tokyu Land Corporation, a Japanese leading leasing, construction and retail real estate company, leverage the Metaverse to transform the customer experience through digital twin technology, leveraging computer-generated imagery to recreate walk-throughs of its condominiums online to greatly improve its in-person model room tour. Customers will be able to visualize a property online, including different home equipment options, and the company will attract more buyers and increase sales while reducing marketing costs and the environmental impact of the construction, operation and removal of the model room. Into the future, we will help create continuous touch points with customers throughout the real estate life cycle and develop new collaborative digital businesses, such as purchasing furniture and home appliances and ordering renovation services.

例如，我們正在幫助日本領先的租賃、建築和零售房地產公司 Tokyu Land Corporation 利用 Metaverse 通過數字孿生技術改變客戶體驗，利用計算機生成的圖像在線重現其公寓的演練，以極大地改善了其面對面的樣板間之旅。客戶將能夠在線查看房產，包括不同的家庭設備選項，公司將吸引更多買家並增加銷售額，同時降低營銷成本以及樣板房的建設、運營和拆除對環境的影響。未來，我們將幫助與客戶在整個房地產生命週期中建立持續的接觸點，並開發新的協作數字業務，例如購買家具和家電以及訂購裝修服務。

And with our continued focus on innovation on the ongoing tech revolution, we continue to invest in our business for the future. For example, in Q4, we invested in Pixxel, a leader in cutting-edge earth imaging space technology.

隨著我們繼續專注於正在進行的技術革命的創新，我們將繼續投資於我們的未來業務。例如，在第四季度，我們投資了尖端地球成像空間技術的領導者 Pixxel。

Back to you, KC.

回到你身邊，KC。

Thanks, Julie. Now let me turn to our business outlook. For the first quarter of fiscal '23, we expect revenues to be in the range of $15.2 billion to $15.75 billion. This assumes the impact of FX will be approximately negative 8.5% compared to the first quarter of fiscal '22 and reflects an estimated 10% to 14% growth in local currency.

謝謝，朱莉。現在讓我談談我們的業務前景。對於 23 財年第一季度，我們預計收入將在 152 億美元至 157.5 億美元之間。這假設與 22 財年第一季度相比，外彙的影響約為負 8.5%，並反映當地貨幣估計增長 10% 至 14%。

For the full fiscal year '23, based upon how the rates have been trending over the last few weeks, we currently assume the impact of FX on our results in U.S. dollars will be approximately negative 6% compared to fiscal '22. For the full fiscal '23, we expect our revenues to be in the range of 8% to 11% growth in local currency over fiscal '22, which includes an inorganic contribution of about 2.5%.

對於整個 23 財年，根據過去幾週的匯率趨勢，我們目前假設外匯對我們的美元業績的影響與 22 財年相比約為負 6%。對於整個 23 財年，我們預計我們的收入將比 22 財年增長 8% 至 11%，其中包括約 2.5% 的無機貢獻。

For operating margin, we expect fiscal year '23 to be 15.3% to 15.5%, a 10 to 30 basis point expansion over fiscal '22 results. We expect our annual effective tax rate to be in the range of 23% to 25%. This compares to an effective tax rate of 24% in fiscal '22. For earnings per share, we expect full year diluted EPS for fiscal '23 to be in the range of $11.09 to $11.41 or 4% to 7% growth over fiscal '22 results.

對於營業利潤率，我們預計 23 財年為 15.3% 至 15.5%，比 22 財年的業績增長 10 至 30 個基點。我們預計我們的年度有效稅率將在 23% 至 25% 之間。相比之下，22 財年的有效稅率為 24%。對於每股收益，我們預計 23 財年全年攤薄後每股收益將在 11.09 美元至 11.41 美元之間，或比 22 財年增長 4% 至 7%。

For the full fiscal '23, we expect operating cash flow to be in the range of $8.5 billion to $9 billion, property and equipment additions to be approximately $800 million and free cash flow to be in the range of $7.7 billion to $8.2 billion. Our free cash flow guidance reflects a free cash flow to net income ratio of 1.1.

對於整個 23 財年，我們預計運營現金流量將在 85 億美元至 90 億美元之間，財產和設備增加量約為 8 億美元，自由現金流量將在 77 億美元至 82 億美元之間。我們的自由現金流指引反映了自由現金流與淨收入的比率為 1.1。

Finally, we expect to return at least $7.1 billion through dividends and share repurchases as we remain committed to returning a substantial portion of our cash to shareholders.

最後，我們預計將通過股息和股票回購至少返還 71 億美元，因為我們仍致力於將大部分現金返還給股東。

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 will come from the line of Lisa Ellis with MoffettNathanson.

（操作員說明）我們的第一個問題將來自 Lisa Ellis 和 MoffettNathanson 的台詞。

Good stuff here. Just a question about the outlook for fiscal '23. Can you elaborate a bit further on what underlying macroeconomic outlook you have embedded in guidance above and beyond the 6 points of FX translation?

好東西在這裡。只是關於'23財年前景的問題。您能否進一步詳細說明您在外匯轉換的 6 點之外的指導中嵌入了哪些潛在的宏觀經濟前景？

And maybe the broader question is, sort of how, if at all, are you seeing the rising rate environment, inflation, sort of escalating dynamics of what we've been seeing all year long, affecting your business?

也許更廣泛的問題是，如果有的話，您是否會看到不斷上升的利率環境、通貨膨脹，以及我們全年所看到的不斷升級的動態，影響您的業務？

Great. Thanks, Lisa. So yes, let me give you a little bit of color around our guidance assumptions. So our revenue range of 8% to 11% for fiscal '23, it includes 2.5% inorganic contribution, and that's compared to about 5% that we did in '22. And that would represent then about 8.5% organic growth at the upper end of our range.

偉大的。謝謝，麗莎。所以是的，讓我給你一些關於我們的指導假設的顏色。因此，我們在 23 財年的收入範圍為 8% 到 11%，其中包括 2.5% 的無機貢獻，而我們在 22 財年的收入約為 5%。這將代表我們範圍上限的約 8.5% 的有機增長。

And so we continue to see really strong demand for our services, Lisa. And as you've seen, the most recent estimate for IT services continues to show the growth for our industry will be about 5%. So anywhere in our range, it will show us continuing to take share.

所以我們繼續看到對我們服務的強勁需求，麗莎。正如您所看到的，對 IT 服務的最新估計繼續顯示，我們行業的增長率約為 5%。因此，在我們範圍內的任何地方，它都會顯示我們繼續分享。

But at the same time, while our growth is not directly correlated with GDP, we read the same things that you do. And the latest GDP estimate for most of the world's largest economies are lower in 2023 than 2022. So again, we're calling for double-digit growth at the top part of our range. another year of double-digit growth, which would have us adding significant scale yet again on top of our current $62 billion business.

但與此同時，雖然我們的增長與 GDP 沒有直接關係，但我們讀到的內容與您所做的相同。世界上大多數最大經濟體的最新 GDP 估計值在 2023 年低於 2022 年。因此，我們再次呼籲在我們範圍的頂部實現兩位數的增長。又一年兩位數的增長，這將使我們在目前 620 億美元的業務基礎上再次增加可觀的規模。

Maybe I'll add, Lisa, is that when we think about the macro environment, what we're really thinking about is what do our clients need, right? So as -- so -- and I talked a little bit about this last quarter, right, is this environment affects different industries differently.

也許我要補充一點，麗莎，當我們考慮宏觀環境時，我們真正考慮的是我們的客戶需要什麼，對吧？所以 - 所以 - 我在上個季度談了一點，對，這種環境對不同行業的影響不同。

So you've got those who are really tied to the supply chain disruption and the inflation continuing to focus on cost. But you also see that as the uncertainty increases, so over the last 90 to 120 days, you saw changes in the estimates around the GDP growth for 2023, it makes all clients really think about, okay, what's my resilience? Is there more that I can do? Can I take advantage of the environment to push through deeper cost cuts that require you to change behaviors?

所以你有那些真正與供應鏈中斷和通貨膨脹有關的人繼續關注成本。但你也看到，隨著不確定性的增加，在過去的 90 到 120 天裡，你看到了對 2023 年 GDP 增長的估計發生了變化，這讓所有客戶都在思考，好吧，我的韌性是什麼？我還能做些什麼嗎？我可以利用環境來推動需要您改變行為的更深層次的成本削減嗎？

And so we really think about the environment as what does that mean we need to do to help our clients? And how do we continue to pivot? And it's very similar if you think about what we did in the early days of the pandemic, where we've pivoted a lot to, for example, cloud, using all of our learning organization. So that's the focus, and it's always an opportunity to better serve our clients.

所以我們真的認為環境意味著我們需要做些什麼來幫助我們的客戶？我們如何繼續轉向？如果您考慮一下我們在大流行初期所做的事情，情況就非常相似，我們已經使用我們所有的學習型組織大量轉向了例如雲計算。所以這是重點，它始終是更好地為客戶服務的機會。

Okay. Yes. Great color. And then just follow-up on bookings, realizing they're obviously always lumpy to quarter-to-quarter and the overall number this quarter was extraordinarily strong, continuing that 1.12 book-to-bill. But is there any -- was it sort of an unusual shift in mix into outsourcing and less consulting? Is there any color or call-out there? Or is that just sort of the vagaries of the kind of quarterly fluctuations?

好的。是的。很棒的顏色。然後只是跟進預訂，意識到它們顯然總是按季度波動，而且本季度的總體數字非常強勁，繼續保持 1.12 的預訂比。但是有沒有——這是一種不尋常的轉變，混合到外包和更少的諮詢？那裡有顏色或標註嗎？或者這只是那種季度波動的變幻莫測？

Sure. And so Lisa, as you mentioned, we feel really good about our bookings in Q4. It was our second highest bookings ever our highest also being this year in the second quarter. And what I really liked about it, it was driven by broad-based demand, so across all markets and all services.

當然。所以麗莎，正如你提到的，我們對第四季度的預訂感覺非常好。這是我們有史以來第二高的預訂量，也是今年第二季度的最高預訂量。我真正喜歡它的是，它是由廣泛的需求驅動的，因此涵蓋了所有市場和所有服務。

And we peel it back. We had good book-to-bill in all dimensions of our business. And with outsourcing a record of almost $10 billion, and that was almost $1.3 billion more than what we did for our last record. And we do continue to see a strong pipeline going into the year, even with those, the second best record bookings. But I will say that, as we often do, we have seasonally lower bookings in quarter 1, and we are seeing that again this year.

我們將其剝離。我們在業務的各個方面都有很好的帳單結算。外包創紀錄的近 100 億美元，這比我們上次創紀錄的數量多出近 13 億美元。而且我們確實繼續看到今年的強勁管道，即使是那些第二好的記錄預訂。但我會說，就像我們經常做的那樣，我們在第一季度的預訂量季節性下降，今年我們再次看到這種情況。

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。

Just tacking on what Lisa just asked here with this are book-to-bill in outsourcing relative to consulting. Is the shift to larger deals, does that tell you or should it tell us anything about client priorities? And I'm curious if that changes or even improves your visibility overall for fiscal '23, given you have so much more in the way of larger deals in the backlog.

只是補充麗莎剛剛在這裡提出的問題，這是相對於諮詢的外包業務。轉向更大的交易，這是否告訴您或是否應該告訴我們有關客戶優先事項的任何信息？而且我很好奇這是否會改變甚至提高您在 23 財年的整體知名度，因為您在積壓的大宗交易中還有更多。

Yes. I mean, I don't -- I mean, obviously, we've got larger deals, you have more visibility around larger deals just because they're larger deals and you see how it is. And simply how we think about the business so much. I mean, I think if you just take a step -- your underlying question is what are clients focused on, right?

是的。我的意思是，我沒有——我的意思是，很明顯，我們有更大的交易，你對更大的交易有更多的了解，因為它們是更大的交易，你會看到它是怎樣的。以及我們對業務的思考方式如此之多。我的意思是，我認為如果你只是邁出一步——你的根本問題是客戶關注的是什麼，對嗎？

And so what we do see is -- and what we actually -- more than just see, what we are recommending, is that leadership teams remain sort of focused on prioritizing where they can get good time to value, making sure that they are doing things that are material, not having 1,000 different pilots as opposed to actually getting to scale. And so a lot of that does lead to a on larger transformation deals.

因此，我們確實看到——而且我們實際上——不僅僅是看到，我們推薦的是，領導團隊仍然專注於優先考慮他們可以在哪些方面獲得良好的價值，確保他們正在做重要的事情，沒有 1,000 名不同的飛行員，而不是實際擴大規模。因此，其中很多確實導致了更大的轉型交易。

And it's tied to what we call total enterprise reinvention, right? What we're talking to clients about is systematically reinventing. And actually, we've got some research coming out at the end of September that says 68% of CFOs say they today have either 3 or more transformation programs either going right now or about to start in parallel. And so what that really does mean that is that you've got more companies do what we've been talking about since the early days of the pandemic, which is systematic transformation, will try to do it faster. And that does lead to larger programs. And probably the bigger impact for us is less about visibility, but those obviously convert to revenue differently.

它與我們所說的全面企業再造有關，對吧？我們正在與客戶談論的是系統地重新發明。實際上，我們在 9 月底發布了一些研究，表明 68% 的 CFO 表示，他們今天有 3 個或更多的轉型計劃正在實施或即將同時啟動。所以這真正意味著你有更多的公司在做我們自大流行初期以來一直在談論的事情，即係統性轉型，他們將努力更快地做到這一點。這確實導致了更大的計劃。對我們來說，更大的影響可能不是知名度，但顯然這些影響轉化為收入的方式不同。

Yes. And maybe Tien-Tsin, I'll just add in terms of -- if you just look at our bookings this year from an outsourcing type of work compared to consulting type of work compared to our history over the last few years, there's really no difference, right? We actually have a slight percentage uptick in what we closed out this year in consulting type of work bookings versus outsourcing. So there's no real difference in our mix.

是的。也許 Tien-Tsin，我只是補充一點——如果你看看我們今年從外包類型的工作與諮詢類型的工作相比與過去幾年的歷史相比的預訂，真的沒有區別，對吧？實際上，我們今年在諮詢類型的工作預訂與外包方面的收盤率略有上升。所以我們的組合沒有真正的區別。

Very good. No, that's really helpful. Just on the -- my follow-up on margins, if you don't mind. Just thinking about investment priorities, organic versus inorganic. I know it's a lower inorganic assumption on growth this year. But any update there in terms of the balance?

很好。不，這真的很有幫助。如果你不介意的話，就在我對利潤的跟進。只考慮投資重點，有機與無機。我知道這是對今年增長的較低無機假設。但是在餘額方面有什麼更新嗎？

And I'm wondering, I wrote down, I think you said 48% growth in cloud for the year. And I think back to the Cloud First investment you did, I think it was a $3 billion investment. It seems like you got a good return out of that. So can we see more investments like that at this point in the cycle? So yes, just think about organic versus inorganic investing.

我想知道，我寫下了，我想你說今年雲計算增長了 48%。我回想一下你所做的 Cloud First 投資，我認為這是一筆 30 億美元的投資。看來您從中獲得了不錯的回報。那麼，我們能否在周期的這個階段看到更多這樣的投資呢？所以，是的，想想有機投資與無機投資。

Yes. So I'll take the inorganic point, and then I'll hand it over to Julie to give some more color. So first of all, there's no change overall to our capital allocation strategy, right? So we will continue to use V&A to fuel our organic growth.

是的。所以我會拿無機點，然後我會把它交給朱莉給更多的顏色。首先，我們的資本配置策略總體上沒有變化，對吧？因此，我們將繼續使用 V&A 來推動我們的有機增長。

And so you'll see the 2.5%, Tien-Tsin, is an inorganic contribution. It's generally in the zone of what we've done in previous years. And so maybe I'll also just take a chance to talk about what that means in terms of how we're going to invest in our business next year and how that relates to how we're seeing our profit because I think it's really important to point out that we're really proud of what we accomplished this past year in '22, where we did 10 basis points of expansion. And Tien-Tsin, we were continuing to invest at scale in our business, right? And also in our people, particularly this year with managing wage inflation.

所以你會看到 2.5%，Tien-Tsin，是一種無機貢獻。它通常在我們前幾年所做的範圍內。所以也許我也會藉此機會談談這意味著我們明年將如何投資我們的業務，以及這與我們如何看待我們的利潤有什麼關係，因為我認為這真的很重要指出我們為過去一年在 22 年所取得的成就感到非常自豪，我們進行了 10 個基點的擴張。而天津，我們繼續在我們的業務中進行大規模投資，對吧？在我們的員工中也是如此，尤其是在今年管理工資通脹的情況下。

So as we look through next year, we expect to continue to invest in our business. We expect wage inflation to continue. It's across all industries and across the globe. And for us, it's going to vary by geography by scale. And we will navigate that like we did this past year with a focus on pricing, which we all know can lag compensation a bit. But I just want to point out that we did see the benefit of improved pricing in our P&L in '22.

因此，當我們展望明年時，我們希望繼續投資於我們的業務。我們預計工資通脹將繼續。它遍及所有行業和全球。對我們來說，它會因地域和規模而異。我們將像過去一年那樣專注於定價，我們都知道這可能會滯後於補償。但我只想指出，我們確實在 22 年的損益表中看到了改進定價的好處。

And so again, we're going to do all of this while changing the mix of people on our contracts, the use of technology to absorb the higher investments that we're making organically and the higher investments that we're making in our people. But -- so it's really important that we continue on our investment profile. And with that, like I'd be really happy next year to land anywhere within the 10 to 30 basis points of op margin expansion.

因此，我們將在完成所有這些工作的同時改變合同中的人員組合，使用技術來吸收我們有機地進行的更高投資以及我們對員工進行的更高投資.但是 - 所以我們繼續我們的投資概況非常重要。有了這個，就像我明年真的很高興能在運營利潤率擴張 10 到 30 個基點內的任何地方降落一樣。

And I would say that, based on how we're going to invest throughout the year, there's a bit more potential for us to have a more variability in the quarters as we go throughout fiscal year '23 on our way to 10 to 30 basis points of expansion for the year.

我想說的是，根據我們全年的投資方式，隨著我們在整個 23 財年達到 10 到 30 的基礎上，我們在季度中會有更大的可變性年的擴張點。

Yes. And Tien, I would just -- Tien-Tsin, I would just emphasize. We believe it is very important to continue to invest at higher levels in our business every year, and that's our commitment. And it's been -- we think a big reason for our success is that, through every cycle, we continue to invest.

是的。 Tien，我只想-- Tien-Tsin，我只想強調一下。我們認為，每年繼續對我們的業務進行更高水平的投資非常重要，這就是我們的承諾。而且一直 - 我們認為我們成功的一個重要原因是，在每個週期中，我們都會繼續投資。

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

我們的下一個問題將來自 BMO 的 Keith Bachman。

I wanted to ask to start with on the outlook. In particular, Julie, if there's any comments, directional or otherwise, you could give on bookings. I understand you provided the revenue guidance in constant currency, even the backlog runoff of the booking -- tremendous bookings you've given so far, the revenue guidance seems very reasonable, if not a touch conservative.

我想從前景開始。特別是，朱莉，如果有任何意見，無論是定向的還是其他的，你都可以在預訂時給予。我知道您提供了固定貨幣的收入指導，甚至是預訂的積壓徑流——到目前為止，您提供的大量預訂，收入指導似乎非常合理，如果不是有點保守的話。

But as you indicated in your prepared remarks, you had record bookings this year. You're facing -- your clients are facing a deeper economic challenge. So is there any comments you could give, whether book-to-bill or the growth rates or any parameters on how we should be thinking about bookings this year? Because it seems like the trajectory there could be different from the revenue growth.

但正如你在準備好的發言中指出的那樣，你今年的預訂量創歷史新高。您正面臨——您的客戶正面臨更深層次的經濟挑戰。那麼您有什麼意見可以給出，無論是訂單到賬單還是增長率或任何關於我們應該如何考慮今年預訂的參數？因為看起來軌跡可能與收入增長不同。

Well, I'll let KC start, and then I'll add on.

好吧，我先讓KC開始，然後我再補充。

Yes. So Keith, maybe I'll start with a little bit more color on how we actually see revenue kind of breaking out for the year. So from a type of work perspective for the full year '23, we do see consulting revenue growth to be within our -- within the context of the 8% to 11% that we gave out overall, which remember, has 6% FX headwind embedded in that. We see consulting revenue to be high single digits to double digits. And outsourcing, we see being double digits.

是的。所以基思，也許我會從更多的色彩開始，我們實際上如何看待今年的收入突破。因此，從 23 年全年的工作角度來看，我們確實看到諮詢收入增長在我們的範圍內——在我們整體給出的 8% 到 11% 的背景下，記住，有 6% 的外匯逆風嵌入其中。我們認為諮詢收入將高達個位數至兩位數。而外包，我們看到的是兩位數。

And when you think about what our bookings expectations are, while we don't guide to bookings, you should -- our view remains the same. We look for, over a rolling 4 quarters period of time, for our book-to-bill to be over 1.

當您考慮我們的預訂期望時，雖然我們不指導預訂，但您應該 - 我們的觀點保持不變。在連續 4 個季度的時間段內，我們希望我們的帳單到帳單超過 1。

Great. And Keith, what I would just say is that, remember, our focus is helping our clients create value within whatever environment that they are operating in, right? So -- and which is very different, depending on your industry.

偉大的。基思，我只想說的是，請記住，我們的重點是幫助我們的客戶在他們經營的任何環境中創造價值，對吧？所以 - 這非常不同，具體取決於您的行業。

So like pick right now, providers in the U.S., right? They are focused on cost cutting because they went through a tough time with COVID. They're behind in digitization, so they're investing there. And they have to because they're facing one of the most difficult labor markets they've ever had.

所以就像現在挑選，美國的供應商，對吧？他們專注於削減成本，因為他們經歷了 COVID 的艱難時期。他們在數字化方面落後，所以他們在那裡投資。他們必須這樣做，因為他們面臨著有史以來最困難的勞動力市場之一。

So now the sort of resistance and difficulty in automating before, that is a completely different than a global consumer company like Unilever, we talked about in our script, who's reinventing everything that -- been on this journey for a few years, that's looking to the next thing, right? And they're dealing with supply chain disruptions, right, cost inputs.

所以現在在自動化方面遇到的阻力和困難，這與像聯合利華這樣的全球消費公司完全不同，我們在劇本中談到，他們正在重新發明一切——在這個旅程中已經有幾年了，他們希望接下來，對吧？他們正在處理供應鏈中斷，正確的，成本投入。

And so that is how we continue to succeed, is by understanding the depth of difference in our industry. We're using knowledge that we had from other industries to now accelerate what the providers are doing because they're now implementing SaaS solutions to connect their patients that we've been doing for years in retail, right, and in banking and in lots of other industries.

這就是我們繼續成功的方式，是通過了解我們行業的差異深度。我們正在利用我們從其他行業獲得的知識來加速供應商的工作，因為他們現在正在實施 SaaS 解決方案來連接他們的患者，這是我們多年來在零售業、銀行業和許多領域一直在做的事情的其他行業。

So that, our outlook for the year reflects our confidence that we are going to continue to be able to use that knowledge, stay close to our clients and deliver on what they need.

因此，我們對今年的展望反映了我們的信心，即我們將繼續能夠利用這些知識，與客戶保持密切聯繫並滿足他們的需求。

Okay. Okay. My follow-up is then focused on free cash flow. The free cash flow guidance is a touch certainly lighter than what we had modeled and I think The Street had modeled. Your margins continue to move higher. So I was just wondering what the puts and takes that you might want to call out with the free cash flow guidance for the year. And then I will cede the floor.

好的。好的。然後，我的後續工作將重點放在自由現金流上。自由現金流指導肯定比我們建模的要輕，我認為華爾街已經建模了。您的利潤繼續走高。所以我只是想知道你可能想用今年的自由現金流指導來調用什麼看跌期權。然後我將放棄發言權。

Yes. Thanks, Keith. So, as you know, when we set our guidance, we always first start with looking at the ratio. So the ratio that we have in our free cash flow guidance is a very strong 1.1 free cash flow to net income ratio, so we're happy with that.

是的。謝謝，基思。因此，如您所知，當我們設定指導時，我們總是首先從查看比率開始。因此，我們在自由現金流指導中的比率是非常強勁的 1.1 自由現金流與淨收入的比率，所以我們對此感到滿意。

We also are allowing, in that guidance, a bit of an uptick in DSOs from our current level. And then also, we are assuming we are going to have the FX impact of 6%, that will obviously impact our free cash flow as well. And as you know, it's not unusual for us to start guidance at the beginning of the year with a free cash flow guidance range that's below where we delivered the previous year.

在該指南中，我們還允許 DSO 從我們目前的水平略有上升。然後，我們假設我們將產生 6% 的外匯影響，這顯然也會影響我們的自由現金流。如您所知，我們在年初開始指導自由現金流指導範圍並不罕見，該指導範圍低於我們上一年交付的範圍。

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

我們的下一個問題來自德意志銀行的 Bryan Keane。

Obviously, a lot of folks are asking about the macro. So just curious how the macro has changed for you guys over the last 3 months and how that's influenced your business because it doesn't really show up much in results. So just curious how you would frame that.

顯然，很多人都在詢問宏。所以只是好奇在過去的 3 個月裡，宏觀對你們來說是如何變化的，以及這對你們的業務有何影響，因為它並沒有真正在結果中顯示太多。所以只是好奇你會如何構建它。

Well, as KC said earlier, our guidance for the year takes into account the current estimates for 2023 for GDP, which, as we all know, over the last sort of 90 days, have decreased. So we take that into consideration.

好吧，正如 KC 早些時候所說，我們對今年的指導考慮到了目前對 2023 年 GDP 的估計，眾所周知，在過去的 90 天裡，GDP 有所下降。所以我們考慮到這一點。

And where we see that really affecting our business is our ability to help our clients then think about what to do, right? How do you execute a faster transformation? Are there new opportunities? I'm talking to a consumer goods client now, where we're helping them think about, well, how do we cut marketing and get more effective? Because they need growth, but marketing is one of the biggest spend areas for a consumer goods company. And by the way, let's not waste a good environment to be able to catalyze a cultural and behavioral change as they think about things.

我們看到真正影響我們業務的是我們幫助客戶思考該怎麼做的能力，對吧？您如何執行更快的轉換？有沒有新的機會？我現在正在與消費品客戶交談，我們正在幫助他們思考，我們如何削減營銷並提高效率？因為他們需要增長，但營銷是消費品公司最大的支出領域之一。順便說一句，我們不要浪費一個良好的環境來促進他們思考事物時的文化和行為變化。

So that's where we are seeing it. And otherwise, our guidance reflects -- as you know, it's not a one for one, but we obviously take into account the economic environment.

這就是我們所看到的。否則，我們的指導反映了——如你所知，這不是一對一的，但我們顯然考慮到了經濟環境。

Got it. Yes. Yes, I was just looking at Europe in particular up 26% in local currency. Given all the concerns around Europe, it's just a pretty amazing number. It doesn't seem to have come off much from the growth rates you've been putting up.

知道了。是的。是的，我只是關注歐洲，特別是當地貨幣上漲了 26%。考慮到歐洲的所有擔憂，這只是一個非常驚人的數字。它似乎並沒有從你一直提出的增長率中得到多少。

Yes. We're very proud of our European team because they are really close to our clients.

是的。我們為我們的歐洲團隊感到非常自豪，因為他們非常接近我們的客戶。

Yes. And maybe, Bryan, I'll give you a little bit of color on that as it relates to Q1. Let me give you a peel back a little bit on the revenue outlook that we have for the first quarter. And when we look at the markets, we see all the markets for the first quarter within that 10% to 14% revenue range that we gave. They all have the potential to be double digits, and that includes Europe.

是的。也許，布萊恩，我會給你一點顏色，因為它與第一季度有關。讓我稍微回顧一下我們對第一季度的收入前景。當我們觀察市場時，我們看到第一季度的所有市場都在我們給出的 10% 到 14% 的收入範圍內。他們都有可能達到兩位數，包括歐洲。

And then also for the consulting type of work in Q1, we see a high single-digit to low double-digit growth range within that 10% to 14%. And I would peel back consulting a little bit for you, too. Within consulting, we see the tech portion of consulting, the systems integrations, will have continued strong demand. And S&C, we expect to be in lower single digits.

然後對於第一季度的諮詢類型的工作，我們看到在 10% 到 14% 之間的高個位數到低兩位數的增長范圍。我也會為你減少一點諮詢。在諮詢方面，我們看到諮詢的技術部分，即係統集成，將有持續的強勁需求。而施恩禧，我們預計將達到較低的個位數。

No, that's really helpful. And then just a quick follow-up, just thinking on -- KC, on visibility. How has visibility changed at all, if at all, for Accenture? When you look out further on in the quarters, as we get to Q4, it's obviously almost 12 months away, so it's probably a little bit hard to figure out exactly the right growth rates. But just thinking about the visibility of the business.

不，這真的很有幫助。然後只是快速跟進，只是想 - KC，關於可見性。埃森哲的能見度發生了怎樣的變化？當您進一步觀察這些季度時，當我們進入第四季度時，顯然還有將近 12 個月的時間，因此可能有點難以準確計算出正確的增長率。但只是考慮業務的可見性。

I would say, Bryan, that in terms of looking at the back half of the year, I mean, that's no different than the way it is, honestly, every year. We talked a lot about what we just mentioned on how we look at the macro in the market. But the back half of the year, we always -- it's always less certain at this time of the year than obviously the first quarter and the first half. Again, it's no different than what we have experienced every year.

我想說，布萊恩，就下半年的情況而言，我的意思是，老實說，每年的情況都沒有什麼不同。我們談了很多關於我們如何看待市場宏觀的剛才提到的內容。但是今年下半年，我們總是 - 在一年中的這個時候總是比第一季度和上半年更不確定。同樣，這與我們每年所經歷的沒有什麼不同。

And as always, clients still -- most of our clients are calendar year and they will set their budgets, and we'll know more about that in January. So it's really the same.

和往常一樣，客戶仍然——我們的大多數客戶都是日曆年的，他們將設定預算，我們將在一月份了解更多相關信息。所以真的是一樣的。

It is. It is.

這是。這是。

Our next question comes from James Faucette with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 James Faucette。

Appreciate all the commentary today, as usual. Looking at kind of the supply and kind of how you're managing your own employees, et cetera, how does the shift in client priorities manifest itself in where and how your services are being delivered? And how is that influencing your talent strategy right now around pace of hiring, where you hire, et cetera?

像往常一樣欣賞今天的所有評論。看看你如何管理自己的員工，等等，客戶優先級的轉變如何體現在你的服務在哪里以及如何提供？這如何影響你現在圍繞招聘速度、招聘地點等的人才戰略？

Well, as you know, our -- we have a very deep competency in supply and demand. And actually, over the course of the last couple of years, we continue to innovate. We have a incredible, what we call, integrated talent control tower that is able to predict earlier and earlier in our sales cycle where the skills will be needed and what type of skills. And so for us, this is just normal business, right?

好吧，如你所知，我們 - 我們在供需方面擁有非常深厚的能力。實際上，在過去幾年中，我們不斷創新。我們有一個令人難以置信的，我們稱之為集成的人才控制塔，它能夠在我們的銷售週期中越來越早地預測需要哪些技能以及什麼類型的技能。所以對我們來說，這只是正常的業務，對吧？

And keep in mind, technology demand is really incredible, right? I mean, you saw that in our results, all strategies lead to technology. And we're super pleased with not only our performance there, but what we're seeing ahead as clients continue to build the digital core as fundamental to all of their other strategic needs. And our talent supply chain is able to see that, predict it, understand the skills and keep moving forward.

請記住，技術需求確實令人難以置信，對吧？我的意思是，你在我們的結果中看到，所有的策略都會導致技術。我們不僅對我們在那裡的表現感到非常滿意，而且對我們所看到的未來感到非常滿意，因為客戶繼續將數字核心構建為他們所有其他戰略需求的基礎。我們的人才供應鏈能夠看到、預測、了解技能並繼續前進。

That's great. And then turning to pricing, just wondering what the tone and tenor of pricing conversations have been. How those have progressed. And how are you building in -- or how should we think about what's being built into your formulation of outlook around magnitude of potential uplift to revenue from pricing versus margins, et cetera.

那太棒了。然後轉向定價，只是想知道定價對話的基調和基調是什麼。這些進展如何。以及您是如何構建的——或者我們應該如何考慮在您的前景規劃中構建的內容，圍繞定價與利潤率等潛在收入增長的幅度。

So let me just remind you that when I'm talking about pricing in my answer, I'm talking about the margin on the work that we've sold. And I'm really pleased that we've continued to see improvements in pricing. And we are seeing the benefits. I mentioned this earlier, but I'll just repeat it. We are seeing the benefits come through in our P&L. And we continue to focus on improvements in pricing as we enter into fiscal year '23. So I'm really pleased with the progress we've made.

因此，讓我提醒您，當我在回答中談論定價時，我指的是我們已售出作品的利潤。我真的很高興我們繼續看到定價方面的改進。我們看到了好處。我在前面提到過，但我會重複一遍。我們在損益表中看到了好處。隨著我們進入 23 財年，我們將繼續專注於定價的改進。所以我對我們取得的進展感到非常滿意。

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

我們的下一個問題將來自美國銀行的 Jason Kupferberg。

KC, I just wanted to pick up on your comment on one of the prior questions around -- I think you said strategy and consulting up in the low single-digit range in Q1. So curious if that's the same kind of range you anticipate for the full year fiscal '23. And is that below corporate average level? Just reflective of the more kind of discretionary nature and growth-oriented nature of those services?

KC，我只是想了解您對先前問題之一的評論-我認為您在第一季度的低個位數範圍內提到了戰略和諮詢。很好奇這是否與您對 23 財年全年預期的範圍相同。這是否低於企業平均水平？只是反映了這些服務更多的自由裁量性質和以增長為導向的性質？

Yes. Thanks, Jason. In terms of Q1, it's really just a few simple things. One, we got a tough compare. Two is there's less -- when I mentioned less inorganic, that really does also hit in essence in the S&C part. And then as Julie talked about, a lot of our S&C practitioners are really focused on some -- a lot of the larger transformational deals. And that just has, Jason, a different revenue yield, and it bleeds in later throughout the year.

是的。謝謝，傑森。就 Q1 而言，實際上只是一些簡單的事情。一，我們有一個艱難的比較。二是更少——當我提到更少的無機物時，這確實在 S&C 部分也確實受到了影響。然後正如朱莉所說，我們的許多施恩禧從業者都真正專注於一些 - 很多更大的轉型交易。傑森，這只是帶來了不同的收入收益，而且它會在全年晚些時候流入。

Okay. Understood. Maybe just turning to the supply side for a second. Looked like attrition was unchanged in Q4 versus Q3. Wondering what you're expecting there in fiscal '23, as well as what you're expecting for wage inflation relative to 2022. And whether or not some of the broader layoffs across other parts of the tech industry, is that taking some of the pressure off some of your supply metrics at all?

好的。明白了。也許只是暫時轉向供應方。看起來第四季度與第三季度的流失率沒有變化。想知道您對 23 財年的預期，以及您對相對於 2022 年的工資通脹的預期。以及科技行業其他部門的一些更廣泛的裁員是否會採取一些措施壓低你的一些供應指標？

Yes. So I'll start, Jason, with the last part. I mean, we had -- I'm really pleased with the way we were able to grow at scale profitably while managing the wage inflation in FY '22. And as we said a little bit earlier, but just to repeat, we do expect wage inflation to continue, and we have factored that into our guidance.

是的。 Jason，我將從最後一部分開始。我的意思是，我們有 - 我對我們能夠在管理 22 財年工資通脹的同時實現大規模盈利增長的方式感到非常滿意。正如我們之前所說，但只是重複一遍，我們確實預計工資通脹將繼續，我們已將其納入我們的指導。

Yes. And look, I would just say to you that technology skills are in demand by both companies as well as our competitors because technology is at the core of strategy. And so we're expecting to have a continued tight labor market. And we continue to expect us to really excel because despite that market, as you know, even this last year, we added 100,000 people. So I don't -- the fact that there has been some layoffs in certain markets isn't really, I think, going to change much.

是的。看，我只想對你說，公司和我們的競爭對手都需要技術技能，因為技術是戰略的核心。因此，我們預計勞動力市場將持續緊張。我們繼續期待我們能夠真正出類拔萃，因為儘管有這個市場，如你所知，即使在去年，我們也增加了 100,000 人。所以我不——我認為，某些市場已經裁員的事實並沒有真正改變。

Operator, we have time for one more question, and then Julie will wrap up 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。

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

這個問題將來自 Bryan Bergin 和 Cowen 的觀點。

I wanted to start on the growth outlook. Can you just give us a sense on how you're thinking about the second half trajectory, just in the fiscal '23 range? Just given a significant uncertainty, just curious how you went about building that second half forecast.

我想從增長前景開始。您能否讓我們了解一下您對下半年軌蹟的看法，就在 23 財年範圍內？只是考慮到一個重大的不確定性，只是好奇你是如何建立下半年預測的。

And then just within the year, are you expecting the strategic priorities to hold the double-digit growth? So across Song and Cloud First and X? Or are any of those a little bit more exposed to potential slowdown and uncertainty?

然後就在一年之內，您是否期望戰略重點保持兩位數的增長？那麼跨越 Song 和 Cloud First 和 X？還是其中任何一個更容易受到潛在的放緩和不確定性的影響？

Yes. So I'll maybe just start with the overall outlook that we have, right? So you can see that we started with 8% to 11%. I already gave the color on that. So -- and within that, obviously, we have a strong start at 10% to 14% growth. And in terms of really what that looks like for the rest of the year, I mean, we'll continue to give guidance like we typically do as we progress through FY '23. I mean, as Julie mentioned, we see continued strong demand in our technology -- our areas of technology. And other than that, we don't really give any more guidance and kind of view on revenue outlook than what I've already shared.

是的。所以我可能會從我們的整體前景開始，對吧？所以你可以看到我們從 8% 到 11% 開始。我已經給出了顏色。所以 - 在這之中，顯然，我們有一個 10% 到 14% 的增長的強勁開端。就今年剩餘時間的情況而言，我的意思是，隨著我們在 23 財年取得進展，我們將繼續像往常一樣提供指導。我的意思是，正如朱莉所提到的，我們看到對我們技術的持續強勁需求——我們的技術領域。除此之外，我們實際上並沒有提供比我已經分享的更多的指導和對收入前景的看法。

Yes. And just -- I think it's always important that we are continuously thinking about both the near term, this fiscal year, and the longer term and anchoring on the 5 forces of change for the next decade. And so total enterprise reinvention, talent. We talked about the investments we're making in sustainability. We just made a great acquisition this quarter in Carbon Intelligence, which is all about consulting around carbon, getting to net zero strategies. The Metaverse continuum, small today. We're the leading enterprise user in our own way of onboarding, but lots and lots of interest, and we're already making those investments. And then the ongoing tech revolution. And so that's why, as you think about our results, right, we are investing today and tomorrow and really are looking at the demand that we see over the next decade.

是的。只是 - 我認為我們不斷地考慮近期、本財年和長期以及未來十年的 5 種變革力量，這一點總是很重要的。等總企業再造，人才。我們談到了我們在可持續發展方面所做的投資。本季度我們剛剛在 Carbon Intelligence 進行了一次重大收購，這一切都是關於碳諮詢，實現淨零戰略。 Metaverse 連續體，今天很小。我們以自己的入職方式是領先的企業用戶，但我們對此非常感興趣，而且我們已經在進行這些投資。然後是正在進行的技術革命。這就是為什麼，當你考慮我們的結果時，對，我們現在和明天都在投資，並且真的在關注我們在未來十年看到的需求。

Okay. Okay. And then it looks like -- just on M&A, it looks like you did close on more in 4Q than you had initially anticipated. So how should we think about the planned spend in fiscal '23 for M&A underlying the 2.5% growth contribution? And then just how do you start off the year in 1Q? What's the inorganic assumption in that outlook?

好的。好的。然後看起來 - 就併購而言，看起來你在第四季度完成的交易比你最初預期的要多。那麼，在 2.5% 的增長貢獻下，我們應該如何考慮 23 財年的併購計劃支出呢？那麼您如何在第一季度開始新的一年呢？這種前景中的無機假設是什麼？

Yes, sure. So you're right, we did end up spending $3.4 billion for the year in '22 because we were able to get some of the regulatory approvals done this last fiscal year '22, that we weren't sure of the timing. And you'll see that because of that, while we're going to continue to always provide the inorganic outlook on a full year basis. So that 2.5% is a full year. We're not -- we don't really do that by quarter because that, again, can also be lumpy. We're not going to continue to provide the capital allocation amount as we go into '23, just because it can really vary by the end of the year. And we'll be able to -- you'll be able to see it and we'll report it every quarter.

是的，當然。所以你是對的，我們確實在 22 年全年花費了 34 億美元，因為我們能夠在上個 22 財年獲得一些監管批准，但我們不確定時機。因此，您會看到這一點，而我們將繼續始終提供全年的無機展望。所以 2.5% 是一整年。我們不是 - 我們並沒有真正按季度這樣做，因為這也可能是塊狀的。我們不會在進入 23 年時繼續提供資本分配金額，只是因為到今年年底它真的會發生變化。我們將能夠 - 你將能夠看到它，我們將每季度報告一次。

Yes, it's probably worth reminding that last Q1, we had umlaut and Novetta, which were both very large acquisitions, come in, in Q1. So probably just good to remind everyone that's part of what's driving the Q1 S&C results, too.

是的，可能值得提醒的是，上一季度，我們在第一季度收購了 umlaut 和 Novetta，這兩個都是非常大的收購。因此，提醒大家這也是推動第一季度 S&C 結果的一部分，這可能只是一件好事。

Great. So before we wrap up, I do want to mention that Angie Park, who has been our Head of Investor Relations for the past 6 years, has been promoted to become the CFO for our really outstanding technology services business. Angie has been an absolutely incredible Head of IR, and we're particularly grateful for how she has helped lead us through some of the most turbulent times in the history of Accenture. I know from speaking to our investors and analysts how much they've appreciated Angie's steady hand, her commitment to transparency and connection. And I know we'll all miss her in this role, but are extremely excited to see her start the next chapter of what has already been an incredible career. So thank you very much, Angie.

偉大的。所以在我們結束之前，我想提一下，過去 6 年一直擔任我們投資者關係主管的 Angie Park 已被提升為我們非常出色的技術服務業務的首席財務官。 Angie 是一位絕對令人難以置信的 IR 主管，我們特別感謝她幫助我們度過了埃森哲歷史上最動蕩的時期。通過與我們的投資者和分析師的交談，我知道他們是多麼欣賞安吉的穩健之手，以及她對透明度和聯繫的承諾。我知道我們都會想念她擔任這個角色，但非常高興看到她開啟已經令人難以置信的職業生涯的新篇章。非常感謝你，安吉。

And I am also pleased to welcome [Katie O'Conor], who will become our new Head of Investor Relations. She's got incredible experience. She's held many finance roles during her 25 years at Accenture. And so please join me in welcoming Katie. And I know she's looking forward to getting to know all of you in the days ahead.

我也很高興歡迎 [Katie O'Conor]，她將成為我們新的投資者關係主管。她有不可思議的經歷。在埃森哲工作的 25 年間，她擔任過許多財務職務。所以請和我一起歡迎凱蒂。我知道她期待在未來的日子裡認識你們所有人。

In closing, I do want to thank again all of our people and our managing directors for what you're doing every day. Our people, our actions and our results in FY '22 have positioned us to be very strongly going into FY '23 and create even more 360-degree value.

最後，我要再次感謝我們所有的員工和董事總經理，感謝你們每天所做的一切。我們的員工、我們的行動和我們在 22 財年的業績使我們能夠非常強勁地進入 23 財年，並創造更多 360 度價值。

And finally and very importantly, thank you to all of our shareholders for your continued trust and support. Thank you.

最後也是非常重要的，感謝我們所有的股東一直以來的信任和支持。謝謝你。

Ladies and gentlemen, that does conclude our conference for today. The replay will be available after 10 a.m. Eastern today through December 16, 2022. You may access the AT&T executive replay system at any time by dialing 1 (866) 207-1041 and entering the access code 4002764. International participants may dial (402) 970-0847.

女士們先生們，今天的會議到此結束。重播將在東部時間今天上午 10 點之後提供，直到 2022 年 12 月 16 日。您可以隨時通過撥打 1 (866) 207-1041 並輸入訪問代碼 4002764 訪問 AT&T 高管重播系統。國際參與者可以撥打 (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。