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，感謝各位的支持，歡迎參加埃森哲2022財年第四季財報電話會議。 （操作員指示）溫馨提示：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.

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

Thank you, operator, and thanks, everyone, for joining us today on our Fourth Quarter and Full Fiscal 2022 Earnings Announcement.

謝謝接線員，也謝謝大家今天參加我們的 2022 財年第四季和全年財報公告。

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.

正如接線員剛才提到的，我是董事總經理兼投資者關係主管安吉·帕克 (Angie Park)。今天的電話會議將由我們的董事長兼執行長朱莉·斯威特 (Julie Sweet) 和財務長 KC·麥克盧爾 (KC McClure) 主持。希望您已經閱讀了我們不久前發布的新聞稿。

Let me quickly outline the agenda for today's call. Julie will begin with an overview of our results. KC will take you through the financial details, including the income statement and balance sheet, along with some key operational metrics for both the fourth quarter and full fiscal year. Julie will then provide a brief update on our market positioning before KC provides our business outlook for the first quarter and full fiscal year 2023. We will then take your questions before Julie provides a wrap-up at the end of the call.

我先簡單介紹一下今天電話會議的議程。朱莉首先會概述一下我們的業績。 KC會向大家詳細介紹財務細節，包括損益表和資產負債表，以及第四季和全年的一些關鍵營運指標。之後，朱莉會簡要介紹我們的市場定位，然後KC會提供我們對2023年第一季和全年的業務展望。之後，我們會回答大家的提問，最後朱莉會在電話會議結束時做總結。

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

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

During our call today, we will reference certain non-GAAP financial measures which we believe provide useful information for investors. We include reconciliations of non-GAAP financial measures, where appropriate, to GAAP in our news release or in the Investor Relations section of our website at accenture.com.

在今天的電話會議上，我們將參考一些我們認為對投資者有用的非公認會計準則 (non-GAAP) 財務指標。我們會在新聞稿或我們網站 (accenture.com) 的「投資者關係」版塊中，酌情提供非公認會計準則 (non-GAAP) 財務指標與公認會計準則 (GAAP) 的對帳表。

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資訊的義務。

Now let me turn the call over to Julie.

現在讓我把電話轉給朱莉。

Thank you, Angie, and everyone 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.

謝謝安吉，以及今天在座的各位。也感謝我們遍佈全球的72.1萬名員工，感謝你們創造了非凡的一年。我們衡量成功的標準不僅在於我們的財務業績，還在於我們為所有利害關係人（客戶、員工、股東、合作夥伴和社區）創造的更廣泛的360度價值。強勁的財務業績使我們能夠創造更多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.

讓我分享一下這非凡的一年中的一些亮點。在22財年，我們實現了創紀錄的720億美元訂單。隨著我們的客戶繼續執行精簡轉型，我們有100家客戶的季度訂單額超過1億美元，而上一財年只有72家。我們實現了620億美元的收入，以當地貨幣計算，創紀錄地成長了26%，全年收入增加了110億美元。我們繼續佔據重要的市場份額，成長率是市場份額的兩倍以上。

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.

我們的財務表現體現了我們致力於每天為客戶創造價值的承諾，正因如此，客戶選擇我們作為他們在整個企業範圍內值得信賴的合作夥伴。我們目前擁有267位鑽石客戶，這是我們最大的客戶關係，而上一財年只有229位。我們的營業利潤率提高了10個基點，每股收益較調整後的21財年每股收益增長了22%，這展現了我們實現盈利和規模化增長的能力。

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.

我們在實現這一盈利增長的同時，繼續大力投資於我們的業務和人才，其中 34 億美元投資於 38 項收購，這些收購在各個市場、服務和戰略重點方面實現了良好平衡；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批專利組合擴大到 8,300 多項員工的投資。

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.

我們持續提供員工價值主張，包括為員工提供充滿活力的職涯發展道路和機會。我們已提供約 157,000 個晉昇機會和超過 4,000 萬小時的培訓，同時將員工隊伍擴大近 10 萬人，女性員工比例達到 47%，我們將繼續在 2025 年前實現性別平等。我們相信，我們對多元化（廣義）和包容性的堅定承諾是我們提供市場領先財務業績的重要因素，因為我們的多元化和包容性使我們更聰明、更具創新性，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.

我們已實現超過 85% 的可再生電力供應，為全球各地的辦事處和中心提供電力，並計劃在 2023 年實現 100% 的可再生電力供應。

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.

我們優先在世界各地以及我們工作和生活的社區創造價值，方式包括投資和創造就業機會，以及直接支持有意義的當地舉措，包括我們在美國、英國、瑞士和拉丁美洲的學徒計劃；以及我們與國際青年商業組織日益增長的伙伴關係，這將幫助另外約 24 萬名年齡在 18 歲至 35 歲之間的年輕合作夥伴關係，這將幫助另外約 24 萬名年齡在 18 歲至 35 歲之間的年輕技能和社區萬名年輕企業家提供了支持。

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，我們很榮幸地實現了迄今為止最高的品牌價值，並在 BrandZ 享有盛譽的全球最有價值品牌 100 強榜單中名列前茅，增長 28%，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.

謝謝朱莉，也謝謝各位參加今天的電話會議。我們對第四季的業績非常滿意，這為埃森哲又一個輝煌的一年畫上了圓滿的句號。我們的業績再次有力地證明了我們在市場上的領導地位、我們服務對客戶的相關性，以及我們持續履行股東價值主張的能力，這不僅體現在財務業績上，也體現在為所有利害關係人創造全方位價值上。

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.

首先，我想總結一下本季我們三大財務重點的幾個亮點。受所有市場、服務和行業兩位數增長的推動，收入以當地貨幣計算增長了22.4%。我們再次鞏固了領先地位，預計成長率是市場（指我們投資組合中的上市公司）的兩倍以上。本季營業利益率為14.7%，成長了10個基點。我們繼續推動利潤率成長，同時對員工和業務進行了重大投資。我們實現了非常強勁的每股收益2.60美元，與去年同期相比成長了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.

現在讓我來談談一些細節。本季新訂單金額為184億美元，創歷史第二高，訂單出貨比為1.2。諮詢訂單額為84億美元，訂單出貨比為1。外包訂單金額達99億美元，創歷史新高，訂單出貨比為1.4。我們對本季強勁的訂單量感到非常滿意，以美元計算增長了22%，以當地貨幣計算增長了31%，其中26家客戶的訂單額超過1億美元。

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.

現在來看看收入。本季營收為154億美元，以美元計算成長15%，以當地貨幣計算成長22.4%。本季諮詢收入為83億美元，以美元計算成長14%，以當地貨幣計算成長22%。外包收入為71億美元，以美元計算成長16%，以當地貨幣計算成長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.

仔細觀察我們的服務領域，技術服務實現了強勁的兩位數成長，營運服務也實現了強勁的兩位數成長，策略和諮詢服務也實現了兩位數成長。

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.

回顧我們的地理市場。在北美，以當地貨幣計算，收入成長了18%，這得益於公共服務、軟體和平台以及消費品、零售和旅遊服務的兩位數成長。

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，收入成長了26%，其中工業、銀行與資本市場以及消費品、零售與旅遊服務領域的收入均實現了兩位數成長。進一步細分來看，歐洲地區營收成長主要由德國、英國、義大利和法國的兩位數成長所推動。

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，我們實現了26%的當地貨幣收入成長，這得益於銀行與資本市場、消費品、零售與旅遊服務以及公共服務領域的兩位數成長。從國家來看，日本和澳洲的兩位數成長引領了成長型市場。

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.

利潤表方面，本季毛利率為32.1%，去年同期為33.3%。本季銷售及行銷費用為10.2%，去年第四季為11.3%。一般及行政管理費用為7.1%，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.

第四季營業利潤為23億美元，營業利益率為14.7%，較去年同期成長10個基點。本季有效稅率為24.6%，而去年同期有效稅率為25%。稀釋每股收益為2.60美元，去年同期每股收益為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.

未償服務天數為43天，而上季為44天，去年同期為38天。本季自由現金流為36億美元，來自經營活動產生的現金38億美元，扣除1.77億美元的物業和設備新增。截至8月31日，我們的現金餘額為79億美元，而去年同期為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.

關於我們持續向股東返還現金的目標。第四季度，我們回購或贖回了210萬股股票，總價值6.05億美元，平均價格為每股293.23美元。此外，在8月份，我們支付了每股0.97美元的第四季現金股息，總計6.14億美元。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，較去年同期成長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22財年的表現非常滿意，幾乎所有方面都大大超出了我們去年9月提出的初始預期。我們實現了71億美元至717億美元的新訂單，以美元計算增長了21%，擁有100家客戶，其季度訂單額達到1億美元，這為我們開啟23財年奠定了良好的基礎。

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.

我們實現了顯著的規模擴張，新增收入達到創紀錄的110億美元，幾乎是21財年的兩倍。全年收入616億美元，以當地貨幣計算增加了26%。營業利益率為15.2%，較21財年成長了10個基點。我們非常高興能夠達到最初的預期目標，尤其是在持續對業務和員工進行大量投資（包括提高員工薪資）的情況下。

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.

每股盈餘為10.71美元，較21財年調整後每股盈餘成長22%，創下十多年來的最高增幅，進一步增強了我們實現規模化獲利成長的能力。需要提醒的是，我們去年調整了收益，剔除了一項投資的收益。 88億美元的自由現金流遠高於我們最初的預期範圍，反映出1.3的強勁自由現金流與淨收入比率。

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.

關於我們持續向股東返還現金的目標，我們超越了最初的資本配置指導，向股東返還了 66 億美元現金，同時在 38 項收購中投資了約 34 億美元。

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表現外，我還想談談我們為所有利害關係人創造的360度價值。透過與救助兒童會的合作，我們為約7萬名年輕人提供技能培訓，以推動社會和環境變革，從而幫助他們為更永續、更獨特的未來做好準備。如需了解更多關於我們創造的360度價值的信息，請訪問埃森哲360度價值報告體驗，該報告每季度都會更新信息。

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.

所以，22財年真是非凡的一年，我們現在專注於23財年的表現。現在，請容許我把話題轉回朱莉。

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。我們成功的關鍵在於貼近客戶。我們理解並預測他們的需求，從策略到執行，為他們提供最適合其業務的解決方案，無論是為了成長、成本優化，還是兩者兼而有之，還是為了增強韌性。而這一切都始於技術。憑藉我們現有能力的廣度和深度，加上我們卓越的學習型組織，我們能夠根據需要進行調整，從而更好地服務客戶不斷變化的需求，並抓住新的市場機遇，同時專注於我們自身的卓越運營。

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.

我來簡單介紹一下我們目前的需求狀況。首先，在當前宏觀經濟環境下，我們第四季實現了184億美元的新訂單，以當地貨幣計算年增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.

雖然各行業和市場受到的影響各不相同，但有兩個共同的主題。所有策略都離不開技術，尤其是雲端、資料、人工智慧和安全，而這些技術是打造強大數位核心的基石。我們的雲端業務目前規模達 260 億美元，成長了 48%，其中「雲端優先」是成長的最大驅動力。

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.

企業也在尋求實施壓縮轉型，這是第二個主題。這意味著在加速的時間框架內實施大膽的項目，這些項目通常同時涵蓋企業的多個部門。隨著企業尋求更快的行動並利用我們的數位平台和人才，託管服務變得越來越具有戰略意義。他們之所以選擇埃森哲，是因為我們在整個企業的卓越表現。我們在能力的廣度和深度以及行業覆蓋範圍方面無與倫比。

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.

我們持續看到，越來越多的企業意識到需要駕馭我們確定的未來十年五大關鍵變革力量：企業全面重塑、人才、永續發展、元宇宙連續體以及持續的技術革命，而這些力量反過來也將推動我們的成長。讓我來闡述一下這一需求。

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.

首先，企業全面重塑。我們幫助客戶利用技術實現業務的方方面面轉型，從建立數位核心到優化運營，實現敏捷性、效率和韌性，再到加速成長議程。雖然目前仍處於早期階段，但一些領先的公司已經開始系統性地轉型其企業的多個部門，從遷移到雲端、採用新的工作方式、數位製造、重塑共享服務，到打造全新的商業模式。

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.

聯合利華是全球最大的消費品公司之一，也是引領企業全面重塑的典範。我們攜手合作，透過尖端自動化技術重塑技術交付方式，實現大規模雲端遷移，完成業界最大規模的ERP雲端遷移，並轉向支援其成長策略的技術解決方案，從而樹立了新的行業標準。聯合利華已將其業務模式從矩陣結構轉變為圍繞五個不同業務部門的組織架構。每個業務部門都對其全球策略、成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，我們正在幫助他們打造一個B2B平台，幫助新興市場數百萬小型零售商拓展業務，並實現公司所倡導的「共享繁榮」。我們協助該平台在短短12個月內登陸7個市場，並部署了一個由數據和高階分析技術驅動的雲端原生、可擴展的商務平台。此外，我們也與埃森哲Song團隊合作，負責管理前端、後台營運和行銷活動。

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.

因為在我們所在的行業中，我們與董事會、財務長、業務部門領導、工廠總經理息息相關，而且我們了解整個企業之間的聯繫，所以我們擁有獨特的優勢，可以幫助我們的客戶同時推動成長、提高效率、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魯賓有限公司 (Lupin Limited) 實現數據驅動轉型，使其成為智慧企業。全新的數位平台將釋放企業數據，提升效率，決策者現在可以即時查看覆蓋 100 個國家/地區和 15 個製造和研發機構的整合數據。這種對全球業務營運和績效的整合視圖將幫助該公司應對供應鏈中斷，加快產品創新和上市速度，同時支持該公司為全球人民提供負擔得起的醫療保健服務的使命。

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.

我們看到市場對我們「X產業」能力的需求持續成長，這些能力致力於工程和製造的數位化。這是下一個數位化前沿。 2022財年，「X產業」營收成長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 實現核電廠建設的數位化，該核電廠將為英國 600 多萬戶家庭提供低碳能源。作為企業全面重塑的一部分，我們的 Industry X 團隊透過在安全的雲端基礎架構上創建全球數位工廠模型，徹底改變了 EDF 的數位化建設流程，從而提高了成本效率。

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位化，人工智慧將整合數百萬頁供應商指南中的零件資訊。數位儀錶板將提供所有系統的即時數據視覺性，數位孿生技術將幫助識別發電廠的自動化領域，所有這些都將推動安全、效率和品質。我們將利用我們在核電建設方面的專業知識以及我們尖端的雲端運算、數位和人工智慧技術，幫助法國電力公司（EDF）完成歐洲最大的資本項目之一，並加速其使命，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.

我們的營運服務目前業務價值 90 億美元，22 財年成長 19%，對於我們客戶的全面企業重塑至關重要，因為它們可以幫助我們的客戶更快地實現數位化、獲取數位人才並降低成本。

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，我們正在與全球最大的商用車製造商之一合作，利用我們在財務和會計領域的深厚專業知識，打造一個獨立的財務營運平台。憑藉我們的託管服務，我們將部署一個以SynOps為基礎的新平台。自動化、數據和分析將驅動並提供即時決策，同時實現流程數位化，從而提升效率和用戶體驗，最終顯著降低成本、優化決策並節省成本。

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其數位核心，安全比以往任何時候都更加重要。憑藉超過60億美元的營收和45%的成長率，我們整合的安全能力，涵蓋身分識別、威脅情報、安全服務管理以及事件回應，對於我們的客戶應對日益增長的風險至關重要，尤其是在安全情勢日益嚴峻的情況下。

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.

我們正在與亞洲跨國企業集團合作，提供全面的託管安全服務、安全營運中心和一套全面的安全解決方案，全天候偵測、監控和回應全球安全威脅。我們還將管理工具，持續監控終端用戶設備，以偵測和回應勒索軟體和惡意軟體等網路威脅，並定期執行威脅搜尋活動，以發現新的網路駭客技術。這將為其業務部門提供及時的網路攻擊偵測和防禦能力，提供威脅情報以進行主動防禦，將誤報率降低 90%，並將緊急事件的發生率降至總事件的 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.

從企業全面重塑轉向其他五大力量。接下來是人才。我們的客戶期待我們幫助他們挖掘、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 Sky 合作，在混合辦公時代實現其員工體驗和人力資源營運的現代化。透過遷移到雲端的軟體即服務 (SaaS) 多平台人力資本管理解決方案，員工將能夠隨時隨地自助服務，並在一處存取所有市場的即時數據和儀表板。此解決方案支援所有人員管理功能，從招募和入職到績效管理和學習，以及薪資、福利和薪資整合。員工可以隨時掌握自己的工作體驗，幫助他們發展職涯，並達到更高的績效水準。

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.

現在我們來談談永續發展。 22財年，我們的營收達到10億美元，我們堅信，未來十年，客戶將越來越需要我們的永續發展服務。

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.

我們與瑞士電信（瑞士排名第一的通訊、IT 和娛樂公司）合作制定了一項氣候策略，旨在透過利用雲端、數據、人工智慧、5G 和物聯網等技術，減少該公司的排放，並幫助其客戶到 2025 年減少 100 萬噸碳排放，相當於瑞士碳排放總量的 2%。這些技術將透過對連網設備的遠端管理和控制，實現更快、更大容量的資料傳輸。

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 分類的策略，以幫助進一步減少客戶的碳排放，從而使瑞士電信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.

邁向元宇宙，迎接持續的技術變革。我們持續投資，超越客戶需求，並在元宇宙相關領域擁有十多年的經驗與領導。事實上，我們預計將透過埃森哲的Nth Floor平台吸收超過15萬名新員工。我們運用我們的經驗和專業知識為客戶提供幫助，因為我們相信，元宇宙將在數位轉型浪潮中提供更多可能性，而現在仍處於起步階段。

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東急不動產株式會社利用元宇宙，透過數位孿生技術革新客戶體驗，利用電腦生成的圖像在線重現其公寓的參觀體驗，從而顯著提升其現場樣品屋的參觀體驗。客戶將能夠在線查看房產信息，包括不同的家居設備選項，公司將能夠吸引更多買家，提升銷售額，同時降低營銷成本以及樣品屋建造、運營和拆除過程中的環境影響。未來，我們將幫助公司在整個房地產生命週期中與客戶建立持續的接觸點，並開發新的協作數位業務，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.

我們持續專注於持續的技術革命和創新，並持續投資於面向未來的業務。例如，在第四季度，我們投資了尖端地球成像太空技術的領導者Pixxel。

Back to you, KC.

回到你這裡，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。現在我來談談我們的業務展望。我們預計23財年第一季的營收將在152億美元至157.5億美元之間。這假設外匯影響與22財年第一季相比約為-8.5%，並反映了預計10%至14%的當地貨幣成長。

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走勢，我們目前預計外匯對我們以美元計算的業績的影響將比22財年下降約6%。對於整個23財年，我們預計以當地貨幣計算的收入將比22財年增長8%至11%，其中包括約2.5%的無機收入貢獻。

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.

就營業利益率而言，我們預期23財年的營業利益率為15.3%至15.5%，較22財年的業績成長10至30個基點。我們預計年度有效稅率將在23%至25%之間。相比之下，22財年的實際稅率為24%。就每股盈餘而言，我們預計23財年全年稀釋每股盈餘將在11.09美元至11.41美元之間，較22財年的業績成長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.

就整個23財年而言，我們預計營運現金流將在85億美元至90億美元之間，物業和設備新增支出約為8億美元，自由現金流將在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之比為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，我們預計透過股利和股票回購還至少 71 億美元，因為我們仍然致力於將大部分現金回饋給股東。

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

好了，我們現在開始回答你們的問題。安吉？

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

謝謝，KC。 （接線生指示）接線員，您能為通話中的人員提供指示嗎？

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

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

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。我只想問一下關於2023財年前景的問題。除了外匯折算的6點要點之外，您能否進一步闡述您在指引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，您是否認為，利率上升、通貨膨脹以及我們全年看到的不斷升級的動態對您的業務產生了影響？

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.

太好了。謝謝，麗莎。是的，讓我稍微解釋一下我們的預期假設。 23財年我們的營收成長範圍在8%到11%之間，其中包括2.5%的無機收入貢獻，而22財年約為5%。這意味著我們預期的上限約為8.5%的有機收入成長。

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.

因此，我們持續看到對我們服務的強勁需求，麗莎。如您所見，最新的IT服務預測顯示，我們產業的成長率將達到5%左右。因此，無論我們處於哪個區間，這都表明我們將繼續佔據市場份額。

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.

但同時，雖然我們的成長與GDP沒有直接關聯，但我們所解讀的訊息與你們是一樣的。而且，全球大多數最大經濟體2023年的最新GDP預測都低於2022年。因此，我們再次預測兩位數成長將處於預期區間的頂部。如果能再實現一年兩位數的成長，我們將在目前620億美元業務的基礎上再次實現顯著的規模成長。

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.

麗莎，也許我要補充一點，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，對嗎？所以——所以——我在上個季度談過這個問題，對吧，這種環境對不同產業的影響是不同的。

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，那些真正與供應鏈中斷和通膨息息相關的人會繼續關注成本。但你也會看到，隨著不確定性的增加，在過去90到120天裡，你看到2023年GDP成長預測發生了變化，這讓所有客戶都認真思考：我的韌性如何？我還能做什麼？我能否利用當前的環境來推動更深層的成本削減，從而改變你的行為？

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.

因此，我們認真思考當前的環境，這意味著我們需要做些什麼來幫助我們的客戶？我們如何繼續轉型？如果你回想一下我們在疫情初期的做法，你會發現情況非常相似。當時我們進行了大量轉型，例如轉向雲端運算，並充分利用了我們所有的學習型組織。這就是我們的重點，也始終是我們更好地服務客戶的機會。

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，顏色很棒。然後我們來追蹤訂單情況，發現訂單量季度環比變化明顯，而本季的整體訂單量異常強勁，延續了1.12的訂單出貨比。但這是否意味著業務組合出現了某種異常的轉變，業務轉向外包，諮詢業務減少？這其中有什麼特別之處嗎？還是這只是季度波動的變數？

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。麗莎，正如你所說，我們對第四季度的預訂量感到非常滿意。這是我們有史以來第二高的預訂量，也是今年第二季最高的預訂量。我真正喜歡的是，它是由廣泛的需求驅動的，涵蓋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.

我們仔細分析一下。我們業務各方面的訂單出貨比都表現良好。外包業務創下了近100億美元的紀錄，比我們上一個創紀錄的訂單高出近13億美元。儘管訂單量創下了歷史第二高，但我們確實看到今年的訂單量仍然強勁。不過，正如我們經常看到的那樣，第一季的訂單量因季節性因素而下降，今年我們再次看到了這種情況。

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黃天津。

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.

補充一下Lisa剛才問的問題，外包業務的訂單出貨比（book-to-bil）相對於顧問業務來說，是這樣的。這種向大宗交易的轉變，是否能說明客戶優先考慮的事？考慮到你們積壓的大宗交易數量如此之多，我很好奇這是否會改變甚至提升你們23財年的整體可見度。

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，我並不……我的意思是，顯然，我們有一些更大的交易，你對更大的交易有更高的了解，因為它們規模更大，而且你了解情況。而且，我們對業務的思考也非常深入。我的意思是，如果你進一步思考──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，我們所看到的——實際上——不僅僅是看到的，我們所建議的——是領導團隊仍然應該專注於優先考慮哪些方面能夠更好地實現價值，確保他們正在做的事情是實質性的，而不是進行1000個不同的試點，而不是真正實現規模化。因此，這其中許多確實會促成更大規模的轉型交易。

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.

這和我們所說的「全面企業重塑」息息相關，對吧？我們和客戶討論的是系統性重塑。實際上，我們在九月底發布的一項研究表明，68%的財務長表示，他們目前有3個或更多的轉型專案正在進行或即將同時啟動。這實際上意味著，越來越多的公司正在實施我們自疫情初期就一直在談論的系統性轉型，並會嘗試加快步伐。這確實會帶來更大規模的項目。對我們來說，更大的影響可能不在於可見性，而在於它們轉化為收入的方式顯然有所不同。

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。或許Tien-Tsin，我想補充一點——如果你把我們今年外包業務的訂單量和諮詢業務的訂單量與過去幾年的訂單量進行比較，你會發現其實沒什麼區別，對吧？實際上，我們今年完成的諮詢業務訂單量比外包業務的訂單量略有上升。所以，我們的業務組合併沒有太大差別。

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?

非常好。不，這真的很有幫助。如果您不介意的話，我想問一下關於利潤率的問題。我只是想談投資重點，有機成長還是無機成長。我知道今年對成長的無機假設較低。但是，在平衡方面有什麼更新嗎？

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，我記下來了，我記得您說過今年雲端運算業務成長了48%。我回想一下您之前對Cloud First的投資，我記得當時投資了30億美元。看起來您從中獲得了不錯的回報。那麼，在這個週期的這個階段，我們還能看到更多類似的投資嗎？是的，想想有機投資和無機投資的差別。

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。我先說一下非有機成長，然後交給茱莉進一步闡述。首先，我們的資本配置策略總體上沒有變化，對吧？我們將繼續利用可變現淨值和可變現淨值來推動我們的有機成長。

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）是無機貢獻。這與我們前幾年的水平基本一致。所以，我或許想藉此機會談談，這對我們明年的業務投資意味著什麼，以及這與我們的利潤預期有何關聯。因為我認為，非常有必要指出，我們對過去一年（2022年）的成就感到非常自豪，當時我們的利潤增長了10個基點。 Tien-Tsin，我們一直在繼續大規模地投資於我們的業務，對吧？我們也持續投資於我們的員工，尤其是在今年，我們控制了薪資通膨。

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，展望明年，我們預計將繼續投資於我們的業務。我們預計工資上漲將持續下去。這適用於所有行業，遍及全球。對我們來說，它會因地域和規模而異。我們將像去年一樣，重點關注定價，儘管我們都知道定價可能會略微滯後於薪酬。但我只想指出，我們確實在2022年的損益表中看到了定價改善帶來的好處。

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.

所以，我們再次強調，在實施這些措施的同時，我們也會調整合約人員結構，利用科技來吸收我們內部和員工方面不斷增加的投資。所以，維持現有的投資模式至關重要。這樣一來，明年的營業利潤率如果能提高 10 到 30 個基點，我會非常高興。

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情況，在 2023 財年，我們各季度的業績可能會有更大的波動，全年的擴張幅度將達到 10 到 30 個基點。

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。還有田先生，我只想強調一下。我們認為，每年持續在業務上進行更高水準的投入非常重要，這是我們的承諾。我們認為，我們成功的一個重要原因在於，在每個週期中，我們都會持續投入。

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

我們的下一個問題來自 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.

我想先從前景方面問一下。朱莉，如果您對預訂量有什麼意見，無論是方向性的還是其他的，可以提出來嗎？我知道您提供的是以固定匯率計算的收入指引，即使考慮到預訂量積壓的損失——到目前為止，您給出的預訂量非常大——收入指引看起來非常合理，甚至略顯保守。

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.

但正如您在準備好的發言中所說，今年的訂單量創下了紀錄。您——您的客戶——正面臨更深層的經濟挑戰。那麼您能否談談訂單出貨比、成長率，或關於我們應該如何看待今年訂單量的任何參數？因為看起來今年的訂單量成長軌跡可能與營收成長軌跡有所不同。

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。 Keith，我先稍微詳細講一下我們今年的營收成長情況。從2023年全年的業務類型來看，我們確實認為諮詢業務的收入成長應該在我們之前預測的8%到11%的範圍內，這其中要記住的是，這其中包含了6%的外匯逆風。我們預計諮詢業務的收入將達到高個位數到兩位數的成長。而外包業務的收入預計將達到兩位數的成長。

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.

雖然我們不提供預訂量指導，但您可以想想我們的預訂預期是多少——我們的觀點保持不變。我們預計，在未來四個季度內，我們的訂單出貨比將超過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.

太好了。 Keith，我想說的是，記住，我們的重點是幫助客戶在任何營運環境中創造價值，對吧？所以——這取決於你的行業，情況會有很大差異。

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，就像現在選擇美國的供應商一樣，對吧？他們專注於削減成本，因為他們經歷了新冠疫情的艱難時期。他們在數位化方面落後，所以他們正在投資數位化。他們不得不這樣做，因為他們正面臨著有史以來最艱難的勞動市場之一。

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.

所以現在自動化面臨的阻力和困難，與我們在腳本中討論過的聯合利華這樣的全球消費品公司完全不同。聯合利華正在重塑一切——他們已經在這個道路上走了幾年，正在尋找下一個目標，對吧？他們正在處理供應鏈中斷、成本投入等問題。

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.

所以，我們持續成功的關鍵在於深刻理解我們產業之間的差異。我們正在利用從其他行業獲得的知識來加速供應商的步伐，因為他們現在正在實施SaaS解決方案來連接他們的患者，而我們多年來一直在零售、銀行以及許多其他行業中實踐這一理念。

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，我們將繼續利用這些知識，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。接下來我的問題是自由現金流。自由現金流指引肯定比我們之前建模的要低一些，我想華爾街也這麼認為。你們的利潤率還在繼續走高。所以，我只是想知道，對於今年的自由現金流指引，你們可能想提出哪些利弊。然後我就不再多說了。

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，Keith。如你所知，當我們制定指引時，總是先考慮比率。因此，在我們的自由現金流指引中，自由現金流與淨收入之比非常強勁，達到了1.1，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.

在該指引中，我們也允許應收帳款（DSO）在目前水準上略有上升。此外，我們假設外匯影響將達到6%，這顯然也會影響我們的自由現金流。如您所知，我們在年初發布指引時，自由現金流指引範圍低於去年的水平，這並不罕見。

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布萊恩·基恩。

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，很多人都在問宏觀經濟。我很好奇過去三個月裡，你們的宏觀經濟發生了哪些變化，以及這對你們的業務有何影響，因為宏觀經濟在業績上並沒有體現太多。我很好奇你們是如何看待宏觀經濟的。

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.

嗯，正如KC之前所說，我們對今年的預測考慮了目前對2023年GDP的預測。眾所周知，在過去的90天裡，GDP有所下降。所以我們會考慮到這一點。

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.

我們發現，真正影響我們業務的是我們能夠幫助客戶思考下一步該做什麼，對吧？如何實現更快的轉型？是否存在新的機會？我現在正在與一位消費品客戶溝通，我們正在幫助他們思考，如何削減行銷成本，提高效率？因為他們需要成長，而行銷是消費品公司最大的支出領域之一。順便說一句，我們不要浪費一個好的環境，以便在他們思考問題時，能夠催化文化和行為的變革。

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。除此之外，我們的指導意見反映——正如你所知，這不是一對一的，但我們顯然考慮了經濟環境。

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.

明白了。是的。是的，我剛才特別關注了歐洲，以當地貨幣計算，成長了26%。考慮到歐洲面臨的種種擔憂，這個數字確實相當驚人。看起來，它與你之前提到的成長率並沒有太大差距。

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，因為他們與我們的客戶非常親近。

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。布萊恩，我或許可以稍微解釋一下第一季的狀況。我先簡單介紹一下我們對第一季的營收預期。從市場來看，我們發現第一季所有市場的收入都在我們給出的10%到14%的區間內。所有市場都有可能實現兩位數的成長，包括歐洲市場。

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.

對於第一季的顧問業務，我們預期其成長率將在10%至14%之間，介於高個位數到低兩位數之間。我想稍微回顧一下諮詢業務。在諮詢業務中，我們看到技術部分，即係統集成，將持續保持強勁的需求。至於施恩禧，我們預計其成長率將維持在較低的個位數。

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。然後我快速跟進一下，關於KC，關於可見性的問題。埃森哲的可見性到底發生了哪些變化？如果真的發生了變化，那又是如何變化的呢？如果再往前看，到第四季度，顯然距離第四季還有將近12個月的時間，所以要準確計算出正確的成長率可能有點困難。但我只是在思考業務的可見性。

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，就今年下半年而言，說實話，這和每年的情況沒什麼不同。我們之前就如何看待市場的宏觀因素談了很多。但下半年，我們總是——每年這個時候的不確定性總是比第一季和上半年更低。再說一次，這和我們每年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.

像往常一樣，我們的大多數客戶都是按日曆年計費的，他們會設定預算，我們會在一月份公佈更多資訊。所以實際上是一樣的。

It is. It is.

是的，是的。

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?

一如既往，感謝今天大家的評論。從人才供應、員工管理等方面來看，客戶優先順序的轉變如何體現在你們的服務交付地點和方式上？這對你們目前的人才策略（例如招募速度、招募地點等）有何影響？

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?

嗯，正如你所知，我們在供需方面擁有非常深厚的能力。實際上，在過去的幾年裡，我們一直在創新。我們擁有一個非常棒的，我們稱之為「綜合人才控制塔」的東西，它能夠在銷售週期中越來越早地預測哪些技能需要什麼類型的技能。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，技術需求真的非常驚人，對吧？我的意思是，您從我們的業績中看到了，所有策略都以技術為導向。我們不僅對自己在這方面的業績感到非常滿意，而且對客戶持續將數位核心建構為其所有其他策略需求的基礎這一前景也感到非常滿意。我們的人才供應鏈能夠預見、預測、理解技能並持續發展。

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.

太好了。接下來談談定價，我想知道定價討論的基調和基調是怎麼樣的。進展如何？您是如何考慮這些因素的——或者說，我們應該如何看待您在製定前景展望時，考慮到定價對收入的潛在提升幅度以及利潤率等因素。

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.

所以，我只想提醒大家，當我在回答中談到定價時，我指的是我們已售出作品的利潤率。我很高興看到定價持續改善，我們也看到了收益。我之前提到過，但我還是再重複一次。我們看到收益體現在損益表中。進入23財年，我們將繼續專注於定價改善。因此，我對我們所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，我只是想接上你之前關於一個問題的評論——我記得你說過，戰略和諮詢業務在第一季的營收成長在個位數低點。我很好奇，這是否與你預期的2023財年全年營收成長範圍相同？這是否低於企業平均？這僅僅反映了這些服務更具自主性和成長導向的特性嗎？

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。就第一季而言，其實只有幾件簡單的事。首先，我們很難進行比較。其次，當我提到無機業務減少時，這確實對銷售與賠償業務（S&C）產生了實質的影響。然後，正如朱莉所說，我們的許多銷售與賠償業務從業人員都專注於一些規模較大的轉型交易。傑森，這會帶來不同的收益，而且這種收益會在年底前逐漸顯現。

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。或許可以稍微談談供應方面。看起來第四季的人員流失率與第三季相比沒有變化。想知道您對2023財年的預期，以及您對2022年薪資通膨的預期。科技業其他領域更廣泛的裁員，是否會減輕您一些供應指標的壓力？

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。傑森，我先從最後一部分開始。我的意思是，我們—我對我們在22財年能夠規模化獲利成長的同時控制薪資通膨感到非常滿意。正如我們之前所說，但只是重申一下，我們確實預期薪資通膨將持續下去，並且我們已將其納入我們的業績指引中。

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。我想說的是，我們兩家公司以及競爭對手都需要技術人才，因為技術是策略的核心。因此，我們預期勞動力市場將繼續緊張。我們仍然期待我們能夠真正脫穎而出，因為儘管市場如此，但正如你所知，即使在去年，我們也新增了10萬名員工。所以我認為，某些市場裁員的事實不會帶來太大改變。

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

接線員，我們還有時間再回答一個問題，然後朱莉將結束通話。

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

這個問題將由 Cowen 公司的 Bryan Bergin 提出。

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.

我想先談談成長前景。能否簡單介紹一下您對2023財年下半年成長軌跡的看法？考慮到存在很大的不確定性，我很好奇您是如何制定下半年預測的。

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?

那麼，就在今年內，您是否預期策略重點能夠維持兩位數的成長？ Song、Cloud First 和 X 三個業務領域是否更容易受到潛在成長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。所以我可能會先從我們的整體前景開始，對吧？你可以看到，我們一開始的成長率是8%到11%。我已經給了大概的數據。所以，在這個範圍內，我們顯然有一個強勁的開局，成長率達到了10%到14%。至於今年剩餘時間的實際成長情況，我的意思是，我們會像往常一樣，在2023財年繼續提供指引。正如朱莉所提到的，我們看到我們的技術領域持續強勁的需求。除此之外，除了我已經分享的內容之外，我們不會再提供任何關於收入前景的指引和看法。

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。我認為，我們始終要持續思考短期（本財年）和長期，並著眼於未來十年的五大變革力量，這一點至關重要。例如，企業全面重塑和人才。我們談到了我們在永續發展方面的投資。本季度，我們剛收購了Carbon Intelligence，該公司專注於碳排放諮詢，致力於實現淨零策略。此外，Metaverse 的規模目前還很小。我們憑藉著獨特的用戶引導方式，在企業用戶中處於領先地位，但也有很多人對此感興趣，我們已經在進行這方面的投資。此外，還有正在進行的技術革命。這就是為什麼，當你思考我們的表現時，我們會投資現在和未來，並專注於未來十年的需求。

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——僅就併購而言，你們在第四季度完成的交易似乎比最初預期的要多。那麼，我們該如何看待2023財年2.5%成長貢獻背後的併購計畫支出呢？那麼，你們如何從第一季開始新的一年呢？這個展望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。所以你說得對，我們最終在2022財年支出了34億美元，因為我們在2022財年獲得了一些監管部門的批准，但我們當時不確定具體時間。正因如此，你會看到這一點，但我們將繼續提供全年的無機成長展望。所以2.5%是全年的。我們不會按季公佈，因為季度也可能不固定。進入2023年，我們不會繼續提供資本配置金額，因為到年底可能會有很大差異。我們會在每季報告，你也能看到。

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，或許值得一提的是，去年第一季度，我們收購了umlaut和Novetta，這兩家公司都是規模非常大的收購。所以，或許應該提醒大家，這也是推動第一季S&C業績成長的部分因素。

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.

太好了。在結束之前，我想提一下，過去六年一直擔任我們投資者關係主管的安吉·帕克（Angie Park）已晉升為我們非常出色的技術服務業務的首席財務官。安吉是一位非常出色的投資者關係主管，我們尤其感謝她帶領我們度過了埃森哲歷史上最動蕩的時期。我從與投資人和分析師的交談中了解到，他們非常欣賞安吉穩健的作風以及她對透明度和溝通的執著。我知道我們都會想念她在這個職位上的日子，但我們非常期待看到她開啟她輝煌職業生涯的新篇章。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.

我也非常高興地歡迎凱蒂·奧康納（Katie O'Conor），她將成為我們新的投資者關係主管。她擁有豐富的經驗，在埃森哲工作的25年間擔任過許多財務職位。所以，請和我一起歡迎凱蒂。我知道她期待在未來的日子裡與大家相識。

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，我要再次感謝我們全體員工和董事總經理們每天的辛勤付出。我們的員工、我們的行動以及我們在22財年的業績，使我們在23財年保持強勁勢頭，並創造更多全方位的價值。

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

最後，也是非常重要的一點，感謝所有股東一直以來的信任與支持。謝謝大家。

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。重播將於今日東部時間上午10點後至2022年12月16日提供。您可以隨時撥打1 (866) 207-1041並輸入存取代碼4002764存取AT&T高階主管重播系統。國際與會者請撥(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.

今天的會議到此結束。感謝您的參與及使用AT&T會議服務。現在您可以斷開連線了。