埃森哲 (ACN) 2023 Q1 法說會逐字稿

Thank you for standing by. Welcome to Accenture's First Quarter Fiscal 2023 Earnings Call. (Operator Instructions) As a reminder, this conference is being recorded.

謝謝你的支持。歡迎來到埃森哲 2023 財年第一季度財報電話會議。 （操作員說明）提醒一下，正在錄製此會議。

I would now like to turn the conference over to your host, Managing Director, Head of Investor Relations, Katie O'Conor. Please go ahead.

我現在想把會議轉交給你的東道主，董事總經理，投資者關係主管凱蒂奧康納。請繼續。

Thank you, operator, and thanks, everyone, for joining us today on our first quarter fiscal 2023 earnings announcement. As the operator just mentioned, I'm Katie O'Conor, Managing Director, Head of Investor Relations. On today's call, you'll hear from Julie Sweet, our Chair and Chief Executive Officer; and KC McClure, our Chief Financial Officer.

謝謝運營商，也感謝大家今天加入我們的 2023 財年第一季度收益公告。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凱蒂奧康納。在今天的電話會議上，您將聽到我們的董事長兼首席執行官 Julie Sweet 的講話；和我們的首席財務官 KC McClure。

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

我們希望您有機會閱讀我們不久前發布的新聞稿。讓我快速概述一下今天電話會議的議程。朱莉將首先概述我們的結果。 KC 將向您介紹財務細節，包括損益表和資產負債表，以及第一季度的一些關鍵運營指標。然後，在 KC 提供我們對第二季度和整個 2023 財年的業務展望之前，朱莉將簡要介紹我們的市場定位。然後，我們將在朱莉在電話結束時進行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，是前瞻性的，因此受到已知和未知的風險和不確定性的影響，包括但不限於今天新聞中提出的那些因素在我們關於 10-K 表格的年度報告和關於 10-Q 表格的季度報告以及其他 SEC 文件中發布和討論。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相徑庭。

During our call today, we will reference certain non-GAAP financial measures, which we believe provide useful information for investors. We include reconciliations of non-GAAP financial measures where appropriate to GAAP in our news release or in the Investor Relations section of our website at accenture.com. As always, Accenture assumes no obligation to update the information presented on this conference call.

在我們今天的電話會議中，我們將參考某些非 GAAP 財務指標，我們認為這些指標為投資者提供了有用的信息。我們在我們的新聞稿或我們網站 accenture.com 的投資者關係部分中包括適用於 GAAP 的非 GAAP 財務措施的對賬。一如既往，埃森哲不承擔更新本次電話會議所提供信息的義務。

Now let me turn the call over to Julie.

現在讓我把電話轉給朱莉。

Thank you to everyone joining us today, and especially to our people around the world for their extraordinary work and commitment to our clients, which resulted in delivering another strong quarter of financial results and the broader 360-degree value we continue to create for all our stakeholders, our clients, our people, our shareholders, our partners and our communities.

感謝今天加入我們的每一個人，尤其是感謝我們在世界各地的員工，感謝他們出色的工作和對客戶的承諾，這使我們實現了又一個強勁的季度財務業績，並繼續為我們所有的人創造更廣泛的 360 度價值利益相關者、我們的客戶、我們的員工、我們的股東、我們的合作夥伴和我們的社區。

Let me share a few highlights of this 360-degree value and our continued disciplined execution. We delivered strong bookings of $16.2 billion, with 24 clients with quarterly new bookings over $100 million, demonstrating our clients continued commitment to transformation and our ability to understand and anticipate our clients' needs, whether for growth, cost optimization or resilience and our ability to deliver compressed transformations.

讓我分享這個 360 度價值的一些亮點和我們持續的紀律執行。我們交付了 162 億美元的強勁訂單，其中 24 家客戶的季度新訂單超過 1 億美元，這表明我們的客戶持續致力於轉型，以及我們理解和預測客戶需求的能力，無論是增長、成本優化還是彈性，以及我們的能力提供壓縮轉換。

We delivered revenues of $15.7 billion, representing 15% revenue growth in local currency, with double-digit growth in each market. We estimate that we are growing more than 2x the market, while delivering margin expansion of 20 basis points. We continue to invest in our people, with 10.4 million training hours this quarter, representing an average of 15 hours per person, providing learning opportunities and upscaling to enable us to pivot as our clients' needs evolve.

我們實現了 157 億美元的收入，按當地貨幣計算收入增長了 15%，每個市場都實現了兩位數的增長。我們估計我們的增長超過市場的 2 倍，同時實現 20 個基點的利潤率增長。我們繼續投資於我們的員工，本季度有 1040 萬小時的培訓，相當於每人平均 15 小時，提供學習機會和升級，使我們能夠隨著客戶需求的發展而調整。

We earned the #1 position on the Refinitiv Diversity and Inclusion Index for the third time in the past 5 years and a top score on the Workplace Pride Global Benchmark, recognizing Accenture as the leader in our industry. We believe our unwavering commitment to diversity and inclusion is both the right thing to do and an essential element of our business strategy and strong financial performance.

我們在過去 5 年中第三次在 Refinitiv 多元化和包容性指數中排名第一，並在 Workplace Pride Global Benchmark 中名列前茅，這表明埃森哲是我們行業的領導者。我們相信，我們對多元化和包容性的堅定承諾既是正確的做法，也是我們業務戰略和強勁財務業績的重要組成部分。

We have reached 97% renewable electricity, closing in on our goal of 100% by the end of 2023. Our own progress in sustainability is important to our ability to lead in helping our clients harness this key force of change and in attracting top talent. Finally, I want to congratulate our more than 1,200 new promotes to Managing Director, 119 new appointments to Senior Managing Director and the more than 90,000 people we promoted around the world in Q1 overall, reflecting our commitment to providing vibrant career paths. Over to you KC.

我們已實現 97% 的可再生電力，接近我們到 2023 年底實現 100% 的目標。我們在可持續發展方面取得的進展對於我們引領幫助客戶利用這一關鍵變革力量和吸引頂尖人才的能力非常重要。最後，我要祝賀我們 1,200 多名新晉升為董事總經理，119 名新任命為高級董事總經理，以及我們在第一季度在全球範圍內晉升的 90,000 多人，這反映了我們致力於提供充滿活力的職業道路。交給你 KC。

Thank you, Julie. Happy holidays to all of you, and thanks for taking the time to join us on today's call. We were pleased with our overall results in the first quarter, where we continue to drive growth across markets, services and industries to extend our leadership position in the market. We ran our business with rigor and discipline and expanded operating margin while investing at scale, and we continue to deliver on our shareholder value proposition to both our financial results and by creating 360-degree value for all our stakeholders.

謝謝你，朱莉。祝大家節日快樂，感謝您抽出時間參加我們今天的電話會議。我們對第一季度的整體業績感到滿意，我們繼續推動市場、服務和行業的增長，以擴大我們在市場上的領先地位。我們以嚴謹和紀律的方式經營我們的業務，並在大規模投資的同時擴大了營業利潤率，我們繼續為我們的財務業績和通過為所有利益相關者創造 360 度價值來實現我們的股東價值主張。

Let me begin by summarizing a few key highlights across our 3 financial imperatives from the quarter. Revenues grew 15% in local currency, reflecting a foreign exchange headwind of about 9.5% compared to the 8.5% provided in our business outlook last quarter. Adjusted for the actual foreign exchange impact in the quarter, we were approximately $150 million above our guided range with double-digit growth across all of our markets and industry groups, with 10 of the 13 industries growing double digits and 3 high single digits.

首先讓我總結一下本季度我們 3 項財務要求的幾個關鍵亮點。收入以當地貨幣計算增長了 15%，反映出約 9.5% 的外匯逆風，而我們上個季度的業務展望中提供了 8.5%。根據本季度的實際外匯影響進行調整，我們比我們的指導範圍高出約 1.5 億美元，我們所有市場和行業組都實現了兩位數的增長，其中 13 個行業中有 10 個實現了兩位數增長，3 個行業實現了高個位數增長。

We continue to take market share with growth estimated to be more than 2x the market, which refers to our basket of publicly traded companies. Operating margin was 16.5% for the quarter, an increase of 20 basis points. We continue to drive margin expansion while making significant investments in our people and our business, including acquisitions. We delivered very strong EPS of $3.08, up 11%, while absorbing a substantial FX headwind. Finally, we delivered free cash flow of $397 million and returned $2.1 billion to shareholders through repurchases and dividends. We also invested $686 million in acquisitions.

我們繼續佔據市場份額，增長估計超過市場的 2 倍，這是指我們的一攬子上市公司。本季度營業利潤率為 16.5%，增長 20 個基點。我們繼續推動利潤增長，同時對我們的人員和業務進行重大投資，包括收購。我們實現了 3.08 美元的非常強勁的每股收益，增長 11%，同時吸收了大量的外匯逆風。最後，我們交付了 3.97 億美元的自由現金流，並通過回購和派息向股東返還了 21 億美元。我們還投資了 6.86 億美元用於收購。

With those high-level comments, let me turn to some of the details, starting with new bookings. New bookings were $6.2 billion for the quarter with a book-to-bill of 1 and growth of 6% in local currency. Consulting bookings were $8.1 billion, with a book-to-bill of 1. Managed Services bookings, which we formally refer to as Outsourcing, were $8.1 billion with a book-to-bill of 1.1. In addition, we continue to see improved pricing on our new bookings, which refer to contract profitability or margin on the work that we sell.

有了這些高層評論，讓我談談一些細節，從新預訂開始。本季度新預訂量為 62 億美元，訂單出貨率為 1，按當地貨幣計算增長 6%。諮詢預訂為 81 億美元，訂單出貨比為 1。託管服務預訂（我們正式稱為外包）為 81 億美元，訂單出貨比為 1.1。此外，我們繼續看到新預訂的定價有所改善，這是指我們所售作品的合同盈利能力或利潤率。

Turning now to revenues. Revenues for the quarter were $15.7 billion, a 5% increase in U.S. dollars and 15% in local currency. Consulting revenues for the quarter were $8.4 billion, up 1% in U.S. dollars and 10% in local currency. Managed Services revenues were $7.3 billion, up 11% in U.S. dollars and 20% local currency. Taking a closer look at our service dimensions. Technology services grew strong double digits, Operations grew double digits and, as expected, Strategy & Consulting grew low single digits.

現在轉向收入。本季度收入為 157 億美元，按美元計算增長 5%，按當地貨幣計算增長 15%。本季度的諮詢收入為 84 億美元，按美元計算增長 1%，按當地貨幣計算增長 10%。託管服務收入為 73 億美元，按美元計算增長 11%，按當地貨幣計算增長 20%。仔細看看我們的服務維度。技術服務實現了兩位數的強勁增長，運營實現了兩位數的增長，並且正如預期的那樣，戰略與諮詢實現了低個位數的增長。

Turning to our geographic markets. In North America, revenue growth was 11% in local currency, driven by double-digit growth in Public Service, consumer Retail and Travel Services, Industrial and Health. In Europe, revenues grew 17% in local currency, led by double-digit growth in Industrial, Banking & Capital Markets and high single-digit growth in Consumer Goods, Retail & Travel Services.

轉向我們的地理市場。在北美，受公共服務、消費者零售和旅遊服務、工業和健康領域兩位數增長的推動，以當地貨幣計算的收入增長了 11%。在歐洲，收入以當地貨幣計算增長了 17%，這得益於工業、銀行和資本市場的兩位數增長以及消費品、零售和旅遊服務的高個位數增長。

Looking closer to the countries, Europe was driven by double-digit growth in Germany, the United Kingdom, Italy and France. In Growth Markets, we delivered 19% revenue growth in local currency, driven by double-digit growth in Banking & Capital Markets, Public Service, and Chemicals & Natural Resources. From a country perspective, gross markets was led by double-digit growth in Japan.

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。在成長型市場，我們以當地貨幣計算實現了 19% 的收入增長，這主要得益於銀行與資本市場、公共服務以及化學品與自然資源領域的兩位數增長。從國家/地區的角度來看，日本的兩位數增長引領了總市場。

Moving down the income statement. Gross margin for the quarter was 32.9%, consistent with the same period last year. Sales and marketing expense for the quarter was 9.8% compared with 9.7% for the first quarter last year. General and administrative expense was 6.6% compared to 6.9% for the same quarter last year. Operating income was $2.6 billion in the first quarter, reflecting a 16.5% operating margin, up 20 basis points compared with Q1 last year.

向下移動損益表。本季度毛利率為 32.9%，與去年同期持平。本季度的銷售和營銷費用為 9.8%，而去年第一季度為 9.7%。一般和行政費用為 6.6%，而去年同期為 6.9%。第一季度營業收入為 26 億美元，營業利潤率為 16.5%，比去年第一季度上升 20 個基點。

Our effective tax rate for the quarter was 23.3% compared with an effective tax rate of 24.4% for the first quarter last year. Diluted earnings per share were $3.08 compared with diluted EPS of $2.78 in the first quarter last year. Days service outstanding were 48 days compared to 43 days last quarter and 42 days in the first quarter of last year. Free cash flow for the quarter was $397 million, resulting from cash generated by operating activities of $495 million, net of property and equipment additions of $99 million. Our cash balance at November 30 was $5.9 billion compared with $7.9 billion at August 31.

我們本季度的有效稅率為 23.3%，而去年第一季度的有效稅率為 24.4%。稀釋後每股收益為 3.08 美元，而去年第一季度的稀釋後每股收益為 2.78 美元。未完成服務天數為 48 天，上一季度為 43 天，去年第一季度為 42 天。本季度的自由現金流為 3.97 億美元，來自經營活動產生的現金 4.95 億美元，扣除增加的財產和設備 9900 萬美元。我們在 11 月 30 日的現金餘額為 59 億美元，而 8 月 31 日為 79 億美元。

With regards to our ongoing objective to return cash to shareholders, in the first quarter, we repurchased or redeemed 5.2 million shares for $1.4 billion at an average price of $272.3 per share. At November 30, we had approximately $4.9 billion of share repurchase authority remaining. Also in November, we paid a quarterly cash dividend of $1.12 per share for a total of $706 million. This represents a 15% increase over last year. And our Board of Directors declared a quarterly cash dividend of $1.12 per share to be paid on February 15, a 15% increase over last year.

關於我們向股東返還現金的持續目標，在第一季度，我們以每股 272.3 美元的平均價格以 14 億美元的價格回購或贖回了 520 萬股股票。截至 11 月 30 日，我們還有大約 49 億美元的股票回購授權。同樣在 11 月，我們支付了每股 1.12 美元的季度現金股息，總計 7.06 億美元。這比去年增加了 15%。我們的董事會宣布將於 2 月 15 日支付每股 1.12 美元的季度現金股息，比去年增加 15%。

Finally, turning to the 360-degree value we are creating for all our stakeholders. We are extremely proud to be recognized as 1 of the 7 company all stars on the Wall Street Journal Management Top 250 List for Excellence in customer satisfaction, employee engagement and development, innovation, social responsibility and financial strength, and we also received the top score for social responsibility overall.

最後，轉向我們為所有利益相關者創造的 360 度價值。我們非常自豪能夠在客戶滿意度、員工敬業度和發展、創新、社會責任和財務實力方面被評為《華爾街日報》管理 250 強榜單中 7 家全明星公司之一，並且我們還獲得了最高分全面承擔社會責任。

In summary, we were pleased with our results in the first quarter, and we're off to a strong start for the year. And now let me turn it back to Julie.

總而言之，我們對第一季度的業績感到滿意，今年開局良好。現在讓我把它轉回給朱莉。

Thanks, KC. We remain laser-focused on staying close to our clients, advising them how to navigate the macro, providing the right solutions to enable compressed transformations and adjusting to their changing needs. Let me give some further color on what we're seeing in the market and how we see the demand environment shaping up.

謝謝，KC。我們始終專注於貼近客戶，建議他們如何駕馭宏觀環境，提供正確的解決方案以實現壓縮轉型並適應他們不斷變化的需求。讓我進一步說明我們在市場上看到的情況以及我們如何看待需求環境的形成。

Over the last quarter, as we can all read, the economic estimates for 2023 continue to decline. While the latest industry estimates for 2023's technology spending continue to show robust growth of 5% or so, we will see how the market evolves as clients finalize 2023 budgets.

在上個季度，正如我們所看到的那樣，對 2023 年的經濟預測繼續下降。儘管行業對 2023 年技術支出的最新估計繼續顯示 5% 左右的強勁增長，但隨著客戶最終確定 2023 年預算，我們將看到市場如何演變。

So what does today's market mean for our clients? We believe that the current macro is making it even clearer to clients that they need to change more, not less, and that 2 of the 5 key forces of change that we have identified for the next decade: the need for total enterprise reinvention enabled by tech data and AI; and the ability to access, create and unlock the potential of talent, are critical to succeed in the near, medium and long term.

那麼今天的市場對我們的客戶意味著什麼？我們相信，當前的宏觀形勢讓客戶更加清楚他們需要更多而不是更少的改變，以及我們為未來十年確定的 5 種主要變革力量中的 2 種：需要通過以下方式實現全面的企業重塑技術數據和人工智能；以及獲取、創造和釋放人才潛力的能力，對於在近期、中期和長期取得成功至關重要。

We see this continuing across industries and markets with 2 common themes. First, all strategies continue to lead to technology, particularly cloud, data, AI and security. And second, companies remain focused on executing compressed transformation to achieve lower costs, stronger growth, more agility and greater resilience faster.

我們看到這種情況在具有兩個共同主題的行業和市場中持續存在。首先，所有戰略繼續引領技術，尤其是雲、數據、人工智能和安全。其次，公司仍然專注於執行壓縮轉型，以更快地實現更低的成本、更強勁的增長、更高的敏捷性和更大的彈性。

What does this mean for Accenture? Our strategy positions us for continued industry leadership because we have a unique set of strengths that our clients need to navigate today and succeed tomorrow. We are able to do so because of our deep strategy and consulting expertise across industries, allowing us to be a trusted adviser during different economic cycles as we bring the expertise, coupled with the real-life practical experience they need.

這對埃森哲意味著什麼？我們的戰略使我們能夠繼續保持行業領先地位，因為我們擁有一套獨特的優勢，我們的客戶需要在今天駕馭這些優勢並在明天取得成功。我們之所以能夠做到這一點，是因為我們擁有深厚的戰略和跨行業的諮詢專業知識，這使我們能夠在不同的經濟周期中成為值得信賴的顧問，因為我們帶來了專業知識，再加上他們需要的現實生活中的實踐經驗。

Our ability to help clients achieve total enterprise reinvention through our depth across the enterprise, from the frontline to core operations to corporate functions, as well as our ability to advise our clients shape and deliver value-led transformations, and through our breadth of services, from strategy and consulting to our strategic managed services, which help clients digitize faster, access talent and lower costs. And our global footprint allows us to act at scale and with speed.

我們有能力通過我們在整個企業的深度，從一線到核心運營再到企業職能，幫助客戶實現全面的企業重塑，以及我們為客戶塑造和交付以價值為導向的轉型提供建議的能力，以及通過我們廣泛的服務，從戰略和諮詢到我們的戰略託管服務，幫助客戶更快地數字化、獲取人才和降低成本。我們的全球足跡使我們能夠大規模、快速地採取行動。

Together, this positions us as the compressed transformation partner of choice, as you can see, and yet another strong quarter of clients who selected us for work of more than $100 million this quarter. I am pleased to see how quickly we are pivoting to meet the evolving needs of our clients. We have seen a higher level of sales and pipeline coming from cost-focused initiatives, often also including growth or capability enhancements.

如您所見，這使我們成為首選的壓縮轉型合作夥伴，並且還有四分之一的強大客戶選擇我們來完成本季度超過 1 億美元的工作。我很高興看到我們能夠以多快的速度進行調整以滿足客戶不斷變化的需求。我們已經看到更高水平的銷售和管道來自以成本為中心的計劃，通常還包括增長或能力增強。

We are leveraging our breadth of services, deep-client and ecosystem relationships and industry and functional expertise to help our clients and Accenture shift to the highest value opportunities. Our track record of delivery at speed and scale over many years with clients -- remember, 99 of our top 100 clients have been with us for over 10 years, this gives our clients confidence that by partnering with us, they will deliver on their commitments.

我們正在利用我們廣泛的服務、深入的客戶和生態系統關係以及行業和職能專業知識來幫助我們的客戶和埃森哲轉向最高價值的機會。多年來，我們在為客戶提供快速和規模交付方面的記錄——請記住，我們前 100 名客戶中有 99 名已經與我們合作超過 10 年，這使我們的客戶相信通過與我們合作，他們將兌現他們的承諾.

Investments in our assets and solutions such as myWizard and SynOps, which underlie both strategy and consulting, technology and operations managed services, as well as our delivery of compressed transformation, enables us to differentiate with our insights and services. Our ability to invest in acquisitions helps us to expand our relevance across the enterprise from building a digital core with Sentia and Albert, to optimizing upper duration to achieve agility, efficiency and resilience with Pilatus, to accelerating their growth agendas with RAMP, and our substantial investment in the skills of our people allows us to pivot to new areas of demand to be an attractive destination for top talent.

對我們的資產和解決方案（如 myWizard 和 SynOps）的投資，它們是戰略和諮詢、技術和運營管理服務的基礎，以及我們壓縮轉型的交付，使我們能夠憑藉我們的洞察力和服務脫穎而出。我們投資收購的能力幫助我們擴大我們在整個企業的相關性，從與 Sentia 和 Albert 建立數字核心，到優化上層持續時間以實現 Pilatus 的敏捷性、效率和彈性，再到通過 RAMP 加速他們的增長議程，以及我們的實質性對員工技能的投資使我們能夠轉向新的需求領域，成為吸引頂尖人才的目的地。

Now let's turn to the quarter. To bring to life this demand environment across the 5 key forces of change for our clients: total enterprise reinvention, talent, sustainability, the metaverse and the ongoing tech revolution, which in turn drag our growth. First, total enterprise reinvention. We continue to help our clients achieve a new performance frontier by building their digital core, optimizing operations and accelerating growth, leveraging cloud, data and AI and new ways of working.

現在讓我們轉向季度。為我們的客戶帶來跨越 5 種關鍵變革力量的這種需求環境：全面的企業重塑、人才、可持續性、元宇宙和持續的技術革命，這反過來又拖累了我們的增長。首先，企業全面重塑。我們通過構建數字核心、優化運營和加速增長、利用雲、數據和人工智能以及新的工作方式，繼續幫助我們的客戶實現新的績效前沿。

We are helping Roche, a Swiss multinational health care company specializing in pharmaceuticals and diagnostics, with a total enterprise reinvention, building a digital infrastructure to match changing business needs. Using data integration, we have changed the way tumor boards are organized and conducted, empowering counter teams to be more efficient and effective in determining next steps for cancer care. And we have built a digital ecosystem that will create innovative products and solutions to drive diabetes care.

我們正在幫助專注於製藥和診斷的瑞士跨國醫療保健公司 Roche 進行全面的企業改造，構建數字基礎架構以滿足不斷變化的業務需求。使用數據集成，我們改變了腫瘤委員會的組織和執行方式，使櫃檯團隊能夠更有效率和更有效地確定癌症治療的下一步。我們已經建立了一個數字生態系統，將創造創新產品和解決方案來推動糖尿病護理。

Now as part of one of the largest ERP modernizations in the world, we are working together to deploy a digital backbone that will unify and harmonize nearly 700 business processes for more than 100,000 end users. The integrated platform will simplify the system landscape and connect activities across the value chain from R&D and manufacturing to patient treatment. Cloud, a $26 billion business in FY '22 grew 48%, with even stronger growth in Cloud First and continues to grow very strong double digits. In fact, we believe that the cloud continuum will become the new operative system for the future enterprise.

現在，作為世界上最大的 ERP 現代化之一的一部分，我們正在共同部署一個數字骨幹網，該骨幹網將為超過 100,000 名最終用戶統一和協調近 700 個業務流程。該集成平台將簡化系統架構，並連接從研發和製造到患者治療的整個價值鏈活動。 Cloud，22 財年價值 260 億美元的業務增長了 48%，Cloud First 的增長更為強勁，並繼續以非常強勁的兩位數增長。事實上，我們相信雲連續體將成為未來企業的新操作系統。

Migrating to the cloud to drive efficiencies is just the first step. As we anticipated with our Cloud First strategy and investments, we are seeing our clients make significant investments to modernize, improve and innovate in the cloud, leveraging data and AI to drive new business value.

遷移到雲端以提高效率只是第一步。正如我們對 Cloud First 戰略和投資的預期，我們看到我們的客戶進行了大量投資，以實現雲的現代化、改進和創新，利用數據和 AI 來推動新的業務價值。

For example, Accenture Federal Services is partnering with the Centers for Disease Control and Prevention, a U.S. federal agency under the Department of Health and Human Services, to accelerate its migration to the cloud across the enterprise and modernize its IT portfolio. Through this work, we will also help to achieve CDC's mission to protect people from health, safety and security threats by supporting the development of integrated, real-time public health data and surveillance systems.

例如，Accenture Federal Services 正在與美國衛生與公眾服務部下屬的聯邦機構疾病控制與預防中心合作，以加速其在整個企業中向雲的遷移並實現其 IT 產品組合的現代化。通過這項工作，我們還將通過支持集成的實時公共衛生數據和監測系統的開發，幫助實現 CDC 保護人們免受健康、安全和保障威脅的使命。

As our clients build their digital core, security continues to be more important than ever, as reflected in our very strong double-digit growth in Q1. We are expanding our cybersecurity footprint for a large health care network in Brazil to elevate their cybersecurity posture to a new hot level of preparedness. We are growing the organization's security profile with a cyber as a service solution that will enhance the cyber readiness of their infrastructure and operations.

隨著我們的客戶建立他們的數字核心，安全性仍然比以往任何時候都更加重要，這反映在我們在第一季度非常強勁的兩位數增長中。我們正在為巴西的一個大型醫療保健網絡擴大我們的網絡安全足跡，以將他們的網絡安全態勢提升到一個新的熱門準備水平。我們正在通過網絡即服務解決方案來提升組織的安全形象，該解決方案將增強其基礎設施和運營的網絡就緒性。

This new project not only consolidates the work that up to 4 different providers typically do, it also is the largest cybersecurity contract ever signed in Brazil by any provider. High demand for our strategic Managed Services, reflecting $7.3 billion in revenue and 20% growth in the quarter, demonstrates the importance of these services to our client strategies as it enables clients to move faster, leveraging our digital platform's expertise and talent.

這個新項目不僅整合了多達 4 個不同供應商通常所做的工作，而且還是巴西有史以來由任何供應商簽署的最大的網絡安全合同。對我們的戰略託管服務的高需求反映了本季度 73 億美元的收入和 20% 的增長，表明這些服務對我們的客戶戰略的重要性，因為它使客戶能夠利用我們數字平台的專業知識和人才更快地行動。

Our Managed Services are differentiated by our ability to bring in our deep expertise from across the enterprise, including Song, which grew double digits in the first quarter. For example, we're expanding our partnership with Allianz, an Italian and main bank of Allianz Group, to continue the bank's digital transformation with a new platform in the cloud, a modern IT architecture and a new operating model. Our Song team is helping to create a new customer mobile app to improve customer experience. And our end-to-end managed services capabilities, tailored to the financial services industry, will help the bank grow and scale its position in the market, ensure regulatory compliance and lower total cost of ownership.

我們的託管服務之所以與眾不同，是因為我們能夠從整個企業引入我們的深厚專業知識，其中包括 Song，該公司在第一季度實現了兩位數的增長。例如，我們正在擴大與安聯集團（Allianz Group 的一家意大利主要銀行）的合作夥伴關係，以通過新的雲平台、現代 IT 架構和新的運營模式繼續銀行的數字化轉型。我們的 Song 團隊正在幫助創建一個新的客戶移動應用程序以改善客戶體驗。我們為金融服務行業量身定制的端到端託管服務能力將幫助銀行發展壯大並擴大其在市場中的地位，確保合規性並降低總體擁有成本。

We continue to see strong demand for our industry edge capabilities, digitizing engineering and manufacturing, which we see as the next digital frontier with continued very strong double-digit growth in Q1. We are helping Celanese, a global chemical and specialty materials company on their digital transformation journey that will increase their manufacturing production resiliency, productivity and predictability of plant operations.

我們繼續看到對我們的行業優勢能力、數字化工程和製造的強勁需求，我們認為這是下一個數字前沿，第一季度繼續保持非常強勁的兩位數增長。我們正在幫助全球化學和特種材料公司塞拉尼斯 (Celanese) 進行數字化轉型，這將提高他們的製造生產彈性、生產力和工廠運營的可預測性。

We're teaming with Ecosystem Partners to design and implement a scalable digital twin platform at one of their largest manufacturing facilities, which plans to increase revenues through increased plant output, reduce costs through improved productivity, product quality and equipment reliability and improve overall safety in the workplace. We also are supporting an enterprise cloud transformation to provide a scalable platform for future enterprise growth and innovation.

我們正與生態系統合作夥伴合作，在他們最大的製造工廠之一設計和實施可擴展的數字孿生平台，該平台計劃通過增加工廠產量來增加收入，通過提高生產力、產品質量和設備可靠性來降低成本，並提高整體安全性工作場所。我們還支持企業雲轉型，為未來的企業發展和創新提供可擴展的平台。

Next, talent. Our clients continue to look at-- look to us to access, create and unlocked talent as a critical element of their transformation. We're helping a global chemical manufacturer with an end-to-end IT transformation as part of their multiyear digital journey. The company faces increasing IT costs, aging assets and tools and overreliance on contractors. We're implementing a full Managed Services model that will help modernize its IT, and this digital transformation includes a talent transformation. Together, we will upskill their people and data cloud and AI through our Accenture Academy so that everyone grows together, helping the company leapfrog its competitors with innovative industry-leading solutions.

其次，天賦。我們的客戶繼續關注——期待我們獲取、創造和釋放人才，將其作為他們轉型的關鍵要素。作為其多年數字化之旅的一部分，我們正在幫助一家全球化學品製造商進行端到端的 IT 轉型。該公司面臨著不斷增加的 IT 成本、老化的資產和工具以及對承包商的過度依賴。我們正在實施一個完整的託管服務模型，這將有助於實現 IT 現代化，而這種數字化轉型包括人才轉型。我們將通過我們的埃森哲學院共同提高他們的人員、數據云和人工智能的技能，讓每個人都能共同成長，幫助公司憑藉創新的行業領先解決方案超越競爭對手。

Now, sustainability. We continue to prioritize embedding sustainability into our clients' digital transformation and on providing a direct sustainability service. For example, we are expanding our partnership with the European Multinational Aerospace Corporation to help improve their environmental and social impact across the enterprise. In recent years, we have worked together to digitize the company's supply chain and manufacturing operations using a digital twin to improve productivity and reduce waste.

現在，可持續性。我們繼續優先考慮將可持續性融入客戶的數字化轉型，並提供直接的可持續性服務。例如，我們正在擴大與歐洲跨國航空航天公司的合作夥伴關係，以幫助改善他們對整個企業的環境和社會影響。近年來，我們共同努力，使用數字孿生技術將公司的供應鍊和製造業務數字化，以提高生產力並減少浪費。

Now we are working together to advance their sustainability agenda. We're supporting their aviation decarbonization road map, from accelerating the use of sustainable aviation fuel to helping design low-emissions aircraft. We are finding new ways to help make the supply chain more transparent and ethical, helping the company replace hazardous materials from the product life cycle with safer, greener alternatives. And we are outlining a strategy to help them meet its net zero targets and internally foster a culture that is focused on sustainability.

現在我們正在共同努力推進他們的可持續發展議程。我們支持他們的航空脫碳路線圖，從加速使用可持續航空燃料到幫助設計低排放飛機。我們正在尋找新的方法來幫助使供應鏈更加透明和合乎道德，幫助公司用更安全、更環保的替代品替換產品生命週期中的危險材料。我們正在製定一項戰略，幫助他們實現淨零排放目標，並在內部培育一種注重可持續性的文化。

Finally, the metaverse and the ongoing tech revolution. While still in the early innings, we believe the metaverse will not only change how people work, but it will also profoundly change every part of every business, from how we interact with customers, what products and services they offer, how they are made and distributed, how you engage with your people from employee onboarding to personal productivity.

最後，元宇宙和正在進行的技術革命。雖然仍處於早期階段，但我們相信元宇宙不僅會改變人們的工作方式，而且還會深刻改變每個企業的每個部分，從我們與客戶互動的方式、他們提供的產品和服務、他們的製作方式以及分佈式，從員工入職到個人生產力，您如何與員工互動。

We're partnering with NTT DOCOMO, a Japanese mobile operator to speed up the adoption of Web3, a new blockchain-based version of the Internet that promises a digital economy with greater social impact. We will develop and grow a secure technology platform for Web3, which will enable new products, services and community building. Training will ensure that Web3 engineers and business leaders collaborate with organizations effectively and securely on the platform.

我們正在與日本移動運營商 NTT DOCOMO 合作，以加快 Web3 的採用，Web3 是一種新的基於區塊鏈的互聯網版本，有望帶來具有更大社會影響的數字經濟。我們將為 Web3 開發和發展一個安全的技術平台，這將支持新產品、服務和社區建設。培訓將確保 Web3 工程師和業務負責人在平台上有效、安全地與組織協作。

NTT DoCoMo's work on societal issues will now expand with the use of Web3, helping companies and governments transform social infrastructures and provide solutions that would improve people's lives. We continue to invest ahead of our clients' teams to the future, with a keen focus on innovation and the ongoing tech revolution. Back to you, KC.

NTT DoCoMo 在社會問題上的工作現在將隨著 Web3 的使用而擴展，幫助公司和政府改造社會基礎設施並提供改善人們生活的解決方案。我們繼續領先於客戶團隊的未來進行投資，重點關注創新和正在進行的技術革命。回到你身邊，KC。

Thanks, Julie. Turning now to our business outlook. For the second 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 about negative 5% compared to the second quarter of fiscal '22 and reflects an estimated 6% to 10% growth in local currency.

謝謝，朱莉。現在轉向我們的業務前景。對於 23 財年第二季度，我們預計收入將在 152 億美元至 157.5 億美元之間。這是假設與 22 財年第二季度相比，外彙的影響約為負 5%，並反映出當地貨幣估計增長 6% 至 10%。

For the full fiscal year '23, based upon how the rates have been trending over the last few weeks, we now expect the impact of FX on our results in U.S. dollars will be approximately negative 5% compared to fiscal '22. For the full fiscal '23, we continue to expect our revenue to be in the range of 8% to 11% growth in local currency over fiscal '22, which continue to assume an inorganic contribution of about 2.5%.

對於整個 23 財年，根據過去幾周利率的趨勢，我們現在預計外匯對我們以美元計算的業績的影響與 22 財年相比約為負 5%。對於整個 23 財年，我們繼續預計我們的收入將比 22 財年以當地貨幣計算增長 8% 至 11%，這繼續假設無機貢獻約為 2.5%。

For operating margin, we continue to expect fiscal '23 to be 15.3% to 15.5%, a 10 to 30 basis point expansion over fiscal '22 results. I mentioned last quarter, we may see more variability in quarters as we go throughout fiscal year '23, and that's playing out as we expected, with contraction in the second quarter expected and potentially overall for H1. We continue to 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.

對於營業利潤率，我們繼續預計 23 財年的利潤率為 15.3% 至 15.5%，比 22 財年的結果高出 10 至 30 個基點。我在上個季度提到過，在整個 23 財年，我們可能會看到季度出現更多變化，這正如我們預期的那樣，第二季度預計會收縮，上半年可能會出現整體收縮。我們繼續預計我們的年度有效稅率將在 23% 至 25% 的範圍內。相比之下，22 財年的有效稅率為 24%。

For earnings per share, based on the change to FX, we now expect our full year diluted EPS for fiscal '23 to be in the range of $11.20 to $11.52 or 5% to 8% growth over fiscal '22 results. Full fiscal '23, we continue to 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 continues to reflect a strong free cash flow to net income ratio of 1.1%.

對於每股收益，根據 FX 的變化，我們現在預計 23 財年的全年攤薄後每股收益將在 11.20 美元至 11.52 美元之間，或比 22 財年增長 5% 至 8%。整個 23 財年，我們繼續預計運營現金流將在 85 億美元至 90 億美元之間，財產和設備增加約為 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繼續反映出強勁的自由現金流與淨收入之比為 1.1%。

Finally, we continue to 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 our shareholders. And with that, let's open it up so we can take your questions. Katie?

最後，由於我們仍然致力於將大部分現金返還給股東，因此我們繼續期望通過股息和股票回購至少返還 71 億美元。有了這個，讓我們打開它，這樣我們就可以回答你的問題。凱蒂？

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

謝謝，KC。 （接線員說明）接線員，你會為通話中的人提供說明嗎？

(Operator Instructions) Your first question comes from the line of Bryan Keane from Deutsche Bank.

（操作員說明）您的第一個問題來自德意志銀行的 Bryan Keane。

Happy holidays. Really good results, strong results here. The one area that was a little softer was the Strategy & Consulting area, and I think you guys called that out as expected. Just thinking about Strategy & Consulting that you knew it was going to be a little bit softer, and it's becoming a little bit softer. Is that just more the move towards the cost agenda versus growth and just thinking about what we can expect there going forward?

節日快樂。真的很好的結果，這裡的結果很好。稍微軟一點的領域是戰略與諮詢領域，我認為你們按預期提出了這一點。想想 Strategy & Consulting，你知道它會變得更軟一點，而且它會變得更軟一點。這只是更多地轉向成本議程而不是增長，只是考慮我們對未來的期望嗎？

Bryan, thanks for the question. As you mentioned, our Strategy & Consulting results for Q1, they did come in as expected. But let's talk about what we're seeing go forward. And we do see a slight decline in Strategy & Consulting for Q2 before we're going to reconnect with growth in H2. And why is that for Q2? It's really a couple of things. We do see that we are going to have some impact from less revenue from smaller deals that Julie will talk a little bit about here.

布萊恩，謝謝你的提問。正如您提到的，我們第一季度的戰略與諮詢結果確實如預期的那樣出現了。但讓我們談談我們看到的未來。在我們重新與下半年的增長聯繫起來之前，我們確實看到第二季度的戰略與諮詢業務略有下降。為什麼是第二季度？這真的是兩件事。我們確實看到，朱莉將在這裡談論的小交易收入減少會對我們產生一些影響。

And second, we do continue to see our S&C practitioners focus on high-impact transformational deals, and they're going to bleed into revenue a little bit later in the year. That's really important to our clients, but the revenue conversion at a slower pace.

其次，我們確實繼續看到我們的 S&C 從業者專注於具有高影響力的轉型交易，他們將在今年晚些時候流入收入中。這對我們的客戶來說非常重要，但收入轉化速度較慢。

Yes. Bryan, maybe -- I want to maybe say -- to make sort of 2 points. So first of all, specifically on S&C, I think it's important to understand we really have a tale of 2 worlds. So our S&C work is growing high single digit to low double digit when it's tied to areas around cloud, enterprise and industry platforms, talent, cost reduction, everything tied to building to the core. So underneath our results, like that's growing great.

是的。布萊恩，也許——我想說——提出兩點意見。所以首先，特別是在 S&C 上，我認為重要的是要了解我們確實有兩個世界的故事。因此，當我們的 S&C 工作與雲、企業和行業平台、人才、成本降低以及與構建核心相關的所有領域相關時，其工作正在從高個位數增長到低兩位數。所以在我們的結果之下，就像那越來越好。

The other world, right, is S&C that's tied to things like ad spend, creative marketing strategy and campaigns and other sort of front-office initiatives are contracting, right? And that's, of course, the strength of Accenture, is that we've got a very broad range of services even within the Strategy & Consulting as well as a broad range of industries. And so while the -- at the top line, you saw it 3% this quarter, there'll be a slight decline next quarter, underneath that, you've got a lot of strength in everything that's really driving our results. And I think that's really important to just understand.

另一個世界，對，是與廣告支出、創意營銷策略和活動以及其他類型的前台計劃相關的 S&C 正在收縮，對吧？當然，這就是埃森哲的優勢，即我們在戰略與諮詢以及廣泛的行業範圍內提供非常廣泛的服務。因此，雖然 - 在最高線，你看到本季度 3%，但下個季度會略有下降，在此之下，你在真正推動我們業績的一切方面都有很大的優勢。我認為理解這一點非常重要。

But then I want to take a step back and just maybe comment on the demand environment. KC just mentioned kind of the impact in S&C and smaller deals. So first of all, like we're obviously super pleased with Q1, right? Great growth, and we're really happy with how we're seeing the year start. Now at the same time, what do we see over the last 90 days, what we saw what everybody saw, right, which was the macros continue to have uncertainty and you've got GDP estimates declining over the past 90 days. And on the one hand, our clients clearly are remaining ambitious, right, they're committed to revamping their business. And you see that in the 24 clients with quarterly new bookings over $100 million, right, which is an increase over this time last year.

但後來我想退後一步，也許只是對需求環境發表評論。 KC 剛剛提到了對 S&C 和較小交易的影響。所以首先，我們顯然對 Q1 非常滿意，對吧？巨大的增長，我們對今年的開局感到非常高興。現在與此同時，我們在過去 90 天裡看到了什麼，我們看到了每個人都看到的，對，那就是宏觀經濟繼續存在不確定性，你的 GDP 估計值在過去 90 天裡下降了。一方面，我們的客戶顯然仍然雄心勃勃，對，他們致力於改造他們的業務。您會看到，在 24 個季度新預訂超過 1 億美元的客戶中，這比去年同期有所增加。

At the same time, they're more and more focused on cost and resilience. And many are having to make pretty hard choices, right? Because the macro affects the industries differently. So you've got some industries, retail consumer goods, that are much more challenged than say, energy. But at the same time, and we talked about starting to see this last quarter, kind of regardless of industry, as the macro uncertainty has increased, right, they're being a little bit more cautious. So we're seeing some delays in decision-making. We see changes in the pace of spending, and we're seeing some pausing of the smaller deals. And all of this impacts the smaller deals more than the bigger deals because we're continuing to see that big transformation focus.

與此同時，他們越來越關注成本和彈性。許多人不得不做出非常艱難的選擇，對吧？因為宏觀對行業的影響不同。所以你有一些行業，零售消費品，比能源更具挑戰性。但與此同時，我們談到了上個季度開始看到這一點，無論行業如何，隨著宏觀不確定性的增加，對吧，他們變得更加謹慎了。所以我們看到決策有一些延遲。我們看到了支出速度的變化，我們看到一些較小的交易有所暫停。所有這些對小交易的影響大於對大交易的影響，因為我們繼續看到大轉型的重點。

So that impacts our revenue and profit build over the year, which is part of what we're seeing in S&C in the second quarter with the decline. And then I just want to remind everyone that this is exactly the environment that you see the strength of Accenture. It is because we are so broadly diverse. I mean you saw it in the examples in my script, all around the world, all around industries. But who else could be in Asia doing border security; in the U.S., working with the state of Missouri on a talent and tech implementation; in Europe, working with a European grocer doing IT modernization, cost reduction and customer experience?

因此，這會影響我們全年的收入和利潤增長，這是我們在第二季度看到的施恩禧下降的一部分。然後我只想提醒大家，這正是你們看到埃森哲實力的環境。這是因為我們是如此廣泛的多樣性。我的意思是你在我的腳本中的示例中看到了它，在世界各地，所有行業。但是還有誰能在亞洲做邊境安全工作呢？在美國，與密蘇里州合作實施人才和技術；在歐洲，與一家歐洲雜貨商合作進行 IT 現代化、成本降低和客戶體驗？

Just moving around the world, you're back into Asia, working with a telecom operator, digitizing their platform, creating a new customer experience. And so you just continue to see that our strategy that we've had for decades to be across industries, a global footprint and depth and breadth of services. I mean Managed Services is on fire because we could digitize faster, get that compressed transformation, help them access the talent and lower cost. So back to you, Bryan.

剛剛環遊世界，你又回到了亞洲，與電信運營商合作，數字化他們的平台，創造新的客戶體驗。因此，您將繼續看到我們幾十年來的跨行業戰略、全球足跡以及服務的深度和廣度。我的意思是託管服務火了，因為我們可以更快地數字化，實現壓縮轉型，幫助他們獲得人才並降低成本。回到你身邊，布萊恩。

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

你的下一個問題來自摩根大通的 Tien-Tsin Huang。

Okay. Just to just add to the Bryan's last question here, just as on the visibility side, especially in consulting relative to Managed Services. And given, Julie, really what you just said there, any change in your thinking on mix of growth across Consulting versus Managed Services, asking for both, I guess, bookings as well as revenue here?

好的。只是在這裡添加 Bryan 的最後一個問題，就像在可見性方面一樣，特別是在與託管服務相關的諮詢方面。考慮到 Julie，真的如你剛才所說的那樣，你對諮詢與託管服務的增長組合的想法有什麼變化，我想，我想，這裡既要預訂又要收入？

Yes. I'll take -- Tien-Tsin, I'll take the -- in terms of the outlook for how we see growth going by our various -- our 2 types of work. So for the full year, at the top end of our range, we see Consulting high single digits, and we see Managed Services continue to grow double digits. And as it relates to outlook in bookings, what we're seeing is that we do have a strong pipeline and we actually see continued strong pricing in that pipeline. And we do see that we will have a solid bookings quarter in Q2, and that includes Consulting. It's likely -- it will likely be lower though than the record bookings in Consulting that we had last quarter, and we expect to continue to see really strong bookings in Managed Services.

是的。我會 - Tien-Tsin，我會 - 就我們如何看待我們的各種增長的前景而言 - 我們的兩種工作類型。因此，對於全年，在我們範圍的頂端，我們看到諮詢高個位數，我們看到託管服務繼續增長兩位數。由於它與預訂前景有關，我們所看到的是我們確實擁有強大的渠道，而且我們實際上看到該渠道的定價持續強勁。我們確實看到我們將在第二季度有一個穩定的預訂季度，其中包括諮詢。這很可能 - 它可能會低於我們上個季度的諮詢預訂記錄，並且我們預計將繼續看到託管服務中非常強勁的預訂。

Yes, and we're going to continue to focus our Strategy & Consulting expertise on these platform and cloud-led transformation.

是的，我們將繼續將我們的戰略和諮詢專業知識集中在這些平台和雲主導的轉型上。

Got you. Okay. Perfect. Then a quick follow, if you don't mind. I heard the pricing favorable utilization looks like it's steady attrition nicely, better or lower, 13%, I think I saw on the sheet there. So just same question on visibility with respect to cost and margin, if you're flexing or changing anything here. I know the range overall is the same, but it feels like you've got a good line of sight in terms of your costs. I just wanted to confirm that.

明白了好的。完美的。如果您不介意，請快速跟進。我聽說定價有利的利用率看起來很好，更好或更低，13%，我想我在表格上看到了。如果你在這裡調整或改變任何東西，那麼關於成本和利潤的可見性的問題也是一樣的。我知道總體範圍是相同的，但就成本而言，感覺你已經有了很好的視線。我只是想確認一下。

Yes. Sure. So I'll talk a little bit about on the attrition point, and then we can get into kind of what we're seeing overall in our cost and our visibility in that regard. So attrition was down to 13%, and I think all of you know, but there's a structural pattern of attrition that typically comes down from Q4 to Q1. This year came down at a tick more, and we're really pleased with that. And that means we have to hire fewer replacement people, it means less recruiting costs, and you saw that in our improvement in G&A this quarter, and it's less ramp up for new hires.

是的。當然。所以我會談談損耗點，然後我們可以了解我們在成本和這方面的可見性方面看到的整體情況。所以減員率下降到 13%，我想你們都知道，但有一種結構性的減員模式通常會從第四季度下降到第一季度。今年下降了一點點，我們對此感到非常滿意。這意味著我們必須僱用更少的替補人員，這意味著更少的招聘成本，你在本季度的 G&A 改進中看到了這一點，而且新員工的增加也更少了。

And so Tien-Tsin, in terms of visibility of what we see, I mean, we expect to continue to hire for the specific skills that we need. With upskilling, we may not need to hire as many people as we go throughout the year. But we have a very deep -- and we have a very deep competency in our supply and demand balancing and we're always focused on. And in terms of profit, let me talk a little bit about what we're seeing in operating margin. So operating margin, we're pleased with the 20 basis point expansion that we have in Q1 and really pleased to be confirming our 10 to 30 basis points expansion for the year.

所以 Tien-Tsin，就我們所見的可見性而言，我的意思是，我們希望繼續僱用我們需要的特定技能。通過提高技能，我們可能不需要像全年那樣僱用那麼多的人。但我們在供需平衡方面擁有非常深厚的能力，而且我們始終專注於此。在利潤方面，讓我談談我們在營業利潤率方面看到的情況。所以營業利潤率，我們對第一季度的 20 個基點擴張感到滿意，並且非常高興地確認我們今年的 10 到 30 個基點擴張。

And as I said last quarter, we'd be pleased to land anywhere within the 10 to 30 basis point range. But let me give you a little bit more color about what we're seeing in Q2 and then just the visibility, as you ask, about the rest of the year. So I mentioned last quarter, we may see more variability in the quarters as we get through fiscal '23. And as I mentioned in the script, that is exactly playing out. Now there's a few reasons for that. So in Q2 overall, the first thing, and I think all of you know, it's a structurally lower profit quarter just to begin with, in part because of the holidays. As well as for us, it's when most of our compensation increases kick in.

正如我上個季度所說，我們很高興能在 10 到 30 個基點範圍內的任何地方著陸。但是讓我給你更多關於我們在第二季度看到的東西的顏色，然後就像你問的那樣，關於今年剩餘時間的可見性。所以我在上個季度提到過，隨著我們度過 23 財年，我們可能會看到季度出現更多變化。正如我在劇本中提到的那樣，這一切都在發揮作用。現在有幾個原因。所以在第二季度，首先，我想你們都知道，這是一個結構性較低的利潤季度，部分原因是假期。對我們來說也是如此，這也是我們大部分薪酬增加的時候。

So while we've planned for those comp increases, it does take some time to work through our P&L. And then in addition, in Q2, the impact of the changes of smaller deal volumes that Julie described, it's going to impact Q2 revenue. And that -- when you take everything into consideration, that's why we expect the Q2 operating margin decline in Q2 and potentially for the first half of the year. And so with that, then the math shows that most of our margin expansion will be in the back half of the year.

因此，雖然我們已經計劃好增加薪酬，但確實需要一些時間來完成我們的損益表。此外，在第二季度，朱莉描述的較小交易量變化的影響將影響第二季度的收入。而且 - 當你考慮到所有因素時，這就是為什麼我們預計第二季度的第二季度營業利潤率下降，並可能在今年上半年下降。因此，數學表明我們的大部分利潤增長將在今年下半年進行。

And how -- why is it that we see that? We have a strong pipeline, as I mentioned. We have continued strong pricing improvements in our pipeline. And as always, we have some simple, but important levers on how we run our business. We are going to in addition to pricing, focused on cost efficiencies and delivery efficiencies within how we run our contracts. We're going to manage supply and demand, as we always do, with even more rigor and discipline. And we're going to continue to work on digitizing and cost-effective offer running the operations of Accenture.

以及如何 - 為什麼我們看到了？正如我提到的，我們有強大的渠道。我們在我們的管道中繼續進行強有力的定價改進。和往常一樣，我們有一些簡單但重要的槓桿來經營我們的業務。除了定價之外，我們還將關注我們如何運行合同的成本效率和交付效率。我們將一如既往地以更加嚴格和紀律的方式管理供需。我們將繼續致力於數字化和具有成本效益的報價，以運行埃森哲的運營。

Your next question comes from the line of Lisa Ellis from SVB MoffettNathanson.

你的下一個問題來自 SVB MoffettNathanson 的 Lisa Ellis。

I wanted to ask, Julie, a bit about the progress on compressed transformations. I think you started using that phrase about 2 years ago sort of in the earlier days of the pandemic. And now as you're working with clients looking out into 2023, can you just give some color on sort of like how far they are along in the compressed transformation? Is this -- do we -- are we still only in the third or fourth inning? Or a lot of your clients sort of in full rollout mode and we've got a couple of years left? Just trying to get a sense for sort of that big push we've seen, how far through the process are we? How much of this sort of sustained growth can we expect going forward?

朱莉，我想問一下壓縮轉換的進展情況。我想你大約在 2 年前開始使用這個短語，那是在大流行的早期。現在，當您與客戶合作展望 2023 年時，您能否給出一些顏色，比如他們在壓縮轉型中走了多遠？這是——我們——我們還只是在第三局或第四局嗎？或者你的很多客戶都處於全面推出模式，而我們還有幾年的時間？只是想了解一下我們所看到的那種巨大推動力，我們在這個過程中走了多遠？我們可以期待這種持續增長有多少？

Thanks, Lisa. It's a great question. And there's a couple of ways that you look at it. So what we saw particularly in the early days was that leaders before the pandemic kind of we're doubling down and becoming more ambitious. And from that time, you've got more and more companies then looking to see their competitors and sort of being pushed to themselves being more ambitious. And so I think I shared last quarter that we got some recent research that said something like 68% of CFOs we surveyed are working in companies that have 3 or more transformation programs in progress in parallel.

謝謝，麗莎。這是一個很好的問題。您可以通過幾種方式來看待它。因此，我們在早期特別看到的是，在大流行之前的領導者正在加倍努力並變得更加雄心勃勃。從那時起，越來越多的公司希望看到他們的競爭對手，並且有點被迫讓自己變得更有野心。所以我想我在上個季度分享了我們最近的一些研究表明，我們調查的 CFO 中大約有 68% 在同時進行 3 個或更多轉型計劃的公司工作。

That being said, it's still very much the early days because we're so early in building the digital core that's enabling these transformations. So while we've had a big acceleration on the migration to the cloud, it's still kind of early innings, 35% or so. And most of the companies report, that although the -- when they get to the cloud they haven't actually been able to access the services and get the value yet, and that's why you're continuing just to see this drive in our cloud business, particularly Cloud First, because we continue to do all the migration work.

話雖這麼說，但現在仍處於早期階段，因為我們在構建支持這些轉型的數字核心方面還處於早期階段。因此，雖然我們在向雲遷移方面有了很大的加速，但它仍然處於早期階段，大約 35%。大多數公司報告說，儘管 - 當他們進入雲時，他們實際上還無法訪問服務並獲得價值，這就是為什麼你繼續只是在我們的雲中看到這種驅動器業務，尤其是 Cloud First，因為我們繼續進行所有遷移工作。

And then those we've migrated are now coming to us and say, "Hey, look, we sign these big consumption contracts, we're trying to figure out how to transform our business and we don't know how to." So you basically got people who have moved fast, have lots more to do, and that's this concept of total enterprise reinvention, and then you have many companies that are just starting to really take on these more ambitious programs. So we see this as a decade of transformation.

然後那些我們已經遷移的人現在來找我們說，“嘿，看，我們簽了這些大消費合同，我們正試圖弄清楚如何轉變我們的業務，但我們不知道如何去做。”所以你基本上得到了快速行動的人，還有很多事情要做，這就是全面企業重塑的概念，然後你有許多公司才剛剛開始真正接受這些更有雄心的計劃。因此，我們將這視為轉型的十年。

Okay. Good. Then a quick one on M&A. I think you highlighted, KC, about close to $700 million in this past quarter in M&A. Can you guys just give a little more color on what you're seeing in the environment? Have you seen some of the private valuations come in? And are you seeing sort of an uptick in activity in that space?

好的。好的。然後是關於併購的快速介紹。 KC，我想你在上個季度強調了近 7 億美元的併購。你們能不能給你在環境中看到的東西多一點顏色？你有沒有看到一些私人估值進來？您是否看到該領域的活動有所增加？

Yes. I mean great companies never come at cheap prices, is what I would say. So -- and we really try to focus on buying highly valued companies. So we really aren't seeing that. The broader environment, yes, but where we're focusing, we're not really seeing any big differences. And we think that's the right answer, right, we want to buy great companies.

是的。我的意思是偉大的公司永遠不會以便宜的價格出現，這就是我要說的。所以 - 我們真的試圖專注於購買高價值公司。所以我們真的沒有看到。是的，更廣泛的環境，但我們關注的地方，我們並沒有真正看到任何大的差異。我們認為這是正確的答案，對，我們想收購偉大的公司。

Your next question comes from the line of Dave Koning from Baird.

您的下一個問題來自 Baird 的 Dave Koning。

And I guess my question, I've noticed your -- the strategic priorities continue to grow significantly. And they grew at the same pace, at least the qualitative like numbers you wrote were at the same pace as last quarter. Is that -- I mean, is that like very close to, I guess, the same growth? Like did it decelerate at all? Or is that actually very similar? And what percent of revenues are those? Just I'm kind of thinking through the rest of the business must have decelerated a little more of that.

我想我的問題是，我注意到你的——戰略重點繼續顯著增長。他們以同樣的速度增長，至少你寫的定性數字與上個季度的速度相同。那是——我的意思是，我猜這是否非常接近相同的增長？就像它完全減速了嗎？或者這實際上非常相似？這些佔收入的百分比是多少？只是我有點想通過其他業務一定會減速更多。

Yes. So overall -- let me say first, Happy Holidays. It's good to talk to you. In terms of overall, our strategic priorities, as you mentioned, and you're right, you would expect in a quarter where we grew 15%, we did have higher growth overall in terms of what we have in our strategic priorities. They would -- in total, they did grow at a faster pace than the rest of Accenture at 15%, which is the intent overall of our strategic priority. And so -- which does account for the majority of our revenue.

是的。總的來說——讓我先說，節日快樂。很高興和你交談。就總體而言，我們的戰略重點，正如你提到的，你是對的，你會期望在我們增長 15% 的季度中，我們在我們的戰略重點方面確實有更高的整體增長。他們將 - 總的來說，他們確實以比埃森哲其他公司更快的速度增長 15%，這是我們戰略重點的總體意圖。所以——這確實佔了我們收入的大部分。

Yes. Look, as you go forward, we talked a little bit about earlier, you've got parts of our business like some of the customer focus, ad spending and marketing that's -- where clients are more challenged to be able to prioritize those areas, you also see some changing in industry. So we're all reading about comms, media and tech, right? So we are going to see -- we expect kind of a slowdown in spending from those clients as they reposition and think about sort of their -- what the changes they need to make, and we're helping them do that.

是的。看，隨著你的前進，我們之前談過一點，你有我們業務的一部分，比如一些以客戶為中心的廣告支出和營銷——在這些領域，客戶面臨更大的挑戰，無法優先考慮這些領域，您還會看到行業發生一些變化。所以我們都在閱讀有關通信、媒體和技術的內容，對嗎？因此，我們將看到——我們預計這些客戶的支出會有所放緩，因為他們會重新定位並考慮他們的——他們需要做出什麼樣的改變，我們正在幫助他們做到這一點。

So again, the diversity of our business really helps us balance. You do have, at any given time in an environment like this, areas that -- where the clients are having to make different choices and we're trying to pivot to help them and be really relevant to their current needs. And that's why it was so important to see the -- we've been talking about this for a couple of quarters, the importance of cost and to see that really coming through in our sales and pipeline, just demonstrates how our breadth of services allows us to pivot to the needs of our clients.

再一次，我們業務的多樣性確實幫助我們實現了平衡。在這樣的環境中的任何給定時間，您確實有這樣的領域 - 客戶必須做出不同的選擇，我們正努力轉向幫助他們並真正與他們當前的需求相關。這就是為什麼看到如此重要——我們已經討論了幾個季度，成本的重要性，並看到它在我們的銷售和渠道中真正體現出來，只是證明了我們的服務範圍如何允許我們以客戶的需求為中心。

Yes. Got you. And just one quick follow-up. You mentioned in Consulting, I think Tien-Tsin asked, you mentioned in Consulting, I think, bookings being down. Was that sequentially or year-over-year? And is that on a constant currency basis?

是的。明白了並且只是一個快速跟進。你在諮詢中提到過，我想 Tien-Tsin 問過，你在諮詢中提到過，我認為預訂量下降了。是按順序還是按年？是按固定匯率計算的嗎？

Yes. So just first of all, bookings overall in terms -- let's just talk about bookings overall, Dave. They were up in local currency by 6%. But when you take the FX headwind, they were down overall in U.S. dollars. And what I mentioned was we expect a strong bookings quarter in Q2. The question that Tien-Tsin had was about the Consulting bookings expectation for Q2, and we expect a strong bookings in Q2. I just want to remind you that that's where we -- that was also the quarter though, last year, where we had our record Consulting bookings last year of about $11 billion. And so I just wanted to set the expectation that will be strong, it may not surpass the $11 billion that we did last quarter, last year in Q2.

是的。因此，首先，就整體預訂而言——戴夫，讓我們談談整體預訂。以當地貨幣計算，它們上漲了 6%。但當你考慮到外匯逆風時，它們以美元計價整體下跌。我提到的是我們預計第二季度會有強勁的預訂季度。 Tien-Tsin 的問題是關於第二季度的諮詢預訂預期，我們預計第二季度會有強勁的預訂。我只是想提醒你，那是我們的地方 - 那也是去年的那個季度，我們去年的諮詢預訂額創下了約 110 億美元的記錄。所以我只是想設定一個強勁的預期，它可能不會超過我們上個季度，去年第二季度所做的 110 億美元。

Your next question comes from the line of James Faucette from Morgan Stanley.

你的下一個問題來自摩根士丹利的 James Faucette。

Great. Just wanted to follow up on the D&A question, and I completely get the point around valuations and wanting to look at the best companies. But are there any specific capabilities we should think about that you would be targeting especially as you're seeing clients evolve a bit their needs in the current environment?

偉大的。只是想跟進 D&A 問題，我完全明白估值的要點，想看看最好的公司。但是，是否有任何我們應該考慮的特定功能，尤其是當您看到客戶在當前環境中的需求有所變化時？

So a few things, right? So first of all, since the pandemic began, we've been very focused on building scale in markets around cloud, data and AI because that's so critical to building the digital core. So last quarter, we bought something in the Nordics, for example, that was all about getting scale. We bought something in France around mainframes because that's a very specific skillset that is relevant to moving some industries like financial services off of these core systems. And so we'd expect to continue to invest there.

所以有幾件事，對吧？因此，首先，自大流行開始以來，我們一直非常專注於圍繞雲、數據和人工智能在市場上擴大規模，因為這對於構建數字核心至關重要。所以上個季度，我們在北歐購買了一些東西，例如，這都是為了擴大規模。我們在法國圍繞大型機購買了一些東西，因為這是一個非常具體的技能組合，與將金融服務等一些行業從這些核心系統中轉移出來有關。所以我們希望繼續在那裡投資。

And we did this quarter, for example, with eLogic and with Sensis, these were acquisitions that we did this quarter, all in sort of the cloud and cloud platform technology space. Data and AI solutions will continue to be important. And again, we try to focus both on scale and getting scale in market. So we made a really exciting acquisition in Japan this quarter around data and AI solutions because we see that such a big market for us and we see a lot of interest, and it was just a great company.

例如，我們在本季度通過 eLogic 和 Sensis 進行了收購，這些都是我們在本季度進行的收購，都是在雲和雲平台技術領域進行的。數據和人工智能解決方案將繼續發揮重要作用。再一次，我們試圖同時關注規模和在市場上取得規模。因此，本季度我們在日本圍繞數據和人工智能解決方案進行了一次非常令人興奮的收購，因為我們看到這對我們來說是一個巨大的市場，我們看到了很多興趣，而且它只是一家偉大的公司。

So if you think about what clients are focused on building their digital core, that's going to continue to be a focus. The next digital frontier, supply chain, digitizing supply chain and manufacturing, so we made a couple of acquisitions there this quarter, McGregor, Stellantis. And so really, we keep very close to our strategy, which is tied to clients. They want reinvention across the enterprise, so continuing to build areas like in the digital frontier, making sure we've got scale and all of the capabilities needed across the digital core will continue to be a focus.

因此，如果您考慮哪些客戶專注於構建他們的數字核心，那將繼續成為一個重點。下一個數字前沿，供應鏈，數字化供應鍊和製造，所以我們本季度在那裡進行了幾次收購，McGregor，Stellantis。因此，實際上，我們非常接近與客戶相關的戰略。他們希望在整個企業內進行重塑，因此繼續建設數字前沿等領域，確保我們擁有規模，並且數字核心所需的所有功能將繼續成為重點。

That's great. And then just as a quick follow-up, and it's kind of related to accounting or some of the accounting metrics that are moving in. Looking at DSOs, you guys almost always have industry-leading DSOs. But for you specifically, it looks like it's a little bit higher than last year. Can you talk us through puts and takes and what's moving that around? And should we expect to see improvement from here? Or is this something, just from a monitoring working capital, that this is the kind of level we should expect going forward?

那太棒了。然後作為快速跟進，它與會計或一些正在發生的會計指標有關。看看 DSO，你們幾乎總是擁有行業領先的 DSO。但具體對你來說，它看起來比去年高了一點。你能和我們談談 puts and takes 以及是什麼在推動它嗎？我們應該期望從這裡看到改進嗎？還是僅從監控營運資金來看，這就是我們應該期待的未來水平？

Yes. Thanks for the question. And you're right, we do have industry-leading DSO, and we continue to have industry-leading DSOs. So let's talk about what we're seeing this quarter. So we had 48 days this quarter. And I think as you know, we do have a structural uptick every year from Q4 to Q1. And this is about a day of higher uptick than we would traditionally have, but it's nothing that we're concerned about. And we do feel really good about our DSO coming down by the end of the year. As I mentioned in our free cash flow guidance at the beginning of the year, we did allow for a couple of days uptick in DSO, and that's what we still expect.

是的。謝謝你的問題。你是對的，我們確實擁有行業領先的 DSO，並且我們將繼續擁有行業領先的 DSO。那麼讓我們談談我們在本季度看到的情況。所以這個季度我們有 48 天。我認為，正如你所知，從第四季度到第一季度，我們每年都會出現結構性增長。這是一天比我們傳統上更高的漲幅，但這不是我們所擔心的。我們確實對我們的 DSO 在年底前下降感到非常滿意。正如我在年初的自由現金流指導中提到的那樣，我們確實允許 DSO 有幾天的上漲，這也是我們仍然期望的。

And maybe I'll talk a little bit about the free cash flow. So when you take a look at that in free cash flow and our expectations, overall for free cash flow for the year, you heard me reiterate the free cash flow guidance for the year. So that allows for us to have a few days uptick in DSO. And so we're still really -- feel that the $1.1 billion is a really very strong free cash flow guidance, and it takes into account and increased DSO for the year.

也許我會談談自由現金流。因此，當你看一下自由現金流量和我們對今年自由現金流量的整體預期時，你聽到我重申了今年的自由現金流量指導。因此，這使我們可以在 DSO 中有幾天的上漲。所以我們仍然真的 - 覺得 11 億美元是一個非常強大的自由現金流指導，它考慮到了今年 DSO 的增加。

Your next question comes from the line of Bryan Bergin from Cowen.

你的下一個問題來自 Cowen 的 Bryan Bergin。

I wanted to follow up on the growth outlook and a little bit of the client behavior. So I'm curious if you've seen any actual change in backlog or prior book sales being deferred or potentially coming out there? So I hear you on the macro uncertainty, and I'm curious if their incidence of clients actually taking work out versus more so dragging on new bookings?

我想跟進增長前景和一些客戶行為。所以我很好奇你是否看到積壓或之前的圖書銷售有任何實際變化被推遲或可能出現？所以我聽到你談到宏觀不確定性，我很好奇他們的客戶實際鍛煉的發生率與更多拖延新預訂的發生率？

Yes. So I -- we haven't seen any real change. What you're talking about is what's happening with the work that we've already sold, we're not seeing any real change in anything that's already in our book of business in terms of what's happening with the macro. And Julie, I don't know if there's anything else you want to add?

是的。所以我 - 我們沒有看到任何真正的變化。你所說的是我們已經售出的作品正在發生什麼，我們沒有看到任何已經在我們的業務簿中發生的事情在宏觀方面發生任何真正的變化。還有 Julie，我不知道你還有什麼要補充的嗎？

Yes -- no. And really I think what's important is that regardless of industry or country, the focus still is on transformation, right? There is nobody saying, "I'm going to change less," right? Unfortunately, the companies are having -- sometimes are having a harder time, right, doing what they'd like to do because they're under pressure. And again, that's where our relationships really matter because we're the trusted partner, right? And if you got to know that whatever you are going to spend money on, it's going to have to deliver value. it's a flight to quality, right?

是的——不。而且我真的認為重要的是，無論行業或國家，重點仍然是轉型，對嗎？沒有人說，“我要少改變，”對吧？不幸的是，這些公司有時會遇到困難，對，做他們想做的事，因為他們處於壓力之下。再一次，這就是我們的關係真正重要的地方，因為我們是值得信賴的合作夥伴，對嗎？如果你知道無論你要花錢買什麼，它都必須帶來價值。這是對質量的逃避，對吧？

And so we've seen that since the early days of the pandemic, and it continues in this environment. And remember, that the idea of total enterprise reinvention is things are connected. Like I gave the example of the European grocer, right? One company that can transform IT, do an ad strategy, provide personalized customer experience and lower overall cost, right, that is not easy to do, and it requires industry expertise and expertise in many parts of the enterprise. And that's really where our resilience comes from.

因此，我們從大流行初期就看到了這一點，並且在這種環境下仍在繼續。請記住，全面企業重塑的理念是萬物互聯。就像我舉的歐洲雜貨店的例子一樣，對嗎？一家公司，可以轉型IT，做一個廣告策略，提供個性化的客戶體驗，降低整體成本，對吧，那是不容易做到的，需要行業的專業知識和企業很多方面的專業知識。這就是我們的韌性真正來自的地方。

And by the way, also our ability to pivot, right, to pivot. And that particular one started as a cost play, and we were able to show the client how not only could they reduce cost, but they could actually drive more growth by connecting these things and understanding the intersections. And that's what we're focused on, right? We always start with what do our clients need. And right now, they need to be more efficient, they need to do more with less, they need to optimize what they have and we're investing.

順便說一句，還有我們的轉向能力，正確的，轉向。那個特別的開始是一個成本遊戲，我們能夠向客戶展示他們如何不僅可以降低成本，而且他們實際上可以通過連接這些東西並理解交叉點來推動更多的增長。這就是我們關注的，對吧？我們總是從客戶需要什麼開始。而現在，他們需要提高效率，他們需要事半功倍，他們需要優化他們擁有的東西，而我們正在投資。

And I will tell you that one of the things that's so critical are assets and solutions. Because I was just doing world earlier this week and I always ask the client what do you think about what you've seen? And they're like, it's amazing like you have this myWizard platform, it's got data, it's got AI. It's stuff that we can even begin to build, and you not only have it built but it's been used in thousands of clients. So that's the kind of place where our ability to invest, not just now, but over the last decade, really matters to clients. And compared to anybody out there, right, the amount of money that we're putting in acquisitions and solutions is really tremendous in driving value for our clients.

我會告訴你，資產和解決方案是非常重要的事情之一。因為本週早些時候我剛剛在做世界，我總是問客戶你對你所看到的有什麼看法？他們就像，你擁有這個 myWizard 平台真是太棒了，它有數據，有人工智能。這是我們甚至可以開始構建的東西，您不僅構建了它，而且已經在成千上萬的客戶中使用了。因此，這就是我們投資能力的地方，不僅是現在，而且在過去十年中，對客戶來說真的很重要。與那裡的任何人相比，對，我們在收購和解決方案上投入的資金在為我們的客戶創造價值方面確實是巨大的。

Okay. That's good to hear. Follow-up, just geographic and vertical growth performance was quite broad-based here. Did you expect that to continue through the balance of the year? And I was particularly surprised on Europe and Growth Markets actually outperforming North America, is that going to persist or do you see that changing?

好的。聽起來還不錯。後續，只是地理和垂直增長表現在這裡非常廣泛。您是否希望這種情況會持續到今年餘下的時間？我對歐洲和成長型市場實際上優於北美感到特別驚訝，這種情況會持續存在還是您認為這種情況會發生變化？

By the way, my CEO of Europe and my CEO of Growth Markets like that out to their friends in North America as well. So a little good-natured competition there. But KC, why don't you...

順便說一句，我的歐洲首席執行官和我的增長市場首席執行官也喜歡他們在北美的朋友。所以那裡有一點善意的競爭。但是KC，你為什麼不...

Yes. And so in terms of what we expect to see for the year, we do expect to see Europe and Growth Markets for the full year be in the double-digit range. And we do expect that North America, which is -- as the CEO of North America says, "I have a much, much bigger business," will grow at a mid- to high single-digit range for the year. And Julie, I don't know if there's anything else that you want to add on...

是的。因此，就我們今年的預期而言，我們確實希望看到歐洲和成長型市場全年處於兩位數範圍內。我們確實預計，正如北美首席執行官所說，“我的業務要大得多”，北美地區今年將以中高個位數增長。朱莉，我不知道你是否還有什麼要補充的……

Yes, on North America, I mean, they had unbelievable growth last year on a huge book of business. So growing anywhere in the high single digit to double digit again this year is quite impressive. I mean their growth was 26% last year. So we are very pleased with kind of the growth we see ahead.

是的，在北美，我的意思是，他們去年在大量業務方面取得了令人難以置信的增長。因此，今年以高個位數增長到兩位數的任何地方都令人印象深刻。我的意思是他們去年的增長率是 26%。因此，我們對未來的增長感到非常滿意。

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 會結束通話。

Okay. That question comes from the line of Ashwin Shirvaikar from Citi.

好的。這個問題來自花旗銀行的 Ashwin Shirvaikar。

Let me say a good quarter in a tough environment and also Happy Holidays. Let me -- I'll ask both the questions together. The first one is I see the sequential hiring growth, and obviously, many other tech companies cutting back. And I'm wondering if your positive hiring is partly a function of the rapid decline in attrition, so you might not have put the brakes on hiring yet? So what should we expect for hiring? And could you comment on wage inflation?

讓我在艱難的環境中度過一個愉快的季度，並祝您節日快樂。讓我——我會一起問這兩個問題。第一個是我看到連續的招聘增長，顯然，許多其他科技公司也在裁員。我想知道你的積極招聘是否部分是由於人員流失的迅速下降，所以你可能還沒有停止招聘？那麼我們應該對招聘有什麼期望呢？你能評論一下工資通脹嗎？

Yes, sure. Ashwin, nice to speak with you. So just in terms of what we expect for hiring, first of all, as you know, our ability to manage supply and demand is a core competency of ours, and we're always focused on it. And so we did hire about -- we added about 17,000 people this quarter, as you mentioned. And we will continue to hire for the specific skills that we need. I think I made reference to that earlier, which means we may not need to hire as many people as we go throughout the year, but we'll balance that as we go through.

是的，當然。阿什溫，很高興和你說話。因此，就我們對招聘的期望而言，首先，如您所知，我們管理供需的能力是我們的核心競爭力，我們一直專注於此。因此，正如您提到的，我們確實僱用了大約 - 本季度我們增加了大約 17,000 人。我們將繼續聘用我們需要的特定技能。我想我之前提到過這一點，這意味著我們可能不需要像全年那樣僱傭盡可能多的人，但我們會在進行過程中進行平衡。

And on wage inflation, I'll just go back to what we said when we set guidance, we did see wage inflation continuing. We do have comp increases that are kicking in that we've planned for, of course, and included in our pricing. But they are higher than they've been, and that's a statement across all industries, all geographies. And of course, that we're no different in that regard.

關於工資通脹，我只是回到我們設定指導時所說的話，我們確實看到工資通脹將繼續。當然，我們確實有計劃增加薪酬，並包含在我們的定價中。但它們比以往更高，這是所有行業、所有地區的聲明。當然，我們在這方面沒有什麼不同。

Understood. And then on bookings, obviously, a good quarter overall. And you've referenced the underlying sort of Consulting versus Managed Services a couple of times. I want to kind of take that forward and ask the revenue conversion question because, obviously, Consulting, one might think of shorter cycle and it gets into revenue faster; Managed Services, longer ramps and things like that. Is that a fair observation still just looking at what you signed? And how might that affect sort of the calendar 2023 layout, if you will?

明白了。然後在預訂方面，顯然，總體來說是一個不錯的季度。您已經多次提到諮詢與託管服務的底層類型。我想把它向前推進並提出收入轉換問題，因為很明顯，諮詢，人們可能會想到更短的周期，它可以更快地獲得收入；託管服務、更長的坡道等等。這是一個公平的觀察仍然只看你簽署的內容嗎？如果您願意，這會如何影響 2023 年日曆佈局？

Yes. I think here's the way I would look at it. In terms of when you look at Managed Services and Consulting, as a broad statement, you have more the benefit of Managed Services is that you have already sold a fair amount of work, right? So while they are longer deals and they made the deals that you sell in that quarter may turn into revenue a little shorter than they would in A consulting sale, for example, which is typically a shorter duration, you have more work already sold as you go into a quarter.

是的。我想這就是我看待它的方式。就託管服務和諮詢而言，作為一個廣泛的陳述，託管服務的更多好處是您已經售出了相當多的工作，對嗎？因此，雖然它們是更長的交易，並且它們使您在該季度出售的交易轉化為收入的時間可能比諮詢銷售中的收入短一些，例如，諮詢銷售通常持續時間較短，但您已經售出更多的工作，因為您進入四分之一。

So there's a terrific benefit to that, which is why we like this diversity, right? We have that as well as in Consulting. They do -- the length and shape of them really do vary. And when you look at it overall, Ashwin, if you go back, and I know you followed us for a long time, and just look at our mix, of Managed Services to Consulting, it doesn't really change. The bookings you really don't change much as you go throughout our history in terms of the percent -- the proportion of each?

所以這有很大的好處，這就是我們喜歡這種多樣性的原因，對吧？我們在諮詢方面也有。它們確實如此——它們的長度和形狀確實各不相同。當你從整體上看時，Ashwin，如果你回去，我知道你關注我們很長時間了，看看我們從託管服務到諮詢的組合，它並沒有真正改變。就百分比而言，您在整個歷史中的預訂實際上並沒有太大變化 - 每個人的比例？

Yes. I mean this year, the bigger shift that we called out is just the smaller deal volume that's tied more to the macro and the sort of the shift on to these mega transformation deals, some of which are Consulting, some of which are Managed Services, they just bleed through revenue differently. So that's more of the impact this year that we see right now.

是的。我的意思是今年，我們呼籲的更大轉變只是與宏觀相關的交易量較小，以及向這些大型轉型交易的轉變，其中一些是諮詢，一些是託管服務，他們只是以不同的方式流失收入。因此，這是我們現在看到的今年的更多影響。

Okay. Well, thank you very much, and happy holidays. Good. So in closing, I want to thank all of our shareholders for your continued trust and support and all of our people for what you do every day. And I'd like to wish everyone a happy and healthy holiday season. Thank you.

好的。嗯，非常感謝，祝節日快樂。好的。因此，最後，我要感謝我們所有的股東一直以來的信任和支持，感謝我們所有的員工每天所做的一切。我想祝大家節日快樂、身體健康。謝謝你。

That does conclude your conference for today. Thank you for your participation and for using AT&T teleconference. You may now disconnect.

今天的會議到此結束。感謝您的參與和使用 AT&T 電話會議。您現在可以斷開連接。