埃森哲 (ACN) 2023 Q2 法說會逐字稿

And ladies and gentlemen, thank you for standing by, and welcome to the Accenture's Second Quarter Fiscal 2023 Earnings Call.

女士們，先生們，感謝你們的支持，歡迎來到埃森哲 2023 財年第二季度財報電話會議。

(Operator Instructions)

（操作員說明）

As a reminder, today's conference is being recorded. I would now like to turn the conference over to Katie O'Conor, Managing Director and Head of Investor Relations. Please go ahead.

提醒一下，今天的會議正在錄製中。我現在想將會議轉交給董事總經理兼投資者關係主管 Katie O'Conor。請繼續。

Thank you, operator, and thanks, everyone, for joining us today on our second 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 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.

謝謝運營商，也感謝大家今天加入我們的 2023 財年第二季度收益公告。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。我們希望您有機會閱讀我們不久前發布的新聞稿。

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

讓我快速概述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，以及第二季度的一些關鍵運營指標。然後，在 KC 提供我們對第三季度和整個 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稿中提出的那些因素並在我們關於 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提交給美國證券交易委員會的文件中進行了討論。這些風險和不確定性可能導致實際結果與本次電話會議中表達的結果大相徑庭。

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。在我們的新聞稿或我們網站 accenture.com 的投資者關係部分，我們會在適當情況下將非 GAAP 財務指標與 GAAP 進行對賬。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, Katie, and thank you to everyone joining today, and thank you to our 738,000 people around the globe for your incredible work and commitment to our clients, which has resulted in our delivering another strong quarter of financial results and the broader 360-degree value we continue to create for all our stakeholders.

謝謝你，Katie，感謝今天加入的每一個人，感謝我們全球 738,000 名員工所做的出色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和更廣泛的 360-我們繼續為所有利益相關者創造學位價值。

Let me share a few highlights and value we created in our continued disciplined execution. I'm very pleased with our record bookings for Q2 at $22.1 billion, our highest ever including 35 clients with quarterly bookings greater than $100 million, our second highest quarter on record for such bookings, representing the continued trust that our clients have in us. We delivered revenues of $15.8 billion, representing 9% growth in local currency, bringing us to $31.6 billion of revenue at 12% growth through H1, and we continued gaining market share, growing approximately 2x the market.

讓我分享一些我們在持續嚴格執行中創造的亮點和價值。我對我們第二季度創紀錄的 221 億美元預訂量感到非常滿意，這是我們有史以來的最高記錄，其中包括 35 家季度預訂量超過 1 億美元的客戶，這是我們此類預訂記錄中第二高的季度記錄，這代表了我們的客戶對我們的持續信任。我們實現了 158 億美元的收入，按當地貨幣計算增長了 9%，使我們的收入在上半年達到 316 億美元，增長率為 12%，並且我們繼續獲得市場份額，增長了大約 2 倍的市場份額。

We continued our inorganic investments with 6 acquisitions in strategic areas, including cloud with the acquisition of SKS in Europe, which will expand our specialized technology, consulting and regulatory capabilities, enabling us to better serve our financial services clients; security with the acquisition of Morphus in Brazil, a cyber defense risk management, cyber threat intelligence service provider; and supply chain with the acquisition of Inspirage in the U.S., which will enhance our technology capabilities to accelerate innovation for clients through emerging technologies such as touchless supply chain and digital twins.

我們繼續進行無機投資，在戰略領域進行了 6 次收購，包括在歐洲收購 SKS 的雲計算，這將擴展我們的專業技術、諮詢和監管能力，使我們能夠更好地為我們的金融服務客戶提供服務；收購巴西的 Morphus，這是一家網絡防御風險管理、網絡威脅情報服務提供商；通過收購美國的 Inspirage 和供應鏈，這將增強我們的技術能力，通過非接觸式供應鍊和數字孿生等新興技術為客戶加速創新。

We also continued our investment in our people with 10.3 million training hours, a 12% increase year-over-year. We are optimizing our business to lower costs in fiscal year 2024 and beyond, while continuing to invest in our business and our people to capture the significant growth opportunities ahead. KC will be giving you more detail on these actions.

我們還繼續對員工進行投資，培訓時數達到 1030 萬小時，同比增長 12%。我們正在優化我們的業務以降低 2024 財年及以後的成本，同時繼續投資於我們的業務和我們的員工以抓住未來的重大增長機會。 KC 將為您提供有關這些操作的更多詳細信息。

Finally, we believe our focus on creating 360-degree value differentiates us in our market. We earned the #1 position in our industry for the 10th year in a row and #32 overall on Fortune's list of the World's Most Admired Companies. We ranked #1 in our industry and #4 overall on the Just Capital list of America's most just companies. And we have been recognized by Ethisphere as one of the world's most ethical companies for the 16th year in a row.

最後，我們相信我們專注於創造 360 度價值，這讓我們在市場上脫穎而出。我們連續第 10 年在我們的行業中排名第一，在財富雜誌的全球最受讚賞公司名單中排名第 32 位。我們在行業中排名第一，在美國最公正的公司 Just Capital 名單中總體排名第四。我們連續第 16 年被 Ethisphere 評為世界上最道德的公司之一。

I'm very pleased that our results demonstrate once again that our strategy to be the execution partner of choice for transformation, lead in the 5 forces and have a diverse business across markets, industries and services continues to allow us to lead and take market share. And in a world in which all strategies lead to technology, we have distinguished ourselves and our impact in the market.

我很高興我們的結果再次表明，我們的戰略是成為轉型的首選執行合作夥伴，引領 5 種力量，並擁有跨市場、行業和服務的多元化業務，這將使我們繼續領先並佔據市場份額.在一個所有戰略都導致技術的世界裡，我們已經脫穎而出，並在市場上產生了影響。

Over to you, KC.

交給你了，KC。

Thank you, Julie, and thanks to all of you for taking the time to join us on today's call. We were pleased with our overall results in the second quarter, setting a new bookings record at $22.1 billion, $2.5 billion higher than our previous record set in Q2 of last year with consulting bookings close to matching our previous record. We delivered revenue growth for the quarter at the top end of our guided range as we continue to deliver on our shareholder value proposition.

謝謝你，朱莉，也感謝大家抽出時間參加我們今天的電話會議。我們對第二季度的整體業績感到滿意，預訂量創下 221 億美元的新紀錄，比我們去年第二季度創下的紀錄高出 25 億美元，諮詢預訂量接近我們之前的紀錄。隨著我們繼續實現股東價值主張，我們在本季度實現了指導範圍的高端收入增長。

Before I summarize results for the quarter, let me spend a moment on the business optimization actions we are taking to reduce costs for fiscal '24 and beyond, which includes streamlining operations, transforming our non-billable corporate functions and consolidating office space.

在我總結本季度的結果之前，讓我花點時間談談我們為降低 24 財年及以後的成本而採取的業務優化行動，其中包括精簡運營、轉變我們的非計費公司職能和整合辦公空間。

We estimate cost of $1.5 billion through fiscal year 2024, of which we expect to incur approximately $800 million in FY '23 and $700 million in FY '24, comprised of approximately $1.2 billion in severance and $300 million for the consolidation of office space. These actions are expected to impact roughly 2.5% or 19,000 of our current workforce, of which over half are non-billable corporate functions and include over 800 of our more than 10,000 leaders across our markets and services. Nearly half of the 19,000 people will depart by the end of fiscal year '23.

我們估計到 2024 財年的成本為 15 億美元，其中我們預計 23 財年將產生約 8 億美元，24 財年將產生 7 億美元，其中包括約 12 億美元的遣散費和 3 億美元的辦公空間整合費用。這些行動預計將影響我們現有員工的大約 2.5% 或 19,000 人，其中一半以上是非計費的公司職能部門，包括我們市場和服務領域 10,000 多名領導者中的 800 多名。到 23 財年末，19,000 人中將近一半將離職。

Now let me summarize a few of the highlights for the quarter. Revenues grew 9% local currency, driven by broad-based growth across all markets with more than half of our 13 industries growing double digits. We also continue to extend our leadership position with growth estimated to be about 2x the market, which refers to our basket of publicly traded companies.

現在讓我總結一下本季度的一些亮點。受所有市場廣泛增長的推動，收入以當地貨幣計算增長了 9%，我們 13 個行業中有一半以上實現了兩位數增長。我們還繼續擴大我們的領導地位，增長估計約為市場的 2 倍，這是指我們的一攬子上市公司。

In Q2, we recorded $244 million in costs associated with the business optimization actions, which impacted operating margin by 150 basis points and EPS by $0.30. The following comparisons exclude these impacts and reflect adjusted results.

在第二季度，我們記錄了 2.44 億美元與業務優化行動相關的成本，這對營業利潤率產生了 150 個基點的影響，對每股收益產生了 0.30 美元的影響。以下比較排除了這些影響並反映了調整後的結果。

We delivered adjusted EPS in the quarter of $2.69, reflecting 6% growth over EPS last year. Adjusted operating margin of 13.8% increased 10 basis points, with 20 basis point expansion year-to-date and includes continued significant investments in our people and our business. Finally, we delivered free cash flow of $2.2 billion and returned $1.8 billion to shareholders through repurchases and dividends. Year-to-date, we've invested $1.1 billion in acquisitions, primarily attributed to 15 transactions.

我們在本季度交付了 2.69 美元的調整後每股收益，比去年每股收益增長了 6%。調整後的營業利潤率為 13.8%，增加了 10 個基點，年初至今擴大了 20 個基點，其中包括對我們的人員和業務的持續重大投資。最後，我們交付了 22 億美元的自由現金流，並通過回購和派息向股東返還了 18 億美元。年初至今，我們已投資 11 億美元用於收購，主要歸功於 15 筆交易。

With those high-level comments, let me turn to some of the details, starting with new bookings. New bookings were a record at $22.1 billion for the quarter, representing growth of 17% in local currency with an overall book-to-bill of 1.4. Consulting bookings were $10.7 billion with a book-to-bill of 1.3. Managed service bookings were also a record at $11.4 billion with a book-to-bill of 1.5. We were very pleased with the strength of our new bookings, which were broad-based, delivering a very strong book-to-bill across all of our geographic markets and across our services with a book-to-bill of 1.5 in operations, 1.4 in technology and 1.3 in strategy and consulting.

有了這些高層評論，讓我談談一些細節，從新預訂開始。本季度新預訂量達到創紀錄的 221 億美元，按當地貨幣計算增長了 17%，總體訂單出貨比為 1.4。諮詢預訂額為 107 億美元，訂單出貨比為 1.3。託管服務預訂也創下了 114 億美元的記錄，訂單出貨比為 1.5。我們對我們新預訂的實力感到非常滿意，這些預訂具有廣泛的基礎，在我們所有的地理市場和我們的服務中提供了非常強大的訂單出貨比，運營中的訂單出貨比為 1.5，1.4在技術和 1.3 在戰略和諮詢。

Turning now to revenues. Revenues for the quarter were $15.8 billion, a 5% increase in U.S. dollars and 9% in local currency, and we're at the top end of our range, adjusting for a foreign exchange headwind of approximately 4% compared to the 5% provided last quarter. Consulting revenues for the quarter were $8.3 billion, a decline of 1% in U.S. dollars and an increase of 4% in local currency. Managed services revenue were $7.5 billion, up 12% in U.S. dollars and 16% in local currency.

現在轉向收入。本季度的收入為 158 億美元，以美元計算增長 5%，以當地貨幣計算增長 9%，我們處於範圍的頂端，根據提供的 5% 的外匯逆風調整約 4%上個季度。本季度諮詢收入為 83 億美元，按美元計算下降 1%，按當地貨幣計算增長 4%。託管服務收入為 75 億美元，按美元計算增長 12%，按當地貨幣計算增長 16%。

Taking a closer look at our service dimensions. Technology services and operations grew double digits, and strategy and consulting declined mid-single digits.

仔細看看我們的服務維度。技術服務和運營增長了兩位數，而戰略和諮詢則下降了中個位數。

Turning to our geographic markets. In North America, revenue growth was 5% in local currency, driven by growth in public service, health and utilities. These increases were partially offset by a decline in communications and media and high tech. Revenue growth was driven by the United States.

轉向我們的地理市場。在北美，受公共服務、健康和公用事業增長的推動，以當地貨幣計算的收入增長為 5%。這些增長部分被通信和媒體以及高科技的下降所抵消。收入增長是由美國推動的。

In Europe, revenues grew 12% in local currency, led by growth in industrial, banking and capital markets and public service. Revenue growth was driven by Germany, Italy and France.

在歐洲，在工業、銀行和資本市場以及公共服務領域的增長帶動下，以當地貨幣計算的收入增長了 12%。收入增長由德國、意大利和法國推動。

In growth markets, we delivered 14% revenue growth in local currency, driven by growth in banking and capital markets, chemical and natural resources and public service. Revenue growth was led by Japan.

在成長型市場，在銀行和資本市場、化學和自然資源以及公共服務的增長推動下，我們實現了 14% 的當地貨幣收入增長。收入增長由日本引領。

Moving down the income statement. Gross margin for the quarter was 30.6% compared with 30.1% for the same period last year. Sales and marketing expense for the quarter was 9.9% compared to 9.4% for the second quarter last year. General and administrative expense was 6.8% compared to 7% for the same quarter last year. Adjusted operating income was $2.2 billion in the second quarter, reflecting an adjusted 13.8% operating margin, an increase of 10% -- 10 basis points from operating margin in the second quarter of last year. Our effective tax rate for the quarter was 20.4% compared with an effective tax rate of 19.2% for the second quarter last year.

向下移動損益表。本季度毛利率為 30.6%，而去年同期為 30.1%。本季度的銷售和營銷費用為 9.9%，而去年第二季度為 9.4%。一般和行政費用為 6.8%，而去年同期為 7%。第二季度調整後營業收入為 22 億美元，反映調整後營業利潤率為 13.8%，增長 10%，比去年第二季度營業利潤率高 10 個基點。我們本季度的有效稅率為 20.4%，而去年第二季度的有效稅率為 19.2%。

Adjusted diluted earnings per share were $2.69 compared with diluted EPS of $2.54 in the second quarter last year. Days services outstanding were 42 days compared to 48 days last quarter and 41 days in the second quarter of last year.

調整後的攤薄每股收益為 2.69 美元，而去年第二季度的攤薄每股收益為 2.54 美元。未完成服務天數為 42 天，上一季度為 48 天，去年第二季度為 41 天。

Free cash flow for the quarter was $2.2 billion compared to approximately $400 million last quarter, resulting from cash generated by operating activities of $2.3 billion, net of property and equipment additions of $108 million. Our cash balance of -- at February 28 was $6.2 billion compared with $7.9 billion at August 31st.

本季度的自由現金流為 22 億美元，而上一季度約為 4 億美元，這是由於運營活動產生的現金為 23 億美元，扣除增加的財產和設備 1.08 億美元。截至 2 月 28 日，我們的現金餘額為 62 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 second quarter, we repurchased or redeemed 4.1 million shares for $1.1 billion at an average price of $273.55 per share. As of February 28, we had approximately $4.2 billion of share repurchase authority remaining. Also in February, we paid a quarterly cash dividend of $1.12 per share for a total of $708 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 May 15, a 15% increase over last year.

關於我們向股東返還現金的持續目標，在第二季度，我們以每股 273.55 美元的平均價格以 11 億美元的價格回購或贖回了 410 萬股股票。截至 2 月 28 日，我們還有大約 42 億美元的股票回購授權。同樣在 2 月，我們支付了每股 1.12 美元的季度現金股息，總計 7.08 億美元。這比去年增加了 15%。我們的董事會宣布將於 5 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 partnering with Save the Children to connect with new audiences and invigorate donors through fundraising and creative campaign excellence. So the halfway point of fiscal '23, we are pleased with our results.

最後，轉向我們為所有利益相關者創造的 360 度價值。我們與救助兒童會合作，通過籌款和卓越的創意活動與新的受眾建立聯繫並激勵捐助者。因此，23 財年的中點，我們對我們的結果感到滿意。

Now let me turn it back to Julie.

現在讓我把它轉回給朱莉。

Thank you, KC. I will start with the overall demand environment, which is more of the same. We believe that the ongoing volatility and uncertainty in the macro environment 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 and the ability to access, create and unlock the potential of talent are critical to succeed in the near, medium and long term.

謝謝你，KC。我先從整體的需求環境說起，大同小異。我們認為，宏觀環境的持續動盪和不確定性讓客戶更加清楚他們需要做出更多而不是更少的改變。我們為未來十年確定的 5 種主要變革力量中的 2 種，即企業全面重塑的需求以及獲取、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 2 common themes. First, all strategies continue to lead to technology, particularly cloud, data, AI and security. This is reflected in the latest market estimates, which are down slightly but are still hovering around 5%. And second, companies remain focused on executing compressed transformations to achieve lower cost, stronger growth, more agility and greater resilience faster.

我們看到兩個共同的主題。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。這反映在最新的市場估計中，該估計略有下降，但仍徘徊在 5% 左右。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。

We remain laser focused on pivoting to our clients' changing needs and being relevant across the enterprise from the front line to core operations to corporate functions. Our ability to advise, shape and deliver value-led transformation, leveraging the breadth of our services from strategy and consulting to our strategic managed services across all industries and geographic markets is what differentiates Accenture.

我們始終專注於滿足客戶不斷變化的需求，並在從一線到核心運營再到企業職能的整個企業中保持相關性。我們提供建議、塑造和交付以價值為導向的轉型的能力，利用我們從戰略和諮詢到我們跨所有行業和地理市場的戰略管理服務的廣泛服務，是埃森哲與眾不同的地方。

Now I will give you more color on the quarter and in particular, how total enterprise reinvention and talent are critical to our clients. For example, we are helping Shionogi & Co., Ltd., a Japanese pharmaceutical company with a compressed transformation to improve its business process efficiency and create a more agile organization. We will enter into a joint venture with the company that will provide a managed services capability to oversee back-office functions such as human resources, finance and accounting, public relations, facility management, procurement and marketing.

現在，我將為您提供有關本季度的更多信息，特別是全面的企業重塑和人才對我們的客戶至關重要。例如，我們正在幫助一家日本製藥公司 Shionogi & Co., Ltd. 進行壓縮轉型，以提高其業務流程效率並創建更敏捷的組織。我們將與該公司成立一家合資企業，提供託管服務能力，以監督人力資源、財務和會計、公共關係、設施管理、採購和營銷等後台職能。

The joint venture will also be charged with the management of the pharmacovigilance function from safety management operations to post marketing operations to regulatory compliance. As part of this transformation, we will upscale over 400 employees, enabling them to play a greater role in the growth and development of the wider business, hence demonstrating the value of all our services from strategy and consulting, our deep industry knowledge to technology and operations coming together to enable the clients transformation.

該合資企業還將負責藥物警戒職能的管理，從安全管理運營到上市後運營再到監管合規。作為這一轉型的一部分，我們將提升 400 多名員工，使他們能夠在更廣泛的業務增長和發展中發揮更大的作用，從而展示我們從戰略和諮詢、我們深厚的行業知識到技術和運營匯集在一起，使客戶轉型。

I would like to take a moment to recognize Egawa-san, our Head of the Japan market unit and our extraordinary people in Japan for how they are consistently creating value for our clients with double-digit revenue growth for each of the past 5 years.

我想花點時間來表彰我們日本市場部門的負責人 Egawa-san 和我們在日本的傑出員工，他們在過去 5 年中每年都以兩位數的收入增長持續為我們的客戶創造價值。

As clients focus on building their digital core with a modern cloud-based infrastructure, our cloud business continues to grow very strong double digits. For example, we are working with the state of Missouri to replace its legacy applications and infrastructure with a modern ERP in the cloud, introducing new capabilities in finance, supply chain management, human capital management, payroll and budgeting.

隨著客戶專注於使用基於雲的現代基礎設施構建他們的數字核心，我們的雲業務繼續以非常強勁的兩位數增長。例如，我們正在與密蘇里州合作，用雲中的現代 ERP 取代其遺留應用程序和基礎設施，在財務、供應鏈管理、人力資本管理、工資單和預算編制方面引入新功能。

As the current ERP system no longer fully meets the business needs of the state, they are looking for a modern system that is efficient, scalable and flexible, all delivered by a best-in-class implementation partner. This compressed transformation, one of the earliest and most complex ERP implementations for any state will help reduce operating expenses, provide opportunities for upskilling and improve customer experience and services.

由於當前的 ERP 系統不再完全滿足國家的業務需求，他們正在尋找一個高效、可擴展和靈活的現代系統，所有這些都由一流的實施合作夥伴提供。這種壓縮轉型是任何州最早和最複雜的 ERP 實施之一，將有助於降低運營費用，提供提高技能的機會，並改善客戶體驗和服務。

We are partnering with minority and women-owned businesses on this transformation, and we will bring in apprentices, the program's life cycle part of our shared commitment with the state of Missouri to foster diversity and inclusion.

我們正在與少數族裔和女性擁有的企業合作進行這一轉型，我們將引進學徒，這是我們與密蘇里州共同承諾促進多樣性和包容性的項目生命週期的一部分。

With our cloud-first strategy, our approach has been to help clients migrate to the cloud and then partner with them on their journey to grow and innovate in the cloud. Our cloud growth is driven by both migration and clients who are moving forward on this journey, such as Enel, one of our largest utilities clients who's taken their mass migration to cloud a few years ago to the next level, changing their operating model, tools and talent and largely automating IT operations. We are now helping them accelerate the modernization of their application landscape, reduce greenhouse gas emissions by up to 80%, support a significant acquisition and divestment agenda and pivot to platform-based business model for integrated retail delivery beyond meter services, grid and renewable energy.

通過我們的雲優先戰略，我們的方法一直是幫助客戶遷移到雲，然後與他們合作，在雲中發展和創新。我們的雲增長是由遷移和在這一旅程中向前邁進的客戶推動的，例如 Enel，我們最大的公用事業客戶之一，幾年前將大規模遷移到雲提升到了一個新的水平，改變了他們的運營模式、工具和人才，並在很大程度上實現 IT 運營自動化。我們現在正在幫助他們加速其應用環境的現代化，減少高達 80% 的溫室氣體排放，支持重要的收購和撤資議程，並轉向基於平台的商業模式，以實現儀表服務、電網和可再生能源之外的綜合零售交付.

Using cloud as their operating systems is helping this market leader manage increasing levels of complexity by bringing together data, AI and applications to optimize their operations and accelerate growth.

使用云作為他們的操作系統正在幫助這個市場領導者通過將數據、人工智能和應用程序結合在一起來優化他們的運營和加速增長來管理日益增加的複雜性。

A strong and secure digital core also is essential to total enterprise reinvention. We're seeing continued very strong demand for our security services, which experienced another quarter of very strong double-digit growth. We're working with Empresas CMPC SA, a Chilean pulp and paper company, and a cybersecurity transformation of their plant operations. We will implement a security program across its 48 industrial sites focused on threat detection, management and response as well as governance and workforce training.

強大而安全的數字核心對於整個企業的重塑也至關重要。我們看到對我們的安全服務的需求持續非常強勁，又經歷了一個非常強勁的兩位數增長季度。我們正在與智利製漿造紙公司 Empresas CMPC SA 合作，並對其工廠運營進行網絡安全轉型。我們將在其 48 個工業基地實施安全計劃，重點關注威脅檢測、管理和響應以及治理和員工培訓。

Through our global and local industrial capabilities, we will help strengthen the company's cybersecurity expenses through continuous monitoring of its physical locations and equipment.

通過我們的全球和本地工業能力，我們將通過持續監控其物理位置和設備來幫助加強公司的網絡安全支出。

We continue to lead in managed services, which experienced strong growth again this quarter at 16%. Managed services are strategic for our clients because they enable clients to move faster, leveraging our digital platform expertise and talent as well as delivering cost efficiencies. And our clients are turning to Accenture because of the depth and breadth of our industry, functional and technology expertise that we bring together into the transformation journey.

我們在託管服務領域繼續領先，本季度再次強勁增長 16%。託管服務對我們的客戶具有戰略意義，因為它們使客戶能夠更快地行動，利用我們的數字平台專業知識和人才，並提供成本效益。我們的客戶正在轉向埃森哲，因為我們在轉型過程中整合了我們行業、職能和技術專業知識的深度和廣度。

Our approach to managed services is to both run and transform, and run and modernize. We deliver cost savings as table stakes. For example, we are partnering with the U.K.'s Department for Work and Pensions, which is responsible for welfare pensions and child maintenance policy to modernize its legacy systems, eliminating backlogs and delivering a better experience for citizens and employees. We developed a cloud-based intelligent optimization platform that combines robotic process automation, AI, analytics and machine learning to provide bots-as-a-service to create the equivalent of a virtual workforce available 24/7.

我們對託管服務的方法是運行和轉換，以及運行和現代化。我們將成本節約作為籌碼。例如，我們正在與英國工作和養老金部合作，該部門負責福利養老金和兒童撫養政策，以實現其遺留系統的現代化，消除積壓並為公民和員工提供更好的體驗。我們開發了一個基於雲的智能優化平台，該平台結合了機器人過程自動化、人工智能、分析和機器學習，以提供機器人即服務來創建相當於 24/7 全天候可用的虛擬勞動力。

With routine tests now automated, the organization has already saved 2.4 million human hours, which can be reallocated to more complex higher-value tasks.

通過現在自動化的例行測試，該組織已經節省了 240 萬工時，這些工時可以重新分配給更複雜、價值更高的任務。

Let me pause to thank our global H&PS colleagues for their amazing contributions as evidenced by 14 consecutive quarters of double-digit growth.

讓我停下來感謝我們全球 H&PS 同事的驚人貢獻，連續 14 個季度的兩位數增長就是明證。

As our clients continue to prioritize cost optimization as well as growth in [landscape], Song is more relevant than ever. In Song, which grew strong double digits this quarter, clients are focused on more capital-efficient growth that creates efficiency, drive short-term growth and optimizes existing assets with clear outcomes and shorter time horizons to keep up with the pace of change with customers and technology.

隨著我們的客戶繼續優先考慮成本優化和 [landscape] 的增長，Song 比以往任何時候都更重要。在本季度實現兩位數強勁增長的 Song，客戶專注於提高資本效率的增長，從而創造效率、推動短期增長並優化現有資產，以取得明確的成果和更短的時間範圍，以跟上客戶變化的步伐和技術。

We've moved quickly to help clients seize new opportunities in contact centers, not only for enhanced customer service, but also customer acquisition and growth. We are working with a global biopharmaceutical leader in North America to reinvent digital marketing at scale. Driven by data and using technologies integrated with SynOps, the company will be able to create, produce and deliver consistent world-class content that informs and educates health care providers and patient communities around the world, helping to deliver innovative health services.

我們迅速採取行動，幫助客戶抓住聯絡中心的新機遇，這不僅是為了增強客戶服務，也是為了獲取和發展客戶。我們正在與北美的一家全球生物製藥領導者合作，大規模重塑數字營銷。在數據的驅動下並使用與 SynOps 集成的技術，該公司將能夠創建、製作和提供一致的世界級內容，為世界各地的醫療保健提供者和患者社區提供信息和教育，幫助提供創新的醫療服務。

We are working with the Prada Group, the Italian luxury fashion player, to offer its customers an entirely new customization experience through an online 3D configurator. Accenture Song created a digital twin of Prada's iconic show called Americas Cup, which allows shoppers to fully customize it for material to color to trim across the overlay, lining, sole and other parts. With more than 50 million possible configurations, more than any web platform could handle, this innovative approach allows customers to see high resolution 3D models of their custom builds with the same quality and fidelity as a physical show. Song solution to online product customization is fully scalable to the cloud. It gives Prada the flexibility to apply the same strategy to other products, ensuring the outstanding experience that their shoppers expect.

我們正在與意大利奢侈時尚品牌 Prada Group 合作，通過在線 3D 配置器為其客戶提供全新的定制體驗。 Accenture Song 為 Prada 的標誌性時裝秀 Americas Cup 創建了一個數字雙胞胎，它允許購物者完全定制它的材料和顏色，以修剪覆蓋層、襯裡、鞋底和其他部分。憑藉超過 5000 萬種可能的配置，比任何網絡平台都能處理的更多，這種創新方法使客戶能夠看到他們定制構建的高分辨率 3D 模型，其質量和保真度與實體表演相同。 Song 在線產品定制解決方案完全可擴展到雲端。它讓 Prada 可以靈活地將相同的策略應用於其他產品，確保他們的購物者期望的出色體驗。

As I continue to move across the enterprise, industries and markets, I want to also highlight Industry X, which grew very strong double digits again this quarter, and which we believe is the next digital frontier where our digital engineering capabilities are advancing sustainability services. For example, we are working with Recharge Industries, a battery research and production company in Australia, to help design and engineer one of the world's largest lithium-ion battery facilities. Once built, the facility will generate up to 30-gigawatt hours of storage capacity per year.

隨著我繼續跨越企業、行業和市場，我還想強調 Industry X，它在本季度再次實現兩位數的強勁增長，我們相信這是下一個數字前沿，我們的數字工程能力正在推動可持續發展服務。例如，我們正在與澳大利亞的電池研究和生產公司 Recharge Industries 合作，幫助設計和建造世界上最大的鋰離子電池設施之一。一旦建成，該設施每年將產生高達 30 吉瓦時的存儲容量。

Finally, moving to the metaverse and the ongoing tech revolution. We've talked about the importance of artificial intelligence in building the digital core for our clients. While generative AI has recently burst into the popular imagination, at Accenture, we've been working with the technology from its earliest stages and are already applying it at clients.

最後，轉向元宇宙和正在進行的技術革命。我們已經討論了人工智能在為我們的客戶構建數字核心方面的重要性。雖然生成式人工智能最近突然進入了大眾的想像，但在埃森哲，我們從最早的階段就開始使用這項技術，並且已經在客戶中應用它。

For example, we're working with a multinational bank to transform how it manages high volumes of post-trade processing e-mails every day. We are leveraging a generative AI solution as it is built to understand the context of e-mails with high accuracy. It automatically routes large numbers of e-mails, daily to relevant teams and draft responses with recommended actions and related information. Our work will help reduce manual effort and risk, boost worker efficiency and improve interactions with customers.

例如，我們正在與一家跨國銀行合作，以改變其每天管理大量交易後處理電子郵件的方式。我們正在利用生成式 AI 解決方案，因為它旨在高精度地理解電子郵件的上下文。它每天自動將大量電子郵件發送給相關團隊，並起草包含建議操作和相關信息的回复。我們的工作將有助於減少體力勞動和風險，提高工人效率並改善與客戶的互動。

And finally, on that note, we will release our Tech Vision 2023 on March 30th. The fourth and fifth key forces of change we have identified for the next decade are the metaverse and ongoing tech revolution. And this year's Tech Vision is particularly relevant and actionable as our clients face a rapidly changing landscape in which generative AI, metaverse, cloud, science, tech and other technologies are driving more opportunities for change and reinvention. This year's vision will explore how these technologies and more are blending the physical world and the virtual world into a shared reality, creating a huge opportunity for our clients and for Accenture.

最後，在這一點上，我們將在 3 月 30 日發布 Tech Vision 2023。我們為未來十年確定的第四和第五個關鍵變革力量是元宇宙和正在進行的技術革命。今年的 Tech Vision 尤其具有相關性和可操作性，因為我們的客戶面臨著快速變化的環境，其中生成 AI、元宇宙、雲、科學、技術和其他技術正在推動更多變革和重塑的機會。今年的願景將探索這些技術以及更多技術如何將物理世界和虛擬世界融合到一個共享的現實中，從而為我們的客戶和埃森哲創造巨大的機會。

Now turning to our business outlook. For the third quarter of fiscal '23, we expect revenues to be in the range of $16.1 billion to $16.7 billion. This assumes the impact of FX will be about negative 3.5% compared to the third quarter of fiscal '22 and reflects an estimated 3% to 7% growth in local currency.

現在轉向我們的業務前景。對於 23 財年第三季度，我們預計收入將在 161 億美元至 167 億美元之間。這是假設與 22 財年第三季度相比，外彙的影響約為負 3.5%，並反映了當地貨幣估計增長 3% 至 7%。

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 4.5% compared to fiscal '22. For the full fiscal '23, we now expect our revenue to be in the range of 8% to 10% growth in local currency over fiscal '22, which assumes an inorganic contribution of 2%. We expect business optimization actions to impact fiscal '23 GAAP operating margin by 120 basis points and EPS by $0.96. We expect our anticipated gain on our investment in Duck Creek Technologies to impact EPS by $0.39. Our guidance for full year fiscal '23 excludes these impacts.

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 4.5%。對於整個 23 財年，我們現在預計我們的收入將比 22 財年以當地貨幣計算增長 8% 至 10%，假設無機貢獻為 2%。我們預計業務優化行動將影響 23 財年 GAAP 營業利潤率 120 個基點和 EPS 0.96 美元。我們預計我們對 Duck Creek Technologies 投資的預期收益將影響 EPS 0.39 美元。我們對 23 財年全年的指導排除了這些影響。

For adjusted 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 adjusted 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. We expect our full year adjusted earnings per share for fiscal '23 to be in the range of $11.41 to $11.63, or 7% to 9% growth over fiscal '22 results. For the full fiscal '23, we now expect operating cash flow to be in the range of $8.7 billion to $9.2 billion, property and equipment additions to be approximately $700 million and free cash flow to be in the range of $8 billion to $8.5 billion, $300 million higher than our previous guidance.

對於調整後的營業利潤率，我們預計 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。我們預計調整後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%。我們預計 23 財年全年調整後每股收益將在 11.41 美元至 11.63 美元之間，比 22 財年增長 7% 至 9%。對於整個 23 財年，我們現在預計運營現金流將在 87 億美元至 92 億美元之間，財產和設備增加約為 7 億美元，自由現金流將在 80 億美元至 85 億美元之間，比我們之前的指導高出 3 億美元。

Our free cash flow guidance continues to reflect a very strong free cash flow to net income ratio of 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 cash to our shareholders.

我們的自由現金流指引繼續反映出非常強勁的自由現金流與淨收入之比 1.1。最後，由於我們仍然致力於向股東返還大部分現金，因此我們繼續期望通過股息和股票回購返還至少 71 億美元。

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

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. I'd like to ask that you each keep to one question and a follow-up to allow as many participants as possible to ask the question.

謝謝，KC。我想請你們每人保留一個問題和一個跟進，讓盡可能多的參與者提出問題。

Operator, would you please provide instructions for those on the call?

接線員，你能為通話中的人提供說明嗎？

(Operator Instructions)

（操作員說明）

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

我們的第一個問題來自 Tien-Tsin Huang 與摩根大通的對話。

I had to ask, given the great bookings here, your confidence in being able to replenish those bookings as we look to the third quarter and ahead. I'm sure a lot of people are thinking what's going on in the month of February and March as well. I know you guide and supply some reacceleration in the fourth quarter, but just curious about your ability to replenish on the bookings side?

我不得不問，鑑於這裡的大量預訂，您有信心在我們展望第三季度及未來時能夠補充這些預訂。我敢肯定，很多人也在思考 2 月和 3 月發生的事情。我知道您在第四季度指導並提供了一些再加速，但只是想知道您在預訂方面的補充能力嗎？

Yes. Thanks, Tien-Tsin. So we do feel good about our pipeline even after our record bookings this quarter. And our sales outlook for the next quarter, Q3 is solid. We expect to have slightly lighter bookings than what we've had compared to the record quarter that we just had.

是的。謝謝，天津。因此，即使在本季度我們創紀錄的預訂之後，我們仍然對我們的管道感到滿意。我們對下一季度第三季度的銷售前景非常樂觀。與我們剛剛創紀錄的季度相比，我們預計預訂量會略有減少。

And maybe just to add a little color. Look, as you can see in our bookings, there is just continued strong demand for the larger transformational deals, right, and the need to, in particular, build the digital core. And I'm personally working right now with clients across insurance, health care, consumer goods, banking and telecom, all of whom are very focused on how do we upgrade our -- get rid of our technical debt, how do we build more resilience. They're trying to build digital products, but they've got really old systems.

也許只是為了添加一點顏色。看，正如您在我們的預訂中看到的那樣，對更大的轉型交易的需求持續強勁，對，尤其是建立數字核心的需求。我個人現在正在與保險、醫療保健、消費品、銀行和電信領域的客戶合作，他們都非常關注我們如何升級我們的——擺脫我們的技術債務，我們如何建立更多的彈性.他們正在嘗試構建數字產品，但他們的系統非常陳舊。

And so we remain in the early innings of building the kind of digital core that really need to transform every part of the enterprise. And so we continue to feel good, not just about our pipeline, but about the demand we're seeing really rooted in our view that all companies are going to have to do total enterprise reinvention across the enterprise that it's really a continuous cycle starting with a digital -- a strong digital core. And there's a lot of work to do on building those cores out.

因此，我們仍處於構建真正需要轉變企業各個部分的數字核心的早期階段。因此，我們繼續感覺良好，不僅僅是我們的管道，而且我們看到的需求真正植根於我們的觀點，即所有公司都將不得不在整個企業內進行全面的企業重塑，這實際上是一個連續的循環，從數字——強大的數字核心。在構建這些核心方面還有很多工作要做。

Good. Glad to hear. Very encouraging. So given that, given both your comments and the optimization, I'm just trying to think about is it more playing offense versus defense? So I'm just trying to think about -- I know a lot of your clients are going through similar optimization efforts as well. How does this one fit given that? And should we still think about this within the 10 to 30 basis points of typical margin expansion that we think about sort of philosophically? Or could this be incremental?

好的。很高興聽到。非常鼓舞人心。因此，考慮到這一點，考慮到您的評論和優化，我只是想考慮是進攻還是防守更重要？所以我只是想想想——我知道你的很多客戶也在經歷類似的優化工作。鑑於此，這個如何適合？我們是否仍然應該在我們從哲學上考慮的典型利潤率擴張的 10 到 30 個基點內考慮這個問題？或者這可以是漸進的嗎？

Yes. So just let me answer the last part first, is you should view this as creating the room in our P&L to ensure that we can continue to deliver on that enduring shareholder value model, including the 10 to 30 basis points, which for a short period of time will be on an adjusted basis.

是的。所以讓我先回答最後一部分，你是否應該將此視為在我們的損益中創造空間，以確保我們能夠繼續實現持久的股東價值模型，包括 10 到 30 個基點，這在短期內時間將在調整的基礎上。

So -- and as you think about it, it is -- I like that, is it offense or defense. It is offensive. I mean if you look at where we are today, right, we've got record bookings, a strong quarter of -- a strong view of the year, 8% to 10%, 91% chargeability. We're going after structural cost, right, to ensure that we're in a better position.

所以——正如你所想的那樣——我喜歡這樣，無論是進攻還是防守。這是冒犯性的。我的意思是，如果你看看我們今天的處境，對，我們的預訂量創下歷史新高，這是一個強勁的季度——今年的強勁前景，8% 至 10%，91% 的充電率。我們正在追求結構成本，對，以確保我們處於更好的位置。

As you know, we've been dealing with the difficult challenges of compounding wage inflation. And we've been doing that with pricing, but we've also been doing that with cost efficiencies and digitizing. And we have identified an opportunity to go after more structural costs to kind of create that resilience and that room in the P&L as we look forward. So very much, in our view, getting ahead of and dealing with these structural issues that have been created over the last couple of years.

如您所知，我們一直在應對複合工資通脹的艱鉅挑戰。我們一直在通過定價來做到這一點，但我們也一直在通過成本效率和數字化來做到這一點。我們已經確定了一個機會來追求更多的結構性成本，以在我們期待的時候創造這種彈性和損益空間。在我們看來，非常重要的是要領先於並處理過去幾年中產生的這些結構性問題。

And our next question comes from the line of James Faucette with Morgan Stanley.

我們的下一個問題來自 James Faucette 與 Morgan Stanley 的對話。

Wanted to follow up on a couple of those items. First, can you talk a little bit about what you're seeing around the actual conversion and decision cycles? Obviously, the bookings themselves speak well to being able to do conversions, but are we seeing any changes in the sales cycle times or the types of projects that customers may want to engage in?

想跟進其中的幾個項目。首先，您能談談您在實際轉換和決策週期中看到的情況嗎？顯然，預訂本身很好地說明了能夠進行轉換，但我們是否看到銷售週期時間或客戶可能希望參與的項目類型發生任何變化？

Well, let me just start with the type of projects. I mean what we've been seeing over the last several quarters is just a laser focus on cost, right? So most programs, clients want to see a shorter return on investments, right, more focused on cost. They love cost and growth, but it has to be, in most cases, a shorter return on the investment.

好吧，讓我從項目類型開始。我的意思是我們在過去幾個季度看到的只是對成本的高度關注，對吧？所以大多數項目，客戶希望看到更短的投資回報，對，更關注成本。他們喜歡成本和增長，但在大多數情況下，投資回報必須較短。

At the same time, it's important that not all industries are in the same place, right? So if you've got industries like, say, in the high-tech area, and some spots on retail, for example, cost optimization is very dominant, right? If you've got some of the other less affected industries, say, insurance, energy, it's -- everyone wants to be more resilient and lower cost. But they're really trying to deal with their technical debt, they're thinking about growth, how do you reimagine the customer experience.

同時，重要的是並非所有行業都在同一個地方，對吧？因此，如果您擁有諸如高科技領域之類的行業和零售業的某些領域，例如，成本優化非常重要，對嗎？如果你有其他一些受影響較小的行業，比如保險、能源，那就是——每個人都希望變得更有彈性、成本更低。但他們真的在努力解決他們的技術債務，他們在考慮增長，你如何重新構想客戶體驗。

And so I would say a common theme is that in this kind of an environment, everyone does want to be optimizing costs, but where they're focusing is different by industry is what I would say first.

所以我想說的一個共同主題是，在這種環境中，每個人都想優化成本，但我首先要說的是，他們關注的重點因行業而異。

And then just to your first part of your question about are you seeing changes in decision making and I'd let KC talk to you about the yields in our pipeline because you all saw -- in general, seeing a trend toward these larger deals.

然後就你的問題的第一部分來說，你是否看到了決策制定的變化，我會讓 KC 和你談談我們管道中的收益率，因為你們都看到了——總的來說，看到了這些更大交易的趨勢。

So there is -- and we talked about this in the last couple of quarters, we're seeing less of the smaller deals in SNC and to some extent, SI, particularly in North America, where we're seeing more caution. North America had record sales this quarter. But in areas tending towards the bigger transformational deals, not the smaller SNC and to some extent, SI deals.

所以有——我們在過去幾個季度談到了這一點，我們看到 SNC 的小額交易越來越少，在某種程度上，SI，特別是在北美，我們看到了更多的謹慎。北美本季度的銷售額創歷史新高。但在傾向於更大的轉型交易的領域，而不是更小的 SNC，在某種程度上，SI 交易。

And those -- that transformational pipeline, which is our strategy, right? Like if you think about it, what have we been trying to drive for the last few years? We want to be at the center of our clients' business, we want to be able to be relevant, really help them transform and then be well positioned to continue to be that partner.

還有那些 - 那個轉型管道，這是我們的戰略，對嗎？想想看，過去幾年我們一直在努力推動什麼？我們希望成為客戶業務的中心，我們希望能夠發揮作用，真正幫助他們轉型，然後做好準備繼續成為該合作夥伴。

And I would just say, Enel, in my script, is a great example of that. I mean they're hugely innovative utility. They were very early in cloud. We help them get to the cloud. And now they're modernizing and once again being super innovative. That's exactly the way we want to work with our clients, be it their core and then be there for their next big transformation. Maybe, KC, if you want to just comment on the yields real quick.

我只想說，在我的劇本中，Enel 就是一個很好的例子。我的意思是它們是極具創新性的實用工具。他們很早就在雲端。我們幫助他們上雲。現在他們正在現代化並再次變得超級創新。這正是我們希望與客戶合作的方式，成為他們的核心，然後在那裡進行下一次重大轉型。也許，KC，如果你想快速評論收益率。

Yes, sure. No problem. So when we -- let me focus really on consulting bookings because it is important to understand the impact of F&C and our consulting bookings and also how that relates to what we're doing in our larger transformation deals because they do convert to revenue at a slower pace.

是的，當然。沒問題。因此，當我們 - 讓我真正關注諮詢預訂時，因為了解 F&C 和我們的諮詢預訂的影響以及這與我們在更大的轉型交易中所做的事情有何關係非常重要，因為它們確實以速度較慢。

So as I mentioned in my script, I was very pleased with our SNC bookings and our overall consulting bookings, which were very close to the record that we had last year. And SNC participates, and is a critical part of winning the larger deals, which we have 35 clients over $100 million. And so what you'll see is in SNC, you may see a conversion that's a little bit slower than we typically have because we still do have some pressure in our smaller deals, particularly in North America.

因此，正如我在劇本中提到的，我對我們的 SNC 預訂和整體諮詢預訂非常滿意，這與我們去年的記錄非常接近。 SNC 參與其中，並且是贏得更大交易的關鍵部分，我們有 35 個客戶超過 1 億美元。所以你會在 SNC 中看到，你可能會看到一個比我們通常慢一點的轉換，因為我們在我們的小交易中仍然有一些壓力，特別是在北美。

And so maybe I'll just -- how does that all work in terms of yield then? What that means for next quarter? As we look at SNC, I mentioned that we had a modest decline in mid-single digits this quarter. We think we'll be in the same zone overall in Q3, and we're going to look to reconnect with SNC growth in Q4. It may take us a little bit more time than that. But I just want to make that connection to your question as it relates to our very strong consulting bookings in SNC. They were definitely part of that discussion and clearly, part of that -- the reason why we're able to get the 35 clients at $100 million, but you'll see that come into our P&L at a little bit slower conversion.

所以也許我會 - 那麼這一切在收益率方面是如何運作的呢？這對下個季度意味著什麼？當我們查看 SNC 時，我提到本季度我們的中個位數略有下降。我們認為我們將在第三季度整體處於同一區域，我們將尋求與 SNC 在第四季度的增長重新聯繫起來。我們可能需要比這多一點時間。但我只是想把你的問題聯繫起來，因為它與我們在 SNC 中非常強大的諮詢預訂有關。他們絕對是討論的一部分，而且顯然是其中的一部分——我們能夠以 1 億美元的價格獲得 35 個客戶的原因，但你會看到它以稍微慢一點的轉換速度進入我們的損益表。

That's really helpful. And then just quickly on D&A. It seems like we've seen a little bit of a deceleration there. How are you thinking about D&A going forward? And what was inorganic contribution in the quarter? And how should we think about that for the year?

這真的很有幫助。然後快速進行 D&A。似乎我們在那裡看到了一點點減速。您如何看待 D&A 的發展？本季度的無機貢獻是多少？我們應該如何考慮這一年？

So I'll just maybe reiterate the contribution for the year. So we now see inorganic contribution to be about 2%. And acquisitions can be lumpy. And we -- as you know, we can't always really control the timing, but there's no change to our strategy. In any given year, you'll hear us kind of go up or down a bit on the percentage of contribution. No change.

所以我可能會重申今年的貢獻。所以我們現在看到無機貢獻約為 2%。收購可能是不穩定的。而且我們 - 如您所知，我們不能總是真正控制時間，但我們的戰略沒有改變。在任何一年，您都會聽到我們在貢獻百分比方面有所上升或下降。不用找了。

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

我們的下一個問題來自德意志銀行的 Bryan Keane。

I just wanted to ask about the communications, media and technology group that did come in at flat local currency and is kind of a standout versus the others. Can you just talk a little bit about what's happening there and what the outlook might be?

我只是想問一下通信、媒體和技術集團，它們確實以固定的當地貨幣計價，並且與其他集團相比表現突出。你能談談那裡發生的事情以及前景如何嗎？

Yes. That's primarily happening in North America where we've got comms and media and high-tech are more challenged, cutting back spending for sort of obvious reasons. And then our software and platforms business, which has been really a strong business for us for the last few years has -- it's still slightly positive, but has come down a lot, and I think for kind of obvious reasons that we're all reading in the press.

是的。這主要發生在北美，那裡我們有通信和媒體，高科技面臨更大的挑戰，出於某種顯而易見的原因削減支出。然後是我們的軟件和平台業務，這在過去幾年中對我們來說確實是一項非常強大的業務——它仍然略有積極，但已經下降了很多，我認為出於某種顯而易見的原因，我們都在報刊上閱讀。

And so we do think this will last for a bit of time as you look at sort of some of the ways they're approaching spending in that. And -- but it will eventually come back, and these are great companies. And we're helping them in many places, but their spending is just lower right now. So that's -- I think long term, we're very positive. These are all great companies.

因此，我們確實認為這會持續一段時間，因為您會看到他們在這方面進行支出的一些方式。而且 - 但它最終會回來，而且這些都是偉大的公司。我們在很多地方幫助他們，但他們現在的支出只是較低。所以那是 - 我認為從長遠來看，我們非常積極。這些都是偉大的公司。

And this is why it's so great that we're diverse, right, that we serve so many and not just diversity in industries but in markets because you're seeing a different picture, for example, in comms and media in Europe, where it was growing double digits last quarter, and in growth markets where it was positive. So the diversity of our business really plays to our strength and why we're continuing to deliver strong financial results.

這就是為什麼我們多元化如此偉大，對，我們服務於如此多的人，不僅是行業的多樣性，而且是市場的多樣性，因為你看到了不同的畫面，例如，在歐洲的通信和媒體中，它在那裡上個季度增長了兩位數，並且在增長市場中呈正增長。因此，我們業務的多樣性真正發揮了我們的優勢，也是我們繼續取得強勁財務業績的原因。

Got it. And I was just trying to reconcile in my head the strong bookings, but the actions also taken to lower costs in fiscal year '24. What does that signal, I guess, for the demand environment in fiscal year '24? Should we expect slightly lower growth rates than typical as a result of the actions taken?

知道了。我只是想在腦海中調和強勁的預訂，但也採取了降低 24 財年成本的行動。我猜，這對 24 財年的需求環境意味著什麼？由於所採取的行動，我們是否應該期望增長率略低於典型水平？

No. I mean the actions, I can just kind of reground you on like what we've been saying, right, which is we've been achieving hypergrowth and there's been wage inflation like none of us have ever experienced and it's compounding. And we've been addressing that through a combination of improved pricing, cost efficiencies, and so this is really us taking a step back and being able to more structurally address the impact of compounding wage inflation. So it's a real positive for how we're moving forward.

不，我的意思是行動，我可以讓你重新回到我們一直在說的話，對，那就是我們一直在實現高速增長，並且出現了我們從未經歷過的工資通脹，而且它正在復合。我們一直在通過改進定價和成本效率的組合來解決這個問題，所以這真的是我們後退了一步，能夠從結構上解決複合工資通脹的影響。所以這對我們前進的方式來說是一個真正的積極因素。

And think of it as really being -- creating more room in the P&L so that when you think about our enduring shareholder value proposition is we still expect next year to grow faster than the market. We expect to invest at scale in our business, to deliver 10 to 30 basis point margin expansion on an adjusted basis, to have a disciplined capital allocation, including a meaningful return to our shareholders.

並將其視為真正的 - 在 P＆L 中創造更多空間，以便當您考慮我們持久的股東價值主張時，我們仍然預計明年的增長速度將超過市場。我們希望對我們的業務進行大規模投資，在調整後的基礎上實現 10 到 30 個基點的利潤率擴張，進行有紀律的資本分配，包括為我們的股東帶來有意義的回報。

So that is a commitment and this is an offensive mood to say, yes, today, we've got great demand, we've got great utilization, and we can take out more structural costs to put us in a better position as we move forward.

所以這是一種承諾，這是一種冒犯性的說法，是的，今天，我們有很大的需求，我們有很好的利用率，我們可以拿出更多的結構性成本，讓我們在前進的過程中處於更好的位置向前。

And our next question comes from the line of Lisa Ellis with MoffettNathanson.

我們的下一個問題來自 Lisa Ellis 和 MoffettNathanson 的對話。

Maybe just a kind of follow-up on the sort of connecting-the-dots questions. I noticed that your headcount growth slowed a bit this quarter, up 6% year-on-year and was flat sequentially. Can you kind of connect the dots, that side, what you're seeing and sort of what you're thinking about on the hiring side with the fact that you have record bookings in the quarter and then typically, those two things kind of move a little bit more in tandem?

也許只是對那種點點滴滴的問題的一種跟進。我注意到本季度你們的員工人數增長有所放緩，同比增長 6%，環比持平。您能否將點、那方面、您所看到的以及您在招聘方面的想法與您在本季度有創紀錄的預訂這一事實聯繫起來，然後通常這兩件事會發生變化多一點串聯？

Yes, sure. Thanks, Lisa. So maybe I'll just first start with just looking back over the last 2 previous quarters. We added 28,000 people in the 2 previous quarters. So let's first start there. And you're right, Lisa, when you take a look at what we were able to accomplish this quarter, first of all, we had record bookings. We drove 9% -- 9.3% revenue growth, and we had 91% utilization of our people, right? So we have the skills and all the people we needed to deliver to the demand in the market.

是的，當然。謝謝，麗莎。所以也許我會首先回顧過去兩個季度。我們在前兩個季度增加了 28,000 人。因此，讓我們首先從那裡開始。麗莎，你是對的，當你看看我們本季度取得的成就時，首先，我們的預訂量創下了紀錄。我們推動了 9% - 9.3% 的收入增長，我們的員工利用率達到了 91%，對吧？因此，我們擁有滿足市場需求所需的技能和人員。

And if I look -- answering your question, looking forward, we sequentially did not add headcount from Q1 to Q2. We see that being about the same in Q2 to Q3. And then looking forward, based on the outlook that we have now, we do see that we would add additional heads in the fourth quarter.

如果我看 - 回答你的問題，展望未來，我們沒有從第一季度到第二季度增加員工人數。我們看到第二季度到第三季度大致相同。然後展望未來，根據我們現在的展望，我們確實看到我們會在第四季度增加額外的負責人。

Okay. Great. And then my follow-up is related to AI. Maybe this one is, Julie, for you. Just can you talk a bit about how you apply AI in your own operations? I know every time this topic kind of stirs up, there's this question of whether it's a positive or a negative for the operations of IT services firms. Can you just talk about how you sort of applied internally and how you think about that over the long term?

好的。偉大的。然後我的後續跟AI有關。也許這一個是，朱莉，給你的。您能談談您是如何在自己的運營中應用人工智能的嗎？我知道每次這個話題被激起時，都會有人質疑它對 IT 服務公司的運營是積極的還是消極的。你能談談你是如何在內部應用的嗎？從長遠來看你是如何看待它的？

Sure. In fact, I was just at a client this week where we're helping them really transform their whole IT department. And one of the things they want from us is our myWizard platform, which is a great way of explaining how over the last several years, we've built a platform that integrates the best-in-class technology. So we didn't write our own code, right? We use the best technologies. And the way it uses AI, for example, is that when a ticket comes in to address something, an IT issue, AI looks at it, identifies whether or not it's been a problem solved before. In some cases, it can solve the problem. In other cases, routes it to the right people. And then it learns from every ticket.

當然。事實上，這週我剛剛拜訪了一個客戶，我們正在幫助他們真正改造他們的整個 IT 部門。他們希望從我們這裡得到的東西之一是我們的 myWizard 平台，這是一個很好的方式來解釋在過去的幾年裡，我們如何構建了一個集成了一流技術的平台。所以我們沒有編寫自己的代碼，對嗎？我們使用最好的技術。例如，它使用 AI 的方式是，當一張票進來解決某事時，一個 IT 問題，AI 會查看它，確定它是否已經解決了之前的問題。在某些情況下，它可以解決問題。在其他情況下，將其發送給合適的人。然後它從每張票中學習。

So in the past, when we've talked about -- with you about why is it -- how do you think about revenue and people? We said, look, we've already been breaking that for years now because we are using so much technology and AI in how we're delivering all of our technology jobs. The same thing is true, for example, with testing, which is incredibly automated, using different technology, including AI. We're continuing to use AI in the way we run our business, for example, in how we look at our accounts payable and receivables and finding ways where we can optimate to have better efficiencies there.

所以在過去，當我們和你談論為什麼會這樣時 - 你如何看待收入和人員？我們說，看，多年來我們已經打破了這一點，因為我們在交付所有技術工作的方式中使用瞭如此多的技術和人工智能。例如，測試也是如此，它使用不同的技術，包括人工智能，自動化程度令人難以置信。我們將繼續在我們經營業務的方式中使用人工智能，例如，我們如何看待我們的應付賬款和應收賬款，並尋找我們可以優化以提高效率的方法。

We're using it today in the way we're delivering our consulting services as well, and definitely very much so in how we look at sales and being able to predict based on lots of factors. Should we be running after the sale or not? Or can we show the data that these -- this is not the right kind of sale? We're not the right fit?

我們今天在提供諮詢服務的方式中也使用它，而且在我們如何看待銷售和能夠基於許多因素進行預測方面肯定非常重要。我們是否應該追趕銷售？或者我們可以顯示這些數據——這不是正確的銷售方式嗎？我們不合適？

So we've increasingly been using AI, both in how we deliver services as well as in how we run ourselves. Of course, our SynOps platform for operations is also very AI-enabled. It's one of the reasons why clients turn to us because it's helping them digitize faster. They're not having to build these things.

因此，我們越來越多地使用人工智能，無論是在我們提供服務的方式上，還是在我們運營自己的方式上。當然，我們的 SynOps 運營平台也非常支持人工智能。這是客戶轉向我們的原因之一，因為它可以幫助他們更快地數字化。他們不必建造這些東西。

So long term, we see these technology changes, things like generative AI is playing to our strengths because to use these technologies, it requires deep understanding of the industry, the use cases, the process changes. When people talk about the new kinds of generative AI, which we're super excited about being like a copilot to human beings, the entire process has to be changed in order to make that work. You've got to upskill the people and you have to be able to do all of that in a very responsible way.

從長遠來看，我們看到這些技術發生了變化，比如生成人工智能正在發揮我們的優勢，因為要使用這些技術，需要對行業、用例和流程變化有深入的了解。當人們談論新型生成人工智能時，我們對它像人類的副駕駛一樣感到非常興奮，整個過程必須改變才能讓它發揮作用。你必須提高人們的技能，你必須能夠以一種非常負責任的方式完成所有這些工作。

So we're already working with it. There's been a lot of demand to understand this. And in understanding it, understanding actually how hard it is to be able to implement at scale in an enterprise versus, I'm assuming you're -- we're all having fun playing with it, but how you build that into an enterprise is very different and a great opportunity, and we're partnering with all the major players to help them take the technology -- go from technology to implementation to impact.

所以我們已經在使用它了。有很多要求了解這一點。在理解它的過程中，實際上理解在企業中大規模實施有多難，我假設你是——我們都樂於使用它，但你如何將其構建到企業中非常不同，也是一個很好的機會，我們正在與所有主要參與者合作，幫助他們掌握技術——從技術到實施再到影響。

Our next question comes from the line of David Togut with Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 David Togut。

Could you delve into demand trends in the financial services vertical in a little greater depth, especially given the evolving banking crisis we've seen in the last month or so, particularly with some of the regional banks struggling? And maybe as part of that, if you could just remind us of your profile within bank-related IT services, smaller banks versus regionals and money centers?

您能否更深入地研究垂直金融服務的需求趨勢，特別是考慮到我們在上個月左右看到的不斷演變的銀行業危機，尤其是一些地區性銀行在苦苦掙扎？也許作為其中的一部分，如果你能提醒我們你在銀行相關 IT 服務、小型銀行與地區銀行和金融中心的個人資料？

Sure. As a client base, we skew towards the larger banks across all of the markets. So we don't comment on individual clients, but we don't have any big exposure to kind of the smaller regional banks and in general.

當然。作為客戶群，我們傾向於所有市場中的大型銀行。因此，我們不會對個別客戶發表評論，但我們對小型區域性銀行和一般情況下的風險敞口不大。

So as you sort of think about the -- stepping back, obviously, the developments on the banks for the -- are still early in the last couple of weeks. So as I talk about demand trends for our clients, which are generally the bigger banks, a couple of things really stand out.

因此，當你考慮 - 退後一步，顯然，銀行的發展 - 在過去幾週仍處於早期階段。因此，當我談到我們的客戶（通常是較大的銀行）的需求趨勢時，有幾件事確實很突出。

So first of all, there's a lot of focus on their technical debt because the banks, a lot of them are still in the mainframe. Our mainframe practice really across industry is growing like gangbusters right now as clients across the industry are really having to take on some of that harder technical debt, which they need to do because the more and more they digitize their services, which is a continuing trend in financial services, if the systems behind it aren't agile, then it can take a lot of time to introduce new services.

因此，首先，人們非常關注他們的技術債務，因為銀行，其中很多仍在大型機中。我們真正跨行業的大型機實踐現在正像轟動一時一樣增長，因為整個行業的客戶確實不得不承擔一些更艱鉅的技術債務，他們需要這樣做，因為他們越來越多地數字化他們的服務，這是一個持續的趨勢在金融服務中，如果其背後的系統不靈活，那麼引入新服務可能需要很長時間。

You've got to -- oftentimes we'll have multiple systems. You'll have to test things. You can't go as fast. And so the banks are kind of reaching their limits in terms of what they can do without touching their core. So we expect the sort of addressing the core to be a really important driver.

你必須——我們通常會有多個系統。你必須測試一些東西。你不能走得那麼快。因此，在不觸及核心業務的情況下，銀行在某種程度上已經達到了他們的極限。因此，我們希望解決核心問題成為一個非常重要的驅動因素。

We're seeing, in asset management, more and more views -- more and more companies in asset management, really digitizing. They had been kind of slower behind the banks. And then insurance, we are working with leading insurers across the world who not only are kind of trying to catch up because banking was ahead of insurance, but finding sort of new and exciting opportunities on how to use data, in particular, to grow their business, how to transform their experience and claims.

在資產管理方面，我們看到越來越多的觀點——越來越多的資產管理公司真正實現了數字化。他們在銀行後面有點慢。然後是保險業，我們正在與世界各地的領先保險公司合作，他們不僅因為銀行業領先於保險業而試圖迎頭趕上，而且在如何使用數據方面尋找新的令人興奮的機會，特別是，發展他們的業務，如何轉變他們的經驗和主張。

So financial services, which covers banking, capital markets and insurance, we continue to see as a vibrant area. Where things are slowing down a bit in the U.S. where we've been a big player is in integration. We'll see that might pick up again. Let's just see how all of this shakes out. But that has slowed down for a bit. Hopefully, that gives you some color.

因此，包括銀行、資本市場和保險在內的金融服務，我們繼續將其視為充滿活力的領域。在我們一直扮演重要角色的美國，事情正在放緩的地方是整合。我們會看到它可能會再次出現。讓我們看看這一切是如何發生的。但這已經放緩了一點。希望這能給你一些顏色。

It does.

確實如此。

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

我們的下一個問題來自美國銀行的 Jason Kupferberg。

I just wanted to ask about Q3 bookings. If you can discuss consulting versus managed services, just expectations there? I mean I think the year-over-year comparison for consulting at least gets a bit easier.

我只是想問一下第三季度的預訂。如果您可以討論諮詢與託管服務，只是期望嗎？我的意思是我認為諮詢的年度比較至少變得更容易了。

Yes. Thanks, Jason. I'm not going to comment specifically on kind of individual breakout of the bookings. But maybe I'll just reiterate what I mentioned to Tien-Tsin. So we had record bookings this quarter. We do see that next quarter, we will have lighter bookings than what we had this quarter in terms of the record bookings.

是的。謝謝，傑森。我不會具體評論預訂的個別突破。但也許我會重申我對 Tien-Tsin 提到的內容。所以我們本季度的預訂量創下紀錄。我們確實看到下個季度，就創紀錄的預訂量而言，我們的預訂量將低於本季度。

Overall, what you can see, Jason, you know us well, is that the mix right now is much more favored halfway through the year to managed services, all the reasons that Julie talked about. We were really pleased with consulting this quarter that did -- we thought it was going to be strong, and it came in even stronger. And so that -- we're very encouraged by that, and we do have a strong pipeline, and we continue to see solid bookings for Q3.

總的來說，你可以看到，Jason，你很了解我們，現在的組合在今年中途更受託管服務的青睞，這就是 Julie 談到的所有原因。我們對本季度的諮詢感到非常高興——我們認為它會很強大，而且它變得更強大了。因此——我們對此感到非常鼓舞，我們確實有強大的渠道，我們繼續看到第三季度的穩定預訂。

Okay. Understood. And then just on the cost side, what's the estimated savings from the cost takeout program? And I know the charges will aggregate to $1.5 billion, but I just wanted to understand kind of what the fully annualized run rate of savings is? And are you essentially reinvesting the savings? I mean, I know at least for this year, we're not changing the underlying margin guidance. So just wanted to get a picture of how much of this is being reinvested? Or are you essentially just offsetting some other headwinds around wage inflation, et cetera?

好的。明白了。然後就成本方面而言，成本外賣計劃的估計節省是多少？我知道這些費用總計將達到 15 億美元，但我只是想了解一下完全年化的運行節省率是多少？您實際上是在將儲蓄再投資嗎？我的意思是，我知道至少在今年，我們不會改變基本的保證金指導。所以只是想了解其中有多少被再投資？或者你基本上只是在抵消圍繞工資通脹等的其他一些不利因素？

Thanks for the question. Let me just first start with FY '23. So the actions that we're taking are not about FY '23. They're about FY '24 and beyond. So in terms of what we'll do with those savings, it really is going to depend, Jason, on how the market develops, the growth opportunities that we have next year. And as Julie said, the key part of what we're really focused on is just going to give us more room to continue to execute our enduring shareholder value proposition, what she mentioned. And I know you know well.

謝謝你的問題。讓我先從 23 財年開始。因此，我們正在採取的行動與 23 財年無關。他們大約是 24 財年及以後。因此，就我們將如何處理這些儲蓄而言，傑森，這真的取決於市場的發展方式，以及我們明年的增長機會。正如朱莉所說，我們真正關注的關鍵部分只是給我們更多的空間來繼續執行她提到的我們持久的股東價值主張。我知道你很清楚。

To be clear, keep your model 10 to 30 basis point adjusted margin expansion. We're going to invest in our business, and we're going to grow faster than the market.

需要明確的是，讓你的模型保持 10 到 30 個基點的調整保證金擴張。我們將投資於我們的業務，我們將比市場增長更快。

We love the consistency.

我們喜歡一致性。

And our next question comes from the line of Darrin Peller with Wolfe Research.

我們的下一個問題來自 Darrin Peller 與 Wolfe Research 的合作。

I mean when you put the pieces together with the bookings we're seeing and the actual changes in the efficiency, it really does sound like we're finally seeing more of a divergence in linearity between headcount growth and bookings capabilities and revenue contribution. So I mean I know you mentioned AI, obviously, is a big theme. But is there other factors that we can point to that are structurally part of the model now? Or is it a function of the mix-type of bookings or anything else?

我的意思是，當你將這些部分與我們看到的預訂和效率的實際變化放在一起時，聽起來我們終於看到員工人數增長與預訂能力和收入貢獻之間的線性差異更大。所以我的意思是我知道你提到 AI 顯然是一個大主題。但是，我們現在是否可以指出其他因素在結構上是模型的一部分？或者它是混合類型預訂或其他什麼的功能？

Yes. Maybe I'll just talk a little bit about what you're seeing in terms of headcount, Darrin, and what we're recording in revenue in terms of how we're generating our revenue. And Julie, if you want to add in, you certainly can.

是的。也許我會談談你在員工人數方面看到的情況，Darrin，以及我們在收入方面記錄的內容，即我們如何產生收入。朱莉，如果你想加入，你當然可以。

But in terms of what you're seeing is we've been very focused on hiring, balancing our supply/demand to what we need to both sell and drive the revenue to meet our client demand and continue to take market share. And part of what you're seeing throughout the year is we've been continuing -- you've heard us talk about us really focusing on continued strong pricing. Again, reminder that when we talk about pricing, it's the margin on the work that we sold.

但就你所看到的而言，我們一直非常專注於招聘，平衡我們的供需與我們需要銷售和推動收入以滿足客戶需求並繼續佔據市場份額。你在這一年中看到的部分內容是我們一直在繼續——你聽說過我們談論我們真正專注於持續強勁的定價。再次提醒，當我們談論定價時，它是我們所售作品的利潤。

And that has been improving over the last 5 quarters. It's not stable, which we're really happy with. And so some of that is part -- there's a part of that that's helping to drive our revenue production as well.

在過去的 5 個季度中，這種情況一直在改善。它不穩定，我們對此非常滿意。所以其中一些是一部分 - 其中一部分也有助於推動我們的收入產生。

Yes. And I would just say, a lot of it's mix, right? If you have longer transformational deals like the numbers of people that you need to drive are different. So I wouldn't say there's some big, wait a minute, we've got some new inflection point where you've disconnected more.

是的。我只想說，很多都是混合的，對吧？如果你有更長的轉型交易，比如你需要推動的人數是不同的。所以我不會說有一些大的，等一下，我們有一些新的拐點，你已經斷開了更多連接。

As I talked about earlier, we've been disconnecting to some degree, for a while now, but there's no big change in that perspective just as we've executed our strategy. And I think it's so important to understand that it has been a deliberate strategy to say we want to do transformational deals. We want to take our SNC people who have deep industry and functional knowledge, put them together with our technology people to do either big implementations, right, that are changing the digital core or transformations that are coupled with managed services and just how that works out.

正如我之前所說，我們在某種程度上已經脫節了一段時間，但正如我們執行我們的戰略一樣，這種觀點沒有太大變化。而且我認為了解我們想要進行轉型交易是一種深思熟慮的策略非常重要。我們希望我們的 SNC 人員擁有深厚的行業和功能知識，將他們與我們的技術人員一起進行大型實施，正確的，這正在改變數字核心或與託管服務相結合的轉型，以及如何運作.

And so while we love when the economy is booming and SNC and the small deals are also booming, the strategy is to be at the core so that we continue -- we help them with one big project, we understand their company even more. We take them on the next big project, and we're really getting that kind of stickiness in our relationships. And so we'll kind of deal with the sort of softness in the smaller deals. But over time, this is exactly what we want to do.

因此，雖然我們喜歡經濟繁榮，SNC 和小交易也在蓬勃發展，但我們的戰略是成為核心，這樣我們才能繼續——我們幫助他們完成一個大項目，我們更了解他們的公司。我們帶他們參與下一個大項目，我們的關係真的變得很粘。因此，我們將處理較小交易中的那種軟性。但隨著時間的推移，這正是我們想要做的。

And in fact, if you think about this year, consulting -- last quarter, we thought consulting, this year would be mid-single digits to high single digits. We now see it as mid-single digits for the year, and we're fine with that, right? Because that's about kind of lower SNC and SI smaller deals. North America in December, we thought it was going to be mid-single to high single digits. We now see that as a mid-single digits for the year. Again, it's because sort of the caution that's impacting the smaller deals, record sales, great large transformational deals, and that's just going to how it deals with.

事實上，如果你想想今年，諮詢——上個季度，我們認為諮詢，今年將是中個位數到高個位數。我們現在將其視為今年的中等個位數，我們對此表示滿意，對吧？因為那是一種較低的 SNC 和 SI 較小的交易。北美 12 月，我們認為它將是中個位數到高個位數。我們現在將其視為今年的中個位數。同樣，這是因為某種程度的謹慎影響了較小的交易、創紀錄的銷售額、巨大的大型轉型交易，而這只會影響它的處理方式。

And that's why, as KC said before, SNC, we're going to see a very similar performance next quarter probably, and it may take a little bit longer to reconnect with growth. But remember, we don't look at that as separate. We see SNC as a competitive differentiator for these larger transformational deals, which is our strategy.

這就是為什麼，正如 KC 之前所說，SNC，我們可能會在下個季度看到非常相似的表現，並且可能需要更長的時間才能重新與增長聯繫起來。但請記住，我們不會將其視為單獨的。我們將 SNC 視為這些更大的轉型交易的競爭優勢，這是我們的戰略。

Yes. That actually makes a lot of sense. One more follow-up on that and related is just the cyclicality of the business is -- it's not surprising you would see some of the smaller deals get impacted first by pause or concern among enterprise spending. When we think about the larger transformational side, the pipeline is longer. The sales cycle is longer there. So having that strong still is probably not -- if you do -- given how well you guys execute, it's not shocking, I guess.

是的。這實際上很有意義。與此相關的另一個後續行動只是業務的周期性——你會看到一些較小的交易首先受到企業支出暫停或擔憂的影響，這並不奇怪。當我們考慮更大的轉型方面時，管道會更長。那裡的銷售週期更長。因此，擁有如此強大的實力可能不會——如果你這樣做的話——考慮到你們執行得有多好，我想這並不令人震驚。

But on the same side, the magnitude of strength was better than I think we expected. And so looking ahead, what in your experience, cyclically, when do you see that sort of slow down if the economy does take a step down?

但在同一方面，力量的大小比我認為我們預期的要好。展望未來，根據你的經驗，如果經濟確實放緩，你什麼時候會看到這種放緩？

Look, it's never-say-never against the economy slowing down and what we do it, but I really stay focused. We try to stay focused on our strategy being relevant across cycles. So -- and basically growing stronger than the market. And so the market is still -- faster than market, it's still kind of hovering around 5%. And so that's what we kind of watch more than the economy because technology is so core to every strategy that when the economy goes down, what are you seeing? Well, people are saying, we got to optimize. We've got a lower cost. We've got to do managed services.

看，它永遠不會反對經濟放緩和我們所做的事情，但我真的很專注。我們努力專注於跨週期相關的戰略。所以 - 並且基本上比市場更強大。所以市場仍然——比市場更快，它仍然徘徊在 5% 左右。所以這就是我們比經濟更關注的東西，因為技術是每項戰略的核心，當經濟下滑時，你會看到什麼？嗯，人們說，我們必須優化。我們的成本更低。我們必須做託管服務。

So we watch more -- the economy can kind of do an uplift, right? But what we're trying to always do is grow faster than the market. So that's a big indicator for us. And you see it's a very strong market. And it makes sense. I mean, I will just tell you like the amount of the just technical debt across these industries and how much work to do, we are still very much in early innings of what needs to be done to take advantage of cool things like generative AI. You got to have data.

所以我們看得更多——經濟可以有所提升，對吧？但我們一直在努力做的是比市場增長得更快。所以這對我們來說是一個重要指標。你會看到這是一個非常強勁的市場。這是有道理的。我的意思是，我只會告訴你這些行業的技術債務數量以及需要做的工作量，我們仍處於早期階段，需要做些什麼才能利用生成 AI 等很酷的東西。你必須有數據。

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

謝謝。接線員，我們還有時間再問一個問題，然後 Julie 會結束通話。

And that last question comes from the line of Bryan Bergin with TD Cowen.

最後一個問題來自 TD Cowen 的 Bryan Bergin。

I wanted to ask on vendor consolidation activity. And whether -- how much of this has helped to really offset some of the areas that have pulled back in the shorter cycle work? And I guess has that picked up meaningfully? And if you were to step back and look at those 35 deals over $100 billion, can you give us a sense of the mix of those that might include an aspect of vendor consolidation?

我想詢問供應商整合活動。以及是否——其中有多少幫助真正抵消了一些在較短週期工作中退縮的領域？我想這有意義嗎？如果你退後一步，看看這 35 筆超過 1000 億美元的交易，你能告訴我們這些交易的組合可能包括供應商整合的一個方面嗎？

Vendor consolidation is certainly a part of what's going on in the market, but there's some industries that did that a long time ago and some clients. So I'm not -- I don't have the numbers off hand of what we have in our 35 clients. But I'm not seeing that as sort of the big driver of our growth.

供應商整合當然是市場上正在發生的事情的一部分，但有些行業和一些客戶很久以前就這樣做了。所以我不是——我手頭沒有我們 35 位客戶的數字。但我並不認為這是我們增長的主要推動力。

Right now, we are often telling clients who like basically need to get revenue faster, but more -- it's interesting, the vendor consolidation for many of our clients is less about cost and more that a lot of the industries, like say, consumer goods, telecom where they have lots of different countries. It's very hard to move to a platform business and sort of build things consistently if you have a ton of different vendors, right, because you want the stuff done in the same way.

現在，我們經常告訴那些喜歡的客戶基本上需要更快地獲得收入，但更有趣的是，對於我們許多客戶來說，供應商整合與成本無關，而更多的是很多行業，比如消費品，電信，他們有很多不同的國家。如果您有大量不同的供應商，就很難轉向平台業務並始終如一地構建東西，對吧，因為您希望以相同的方式完成這些工作。

And so the -- it's interesting the vendor consolidation play for many is more about how do we actually implement a strategy of kind of moving to global platforms being able to have a single approach to data, super hard to do if you've got 50 to 100 vendors. So I would just say it's tied to exactly the kind of strategies that we're advising clients on, but no big theme for us.

因此 - 有趣的是，對於許多供應商整合來說，更多的是關於我們如何真正實施一種戰略，這種戰略能夠採用單一的數據方法，如果你有 50 個，那麼很難做到這一點。到 100 個供應商。所以我只想說這與我們為客戶提供建議的策略類型完全相關，但對我們來說沒有什麼大主題。

Okay. And then just a quick follow-up. With the record bookings in managed services, did it have any near-term margin impacts we should consider as you ramp up and invest in those? Any considerations on adjusted operating margin cadence as you go through the second half?

好的。然後只是快速跟進。隨著託管服務的預訂量創紀錄，它是否對我們應該考慮的短期利潤率影響有影響，因為您會增加並投資於這些服務？下半年調整後的營業利潤率節奏有何考慮？

Yes. No, there's nothing unusual.

是的。不，沒有什麼不尋常的。

So in closing, I want to thank all of our shareholders for your continued trust and support in all our people for what you're doing for our clients and for each other every day. Thanks, everyone, for joining.

因此，最後，我要感謝我們所有的股東，感謝你們對我們所有員工的持續信任和支持，感謝你們每天為我們的客戶和彼此所做的一切。謝謝大家的加入。

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