埃森哲 (ACN) 2024 Q1 法說會逐字稿

Thank you all for standing by. Welcome to Accenture's First Quarter Fiscal 2024 Earnings Call. (Operator Instructions) As a reminder, this conference is being recorded. I would now like to turn the conference over to our host, Katie O'Conor, Managing Director, Head of Investor Relations. Please go ahead.

謝謝大家的支持。歡迎參加埃森哲 2024 財年第一季財報電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。現在我想將會議交給我們的東道主凱蒂·奧康納（Katie O'Conor），她是董事總經理、投資者關係主管。請繼續。

Thank you, operator, and thanks, everyone, for joining us today on our first quarter fiscal 2024 earnings announcement. As the operator just mentioned, I'm Katie O'Conor, Managing Director, Head of Investor Relations.

感謝營運商，也感謝大家今天加入我們，共同發布 2024 財年第一季財報公告。正如剛才操作員所提到的，我是凱蒂‧奧康納 (Katie O'Conor)，董事總經理、投資人關係主管。

On today's call, you will hear from Julie Sweet, our Chair and Chief Executive Officer; and KC McClure, our Chief Financial Officer.

在今天的電話會議上，您將聽到我們的董事長兼執行長朱莉·斯威特 (Julie Sweet) 的演講；以及我們的財務長 KC McClure。

We hope you've had an opportunity to review the news release we issued a short time ago.

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 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 2024. 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 將帶您了解財務詳細信息，包括損益表和資產負債表，以及第一季的一些關鍵營運指標。然後，朱莉將簡要介紹我們的市場定位，然後 KC 提供我們對 2024 年第二季度和整個財年的業務展望。然後，我們將回答您的問題，然後朱莉在電話會議結束時進行總結。

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

我們將在本次電話會議上討論的一些問題（包括我們的業務前景）具有前瞻性，因此會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我們在10-K 表格年度報告、10-Q 表格季度報告和其他SEC 備案文件中發布並討論了這一點。

These risks and uncertainties could cause actual results to differ materially from those expressed in this call.

這些風險和不確定性可能導致實際結果與本次電話會議中表達的結果有重大差異。

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

在今天的電話會議中，我們將參考某些非公認會計準則財務指標，我們認為這些指標為投資者提供了有用的信息。我們在新聞稿中或在 Accenture.com 網站的投資者關係部分中酌情包含非 GAAP 財務指標與 GAAP 的調整表。

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

與往常一樣，埃森哲沒有義務更新本次電話會議中提供的資訊。

Now let me turn the call over to Julie.

現在讓我把電話轉給朱莉。

Thank you, Katie, and everyone joining, and thanks to our 743,000 people around the world for their incredible dedication and commitment every day, which is how we are able to consistently deliver 360-Degree Value for all our stakeholders.

謝謝凱蒂和所有加入的人，並感謝我們世界各地的 743,000 名員工每天令人難以置信的奉獻和承諾，這就是我們能夠始終如一地為所有利益相關者提供 360 度價值的方式。

I am pleased that we delivered on our commitments this quarter while continuing to invest significantly in strategic areas to drive the next waves of growth, including extending our early leadership in Generative AI, and we did so against a macro backdrop that continues to be challenging.

我很高興我們在本季度履行了我們的承諾，同時繼續在戰略領域進行大量投資，以推動下一波增長，包括擴大我們在生成人工智能領域的早期領導地位，而且我們是在仍然充滿挑戰的宏觀背景下做到這一點的。

Starting with our financial results. Our bookings were $18.4 billion, representing 12% growth in local currency. We had 30 clients with quarterly bookings greater than $100 million in the quarter and over half were in North America, representing the trust our clients have in us to be at the center of their major programs, spending and ongoing reinvention.

從我們的財務表現開始。我們的預訂量為 184 億美元，以當地貨幣計算增加了 12%。我們有 30 位客戶在本季的季度預訂量超過 1 億美元，其中一半以上來自北美，這代表了客戶對我們的信任，相信我們能夠成為他們主要項目、支出和持續創新的中心。

We delivered revenues of $16.2 billion for the quarter at the top end of our FX-adjusted range, representing growth -- 1% growth in local currency. We continue to take market share.

本季我們實現了 162 億美元的收入，處於經匯率調整後的區間的頂端，實現了增長——以當地貨幣計算增長了 1%。我們繼續佔據市場份額。

As expected, we continue to see lower discretionary spend, which particularly impacts our consulting type of work as well as slower decision-making and our CMT industry group continues to be challenged.

正如預期的那樣，我們的可自由支配支出繼續下降，這尤其影響了我們的諮詢類型工作以及決策速度的減慢，而且我們的 CMT 行業集團繼續面臨挑戰。

We remain on track with the business optimization actions we announced in March to reduce structural costs to create greater resilience.

我們仍將繼續實施三月宣布的業務優化行動，以降低結構性成本，從而創造更大的彈性。

And finally, we expanded adjusted operating margin by 20 basis points and delivered adjusted EPS growth of 6%, while continuing to invest in our business and our people.

最後，我們將調整後營業利潤率提高了 20 個基點，調整後每股盈餘成長了 6%，同時繼續投資我們的業務和員工。

Turning now to our investments. We closed 12 acquisitions this quarter for a total of $788 million in strategic areas across our geographic markets. In North America, we are continuing to build out our new growth area of capital projects, an $88 billion addressable market in North America, which we entered in August with the acquisition of Anser Advisory. In Q1, we added Comtech, a consulting and program management company for infrastructure projects in Canada.

現在轉向我們的投資。本季我們在各個地理市場的策略領域完成了 12 項收購，總價值達 7.88 億美元。在北美，我們正在繼續建立新的資本項目成長領域，這是我們在 8 月收購 Anser Advisory 後進入的價值 880 億美元的潛在市場。第一季度，我們增加了 Comtech，這是一家加拿大基礎設施專案諮詢和專案管理公司。

We also invested in the next digital frontier with our supply chain acquisition of The Shelby Group. We expanded our cloud capabilities with the acquisitions of Ocelot Consulting and Incapsulate. And we invested in digital marketing in the health care industry with the acquisition of ConcentricLife.

我們也透過收購 The Shelby Group 的供應鏈來投資下一個數位前沿。我們透過收購 Ocelot Consulting 和 Incapsulate 擴展了我們的雲端能力。我們透過收購 ConcentricLife 投資了醫療保健產業的數位行銷。

In EMEA, we expanded our cybersecurity capabilities with the acquisition of Innotec in Spain, enhanced our business process services in the insurance industry with the acquisition of ON Service GROUP in Germany and invested in digital health care and talent with the acquisitions of Nautilus Consulting and The Storytellers in the U.K.

在歐洲、中東和非洲地區，我們透過收購西班牙的 Innotec 擴大了我們的網路安全能力，透過收購德國的 ON Service GROUP 增強了我們在保險業的業務流程服務，並透過收購 Nautilus Consulting 和 The英國的講故事者

Finally, in growth markets, we are focused on the cloud opportunity with the acquisition of Solnet in New Zealand, along with cybersecurity with the acquisition of MNEMO in Mexico and on digital marketing services with the Song acquisition of SIGNAL in Japan.

最後，在成長型市場，我們透過在新西蘭收購 Solnet 來關注雲端機會，透過在墨西哥收購 MNEMO 來關注網路安全，透過 Song 在日本收購 SIGNAL 來關注數位行銷服務。

Our ability to invest at scale to fuel our organic growth is a competitive advantage. For example, in EMEA, we are focusing on pivoting our CMT business. We are investing with Vodafone to create a strategic partnership to commercialize its market-leading shared services operations and unlock new sources of growth and efficiency, enhanced speed to market and new customer opportunities for their operating companies and partner markets.

我們大規模投資以推動有機成長的能力是一種競爭優勢。例如，在歐洲、中東和非洲地區，我們專注於 CMT 業務。我們正在與沃達豐投資建立策略合作夥伴關係，以將其市場領先的共享服務業務商業化，並為其營運公司和合作夥伴市場釋放新的成長和效率來源、加快上市速度和新客戶機會。

Together, we plan to create a new data- and AI-driven shared services model and a scaled, commercially-driven and more efficient organization with higher quality services and enhanced speed to market for its portfolio of offerings.

我們計劃共同創建一個新的數據和人工智慧驅動的共享服務模型，以及一個規模化、商業驅動和更有效率的組織，提供更高品質的服務並加快產品組合的上市速度。

The new unit will utilize Accenture's world-class technology, transformation and managed services such as its digital solutions and platforms and deep AI expertise. It will also tap into our well-known learning capabilities to continuously create new skilling and career paths for our -- for its people.

新部門將利用埃森哲世界一流的技術、轉型和託管服務，例如其數位解決方案和平台以及深厚的人工智慧專業知識。它還將利用我們眾所周知的學習能力，不斷為我們的員工創造新的技能和職業道路。

This move speaks to Vodafone's ambition to work in new ways, reduce structural complexity, reinvent their company and the industry.

此舉體現了沃達豐以新方式開展工作、降低結構複雜性、重塑公司和行業的雄心。

And of course, we continue to invest in learning for our people with approximately 8 million training hours in the quarter, representing an average of 12 hours per person.

當然，我們繼續投資員工的學習，本季培訓了約 800 萬小時，平均每人 12 小時。

Turning to Generative AI, our growth and investments. We continue to take an early leadership position in GenAI, which will be an important part of the reinvention of our clients in the next decade. Last quarter, we shared that we had sold approximately 300 projects with $300 million in sales in all of FY '23.

轉向生成人工智慧，我們的成長和投資。我們繼續在 GenAI 領域佔據早期領導地位，這將成為未來十年我們客戶重塑的重要組成部分。上個季度，我們表示，23 財年全年我們已售出約 300 個項目，銷售額達 3 億美元。

Demand continued to accelerate in Q1 with over $450 million in GenAI sales. As you know, we are investing $3 billion in AI over 3 years. For many of our clients, 2023 was a year of Generative AI experimentation. We are now focusing on helping our clients in 2024 realize value at scale.

第一季需求持續加速，GenAI 銷售額超過 4.5 億美元。如您所知，我們將在 3 年內向人工智慧投資 30 億美元。對我們的許多客戶來說，2023 年是生成式 AI 實驗的一年。我們現在的重點是幫助我們的客戶在 2024 年大規模實現價值。

We're excited about the recent launch of our specialized services to help companies customize and manage foundation models. We're seeing that the true value of Generative AI is to deliver on personalization and business relevance. This is driven by context and accuracy. Data readiness, along with foundation model choices and customization, are some of the most important steps and decisions that companies will make in the next year as they pursue value.

我們很高興最近推出了專門服務來幫助公司客製化和管理基礎模型。我們看到生成式人工智慧的真正價值是提供個人化和業務相關性。這是由上下文和準確性驅動的。資料準備以及基礎模型​​選擇和客製化是公司明年在追求價值時將做出的一些最重要的步驟和決策。

Our clients are going to use an array of models to achieve their business objectives. Our proprietary switchboard allows the user to select the combination of models to address business context or factors like cost or accuracy. And we will offer rigorous training and certification programs to organizations using these new services to customize and scale GenAI solutions and transform every link in their value chain.

我們的客戶將使用一系列模型來實現他們的業務目標。我們專有的總機允許使用者選擇模型組合來解決業務環境或成本或準確性等因素。我們將為使用這些新服務的組織提供嚴格的培訓和認證計劃，以客製化和擴展 GenAI 解決方案並轉變其價值鏈中的每個環節。

We are also investing in AI acquisitions. For example, we recently announced our intent to acquire Ammagamma, an Italy-based firm that helps companies advance their uses of AI and Generative AI technologies. With this acquisition, we will add 90 experienced AI professionals, many specializing in Generative AI, along with expertise that includes engineering, mathematics, economics, historians, philosophers and designers who will join our growing network of professionals in our advanced center for AI.

我們也投資人工智慧收購。例如，我們最近宣布打算收購 Ammagamma，這是一家總部位於義大利的公司，幫助公司推動人工智慧和產生人工智慧技術的使用。透過此次收購，我們將增加90 名經驗豐富的人工智慧專業人士，其中許多人專門研究生成式人工智慧，以及包括工程、數學、經濟學、歷史學家、哲學家和設計師在內的專業知識，他們將加入我們先進的人工智慧中心不斷壯大的專業人士網路。

And we are progressing towards our goal of doubling our deeply skilled data and AI practitioners from 40,000 to 80,000 with an additional 5,000 practitioners as of Q1.

我們正在朝著將高技能數據和人工智慧從業人員數量增加一倍的目標邁進，從 40,000 人增加到 80,000 人，並在第一季增加 5,000 名從業人員。

Finally, a few additional highlights of the 360-degree value that we created this quarter. We recently achieved our highest brand value and rank to date on Interbrand's prestigious Best Global Brands List, increasing to $21.3 billion and ranking #30.

最後，我們本季創造的 360 度價值的一些額外亮點。最近，我們在 Interbrand 久負盛名的全球最佳品牌排行榜上實現了迄今為止最高的品牌價值和排名，增至 213 億美元，排名第 30 位。

We jumped from #17 to #10 on the 2023 World's Best Workplaces list by Fortune and Great Place to Work. This recognition is particularly noteworthy because it is based on feedback from our people.

在《財星》雜誌和最佳工作場所評選的 2023 年全球最佳工作場所排行榜上，我們從第 17 名躍升至第 10 名。這種認可特別值得注意，因為它是基於我們員工的回饋。

We were recognized for the seventh year in a row on the Wall Street Journal list of best managed companies 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 and are among the top 10 for customer satisfaction.

我們憑藉在客戶滿意度、員工敬業度和發展、創新、社會責任和財務實力方面的卓越表現，連續第七年入選《華爾街日報》最佳管理公司名單。我們也獲得了社會責任最高分，並躋身客戶滿意度前十名。

We continue to lead in our ability to attract people with different backgrounds, different perspectives and different lived experiences. Our success is reflected in the top score on the Human Rights Campaign Corporate Equality Index in the U.S. for the 16th consecutive year for leading equitable workplace policies, practices and benefits for LGBTQ+ people.

我們在吸引不同背景、不同觀點和不同生活經驗的人方面繼續處於領先地位。我們的成功體現在我們連續 16 年在美國人權運動企業平等指數中得分最高，為 LGBTQ+ 人群提供領先的公平工作場所政策、實踐和福利。

And today, we're proud to present an update to our 360-Degree Value Reporting Experience, which is available on our website because we believe that transparency builds trust and helps us all make more progress.

今天，我們很自豪地推出 360 度價值報告體驗的更新，該體驗可在我們的網站上找到，因為我們相信透明度可以建立信任並幫助我們所有人取得更多進步。

Over to you, KC.

交給你了，KC。

Thank you, Julie. Happy holidays to all of you, and thanks for taking the time to join us on today's call. We are pleased with our Q1 results, which were in line with our expectations and include continued investments at scale to strengthen our position as a leader in the market. Once again, our results illustrate our ability to manage our business with rigor and discipline and deliver value for our shareholders.

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。我們對第一季的業績感到滿意，該業績符合我們的預期，並包括持續大規模投資以鞏固我們作為市場領導者的地位。我們的業績再次證明了我們有能力以嚴謹和紀律管理業務並為股東創造價值。

So let me begin by summarizing a few of the highlights for the quarter. Revenues grew 1% local currency with mid-single-digit growth or higher in 5 of our 13 industries, including Public Service, Industrial, Utilities, Health & Energy. As expected, we saw continued pressure in our CMT industry group.

首先，讓我總結一下本季的一些亮點。我們 13 個產業中的 5 個產業（包括公共服務、工業、公用事業、健康與能源）的收入成長了 1%（以當地貨幣計算），成長率達到中個位數或更高。正如預期的那樣，我們的 CMT 行業集團面臨持續的壓力。

And we continue to take market share. As a reminder, we assess market growth against our investable basket, which is roughly 2 dozen of our closest global public competitors, which represents about 1/3 of our addressable market. We use a consistent methodology to compare our financial results to theirs, adjusted to exclude the impact of any significant acquisitions through the date of their last publicly available results on a rolling 4-quarter basis.

我們繼續佔據市場份額。提醒一下，我們根據我們的可投資籃子評估市場成長，該籃子大約是我們最接近的全球上市競爭對手的 2 家，約占我們潛在市場的 1/3。我們使用一致的方法將我們的財務業績與他們的財務業績進行比較，並進行調整以排除截至其最後一次公開發布業績之日之前任何重大收購的影響，以滾動的 4 季度為基礎。

We delivered adjusted EPS in the quarter of $3.27, reflecting 6% growth over EPS last year. Adjusted operating margin was 16.7% for the quarter, an increase of 20 basis points over Q1 last year and includes significant investments in our people and our business. Finally, we delivered free cash flow of $430 million and returned $2 billion to shareholders through repurchases and dividends. We also invested $788 million in acquisitions across 12 transactions in the quarter.

我們本季的調整後每股收益為 3.27 美元，比去年增長了 6%。本季調整後營業利潤率為 16.7%，比去年第一季增加 20 個基點，其中包括對我們的員工和業務的重大投資。最後，我們交付了 4.3 億美元的自由現金流，並透過回購和股息向股東返還 20 億美元。我們還在本季的 12 筆交易中投資了 7.88 億美元進行收購。

With those high-level comments, let me turn to some of the details, starting with new bookings. New bookings were $18.4 billion for the quarter, representing 14% growth in U.S. dollars and 12% growth in local currency with a book-to-bill of 1.1. Consulting bookings were $8.6 billion with a book-to-bill of 1.0. Managed services bookings were $9.8 billion with a book-to-bill of 1.3.

有了這些高層評論，讓我談談一些細節，從新的預訂開始。本季新訂單量為 184 億美元，以美元計算成長 14%，以當地貨幣計算成長 12%，訂單出貨比為 1.1。諮詢預訂額為 86 億美元，預訂比為 1.0。託管服務預訂金額為 98 億美元，預訂比為 1.3。

Turning now to revenues. Revenues for the quarter were $16.2 billion, a 3% increase in U.S. dollars and 1% local currency, and we're at the top end of our guided range adjusted for a foreign exchange tailwind of approximately 1.5% compared to the 2.5% estimate provided last quarter.

現在轉向收入。本季營收為 162 億美元，以美元和當地貨幣計算成長 3%，我們處於指導範圍的上限，根據大約 1.5% 的外匯順風調整，而所提供的預測為 2.5%上個季度。

Consulting revenues for the quarter were $8.5 billion, flat in U.S. dollars and a decline of 2% in local currency. Managed services revenues were $7.8 billion, up 6% in U.S. dollars and 5% in local currency.

本季顧問收入為 85 億美元，以美元計算持平，以當地貨幣計算下降 2%。託管服務收入為 78 億美元，以美元計算成長 6%，以當地貨幣計算成長 5%。

Taking a closer look at our service dimensions. Technology services grew mid-single digits, operations was flat and Strategy and Consulting declined mid-single digits.

仔細看看我們的服務維度。技術服務成長中個位數，營運持平，策略和諮詢下降中個位數。

Turning to our geographic markets. In North America, revenue declined 1% in local currency. Growth was led by Public Service, offset by declines in Communications and Media, Software & Platforms and Banking & Capital Markets.

轉向我們的地理市場。在北美，以當地貨幣計算的收入下降了 1%。成長由公共服務帶動，但被通訊和媒體、軟體和平台以及銀行和資本市場的下降所抵消。

Before I continue, I want to highlight that for this fiscal year '24, we have reorganized our geographic segments. Europe is now EMEA and includes the Middle East and Africa, which were previously included in Growth Markets. The reclassification for prior years can be found in our Investor Relations website.

在繼續之前，我想強調一下，在 24 財年，我們已經重組了我們的地理部門。歐洲現在是歐洲、中東和非洲 (EMEA)，包括中東和非洲，這些地區之前屬於成長市場。往年的重新分類可以在我們的投資人關係網站上找到。

In EMEA, revenues grew 2% local currency led by growth in Public Service and Banking & Capital Markets, partially offset by a decline in Communications and Media. Revenue growth was driven by Italy, Austria and France partially offset by a decline in the United Kingdom.

在歐洲、中東和非洲地區，由於公共服務以及銀行和資本市場的成長，收入以當地貨幣計算增加了 2%，但部分被通訊和媒體的下降所抵消。收入成長由義大利、奧地利和法國推動，部分被英國收入下降所抵消。

In Growth Markets, we delivered 5% revenue growth in local currency driven by growth in chemicals and natural resources, Public Service and Banking & Capital Markets. Revenue growth was led by Japan.

在成長型市場，在化學品和自然資源、公共服務以及銀行和資本市場成長的推動下，我們以當地貨幣計算的收入成長了 5%。營收成長由日本引領。

Moving down the income statement. Gross margin for the quarter was 33.6% compared to 32.9% for the first quarter last year. Sales and marketing expense for the quarter was 10.5% compared with 9.8% for the first quarter last year. General and administrative expense was 6.4% compared to 6.6% for the same quarter last year.

將損益表向下移動。本季毛利率為 33.6%，去年第一季為 32.9%。本季銷售和行銷費用為 10.5%，而去年第一季為 9.8%。一般及行政費用為 6.4%，去年同期為 6.6%。

Before I continue, I want to note that in Q1 we recorded $140 million in costs associated with our business optimization actions, which decreased operating margin by 90 basis points and EPS by $0.17. The following comparisons exclude these impacts and reflect adjusted results.

在繼續之前，我想指出，第一季我們記錄了與業務優化行動相關的 1.4 億美元成本，這使營業利潤率下降了 90 個基點，每股收益下降了 0.17 美元。以下比較排除了這些影響並反映了調整後的結果。

Adjusted operating income was $2.7 billion in the first quarter, reflecting a 16.7% operating margin, an increase of 20 basis points from operating margin in Q1 last year.

第一季調整後營業收入為 27 億美元，營業利潤率為 16.7%，比去年第一季的營業利潤率增加了 20 個基點。

Our adjusted effective tax rate for the quarter was 23.2% compared with an effective tax rate of 23.3% for the first quarter last year.

我們本季調整後的有效稅率為 23.2%，而去年第一季的有效稅率為 23.3%。

Adjusted diluted earnings per share were $3.27 compared with diluted EPS of $3.08 in the first quarter last year.

調整後稀釋每股收益為 3.27 美元，去年第一季稀釋後每股收益為 3.08 美元。

Days service outstanding were 49 days compared to 42 days last quarter and 48 days in the first quarter of last year.

未償還服務天數為 49 天，而上季為 42 天，去年第一季為 48 天。

Free cash flow for the quarter was $430 million, resulting from cash generated by operating activities of $499 million net of property and equipment additions of $69 million. Our cash balance at November 30 was $7.1 billion compared with $9 billion at August 31.

本季自由現金流為 4.3 億美元，源自經營活動產生的現金 4.99 億美元（扣除財產及設備增加 6,900 萬美元）。截至 11 月 30 日，我們的現金餘額為 71 億美元，而 8 月 31 日為 90 億美元。

With regards to our ongoing objective to return cash to shareholders. In the first quarter, we repurchased or redeemed 3.8 million shares for $1.2 billion at an average price of $311.90 per share. At November 30, we had approximately $5.4 billion of share repurchase authority remaining.

關於我們向股東返還現金的持續目標。第一季度，我們以 12 億美元的價格回購或贖回了 380 萬股股票，平均價格為每股 311.90 美元。截至 11 月 30 日，我們仍有約 54 億美元的股票回購權。

Also in November, we paid a quarterly cash dividend of $1.29 per share for a total of $810 million. This represents a 15% increase over last year. And our Board of Directors declared a quarterly cash dividend of $1.29 per share to be paid on February 15, a 15% increase over last year.

同樣在 11 月，我們支付了每股 1.29 美元的季度現金股息，總額為 8.1 億美元。比去年增加了 15%。我們的董事會宣佈於 2 月 15 日支付每股 1.29 美元的季度現金股息，比去年增加 15%。

So in closing, we remain committed to delivering on our long-standing financial objectives: growing faster than market and taking share, generating modest margin expansion and stronger earnings while at the same time investing at scale for our long-term market leadership, generating strong free cash flow and returning a significant portion of our cash to shareholders.

因此，最後，我們仍然致力於實現我們的長期財務目標：以快於市場的速度成長並佔據份額，實現適度的利潤率擴張和更強的收益，同時大規模投資以實現我們的長期市場領導地位，產生強勁的利潤自由現金流並將大部分現金返還給股東。

And now let me turn it back to Julie.

現在讓我把話題轉回朱莉身上。

Thank you, KC. As we begin our second quarter, we remain laser-focused on creating value for our clients. The pace of spending continues to be impacted by the macro environment. Our business in the U.K., in particular, in Q1, saw even greater challenges than we expected last quarter.

謝謝你，KC。在第二季開始時，我們仍然專注於為客戶創造價值。支出步伐持續受到宏觀環境的影響。我們在英國的業務，特別是在第一季度，面臨的挑戰比我們上個季度預期的還要大。

The fundamentals of our industry remain unchanged. All strategies continue to lead to technology and companies need to reinvent every part of their enterprise using tech, data and AI to optimize operations and accelerate growth.

我們行業的基本面沒有改變。所有策略都繼續以技術為導向，企業需要利用技術、數據和人工智慧來重塑企業的每個部分，以優化營運並加速成長。

To do so, they must build a digital core. Strategy and Consulting, which brings our deep industry and functional expertise, is critical to how we differentiate by helping our clients ensure they drive business value from their digital core.

為此，他們必須建構數位核心。策略和諮詢帶來了我們深厚的產業和職能專業知識，對於我們如何透過幫助客戶確保他們從數位核心驅動業務價值來實現差異化至關重要。

We are continuing to see significant demand in areas like cloud migration and modernization, modern ERP and data and AI, including GenAI, platforms and security. All of which represent areas of great opportunity and is still early with more digital core to be built in the future than has been done to date.

我們繼續看到雲端遷移和現代化、現代 ERP 以及資料和人工智慧（包括 GenAI、平台和安全）等領域的巨大需求。所有這些都代表著巨大機會的領域，而且還處於早期階段，未來將建造比迄今為止更多的數位核心。

Let me bring to life the significant opportunities still ahead with examples from the quarter. Our cloud momentum continued in Q1 with strong double-digit growth, reflecting the ongoing significant market opportunity. We estimate only 40% of enterprise workloads are in the cloud, of which only 20% or so are modernized, an 80% opportunity remaining.

讓我透過本季的例子來生動地描述未來仍然存在的重大機會。我們的雲端動能在第一季持續保持兩位數的強勁成長，反映出持續存在的重大市場機會。我們估計只有 40% 的企業工作負載位於雲端中，其中只有 20% 左右進行了現代化改造，還剩下 80% 的機會。

Clients are continuing to prioritize the digital core as evidenced by strong demand for cloud migration. We're working with a leading insurance provider to continue their cloud transformation. Together, we are migrating hundreds of applications to a cloud-based platform, enabling the company to exit their data centers by 2025. To date, we have migrated more than half of their apps to the cloud.

對雲端遷移的強烈需求證明，客戶繼續優先考慮數位核心。我們正在與一家領先的保險提供者合作，繼續他們的雲端轉型。我們正在共同將數百個應用程式遷移到基於雲端的平台，使該公司能夠在 2025 年之前退出其資料中心。迄今為止，我們已將其一半以上的應用程式遷移到雲端。

And this is not just a migration we are modernizing applications and accelerating automation to integrate disparate data more easily from acquisitions and help the company move into new markets. And we are helping reshape their organizational mindset, drive cultural change and find new ways of working, including the creation of a new IT service model to lead complex transformations with agility and speed.

這不僅僅是一次遷移，我們正在實現應用程式現代化並加速自動化，以更輕鬆地整合收購中的不同數據，並幫助公司進入新市場。我們正在幫助他們重塑組織思維、推動文化變革並尋找新的工作方式，包括創建新的 IT 服務模型，以敏捷、快速地引領複雜的轉型。

This transformation will reduce legacy complexity and technical debt, enable more cost-effective back-office operations and drive growth and innovation, ultimately helping the company provide more affordable and personalized insurance solutions for families and businesses.

這項轉型將減少遺留的複雜性和技術債務，實現更具成本效益的後台運營，並推動成長和創新，最終幫助公司為家庭和企業提供更實惠和個性化的保險解決方案。

And for those clients who have made significant progress on their migration, they are investing to modernize and innovate across the cloud continuum, extending cloud to the edge, unlocking greater value with more opportunities still ahead.

對於那些在遷移方面取得重大進展的客戶來說，他們正在投資整個雲端連續體的現代化和創新，將雲端擴展到邊緣，透過未來的更多機會釋放更大的價值。

For example, we recently announced an expansion of our strategic partnership with McDonald's to help execute their technology strategy and leverage the company's scale to unlock greater speed and efficiency for customers, restaurant teams and employees.

例如，我們最近宣布擴大與麥當勞的策略夥伴關係，以幫助執行他們的技術策略並利用公司的規模為客戶、餐廳團隊和員工帶來更高的速度和效率。

This new work supports McDonald's ambition to connect restaurants worldwide with cloud technology and apply Generative AI solutions across McDonald's platforms. Accenture also will support the acceleration of automation innovation and the enhancement of the digital capabilities at McDonald's employees.

這項新工作支持了麥當勞透過雲端技術連接全球餐廳並在麥當勞平台上應用生成式人工智慧解決方案的雄心。埃森哲也將支持麥當勞加速自動化創新和增強員工的數位化能力。

Accenture's deep understanding of the McDonald's business, industry and technology will help unlock opportunities in their ongoing digital investments as McDonald's reinvents the customer experience and stays ahead of their customers' changing needs.

隨著麥當勞重塑客戶體驗並領先於客戶不斷變化的需求，埃森哲對麥當勞業務、行業和技術的深入了解將有助於釋放其持續數位投資的機會。

Turning to data and AI. We estimate that less than 10% of companies have mature data and AI capabilities. This is a critical part of building the digital core, and we see this embedded in our larger transformations in work focused on data and AI modernization and in the opportunities of Generative AI.

轉向數據和人工智慧。我們估計只有不到10%的公司擁有成熟的數據和人工智慧能力。這是建立數位核心的關鍵部分，我們看到這一點嵌入到我們專注於數據和人工智慧現代化的工作的更大轉型以及產生人工智慧的機會中。

We help leaders such as BBVA, a global financial services group, to stay ahead of the curve by continuing to reinvent its business model with GenAI. For example, we are building a GenAI-powered financial coach assistant to help them disrupt customer centricity in the banking industry while they reinvent their digital core to also become even more efficient.

我們透過持續利用 GenAI 重塑其商業模式，幫助全球金融服務集團 BBVA 等領導企業保持領先地位。例如，我們正在建立一個由 GenAI 驅動的財務教練助理，幫助他們顛覆銀行業以客戶為中心的理念，同時重塑數位核心，提高效率。

This work is a continuation of our ongoing GenAI implementation, which is transforming BBVA's operations and digital marketing and is helping employees be more productive. Thanks to its strong digital core, BBVA can continue to reinvent across their enterprise by applying GenAI.

這項工作是我們正在進行的 GenAI 實施的延續，它正在改變 BBVA 的營運和數位行銷，並幫助員工提高工作效率。憑藉其強大的數位核心，BBVA 可以透過應用 GenAI 繼續在整個企業進行重塑。

We're also helping a global hospitality group to support its content production capability and marketing communications across its hotel brands, tailoring content to guests' evolving needs. This new data-driven content supply chain model will create personalized, flexible and efficient marketing communications content across every customer touch point.

我們也幫助一家全球酒店集團支持其酒店品牌的內容製作能力和行銷傳播，根據客人不斷變化的需求量身定制內容。這種新的數據驅動的內容供應鏈模型將在每個客戶接觸點創建個人化、靈活且高效的行銷傳播內容。

Spanning both physical and digital communications, this service will be available to all marketing professionals, enabling content production management from its initial brief to performance measurement and content optimization. This will increase the effectiveness of its digital marketing programs, drive more traffic to its branded website and deliver exceptional customer experiences, all while reducing costs.

這項服務涵蓋實體和數位通信，將向所有行銷專業人士開放，從而實現從最初的簡介到績效衡量和內容優化的內容製作管理。這將提高其數位行銷計劃的有效性，為其品牌網站帶來更多流量並提供卓越的客戶體驗，同時降低成本。

Platforms, a core component of the digital core and are critical to our clients' transformations. We estimate 60% of the opportunity is still ahead as clients upgrade their core platforms. We are working with OCBC Group, a Singapore-based multinational banking and financial services corporation on a 2-year transformation journey to modernize our human resources organization. We will shift key HR functions, such as hiring, talent management and career development to the cloud and create a next-generation HR operating model with enhanced capabilities.

平台是數位核心的核心組成部分，對我們客戶的轉型至關重要。我們估計，隨著客戶升級其核心平台，60% 的機會仍然存在。我們正在與總部位於新加坡的跨國銀行和金融服務公司華僑銀行集團合作，進行為期 2 年的轉型之旅，以實現人力資源組織的現代化。我們將把招募、人才管理、職涯發展等關鍵人力資源職能轉移到雲端，打造出更強大的下一代人力資源營運模式。

Together, we will drive operational efficiency with a strategic focus on future talent readiness, employee experience and AI-driven decision-making. And by providing a scalable framework to meet evolving business needs, we will free up HR capacity to provide high-value advisory work and empower business and HR leaders with analytics and insights to facilitate better talent decisions.

我們將共同提高營運效率，策略重點是未來的人才準備、員工體驗和人工智慧驅動的決策。透過提供可擴展的框架來滿足不斷變化的業務需求，我們將釋放人力資源能力來提供高價值的諮詢工作，並為業務和人力資源領導者提供分析和見解，以促進更好的人才決策。

Security is also essential to a digital core and we continue to see very strong double-digit growth in our security business this quarter. While the opportunity to continue to grow and expand, we estimate that currently only 36% of business leaders are confident that their organizations are cyber-resilient, representing at least 64% of untapped potential.

安全對於數位核心也至關重要，本季我們的安全業務持續實現非常強勁的兩位數成長。雖然有繼續發展和擴張的機會，但我們估計，目前只有 36% 的企業領導者相信他們的組織具有網路彈性，代表著至少 64% 的未開發潛力。

An example of our important work with our clients to build secure organization is Fortrea, a global contract research organization of about 19,000 people that provides clinical trial and research services for life sciences companies in more than 90 countries.

Fortrea 是我們與客戶合作建立安全組織的一個重要例子，它是一家擁有約 19,000 名員工的全球合約研究組織，為 90 多個國家的生命科學公司提供臨床試驗和研究服務。

We're working with Fortrea to deliver database outcomes and health-related insights, which require adherence to regional and local industry and government regulations. As they continue to grow and enter new markets, they need a partner to ensure that their cybersecurity program remains resilient and compliant with security best practices. We will co-create, architect and operate a series of global cybersecurity services and capabilities through our managed services. Our partnership will help Fortrea grow its business, utilizing flexible risk and security strategies.

我們正在與 Fortrea 合作提供資料庫結果和與健康相關的見解，這需要遵守區域和當地行業以及政府法規。隨著他們不斷發展並進入新市場，他們需要一個合作夥伴來確保他們的網路安全計劃保持彈性並符合安全最佳實踐。我們將透過我們的託管服務共同創建、架構和營運一系列全球網路安全服務和功能。我們的合作夥伴關係將幫助 Fortrea 利用靈活的風險和安全策略來發展業務。

We are focused on helping clients reimagine marketing and their customer experience to drive growth. Song demand continues to remain strong with double-digit growth in Q1. We are collaborating with PEUGEOT, a French automotive brand, to lead strategic and creative direction for its global communications.

我們專注於幫助客戶重新構想行銷及其客戶體驗以推動成長。歌曲需求持續強勁，第一季實現兩位數成長。我們正在與法國汽車品牌標緻 (PEUGEOT) 合作，為其全球傳播引領策略和創意方向。

The partnership supports PEUGEOT's ambition to engage a younger audience and become a leader in the electric vehicle market. Accenture Song will manage global communications across all traditional and digital media channels. The first campaign will be a full 360-integrated launch of the all-new Electric Fastback SUV E-3008 in early 2024.

此次合作支持了標緻吸引年輕受眾並成為電動車市場領導者的雄心壯志。埃森哲宋將管理所有傳統和數位媒體管道的全球傳播。第一個活動將於 2024 年初全面 360 度整合推出全新電動快背 SUV E-3008。

Finally, we continue to see strong demand for digital manufacturing and engineering services. We estimate that only 5% of enterprises have scaled, mature digital capabilities across their organizations. Industry X grew strong double digits in Q1.

最後，我們繼續看到對數位製造和工程服務的強勁需求。我們估計，只有 5% 的企業在其組織中擁有規模化、成熟的數位化能力。產業 X 在第一季實現了兩位數的強勁成長。

We are working with a leading global -- leading German multinational car manufacturer to engineer the next generation of infotainment system. Using our deep industry expertise and software engineering capabilities, we will support the implementation of a new flexible platform that enables the next level of in-car experience with cutting-edge customer features while minimizing complexity and maximizing the software we use across hardware generations.

我們正在與全球領先的德國跨國汽車製造商合作，設計下一代資訊娛樂系統。利用我們深厚的行業專業知識和軟體工程能力，我們將支援實施一個新的靈活平台，透過尖端的客戶功能實現更高水平的車內體驗，同時最大限度地降低複雜性並最大化我們在各代硬體中使用的軟體。

We're working with a global food manufacturer on a total enterprise reinvention strategy to modernize its supply chain, reduce operating costs and position it for the future. We will transform key supply chain processes such as planning, procurement, manufacturing and distribution.

我們正在與全球食品製造商合作制定全面的企業重塑策略，以實現供應鏈現代化、降低營運成本並為未來做好準備。我們將改造計劃、採購、製造和分銷等關鍵供應鏈流程。

AI and intelligent automation will optimize end-to-end supply chain operations and achieve greater efficiency and agility. It will also help the company leverage data for better decision-making and implement portfolio optimization to ensure the right assets are focused on for investment to maximize returns and minimize risk.

人工智慧和智慧自動化將優化端到端供應鏈運營，實現更高的效率和敏捷性。它還將幫助公司利用數據做出更好的決策並實施投資組合優化，以確保專注於正確的資產進行投資，從而實現最大回報和風險最小化。

This self-funded program is expected to generate significant productivity gains with ongoing savings fueling further capability builds and bottom line growth. Back to you, KC.

這項自籌資金的計畫預計將顯著提高生產力，並持續節省資金，推動進一步的能力建設和利潤成長。回到你身上，KC。

Thanks, Julie. Now let me turn to our business outlook. For the second quarter of fiscal '24, we expect revenues to be in the range of $15.4 billion to $16 billion. This assumes the impact of FX will be about negative 0.5% compared to the second quarter of fiscal '23 and reflects an estimated negative 2% to positive 2% growth in local currency.

謝謝，朱莉。現在讓我談談我們的業務前景。對於 24 財年第二季度，我們預計營收將在 154 億美元至 160 億美元之間。假設與 23 財年第二季相比，外匯的影響約為負 0.5%，並反映出當地貨幣估計負 2% 至正 2% 的成長。

For the full fiscal year '24, based upon how the rates have been trending over the last few weeks, we continue to assume the impact of FX on our results in U.S. dollars will be about flat compared to fiscal '23.

對於 24 財年整個財年，根據過去幾週的利率趨勢，我們繼續假設外匯對我們以美元計價的業績的影響與 23 財年相比將基本持平。

For the full fiscal '24, we continue to expect our revenue to be in the range of 2% to 5% growth in local currency over fiscal '23 with the inorganic contribution now expected to be more than 2%.

對於整個 24 財年，我們繼續預期我們的營收將比 23 財年以當地貨幣計算成長 2% 至 5%，目前預計無機貢獻將超過 2%。

We continue to expect business optimization actions to impact fiscal '24 GAAP operating margin by 70 basis points and EPS by $0.56.

我們繼續預期業務優化行動將影響 24 財年 GAAP 營運利潤 70 個基點，每股收益 0.56 美元。

The following guidance for full year '24 excludes these impacts. For adjusted operating margin, we continue to expect fiscal year '24 to be 15.5% to 15.7%, a 10 to 30 basis point expansion over adjusted fiscal '23 results.

以下 24 年全年指南不包括這些影響。對於調整後的營業利潤率，我們繼續預期 24 財年為 15.5% 至 15.7%，比調整後的 23 財年業績成長 10 至 30 個基點。

We continue to expect our annual adjusted effective tax rate to be in the range of 23.5% to 25.5%. This compares to an adjusted effective tax rate of 23.9% in fiscal '23.

我們仍然預計年度調整後有效稅率將在 23.5% 至 25.5% 的範圍內。相較之下，2023 財政年度調整後的有效稅率為 23.9%。

We continue to expect our full year adjusted earnings per share for fiscal '24 to be in the range of $11.97 to $12.32 or 3% to 6% growth over adjusted fiscal '23 results.

我們繼續預期 24 財年全年調整後每股盈餘將在 11.97 美元至 12.32 美元之間，比 23 財年調整後業績成長 3% 至 6%。

For the full fiscal '24, we continue to expect operating cash flow to be in the range of $9.3 billion to $9.9 billion, property and equipment additions to be approximately $600 million and free cash flow to be in the range of $8.7 billion to $9.3 billion. Our free cash flow guidance reflects a free cash flow-to-net income ratio of 1.2.

對於整個 24 財年，我們繼續預計營運現金流將在 93 億至 99 億美元之間，財產和設備增加約為 6 億美元，自由現金流將在 87 億至 93 億美元之間。我們的自由現金流指引反映出自由現金流與淨利比為 1.2。

Finally, we continue to expect to return at least $7.7 billion through dividends and share repurchases as we remain committed to returning a substantial portion of our cash to our shareholders.

最後，我們仍然期望透過股息和股票回購獲得至少 77 億美元的回報，因為我們仍然致力於將大部分現金回饋給股東。

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

現在，讓我們打開它，以便我們回答您的問題。凱蒂？

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

謝謝，KC。 （接線生指示）接線員，您能為通話中的人員提供指示嗎？

(Operator Instructions) Your first question comes from the line of Jason Kupferberg from Bank of America.

（操作員說明）您的第一個問題來自美國銀行的 Jason Kupferberg。

I just wanted to start with a question on the revenue guidance for Q2. The midpoint there would suggest a point of deceleration, but we do have an easier comparison and there was a return to positive growth in consulting bookings. So just hoping you can help us reconcile that and then maybe comment on the second half reacceleration that is continuing to be implied in the guide, maybe slightly steeper than previously thought.

我只想先問一個有關第二季收入指引的問題。中間點表明有一個減速點，但我們確實有一個更容易的比較，並且諮詢預訂量恢復了正增長。因此，希望您能幫助我們協調這一點，然後也許對指南中繼續暗示的下半年重新加速發表評論，可能比之前想像的稍微陡峭一些。

Yes. Great. Thanks, Jason. So first -- let me first start in terms of our guidance. I'll first start with Q1. And as you heard us say, we were really pleased with our Q1 performance. And as you stated, our Q2 guidance is the same as Q1.

是的。偉大的。謝謝，傑森。首先，讓我先從我們的指導開始。我先從 Q1 開始。正如您聽到我們所說的，我們對第一季的表現非常滿意。正如您所說，我們第二季的指導與第一季相同。

And maybe a couple of things that I'll point out compared to what we thought 90 days ago. And as Julie mentioned, we do see some differences in EMEA, particularly in the U.K., where we're focused on repositioning the business back to growth and that's going to take some time. But Jason, what is the same is that we are still operating in an environment, which is the same that we described last quarter, where the discretionary spend and the decision-making is slow. And so right now, as you expect and you know that we do this every year, we're talking to our clients right now about their '24 budgets. And so that's all, again, to be expected.

也許我會指出一些與我們 90 天前的想法相比的事情。正如朱莉所提到的，我們確實看到歐洲、中東和非洲地區存在一些差異，特別是在英國，我們專注於將業務重新定位以恢復成長，這需要一些時間。但傑森，相同的是，我們仍然在一個與我們上季度描述的環境相同的環境中運營，可自由支配支出和決策制定都很緩慢。因此，現在，正如您所期望的，並且您知道我們每年都會這樣做，我們現在正在與客戶討論他們的 24 預算。這也是我們所期待的。

When we look forward into H2, to start with just what the math is, we continue to see higher growth in the back half of the year. That's going to start with higher growth in Q3. And our confidence in our H2 increased growth is really based on a few things, again, reiterating what we talked about at the beginning of the year versus our results in Q1. So we're confident again that we were able to deliver across the board as we expected in the first quarter. And also then, as Julie mentioned, quite a bit, we made a lot of investments in our business in the quarter and that's helping us pivot to higher-growth areas.

當我們展望下半年時，首先從數學上來說，我們繼續看到下半年的更高成長。這將從第三季的更高成長開始。我們對下半年成長成長的信心實際上是基於一些事情，再次重申我們在今年年初與第一季的業績相比所討論的內容。因此，我們再次有信心能夠按照第一季的預期全面交付。然後，正如朱莉所提到的，我們在本季度對業務進行了大量投資，這有助於我們轉向更高成長的領域。

In addition to that, as we talked about last quarter, the same remains, we do have our revenue positioned in the back half of our year from these larger transformation deals, so that has not changed. We continue to see that. And then we just need to continue to layer in our new sales as we get closer to the back half of the year.

除此之外，正如我們上個季度談到的，同樣的情況仍然存在，我們的收入確實來自這些較大的轉型交易，因此在下半年我們的收入並沒有改變。我們繼續看到這一點。然後，隨著下半年的臨近，我們只需要繼續增加新的銷售。

So we're really very pleased to reiterate the 2% to 5% revenue guidance that we had at the beginning of the year.

因此，我們非常高興地重申我們年初制定的 2% 至 5% 的收入指引。

Okay. That's helpful. And just as a quick follow-up, what should we expect in terms of second quarter bookings for consulting and managed services year-over-year? I know managed services has a particularly tough comp.

好的。這很有幫助。作為快速跟進，我們對第二季度諮詢和託管服務預訂同比有何預期？我知道託管服務的競爭特別激烈。

Yes. So Jason, I know I've been giving color and basically kind of guiding to future quarter bookings. But as you know really well covering us for so long, bookings can really be lumpy. So I'm not going to give that color anymore go forward. What I would say is the best way to think about demand for our business is the revenue guide that we give, and we gave revenue guidance for the second quarter as well as our 2% to 5% for the full year. And obviously, we'll continue to do that. And I would just put it in that we do feel good about our pipeline. We have a very solid pipeline.

是的。所以傑森，我知道我一直在為未來季度的預訂提供色彩和基本上的指導。但正如您長期報道我們所知道的那樣，預訂確實很不穩定。所以我不會再給這種顏色了。我想說的是，考慮我們業務需求的最佳方法是我們給予的收入指導，我們給出了第二季度的收入指導以及全年 2% 到 5% 的收入指導。顯然，我們將繼續這樣做。我想說的是，我們確實對我們的管道感覺良好。我們有非常堅實的管道。

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

您的下一個問題來自摩根大通的黃天欽。

I just wanted to follow up to Jason's question. Just with the bookings, which is better than expected and your large deal backlog is quite large now. Just the visibility on the timeliness of those conversions? Have you seen any signs of pushout or delays or that kind of thing? Just trying to understand the conversion potential.

我只是想跟進傑森的問題。僅就預訂而言，這比預期要好，而且您的大宗交易積壓現在相當大。只是這些轉換的及時性的可見性？您是否看到任何延遲或延遲或類似情況的跡象？只是想了解轉化潛力。

Yes. So maybe just a couple of things on that. So I think conversion can be really mainly impacted by the mix, right? So the mix of deals that we have. So let's just start with, overall, we haven't seen any change in the conversion based on the mix of work. So Strategy and Consulting, which converts faster, and you know with operations there's been no change within those different parts of our business, no change in the conversion.

是的。所以也許只有幾件事。所以我認為轉換率實際上主要受到組合的影響，對吧？所以我們擁有的交易組合。首先，總體而言，我們沒有看到基於工作組合的轉換有任何變化。因此，策略和諮詢部門的轉換速度更快，而且您知道，在營運方面，我們業務的不同部分沒有變化，轉換也沒有變化。

What we have talked about and we've been consistent that there's really been -- there's no change over the last 90 days in our discretionary spend environment, and that is consistent with our expectations. So -- and we haven't been reliant and we're not reliant on the change in that macro to get to our full year guidance.

我們已經討論過，我們一直一致認為，過去 90 天內我們的可自由支配支出環境沒有發生任何變化，這與我們的預期一致。因此，我們並沒有依賴宏觀經濟的變化來獲得我們的全年指導。

So what does that mean? Hopefully, you're able to hear me. The lower -- there's trouble in the line, okay, is that there -- as we have lower discretionary spend, that does impact the conversions, Tien-Tsin, as you know, but we have factored that all into our guidance.

那麼這是什麼意思呢？希望你能聽到我的聲音。較低的——有麻煩的是，好吧，就在那裡——因為我們的可自由支配支出較低，這確實會影響轉化率，Tien-Tsin，如你所知，但我們已將所有這些因素納入我們的指導中。

Understood, KC. And just my quick follow-up. I know you've been really busy with acquisitions, and Julie, you listed a bunch of them. Is there a change here in the rhythm of acquisitions or your appetite? It sounds like the revenue contribution is up a nudge -- up a little bit, but you tell me, I didn't know if there's a change in your thinking here on deals.

明白了，KC。這只是我的快速跟進。我知道你一直忙於收購，朱莉，你列出了其中的一些。收購節奏或您的興趣有改變嗎？聽起來收入貢獻有所上升——上升了一點，但你告訴我，我不知道你對交易的看法是否有改變。

Yes. I'm going to maybe give a little bit of color and then I'll certainly hand it over to Julie. Just more from a financial perspective, I think and as you know this really well, but our competitive advantage really is our investment capacity that allows us to pivot to higher areas of growth.

是的。我可能會提供一點顏色，然後我一定會把它交給朱莉。我認為，更多的是從財務角度來看，正如你們所知道的那樣，我們的競爭優勢實際上是我們的投資能力，它使我們能夠轉向更高的成長領域。

And we can do that and invest through every cycle, and you've seen us do that. And I really think that is clearly a differentiator for us. You see that with our strong start this quarter, Julie talked about the 12 acquisitions, $800 million of spend. And we have 5 more that we've announced for Q2.

我們可以做到這一點，並在每個週期進行投資，你已經看到我們這樣做了。我真的認為這對我們來說顯然是一個差異化因素。你看，隨著我們本季的強勁開局，朱莉談到了 12 項收購、8 億美元的支出。我們在第二季也宣布了另外 5 個項目。

All of that, and we're reconfirming op margin expansion of 10 to 30 basis points. I think it's important to see that in terms of our strategy, we're continuing to do this to really fuel organic growth.

所有這些，我們再次確認營運利潤率擴大 10 至 30 個基點。我認為重要的是要看到，就我們的策略而言，我們將繼續這樣做，以真正推動有機成長。

And lastly, I think one of the parts that really distinguishes us is our capital allocation framework, which is durable yet flexible. So we're able to flex up and do inorganic to the degree that we see that we'd like to, while at the same time, continuing to increase our return to our shareholders. So I think it's really, really great.

最後，我認為真正讓我們與眾不同的部分之一是我們的資本配置框架，持久且靈活。因此，我們能夠靈活地進行無機化，達到我們希望的程度，同時繼續增加我們對股東的回報。所以我認為這真的非常棒。

Great. Yes. And there's no change in the strategy in the sense that we're still trying to -- we're still investing to either scale in hot areas or add new types of skills. So you see that we're executing in capital projects like we described, right? In August, we did the -- yes, in August, we did the Anser Advisory. We just added Canada and then, of course, adding the niche skills and consulting and whether it's industry or functional.

偉大的。是的。從我們仍在努力的意義上來說，策略沒有改變——我們仍在投資以擴大熱門領域的規模或增加新類型的技能。所以你看到我們正在執行我們所描述的資本項目，對嗎？八月份，我們做了——是的，八月份，我們做了 Anser Advisory。我們剛剛添加了加拿大，然後，當然，添加了利基技能和諮詢，以及無論是工業還是功能性的。

So no change in strategy. But I would reiterate that it is really a huge competitive advantage for us that we can invest across the cycles. You saw that we did that in the first year after the pandemic, where we significantly increased, and again, always to drive organic growth and position ourselves for those next waves. So you're going to see the AI acquisitions. You saw Health in the U.K., another great area of growth, capital projects. So think about our strength here is how we accelerate pivoting to growth.

所以策略沒有改變。但我要重申的是，我們可以跨週期投資，這對我們來說確實是一個巨大的競爭優勢。您看到，我們在大流行後的第一年就做到了這一點，我們大幅增長，並且始終是為了推動有機增長，並為下一波浪潮做好準備。所以你會看到人工智慧的收購。您看到了英國的健康領域，這是另一個重要的成長領域，資本項目。因此，請考慮我們的優勢在於我們如何加速轉向成長。

And then I'll just add, Tien-Tsin, that you heard me mention in guidance that we are going to do now more than 2% inorganic contribution for this year, yes.

然後我要補充一點，Tien-Tsin，你聽到我在指導中提到，我們現在將在今年做出超過 2% 的無機貢獻，是的。

Yes. No, I'm sure you'll amplify the growth of what you buy. Just wanted to check on that. That's helpful.

是的。不，我相信你會放大你買的東西的成長。只是想檢查一下。這很有幫助。

Your next question comes from the line of Ashwin Shirvaikar from Citi.

您的下一個問題來自花旗銀行的 Ashwin Shirvaikar。

And congratulations on the performance. I wanted to ask about -- as you have conversations with your clients with regards to budget and spending priorities into next year, if you can comment, first of all, on that.

並恭喜你的表現。我想問一下，當您與客戶就明年的預算和支出優先事項進行對話時，您是否可以先對此發表評論。

And then it's only a couple of quarters since sort of GenAI kind of took hold, but it's a fast-moving technology and I want to kind of inquire into whether the nature of those discussions has changed or become more meaningful, gone past proof of concept and so on.

然後，距離 GenAI 的普及只有幾個季度了，但它是一項快速發展的技術，我想探究一下這些討論的性質是否已經改變或變得更有意義，已經超越了概念驗證等等。

Great. Great question. So first, with respect to -- on your first point around what's happening in the market on client budgets is what I would say is that we're having lots of discussions that are pretty similar to what we've been talking about, which is how do you prioritize in a more cautionary environment.

偉大的。很好的問題。首先，關於您關於客戶預算市場上正在發生的事情的第一點，我想說的是，我們正在進行很多與我們一直在談論的內容非常相似的討論，即在更加謹慎的環境中，您如何決定優先順序？

So we really know how that will play out in January, as always, because this is when they finalize. But what I'd say is it's the consistent thing I've been talking about, which is in a cautionary environment, in a tough macro, we're helping clients prioritize and they're in the things that we talked about in the script again today, things like building the digital core. It's using the technology to drive both growth and cost.

所以我們真的知道一月份會發生什麼，一如既往，因為這是他們最終確定的時間。但我想說的是，這是我一直在談論的一貫的事情，即在一個謹慎的環境中，在一個艱難的宏觀環境中，我們正在幫助客戶確定優先級，他們就在我們在腳本中討論的事情中今天再次討論諸如構建數位核心之類的事情。它利用該技術來推動成長和降低成本。

And I would just say on the macro side, right, is that our clients recognize you cannot cut yourself to growth. And if you think about the examples that I used in today's script, most of them were both cost and growth, right? Because that is what our clients are focused on, is how are they going to grow revenue despite whatever the environment is. And that, of course, is our unique capabilities to be able to do both.

我只想說，在宏觀方面，我們的客戶意識到你無法透過削減自己來實現成長。如果您考慮一下我在今天的腳本中使用的範例，其中大多數都是成本和成長，對吧？因為這是我們的客戶所關注的，無論環境如何，他們都將如何增加收入。當然，這是我們能夠同時做到這兩點的獨特能力。

And then with respect to GenAI, so first of all, I just want to say $450 million in sales this quarter, we're very pleased with. I mean it demonstrates we are leading here. All of last year, it was $300 million.

然後就 GenAI 而言，首先，我想說的是，我們對本季 4.5 億美元的銷售額感到非常滿意。我的意思是，這表明我們在這方面處於領先地位。去年全年，這一數字為 3 億美元。

And to your point, the conversations are changing. You have examples like BBVA, which we talked about earlier in my script, we're starting to use it at scale. Our clients want to get out of proof of concept to material value, and we're super well-positioned. Why? GenAI is not plug-and-play. It is not just technology. In fact, it's closer to -- of any other technology, think about cloud, that's farther away from the heart of the business.

就你而言，對話正在改變。你有像 BBVA 這樣的例子，我們之前在我的腳本中討論過，我們開始大規模使用它。我們的客戶希望從概念驗證轉向物質價值，而我們處於非常有利的位置。為什麼？ GenAI 不是即插即用的。這不僅僅是技術。事實上，它比任何其他技術都更接近，例如雲，它距離業務核心更遠。

In order to scale, you have to deeply understand the technology, which is still rapidly changing, and the business value. And this is Accenture's leadership position, right? We have strategy, we have consulting, deep industry and functional expertise. We're the biggest partner with every major player. We're working with them at a product level, and we can bring those 2 things together.

為了擴大規模，你必須深入了解仍在快速變化的技術和商業價值。這就是埃森哲的領導地位，對嗎？我們有策略、諮詢、深厚的產業和職能專業知識。我們是每個主要參與者的最大合作夥伴。我們正在產品層面與他們合作，我們可以將這兩件事結合在一起。

So think of 2024 as being the shift for our clients from experimentation to scale, and we believe we're the best positioned to lead that shift to value.

因此，2024 年是我們客戶從實驗到規模化的轉變，我們相信我們最有能力引領這一轉變到價值。

Understood, understood. I want to ask also about the operations performance. It did decelerate meaningfully. I think it was high single-digit growth and now it's flat. Is that also a reflection you mentioned just now, maybe a pivot from cost savings to revenue generation? Maybe it's beginning. Is that what's happening? Or are there other factors in here?

明白了，明白了。我還想問一下營運績效。它確實有意義地減速。我認為這是個位數的高成長，現在卻持平了。這是否也是您剛才提到的反映，也許是從節省成本轉向創造收入？或許一切才剛開始。是這樣嗎？或是這裡面還有其他因素嗎？

Yes. Maybe just in terms of the quarter performance. Operations came in as expected. As we talked about at the beginning of the year, Ashwin, we do have some impacts in CMT that impact operations and so we'll see the growth will -- may fluctuate as we go throughout the year. That's part, though, of our overall guidance for the full year of managed services continuing to be mid-single to high single-digit growth for the year.

是的。也許只是就季度業績而言。營運情況符合預期。正如我們在今年年初談到的那樣，Ashwin，我們確實對 CMT 產生了一些影響營運的影響，因此我們將看到成長可能會隨著全年的發展而波動。不過，這是我們對全年託管服務繼續保持中個位數到高個位數成長的整體指導的一部分。

Yes. And in fact, I would say it's the opposite. Operations, which was impacted, by the way, by CMT, for example, look, it's going to build similar to the way Accenture is going to build over the course of the year.

是的。事實上，我想說事實恰恰相反。順便說一句，營運受到了 CMT 的影響，看起來，它的建造方式將類似於埃森哲在今年的建設方式。

Actually, the sweet spot of operations is that it does both cost and growth. So the BBVA example includes operations, Fortrea includes operations. So these are -- our managed services are highly strategic because they are typically able to do both. Think about IT transformation. Our managed services are as much about modernizing. So an IT -- modernized tech is what drives growth.

事實上，營運的最佳點在於它既能降低成本，又能實現成長。因此，BBVA 範例包含運營，Fortrea 包含運營。因此，我們的託管服務具有高度策略性，因為它們通常能夠同時做到這兩點。考慮 IT 轉型。我們的託管服務同樣注重現代化。因此，IT－現代化技術是推動成長的動力。

So we really see our strength being that our managed services are strategic. And one of the reasons is that we do them in the context of understanding the industry and the function. So we're not back office. We're bringing that strategy and consulting expertise to make sure that it isn't just a cost play, and that's an important differentiator for us.

因此，我們真正看到我們的優勢在於我們的託管服務具有策略性。原因之一是我們是在了解產業和功能的背景下做這些事情的。所以我們不是後台辦公室。我們帶來了策略和諮詢專業知識，以確保這不僅僅是成本遊戲，這對我們來說是一個重要的差異化因素。

Your next question comes from the line of Bryan Bergin from TD Cohen.

您的下一個問題來自 TD Cohen 的 Bryan Bergin。

Wanted to start on your -- some of the expectations around shorter cycle and discretionary work within S&C and SI. Do you have a sense of stabilization forming there or cuts still occurring in those areas? And maybe can you give us a sense on how you expect Consulting to do in the second quarter?

希望開始實現您對 S&C 和 SI 內較短週期和可自由支配工作的一些期望。您是否有一種穩定感正在形成，或者這些領域仍在發生削減？或許可以為我們介紹一下您對顧問公司第二季業績的預期嗎？

Yes. So look, we're -- as KC said earlier, we're operating kind of the same environment we have for the last few quarters, right? Discretionary spend is down. And we're right in the middle of the budget cycle. So next quarter, we'll have a much better view of what's there.

是的。所以，正如 KC 之前所說，我們的營運環境與過去幾季的環境相同，對嗎？可自由支配支出下降。我們正處於預算週期的中間。因此，下個季度，我們將對那裡的情況有更好的了解。

But as you sort of look around in the environment, there aren't a lot of green shoots on the economic side. And obviously, the volatility on the geopolitical side continues.

但環顧四周，你會發現經濟方面並沒有太多的萌芽。顯然，地緣政治方面的波動仍在持續。

And so as KC said, we're not planning right now for kind of a change in the macro, which means that we're not planning for a change in discretionary spending. We just don't see that being meaningfully different as we go into 2024. And obviously, we'll update you.

正如 KC 所說，我們現在不打算對宏觀經濟進行某種改變，這意味著我們不打算改變可自由支配支出。進入 2024 年，我們只是沒有看到這種情況發生有意義的變化。顯然，我們會向您通報最新情況。

But that's why when you think about like the question earlier on revenue conversion, our level of smaller deals is just down. It's going to stay down for a while, which means that how revenue is going to -- how sales are going to bleed into revenue is going to be consistent with what we've been seeing. So -- and then you want to comment?

但這就是為什麼當你思考之前關於收入轉換的問題時，我們的小規模交易水準剛剛下降。它將保持一段時間的低迷，這意味著收入將如何——銷售額將如何滲透到收入中——將與我們所看到的保持一致。那麼——然後你想發表評論嗎？

Yes. Just in terms of, Bryan, on the overall growth, there's no change from what we said at the beginning of the year in terms of our full year outlook for Consulting type of work. We see low single-digit positive growth for the full year. That's in our 2% to 5%. And Q1 came in as we expected, which was negative 2%.

是的。布萊恩，就整體成長而言，我們對諮詢類型工作的全年展望與年初所說的沒有變化。我們預計全年將出現低個位數的正成長。那是我們的 2% 到 5%。第一季的表現符合我們的預期，為負 2%。

Okay. That's helpful. And then just a clarification around the M&A. So first, I don't know if you mentioned M&A in the first quarter, the contribution to growth. And we're saying greater than 2% for the full year. Just to be clear, that's just rounding around 2%? Or are we upwards of 3%?

好的。這很有幫助。然後是關於併購的澄清。那麼首先，我不知道你是否提到第一季的併購，對成長的貢獻。我們說全年成長超過 2%。需要明確的是，這只是 2% 左右？或者說我們的比例是 3% 以上嗎？

Yes. Yes. So we're saying more than 2% for the full year and it can fluctuate by quarter. So we really just stick to our guidance for the overall year.

是的。是的。所以我們說全年成長超過 2%，並且可能會按季度波動。因此，我們實際上只是堅持全年的指導。

Right. And if we get closer to 3%, we'll talk about that. But right now, it's more than 2%, right, because we gave you guidance to it's down definitely more than 2%.

正確的。如果我們接近 3%，我們就會討論這個問題。但現在，它已經超過 2%，對吧，因為我們給你的指導是它的下降肯定超過 2%。

And remember, we only do deals that we think are good deals. So what we see right now is a lot of good deals that is going to get us to above 2%. And if that -- we have a lot of financial flexibility. So if that changes, we'll update if it gets above 3%.

請記住，我們只做我們認為好的交易。因此，我們現在看到的是很多不錯的交易，這些交易將使我們的利潤率達到 2% 以上。如果是這樣的話——我們就有很大的財務彈性。因此，如果情況發生變化，我們將在超過 3% 時進行更新。

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

您的下一個問題來自貝爾德 (Baird) 的戴夫·科寧 (Dave Koning)。

One thing I noticed, I guess, gross margin growth, year-over-year expansion of gross margin was the strongest in about 9 quarters or so. Is that just lower attrition, offshore shift? Maybe walk through why that's gotten nicely better.

我注意到一件事，我想，毛利率增長，毛利率同比擴張是大約 9 個季度以來最強勁的。這只是人員流失率較低、離岸轉移嗎？也許可以解釋為什麼情況會變得更好。

Yes. Thanks for the question. So as you know, we run our business to operating margin, which we did 20 basis point expansion this quarter. And I will mention that, if I didn't already, that the 10 to 30 that we have for the year, we might see more variability as we go throughout the quarters.

是的。謝謝你的提問。如您所知，我們以營業利潤率經營業務，本季我們將營業利潤率擴大了 20 個基點。我要提到的是，如果我還沒有提到的話，我們今年有 10 到 30 個季度，我們可能會在整個季度中看到更多的變化。

But now back to gross margin, you're right, we did see expansion this quarter. But it's really hard to look at that in isolation. And why is that? Well, there's various things that can go in and out of gross margin in terms of increased or decreased spend.

但現在回到毛利率，你是對的，我們確實看到了本季的擴張。但孤立地看待這一點確實很難。為什麼是這樣？嗯，就支出的增加或減少而言，有很多因素會影響毛利率。

So for example, one would be acquisitions. There's a lot of -- some of the investment acquisitions, some of that spend will go into gross margin and that can be lumpy as we go throughout.

例如，其中之一就是收購。有很多——一些投資收購，一些支出將進入毛利率，在我們整個過程中，這些支出可能會很不穩定。

As you know, it also depends on where people spend their time. So for example, you saw that, yes, we had improvement in gross margin, but then we also had increased sales and marketing costs, which is a result of people spending more time out in the market selling to create the $18.4 billion in sales that we have.

如您所知，這也取決於人們將時間花在哪裡。舉例來說，你看到，是的，我們的毛利率有所提高，但隨後我們的銷售和行銷成本也增加了，這是由於人們花更多的時間在市場上進行銷售，從而創造了184億美元的銷售額。我們有。

So that's why, again, we look at those components, but really, at the end of the day, we always continue to run our business to op margin.

因此，這就是為什麼我們再次關注這些組成部分，但實際上，歸根結底，我們始終會繼續經營我們的業務以實現營運利潤。

Got you. And then maybe as a follow-up just to Jason's question at the beginning on kind of the back end-loaded growth. If I just put in normal sequential patterns in Q3 and Q4, I get to about 2% constant currency, so the low end of guide. Is there a scenario given bookings were really good this quarter that it -- actually the progression sequentially in the back half of the year is better than normal, and then that kind of gets to the better parts of the guidance range for revenue?

明白你了。然後也許作為傑森一開始提出的關於後端加載增長的問題的後續行動。如果我只是在第三季和第四季採用正常的連續模式，我會得到大約 2% 的恆定貨幣，因此是指南的低端。鑑於本季度的預訂量非常好，是否存在一種情況——實際上今年下半年的連續進展比正常情況要好，然後這種情況就達到了收入指導範圍的更好部分？

Yes. So I think, obviously, when you do -- what you're just kind of talking about is a bit of the math. What I would say is give you the year-over-year, the way we look at it in terms of our guidance, right?

是的。所以我認為，顯然，當你這樣做時——你只是在談論一些數學問題。我想說的是，給你逐年的數據，我們從指導角度看待它的方式，對吧？

So we had 1% growth this quarter with strong bookings -- 1% revenue growth with strong bookings. We see Q2 shaping up the same way year-over-year. And again, just reinforcing that we do see fuel and our sequential growth in the back half of the year based on the transformation deals that we have signed. That's no different than what we talked about at the beginning of the year. We've layered in then the sales that we expect as we go throughout. And that -- there's no difference to how we're doing our range. That gets us to the 2% to 5% range.

因此，本季我們的預訂量成長了 1%，營收成長了 1%。我們認為第二季的情況與去年同期相同。再次強調，根據我們簽署的轉型協議，我們確實看到了下半年的燃料和連續成長。這與我們年初談論的沒有什麼不同。我們在整個過程中將預期的銷售額分層。我們的產品範圍並沒有什麼不同。這使我們達到 2% 到 5% 的範圍。

I would say at the top end of our range, again, as we said last quarter just when we said guidance that when -- to get to the top end of our guidance range, you would see S&C reconnecting with growth would be one thing that we'd see. And you would probably also see the mid to high single digits that we've been referencing consistently in managed services be more like high single digits. So hopefully, that helps, Dave.

我想說的是，在我們範圍的上限，正如我們上個季度所說的那樣，當我們說指導時——要達到我們指導範圍的上限，你會看到施恩禧與增長重新建立聯繫將是一件事我們會看到的。您可能還會看到我們在託管服務中一致引用的中高個位數更像是高個位數。希望這會有所幫助，戴夫。

Yes. That's helpful.

是的。這很有幫助。

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

您的下一個問題來自德意志銀行的 Bryan Keane。

Just wanted to ask a clarification on the U.K. market in particular. I know the economy has been weak there for a couple of years. So -- and I know it's been a call-out for kind of the quarter. What exactly happened in the U.K.? And then what's the outlook for that?

只是想特別詢問有關英國市場的情況。我知道那裡的經濟已經疲軟了幾年。所以——我知道這是對本季的某種呼籲。英國究竟發生了什麼事？那麼前景如何？

So in the U.K., as you said, it has been kind of challenged for a couple of years, and we have a big banking, capital markets business there. And we're really trying to pivot to more growth there in other areas. That's why you saw the acquisitions that we did, for example, this quarter.

因此，正如您所說，在英國，這幾年來一直受到挑戰，我們在那裡擁有龐大的銀行、資本市場業務。我們確實正在努力轉向其他領域的更多成長。這就是為什麼你看到我們進行的收購，例如本季的收購。

And what we're seeing is that it's just taking longer than we anticipated to really move into the other areas in banking, capital markets, which we've talked about has been more challenged, particularly in the U.K. And so it's really about how long it's taking us to pivot. And we think it's going to take some time, so I'm not going to call exactly when, but we do think it's going to take some time. And it's taking more time than we anticipated going into the fiscal year.

我們看到的是，真正進入銀行業、資本市場等其他領域所花費的時間比我們預期的要長，我們已經談到這些領域面臨更大的挑戰，特別是在英國，所以這實際上是關於需要多長時間它帶領我們轉向。我們認為這需要一些時間，所以我不會確切地打電話，但我們確實認為這需要一些時間。進入本財年所需的時間比我們預期的要長。

So we've got a good team. We're on it. And again, this is where you're going to see us do more acquisitions to diversify our business there as we reposition that.

所以我們有一個很好的團隊。我們正在努力。再說一次，當我們重新定位時，你會看到我們進行更多收購，以使我們的業務多元化。

Yes. Maybe just also, Bryan, just for context, it's about 6% of our overall business, a little bit more than $4 billion that we have in the U.K.

是的。布萊恩，也許只是為了背景，這大約占我們整體業務的 6%，略高於我們在英國的 40 億美元。

Got it. No, that's helpful. And then, KC, just to make sure we understand the comments on the margins. Given the movement in acquisitions and the pickup in acquisitions, there could be some fluctuations in given quarters. So you're not going to have it perfectly in the range of 10 to 30 per quarter. Any quarters to call out, in particular, where it could fall below the range given the ramp of acquisitions and the ramp of investments?

知道了。不，這很有幫助。然後，KC，只是為了確保我們理解頁邊空白處的評論。鑑於收購的變動和收購的增加，特定季度可能會出現一些波動。因此，您不可能將其完美控制在每季 10 到 30 個範圍內。考慮到收購的增加和投資的增加，有哪些季度值得指出，特別是在哪些方面它可能會跌破該範圍？

Yes. No, I don't want to really guide to the quarter because 10 basis points or 20 basis points on a quarter, that [spend], Bryan, as you know, that's kind of big and small in terms of the dollar amount that we're talking about. So we're going to guide overall to the full year of 10 to 30 for the full year. And I just want to point out that we might have some periods where it's just a little bit more variable than what you've seen us do over the years.

是的。不，我不想真正指導這個季度，因為一個季度 10 個基點或 20 個基點，[支出]，布萊恩，正如你所知，就我們的美元金額而言，這有點大和小。正在談論。因此，我們將全年總體指導為 10 到 30。我只是想指出，我們可能會在某些時期比您多年來看到的情況更加多變。

Your next question comes from the line of Darrin Peller from Wolfe Research.

您的下一個問題來自沃爾夫研究中心的達林佩勒 (Darrin Peller)。

Just want to touch on head count growth. I mean, it's still -- I think it's still a bit decelerating. And so what are the expectations going forward, I mean, just given the backdrop of an acceleration on the revenue in the second half of the year?

只是想談談員工人數成長。我的意思是，我認為它仍然有點減速。那麼，在下半年營收加速成長的背景下，未來的預期是什麼？

And then Julie, maybe we could just touch on the linearity of the business one more time. Just if we could revisit the mix of the kind of business you're seeing now and the revenue per head you'd expect. Or maybe just directionally, what you'd anticipate based on the mix we're seeing and what demand is for?

然後朱莉，也許我們可以再討論一次業務的線性問題。如果我們能夠重新審視您現在看到的業務類型和您期望的人均收入就好了。或者也許只是方向性的，根據我們所看到的組合以及需求是什麼，您的預期是什麼？

Yes. So thanks for that, Darrin. So I'll talk about in terms of our people, in terms of number of people we have, first, I'll start with, as you know, managing supply/demand is really our core competency. And you can see that in our ability to manage our utilization at high levels.

是的。謝謝你，達林。因此，我將談論我們的人員，就我們擁有的人員數量而言，首先，我將從，如您所知，管理供需確實是我們的核心能力。您可以從我們管理高水準利用率的能力中看到這一點。

And I'll just point out that for the last 13 quarters, our utilization has been 91% or higher. And so we hire for the skills that we need and we hire where we need them. And you're -- what you're pointing out is that we had about a 1% increase year-over-year in our head count as well as about 1% sequentially. And that's in line with what we -- how we see revenue going for the rest of the year. So there's really no change there.

我只想指出，在過去 13 個季度中，我們的利用率一直是 91% 或更高。因此，我們根據需要的技能進行招聘，並在需要的地方進行招聘。您指出的是，我們的員工人數較去年同期增加了約 1%，較上季增加了約 1%。這與我們對今年剩餘時間收入的看法是一致的。所以那裡真的沒有任何變化。

And as it relates to the revenue per head and the nonlinearity, I mean we do have automation. We do have value-based projects. So while there still is obviously connection to the amount of people that we have, we have been able to break that. There are parts where we were able to not fully disconnect, but not completely rely on head count to drive revenue.

由於它與人均收入和非線性相關，我的意思是我們確實擁有自動化。我們確實有基於價值的項目。因此，雖然與我們擁有的人數仍然存在明顯的聯繫，但我們已經能夠打破這種聯繫。有些部分我們無法完全斷開連接，但也不能完全依賴人員數量來增加收入。

Yes. And Darrin, and in terms of just demand, right, so I'd kind of anchor to, first of all, we're seeing demand for transformational deals. So in an environment like this, the thing that I look at most is, are we continuing to have our clients do more than $100 million of bookings, right, which is in our industry we are a real standout here.

是的。達林，就需求而言，對，所以我想首先，我們看到了對轉型交易的需求。因此，在這樣的環境下，我最關注的是，我們是否繼續讓我們的客戶進行超過 1 億美元的預訂，對吧，在我們的行業中，我們是真正的佼佼者。

And what does that mean? That means that we continue to be at the heart of where clients are spending to do material transformations. That's where you want to be so that you're positioned when inevitably, discretionary spending, the pace goes back up, the macro changes, you want to be at the heart. So at times like this, that's what I'm really looking at.

這意味著什麼？這意味著我們將繼續處於客戶進行重大轉型支出的核心位置。這就是你想要的位置，以便在不可避免的可自由支配支出、節奏回升、宏觀變化時，你能夠處於核心地位。所以在這樣的時候，這就是我真正關注的。

And that's where you're seeing -- I will tell you, this is one of the most exciting times in the market. Like you just take what we are announcing today on McDonald's, I talked about it in the script, right? Incredible company, technology-driven. We've been their longtime partner, just expanded the partnership to take it all the way to the edge and reinvent their restaurants and their crew experience. This is going to be really cutting work at the edge because that's where we're starting to see the leaders in cloud go and we're leading there.

這就是你所看到的——我會告訴你，這是市場上最令人興奮的時刻之一。就像你剛才在麥當勞宣布的那樣，我在劇本中談到了，對嗎？令人難以置信的公司，技術驅動。我們一直是他們的長期合作夥伴，只是擴大了合作夥伴關係，將其推向邊緣，重塑了他們的餐廳和船員體驗。這將真正削減邊緣工作，因為這就是我們開始看到雲端領域領導者走向的地方，而我們正在那裡領先。

Those are the kinds of things that then you see how they're going to expand. There's so much opportunity still in these big areas of like -- of cloud, of data and AI. I mean, but cloud itself, yes, we've done a lot of migration, there's still more migration to go. But even more importantly, you've got to take it all the way to the edge.

這些都是你會看到它們將如何擴展的東西。在雲端、數據和人工智慧等這些大領域仍然存在著許多機會。我的意思是，但是雲端本身，是的，我們已經做了很多遷移，還有更多的遷移要做。但更重要的是，你必須把它一直帶到邊緣。

So from a demand perspective, we continue to see the transformations that move the needle for cost and growth and that's what we're expecting.

因此，從需求的角度來看，我們繼續看到推動成本和成長的轉變，這正是我們所期望的。

From a mix perspective, we're not seeing a big change between managed services and consulting. The mix we're seeing is that in this environment, you're seeing less of the smaller deals, which convert to revenue faster and more on the larger deals. And that's been around for a while and that's what you're going to continue to see. And we are laser focused on making sure we are winning in the reinvention, the transformation, and at the same time, massively pivoting to GenAI, right?

從混合的角度來看，我們沒有看到託管服務和諮詢之間發生重大變化。我們看到的混合情況是，在這種環境下，較小的交易會減少，而較大的交易會更快轉化為收入。這種情況已經存在了一段時間，而且您將繼續看到這種情況。我們專注於確保我們在重塑、轉型中獲勝，同時大規模轉向 GenAI，對嗎？

And our clients have so much work to do to be able to use GenAI, but you can see the momentum in our business, right, from that change from $300 million of all of last year to $450 million in a quarter. And I'll just remind you that's not the pull-through, that's not data. We are very pure because we really want to be sharing with all of you where is GenAI in the market. So we're pretty excited about where we are today and what's ahead.

我們的客戶需要做很多工作才能使用 GenAI，但你可以看到我們業務的勢頭，對吧，從去年全年的 3 億美元到一個季度的 4.5 億美元的變化。我只是提醒您，這不是拉動，也不是資料。我們很純粹，因為很想跟大家分享GenAI的市場在哪裡。因此，我們對今天的處境和未來的發展感到非常興奮。

That's really helpful. Look, you guys have obviously managed well through what was a softer discretionary demand environment.

這真的很有幫助。看，你們顯然已經很好地度過了較疲軟的可自由支配需求環境。

So I guess my question would be if we thought about what a normalized run rate of revenues on really as you see would be, if we just said today is a normal, no longer softer discretionary environment, where do you think the difference is? I mean, I know it's probably hard to give an exact or precise estimate, but how much upside is there when we get that back?

因此，我想我的問題是，如果我們考慮一下您所看到的正常化收入運行率，如果我們只是說今天是一個正常的、不再較軟的自由裁量環境，您認為差異在哪裡？我的意思是，我知道可能很難給出準確的估計，但是當我們得到這個估計時，還有多少上升空間？

Well, we have a good -- a really strong strategy and Consulting business. And so we're very positive about that business growing. But beyond that, I think, Darrin, we're not going to start to predict growth rates.

嗯，我們有一個非常強大的策略和諮詢業務。因此，我們對該業務的成長非常樂觀。但除此之外，達林，我認為我們不會開始預測成長率。

But in the meantime, it is a huge differentiator. Nobody has that combination that we have and that is what is driving the resilience of our business to be at the core of our clients' agenda.

但同時，它是一個巨大的差異化因素。沒有人擁有我們所擁有的這種組合，這就是推動我們業務的彈性成為客戶議程核心的原因。

That question comes from the line of James Faucette from Morgan Stanley.

這個問題來自摩根士丹利的詹姆斯·福賽特。

I want to just ask a couple of follow-up questions to those that have already been asked. First, on the inorganic contribution, appreciate that it's going to be better than 2%. Can you talk a little bit about whether that increased activity is and how you would balance that increased activity between just better valuations and more opportunities from a purely financial perspective in the market versus it sounds like some of the acquisitions you're doing you're trying to push into new strategic areas. And just wondering how you're balancing those strategic imperatives versus perhaps a little better valuations?

我只想對那些已經被問到的人提出幾個後續問題。首先，就無機貢獻而言，預計它將優於 2%。您能否談談是否增加了活動，以及如何在市場上純粹的財務角度更好的估值和更多機會之間平衡增加的活動，而不是聽起來您正在進行的一些收購努力進軍新的戰略領域。只是想知道您如何平衡這些策略要務與也許更好的估值？

Yes. I mean I wouldn't call out -- I wouldn't say that this activity is because of better valuations, right? At any given time, when we look at the market, right, and we see where are the growth opportunities, we want to move quickly and we look at organic versus inorganic ways of moving quickly. We never do anything purely inorganic, right, or purely organic.

是的。我的意思是我不會說——我不會說這項活動是因為更好的估值，對吧？在任何特定時間，當我們觀察市場時，我們看到成長機會在哪裡，我們希望快速採取行動，我們會考慮有機與無機的快速行動方式。我們從來不做任何純粹無機的、正確的或純粹有機的事。

And so think about our acquisitions as being matched to what is the opportunity in the market and what's the best way to capture that growth quickly, right? And so the strategy of categories is the same, right? So there are new areas that we want to go into like capital markets. That's an investment decision. We go into a certain number of those. We're executing now with rigor. We bought Anser Advisory. Now we bought the next one in Canada, right?

因此，請考慮我們的收購是否與市場機會相匹配，以及快速抓住成長的最佳方法是什麼，對嗎？所以品類的策略是一樣的，對嗎？因此，我們想要進入資本市場等新領域。這是一個投資決定。我們將討論其中的一些內容。我們現在正在嚴格執行。我們買了 Anser Advisory。現在我們在加拿大買了下一件，對嗎？

So that's just about -- it's a great growth area and we're trying to pivot. And the best way to do that to build something that we don't have already organically is to make some inorganic acquisitions and then that becomes organic growth, and we're able to kick in our recruiting machine.

所以這就是——這是一個巨大的成長領域，我們正在努力轉型。要建立我們尚未有機地擁有的東西，最好的方法是進行一些無機收購，然後將其變成有機成長，然後我們就可以啟動我們的招募機器。

If you think about the U.K., health is a great area. We just bought a health company, right? So you look at the market and you say, if I want to diversify, what's the fastest way to diversify into new areas and that's where often inorganic can help us do that through these niche acquisitions in consulting and industry.

如果你想想英國，健康是一個很棒的領域。我們剛買了一家健康公司，對嗎？因此，你看看市場，然後說，如果我想實現多元化，那麼進入新領域的最快方式是什麼，而無機通常可以透過諮詢和行業的這些利基收購幫助我們做到這一點。

And then you've got just massive opportunities like cloud and security where you saw some of those acquisitions in supply chain, and that's all about both adding phenomenal talent quickly and scaling to go after a market that's today, right?

然後你會得到雲端和安全等巨大的機會，你會在供應鏈中看到一些收購，而這一切都是為了快速增加非凡的人才並擴大規模以追逐當今的市場，對嗎？

So that's how we think about it. It's extremely rigorous. We always have a decision what's the best way to get there organically or inorganically. And inorganic is always about acceleration and driving organic growth. So it's very consistent. We've been doing it in a very disciplined way.

這就是我們的想法。這是極為嚴格的。我們始終決定以有機或無機方式實現這一目標的最佳方式是什麼。無機始終是加速和推動有機成長。所以這是非常一致的。我們一直以非常有紀律的方式來做這件事。

And in these kinds of environments, we believe the companies that invest win. And that is why we do actions like we did last year to increase our business resilience and enable us to be really well positioned to invest when others are not.

在這種環境下，我們相信投資的公司會獲勝。這就是為什麼我們像去年那樣採取行動，以提高我們的業務彈性，並使我們能夠在其他人不具備投資能力時真正處於有利的位置進行投資。

That's great color. I appreciate that. And similarly, just on bookings activity and AI contribution, there are clear acceleration in, in the AI level of activity, et cetera.

那顏色真棒。我很感激。同樣，僅在預訂活動和人工智慧貢獻方面，人工智慧活動水平等方面就有明顯的加速。

When you're talking to clients and that kind of thing, how are they thinking about AI budget allocation versus other initiatives, et cetera, right now? Are they looking at it as, hey, this is an incremental investment that we need to be making given the pace of change in technology? Or are they trying to really use that spend or have that spend be -- to offset some other projects maybe that they're going to curtail a little bit sooner. Just trying to think about as that continues to build, how we should think about it being incremental versus substitutive within a lot of the budgets.

當你與客戶談論此類事情時，他們現在如何考慮人工智慧預算分配與其他計劃等？他們是否認為，嘿，鑑於技術變革的步伐，這是我們需要進行的漸進式投資？或者他們是否試圖真正使用這筆支出，或者讓這筆支出抵消一些其他項目，也許他們會更快地削減一些。只是試著思考，隨著這種情況的繼續發展，我們應該如何考慮它在許多預算中是增量還是替代方案。

Right now, we're seeing a lot of reprioritization, right, because -- I mean, obviously, the market is growing. Like we're growing, the market is growing. So spending in technology is increasing. It's not increasing as fast as it was increasing a couple of years ago, right?

現在，我們看到了很多優先順序的重新調整，對吧，因為——我的意思是，顯然，市場正在成長。就像我們在成長一樣，市場也在成長。因此，技術支出正在增加。它的成長速度沒有幾年前那麼快，對嗎？

So spending on technology is increasing. But within that, you're seeing more prioritization. And our research, everybody's research is saying, hey, more spending on AI. For lots of companies, it's also more spending mostly on building that digital core because many companies don't have the data estate in order -- they're not in the cloud. They don't have the data in order to use the GenAI.

因此，技術支出正在增加。但在其中，您會看到更多的優先順序。我們的研究，每個人的研究都在說，嘿，在人工智慧上投入更多。對許多公司來說，更多的支出主要花在建立數位核心上，因為許多公司沒有有序的數據資產——它們不在雲端。他們沒有使用 GenAI 的數據。

So think of it as a real focus on building a digital core to enable as well. So market is still growing. It's more about prioritization of where that spending is going.

因此，請將其視為真正專注於建立數位核心以實現這一目標。所以市場還在成長。更多的是關於支出去向的優先順序。

Okay. Great. Thank you so much. 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 single day.

好的。偉大的。太感謝了。最後，我要感謝我們所有股東的持續信任和支持，以及我們所有員工每天所做的工作。

And I wish everyone a happy and a healthy holiday season. Thank you for joining today.

祝大家節日快樂、身體健康。感謝您今天加入。

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。您現在可以斷開連線。