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.

感謝各位的支持！歡迎參加埃森哲2024財年第一季財報電話會議。 （操作員指示）溫馨提示：本次會議正在錄製中。現在，我將把會議交給主持人凱蒂·奧康納（Katie O'Conor），她是董事總經理兼投資者關係主管。請開始。

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.

謝謝接線員，也謝謝大家今天加入我們，共同發表2024財年第一季的業績。正如接線員剛才提到的，我是凱蒂·奧康納 (Katie O'Conor)，董事總經理兼投資者關係主管。

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 Julie Sweet 和財務長 KC McClure 的演講。

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.

讓我簡單介紹一下今天電話會議的議程。朱莉首先會概述我們的業績。 KC會向大家詳細介紹財務細節，包括損益表和資產負債表，以及第一季的一些關鍵營運指標。之後，朱莉會簡要介紹我們的市場定位，然後KC會提供我們第二季和2024財年全年的業務展望。之後，我們會回答大家的提問，最後朱莉會在電話會議結束時做總結。

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

我們將在本次電話會議上討論的一些事項（包括我們的業務展望）是前瞻性的，因此受已知和未知風險和不確定性的影響，包括但不限於今天的新聞稿中列出的因素以及我們在 10-K 表年度報告、10-Q 表季度報告和其他 SEC 文件中討論的因素。

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所表達的結果有重大差異。

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

在今天的電話會議上，我們將提及一些非公認會計準則 (non-GAAP) 財務指標，我們認為這些指標能為投資者提供有用的信息。我們會在新聞稿或我們網站 (accenture.com) 的「投資者關係」版塊中，酌情提供非公認會計準則 (non-GAAP) 財務指標與公認會計準則 (GAAP) 的對帳表。

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

與往常一樣，埃森哲不承擔更新本次電話會議上提供的資訊的義務。

Now let me turn the call over to Julie.

現在讓我把電話轉給朱莉。

Thank you, 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.

謝謝凱蒂和所有參加的人，也感謝我們遍布全球的 743,000 名員工每天的無私奉獻和承諾，正是他們讓我們能夠始終如一地為所有利益相關者提供 360 度價值。

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兌現了承諾，同時繼續在戰略領域進行大量投資以推動下一波成長，包括擴大我們在生成人工智慧領域的早期領導地位，而且我們是在持續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.

首先從我們的財務業績說起。我們的訂單金額為184億美元，以當地貨幣計算增加了12%。本季度，我們有30位客戶的季度訂單額超過1億美元，其中超過一半來自北美，這反映了客戶對我們的信任，相信我們會成為他們主要項目、支出和持續轉型的核心。

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.

本季度，我們的營收達到162億美元，符合我們外匯調整後預期區間的最高值，以當地貨幣計算，成長了1%。我們的市場佔有率持續成長。

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，我們繼續看到可自由支配的支出減少，這尤其影響了我們的諮詢類型的工作以及更慢的決策速度，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.

我們將繼續執行 3 月宣布的業務優化措施，以降低結構性成本並增強韌性。

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，我們將調整後的營業利潤率提高了 20 個基點，實現了調整後每股收益成長 6%，同時繼續對我們的業務和員工進行投資。

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.

現在談談我們的投資。本季，我們在各地區市場的策略領域完成了12項收購，總價值7.88億美元。在北美，我們繼續拓展新的成長領域——資本項目，這是一個價值880億美元的北美潛在市場，我們在8月收購了Anser Advisory，從而進入了該市場。第一季度，我們收購了Comtech，這是一家為加拿大基礎設施專案提供諮詢和專案管理的公司。

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 Shelby Group 的供應鏈業務，投資了下一個數位化前沿。我們透過收購 Ocelot Consulting 和 Incapsulate 擴展了我們的雲端功能。此外，我們也透過收購 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 擴展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，並透過收購英國的 Nautilus Consulting 和 The Storytellers 投資於數位醫療保健和人才。

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，在成長市場中，我們專注於雲端電腦遇，收購了紐西蘭的 Solnet，專注於網路安全，收購了墨西哥的 MNEMO，專注於數位行銷服務，收購了日本的 SIGNAL。

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.

我們能夠大規模投資以推動有機成長，這是我們的競爭優勢。例如，在歐洲、中東和非洲地區，我們正專注於轉型CMT業務。我們正在與沃達豐進行投資，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挖掘新的成長和效率來源、加快產品上市速度並拓展新的客戶機會。

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式，以及一個規模化、商業化、更有效率的組織，提供更高品質的服務並加快其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。它還將利用我們知名的學習能力，不斷為員工創造新的技能和職業發展道路。

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，我們繼續為員工的學習進行投資，本季培訓時間約為 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.

談到生成式人工智慧，以及我們的成長和投資。我們繼續在生成式人工智慧領域保持早期領導地位，這將成為未來十年客戶重塑的重要組成部分。上個季度，我們公佈了2023財年全年約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.

第一季度，GenAI 的銷售額超過 4.5 億美元，需求持續成長。正如各位所知，我們將在未來三年內投資 30 億美元用於人工智慧領域。對我們的許多客戶來說，2023 年是生成式人工智慧 (Generative AI) 實驗的一年。我們現在專注於幫助客戶在 2024 年實現規模價值。

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一系列專業服務，幫助企業客製化和管理基礎模型。我們發現，生成式人工智慧的真正價值在於實現個人化和業務相關性。這由情境和準確性所驅動。資料準備就緒以及基礎模型​​的選擇和定制，是企業在明年追求價值過程中需要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其業務目標。我們專有的切換面板可讓使用者根據業務環境或成本、準確性等因素選擇模型組合。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，並變革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.

我們也正在投資人工智慧領域的收購。例如，我們最近宣布了收購Ammagamma的意向，這是一家總部位於義大利的公司，致力於幫助企業提升人工智慧和生成式人工智慧技術的使用。此次收購將使我們新增90名經驗豐富的人工智慧專業人士，其中許多人專注於生成式人工智慧，此外，我們還擁有工程、數學、經濟學、歷史學家、哲學家和設計師等領域的專業知識，他們將加入我們日益壯大的先進人工智慧中心的專業網路。

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從 40,000 人增加一倍至 80,000 人的目標邁進，並從第一季開始再增加 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，我們再來回顧一下本季我們創造的360度價值的幾個亮點。我們最近在Interbrand久負盛名的全球最佳品牌榜單上創下了迄今為止的最高品牌價值和排名，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》雜誌和卓越職場指南發布的2023年全球最佳職場榜單中，我們從第17位躍升至第10名。這項殊榮尤其重要，因為它是基於我們員工的回饋而選出來的。

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.

我們連續第七年榮登《華爾街日報》最佳管理公司榜單，憑藉著在客戶滿意度、員工敬業度與發展、創新、社會責任和財務實力方面的卓越表現。此外，我們還在社會責任方面獲得了最高分，並在客戶滿意度方面位列前十。

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、不同視角和不同生活經驗的人才方面持續領先。我們的成功體現在美國人權運動企業平等指數中，公司連續16年在美國排名第一，為LGBTQ+群體提供領先的平等工作場所政策、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，該更新可在我們的網站上查看，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.

謝謝朱莉。祝大家節日快樂，也感謝大家抽空參加今天的電話會議。我們對第一季的業績感到滿意，這符合我們的預期，也反映了我們持續的大規模投資，以鞏固我們在市場中的領先地位。我們的業績再次證明了我們能夠以嚴謹和自律的方式管理業務，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，我想總結一下本季的一些亮點。我們13個產業中有5個產業的收入以當地貨幣計算成長了1%，實現了中等個位數或更高的成長，包括公共服務、工業、公用事業、醫療衛生和能源。正如預期的那樣，CMT行業集團繼續面臨壓力。

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.

我們持續擴大市場佔有率。需要提醒的是，我們根據可投資組合來評估市場成長，該組合大約包含20多家與我們實力最接近的全球公開競爭對手，約占我們潛在市場的三分之一。我們採用一致的方法將我們的財務業績與競爭對手的業績進行比較，並進行調整以剔除任何重大收購的影響，截至他們最新公佈業績之日，以滾動方式進行4個季度的業績比較。

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.

本季度，我們調整後每股收益為3.27美元，較去年同期每股收益成長6%。本季調整後營業利益率為16.7%，較去年第一季成長20個基點，這得益於我們對員工和業務的大量投資。此外，我們實現了4.3億美元的自由現金流，並透過回購和股利向股東返還了20億美元。本季度，我們也透過12筆交易投資了7.88億美元用於收購。

With those high-level comments, let me turn to some of the details, starting with new bookings. New bookings were $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.

講完這些高層評論，我想談談一些細節，首先是新訂單。本季新訂單金額為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。諮詢訂單金額為86億美元，訂單出貨比為1.0。託管服務訂單金額為98億美元，訂單出貨比為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.

現在談談收入。本季營收為 162 億美元，以美元計算成長 3%，以當地貨幣計算成長 1%，我們處於指導範圍的上限，經外匯順風調整後，營收約為 1.5%，而上季的預期為 2.5%。

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.

本季諮詢業務收入為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.

仔細觀察我們的服務領域，技術服務實現了中等個位數成長，營運業務持平，策略與諮詢業務則出現了中等個位數下降。

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.

回顧我們的地域市場。在北美，以當地貨幣計算，收入下降了1%。公共服務業務引領了成長，但通訊與媒體、軟體與平台以及銀行與資本市場業務的下滑抵消了這一增長。

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2024財年，我們重組了地理區域。歐洲現在更名為EMEA（歐洲、中東和非洲），其中包括中東和非洲，這兩個地區先前被歸類為成長型市場。往年的重新分類資訊可在我們的投資者關係網站上查看。

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.

歐洲、中東和非洲地區 (EMEA) 收入以當地貨幣計算增長 2%，主要得益於公共服務、銀行及資本市場業務的成長，但部分抵消了通訊及媒體業務的下滑。義大利、奧地利和法國業務推動了收入成長，但部分抵消了英國業務的下滑。

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，我們實現了5%的當地貨幣收入成長，這主要得益於化學和自然資源、公共服務以及銀行和資本市場的成長。日本市場引領了收入成長。

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.

利潤表方面，本季毛利率為33.6%，去年同期為32.9%。本季銷售及行銷費用為10.5%，去年同期為9.8%。一般及行政管理費用為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，我想指出的是，第一季我們因業務優化措施而產生了1.4億美元的成本，這導致營業利潤率下降了90個基點，每股收益下降了0.17美元。以下比較已排除這些影響，反映的是調整後的結果。

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%，較去年第一季的營業利潤率增加 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.

本季調整後有效稅率為 23.2%，而去年第一季有效稅率為 23.3%。

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

調整後每股攤薄收益為 3.27 美元，而去年第一季每股攤薄收益為 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.

未償服務天數為 49 天，而上一季為 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6,900萬美元的物業和設備新增。截至11月30日，我們的現金餘額為71億美元，而截至8月31日，則為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.

關於我們持續向股東返還現金的目標。第一季度，我們以每股311.90美元的平均價格回購或贖回了380萬股，總價值12億美元。截至11月30日，我們剩餘的股票回購權約為54億美元。

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.

此外，我們在11月支付了每股1.29美元的季度現金股息，總額達8.1億美元。這比去年同期成長了15%。董事會宣布，將於2月15日支付每股1.29美元的季度現金股息，比去年同期成長了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.

最後，我們將繼續致力於實現我們長期的財務目標：以高於市場的速度成長並佔據市場份額，實現適度的利潤率擴張和更高的收益，同時進行大規模投資以保持我們的長期市場領導地位，產生強勁的自由現金流並將我們的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給朱莉。

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，KC。在第二季開始，我們依然專注於為客戶創造價值。支出節奏持續受到宏觀環境的影響。尤其是在第一季度，我們在英國的業務面臨的挑戰甚至比我們上一季預期的還要大。

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.

我們行業的基本面保持不變。所有策略都將繼續引領技術發展，企業需要利用技術、數據和人工智慧重塑企業的每個環節，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，他們必須建構數位化核心。策略與諮詢部門擁有我們深厚的產業和職能專業知識，這對我們脫穎而出至關重要，因為我們能夠幫助客戶確保從其數位化核心驅動業務價值。

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.

我們持續看到雲端遷移和現代化、現代 ERP、資料和人工智慧（包括 GenAI）、平台和安全等領域的巨大需求。所有這些領域都蘊藏著巨大的機遇，而且目前仍處於發展初期，未來有更多數位化核心需要構建，而目前已完成的數位核心數量將遠超預期。

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.

讓我用本季的例子來說明未來仍存在的重大機會。我們的雲端運算業務在第一季延續了強勁的兩位數成長勢頭，反映出持續存在的重要市場機會。我們估計，目前只有40%的企業工作負載在雲端，其中只有20%左右實現了現代化，剩餘的機會高達80%。

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.

客戶持續優先考慮數位化核心，這從雲端遷移的強勁需求中可見一斑。我們正在與一家領先的保險提供者合作，持續推動其雲端轉型。我們攜手將數百個應用程式遷移到雲端平台，協助該公司在2025年前實現資料中心的徹底遷移。迄今為止，我們已將其超過一半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.

這不僅是簡單的遷移，我們還在對應用程式進行現代化改造，加速自動化，以便更輕鬆地整合來自收購的分散數據，並幫助該公司進入新市場。我們也正在幫助重塑我們的組織思維模式，推動文化變革，並探索新的工作方式，包括創建一種新的IT服務模式，以敏捷和快速的方式引領複雜的轉型。

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.

此次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、更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，他們正在投資實現整個雲端系統的現代化和創新，將雲端擴展到邊緣，釋放更大的價值，並在未來擁有更多的機會。

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快的速度和更高的效率。

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.

這項新合作將協助麥當勞實現其雄心勃勃的目標：利用雲端技術連接全球餐廳，並在其所有平台上應用生成式人工智慧解決方案。埃森哲也將支持麥當勞加速自動化創新，提升員工的數位化能力。

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.

埃森哲對麥當勞的業務、行業和技術的深刻理解將有助於麥當勞在持續的數位投資中釋放機遇，幫助麥當勞重塑客戶體驗，並始終領先於客戶不斷變化的需求。

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.

談到數據和人工智慧。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。這是建立數位化核心的關鍵環節，我們也將這一點融入我們專注於數據和人工智慧現代化以及生成式人工智慧機會的更宏大的轉型中。

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.

我們協助全球金融服務集團西班牙對外銀行 (BBVA) 等領導企業持續利用 GenAI 重塑其商業模式，從而保持行業領先地位。例如，我們正在建立一款由 GenAI 驅動的金融教練助理，幫助他們顛覆銀行業以客戶為中心的模式，同時重塑其數位核心，提升效率。

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 實施工作的延續，GenAI 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 繼續重塑整個企業。

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.

我們也協助全球飯店集團提升其內容製作能力，並提升其旗下飯店品牌的行銷傳播能力，並根據賓客不斷變化的需求客製化內容。這種全新的數據驅動內容供應鏈模式將在每個客戶接觸點打造個人化、靈活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傳播，面向所有行銷專業人士，涵蓋內容製作管理，涵蓋從初始簡報到績效評估和內容優化的整個過程。這將提升其數位行銷計畫的有效性，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.

平台是數位化核心的核心組成部分，對我們客戶的轉型至關重要。隨著客戶升級其核心平台，我們估計仍有60%的機會。我們正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，進行為期兩年的轉型之旅，以實現人力資源組織的現代化。我們將把招募、人才管理和職涯發展等關鍵人力資源職能遷移到雲端，並打造功能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.

我們將攜手提升營運效率，並將策略重點放在未來人才準備、員工體驗和人工智慧驅動的決策上。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部門的資源，使其能夠提供高價值的諮詢服務，並為業務和人力資源主管提供分析和洞察，從而幫助他們做出更明智的人才決策。

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.

安全對於數位核心至關重要，本季我們的安全業務持續保持強勁的兩位數成長。儘管有持續成長和擴張的機會，我們估計，目前只有36%的企業領導者對其組織具備網路彈性充滿信心，這意味著至少有64%的潛力尚未開發。

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重要工作的一個例子，Fortrea 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.

我們正與 Fortrea 合作，提供資料庫成果和健康相關洞察，這需要遵守區域和地方產業及政府法規。隨著 Fortrea 不斷發展並進入新市場，他們需要合作夥伴來確保其網路安全計畫保持韌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、建構和營運一系列全球網路安全服務和功能。我們的合作將幫助 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塑行銷和客戶體驗，從而推動成長。歌曲需求持續強勁，第一季實現兩位數成長。我們正與法國汽車品牌標緻合作，為其全球傳播提供策略和創意指導。

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.

此次合作協助標緻車吸引更年輕受眾，並成為電動車市場領導者的雄心壯志。 Accenture Song 將負責管理所有傳統和數位媒體管道的全球傳播。首個宣傳活動將於 2024 年初全面推出全新電動快背式 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化製造和工程服務的強勁需求。我們估計，只有5%的企業在其整個組織內擁有規模化、成熟的數位化能力。 X產業在第一季實現了強勁的兩位數成長。

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.

我們正在與一家全球領先的德國跨國汽車製造商合作，共同設計下一代資訊娛樂系統。我們將利用我們深厚的行業專業知識和軟體工程能力，支援實施一個全新的靈活平台，該平台將透過尖端的客戶功能，帶來更高水平的車載體驗，同時最大限度地降低複雜性，並最大限度地提升我們跨硬體世代使用的軟體效能。

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.

我們正在與一家全球食品製造商合作，制定一項全面的企業重塑策略，以現代化其供應鏈，降低營運成本，並使其為未來做好準備。我們將革新規劃、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進行更明智的決策，並實施投資組合優化，確保將投資重點放在合適的資產上，從而實現收益最大化和風險最小化。

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.

這項自籌資金的項目預計將顯著提高生產力，持續的節省將推動進一步的能力建設和獲利成長。回到你這裡，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。現在我來談談我們的業務展望。我們預計24財年第二季的營收將在154億美元至160億美元之間。這假設外匯影響與23財年第二季相比約為-0.5%，並反映了預計的當地貨幣-2%至+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.

對於整個 24 財年，根據過去幾週的匯率趨勢，我們繼續假設外匯對我們以美元計算的業績的影響與 23 財年相比將持平。

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，我們仍然預計我們的收入將比 23 財年以當地貨幣增長 2% 至 5%，其中無機貢獻預計將超過 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對 24 財年的 GAAP 營業利潤率產生 70 個基點的影響，並對每股盈餘產生 0.56 美元的影響。

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財年全年業績指引已剔除這些影響。調整後營業利益率方面，我們持續預期24財年為15.5%至15.7%，較23財年調整後業績成長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.

我們繼續預期年度調整後有效稅率將在23.5%至25.5%之間。相較之下，2023財年的調整後有效稅率為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.

我們繼續預計 24 財年全年調整後每股收益將在 11.97 美元至 12.32 美元之間，或比 23 財年調整後業績增長 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.

就整個24財年而言，我們預計營運現金流將在93億美元至99億美元之間，物業和設備新增支出約為6億美元，自由現金流將在87億美元至93億美元之間。我們的自由現金流指引反映了自由現金流與淨收入之比為1.2。

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利和股票回購還至少 77 億美元，因為我們仍然致力於將大部分現金回饋給股東。

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

好了，我們現在開始回答你們的問題。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.

（操作員指示）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.

我首先想問一個關於第二季營收指引的問題。指引的中間點可能暗示著一個減速點，但我們有一個更容易比較的指標，諮詢訂單量已經恢復正成長。所以，希望您能幫助我們理清這一點，然後或許可以評論一下指引中繼續暗示的下半年再加速的情況，這種加速可能比之前預想的要略快一些。

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，太好了。謝謝，傑森。首先，讓我先談談我們的業績指引。我先從第一季開始。正如你所說，我們對第一季的業績非常滿意。正如你所說，我們第二季的業績指引與第一季相同。

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.

我想指出幾點，與90天前我們的想法相比。正如朱莉所提到的，我們確實看到了歐洲、中東和非洲地區（EMEA）的一些變化，尤其是在英國。我們正專注於將業務重新定位為成長型，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個季度描述的相同的環境中運營，在這個環境中，可自由支配的支出和決策速度都很慢。所以現在，正如你所預料的，而且你知道我們每年都會這樣做，我們正在與客戶討論他們的24年預算。所以，這一切都在意料之中。

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.

展望下半年，首先從數據來看，我們預計下半年將持續保持更高的成長。這將從第三季的更高成長開始。我們對下半年成長的信心實際上基於幾個因素，再次重申我們年初談到的與第一季業績對比的情況。因此，我們再次確信，我們能夠在第一季全面實現預期目標。此外，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，正如我們上個季度討論的那樣，我們確實將收入定位在下半年，這些收入來自一些規模較大的轉型交易，所以這一點沒有改變。我們仍然看到這種情況。然後，隨著下半年的臨近，我們只需要繼續增加新的銷售額。

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提出的 2% 至 5% 的收入預期。

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。接下來我想問一下，第二季諮詢和託管服務的訂單量與去年同期相比會如何？我知道託管服務的競爭尤其激烈。

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。傑森，我知道我一直在為未來季度的訂單量提供一些細節和指引。但正如你長期報道我們一樣，訂單量可能真的起伏不定。所以以後我不會再這樣說了。我想說，衡量我們業務需求的最佳方式是我們給予的收入指引，我們給出了第二季的收入指引，以及2%到5%的全年收入指引。顯然，我們會繼續這樣做。我想說的是，我們對我們的產品線感到很滿意。我們擁有非常穩固的產品線。

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津。

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.

我想跟進Jason的問題。就訂單量而言，這比預期要好，而且你們的大額交易積壓量現在也相當大。請問這些轉化的及時性如何？你們有沒有發現任何延期或延遲之類的跡象？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。關於這一點，我只想說幾點。我認為轉換率主要受業務組合的影響，對吧？也就是我們現有的交易組合。首先，整體而言，我們並沒有看到基於業務組合的轉換率有任何變化。策略和諮詢業務的轉換率更快，而營運業務方面，我們業務的不同部分並沒有發生變化，轉換率也沒有變化。

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.

我們一直在討論，並且始終堅持的是，過去90天裡，我們的可自由支配支出環境沒有變化，這與我們的預期一致。所以，我們過去和現在都不依賴宏觀經濟的變化來制定全年業績指引。

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.

那麼這意味著什麼呢？希望你能聽懂我的話。較低的——這方面存在問題，好吧，是這樣的——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，你知道的，但我們已經把這些都考慮進了我們的預期中。

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。我只是想快速跟進一下。我知道你最近忙於收購，朱莉，你列舉了很多。收購的節奏或你的收購意願有變化嗎？聽起來收入貢獻略有上升——上升了一點點，但請告訴我，我不知道你對交易的想法是否有所改變。

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。我可能會稍微解釋一下，然後就交給朱莉了。我想更多是從財務角度來說，正如你所知，但我們的競爭優勢實際上在於我們的投資能力，這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，並且在每個週期都進行投資，你們也看到了我們這樣做。我認為這顯然是我們的一個差異化優勢。你們看到了，我們本季開局強勁，朱莉提到了12項收購，支出8億美元。此外，我們也宣布了第二季的5項收購。

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，我們再次確認營業利潤率將提高10至30個基點。我認為，重要的是，從我們的策略角度來看，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，我認為我們真正與眾不同之處之一是我們的資本配置框架，它既持久又靈活。因此，我們能夠靈活調整，在我們認為合適的範圍內進行非有機融資，同時持續提高股東回報。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.

太好了。是的。策略沒有變化，我們仍在努力——我們仍在投資，要么在熱門領域擴大規模，要么增加新的技能。所以你看，我們正在執行之前描述過的資本項目，對吧？ 8月份，我們完成了——是的，8月份，我們完成了Anser Advisory。我們剛剛增加了加拿大業務，然後，當然，也增加了利基技能和諮詢服務，無論是行業還是職能部門。

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.

所以戰略沒有變化。但我想重申的是，我們能夠跨週期投資，這對我們來說確實是一個巨大的競爭優勢。正如您所看到的，我們在疫情後的第一年就做到了這一點，大幅增加了投資，並且始終致力於推動有機增長，為下一波浪潮做好準備。所以，您會看到人工智慧的收購。您還看到了英國醫療健康領域，另一個成長強勁的領域，即資本項目。所以，想想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.

然後我還要補充一點，Tien-Tsin，你聽到我在指導中提到，我們今年的無機貢獻將超過 2%，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，我相信你會擴大購買量的成長。只是想確認一下。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.

恭喜您取得的成績。我想問一下——您與客戶就明年的預算和支出重點進行了討論，您能否首先對此發表評論？

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.

雖然 GenAI 才流行了幾個季度，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發生了變化，或者變得更有意義，是否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.

太好了，好問題。所以首先，關於你提到的第一個問題——市場對客戶預算的影響，我想說的是，我們正在進行很多討論，這些討論與我們之前討論的內容非常相似，即如何在更加謹慎的環境下確定優先事項。

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，我們一如既往地知道一月份會如何發展，因為那是他們最終敲定的時間。但我想說的是，我一直在強調的是，在謹慎的環境下，在艱難的宏觀經濟環境下，我們會幫助客戶確定優先事項，他們也參與了我們今天在腳本中再次討論的事情，例如建立數位核心。它正在利用技術來推動成長並降低成本。

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.

從宏觀角度來說，我想說的是，我們的客戶意識到，你不能只依靠削減成本來追求成長。想想我今天演講中舉的例子，你會發現大多數都是同時兼顧成本和成長的，對吧？因為我們的客戶關注的是如何在任何環境下實現收入成長。當然，這正是我們能夠同時兼顧兩者的獨特能力。

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.

關於GenAI，首先我想說的是，本季4.5億美元的銷售額讓我們非常滿意。這表明我們在這方面處於領先地位。去年全年的銷售額是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.

正如您所說，討論的話題正在改變。您舉了像西班牙對外銀行（BBVA）這樣的例子，我們之前在我的演講中提到過，我們開始大規模使用它。我們的客戶希望從概念驗證階段邁向實際價值，而我們在這方面處於非常有利的位置。為什麼？ GenAI 並非即插即用。它不僅僅是一項技術。事實上，它更接近——任何其他技術，例如雲端運算，都離業務核心更遠。

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及其商業價值。而這正是埃森哲的領導地位，對吧？我們擁有策略、諮詢、深厚的產業和職能專業知識。我們是所有主要參與者的最大合作夥伴。我們在產品層面與他們合作，我們可以將這兩者結合起來。

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 年將是我們的客戶從實驗轉向規模化的一年，我們相信我們最有能力引領這項價值轉變。

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。它確實顯著減速了。我認為之前是高個位數成長，現在已經持平了。這是否也反映了您剛才提到的情況？也許是從成本節約轉向創收？也許這只是一個開始。這是正在發生的事情嗎？還是還有其他因素？

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。正如我們年初提到的，Ashwin，CMT 確實受到了一些影響，這些影響會影響運營，因此我們將看到增長在全年可能會有所波動。不過，這是我們對全年託管服務整體預期的一部分，即全年繼續保持中等個位數至高個位數的成長。

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，我認為情況恰恰相反。比如說，營運部門受到了CMT的影響，但今年的建設方式將與埃森哲類似。

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.

實際上，營運的最佳點在於它既能控製成本，又能實現成長。 BBVA 的例子包括運營，Fortrea 的例子也包括運營。所以，我們的託管服務具有高度的策略性，因為它們通常能夠同時兼顧成本和成長。想想 IT 轉型吧。我們的託管服務同樣注重現代化。因此，IT 現代化技術才是推動成長的動力。

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，我們真正看到的優勢在於，我們的託管服務具有策略性。原因之一是，我們在理解產業和職能的基礎上提供這些服務。所以我們不是後台辦公室。我們運用這種策略和諮詢專業知識，確保它不僅僅是成本遊戲，這是我們的重要差異化優勢。

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?

我想先談談您對銷售與承保業務（S&C）和保險與保險服務（SI）的短週期和自由裁量工作的一些預期。您是否覺得這些領域正在形成穩定，還是仍在削減開支？您能否談談您對諮詢業務第二季業績的預期？

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，我們現在的營運環境和過去幾季差不多，對吧？可自由支配的支出下降了。而且我們正處於預算週期的中期。所以下個季度，我們會對預算狀況有更清楚的了解。

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.

但放眼全球環境，經濟方面並沒有太多復甦跡象。而且地緣政治局勢顯然仍在持續動盪。

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，我們目前沒有計劃改變宏觀經濟，這意味著我們沒有計劃改變可自由支配的支出。我們只是認為，到2024年，這不會帶來什麼重大改變。當然，我們會及時更新。

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率的問題時，我們的小額交易數量一直在下降。這種下降趨勢還會持續一段時間，這意味著收入——銷售額如何轉化為收入——將與我們一直以來看到的東西保持一致。那麼——你想評論一下嗎？

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，我們年初對諮詢類業務全年前景的預測與年初一致。我們預計全年將實現低個位數正成長，介於2%到5%之間。第一季的業績符合我們的預期，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。然後我想澄清一下併購業務。首先，我不知道您是否提到了第一季併購對成長的貢獻。我們說的是全年併購貢獻超過2%。需要澄清的是，這只是2%左右，還是3%以上？

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%，而且每季都會有波動。所以我們其實只是堅持全年的預期。

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%.

是的。如果接近3%，我們會討論。但現在，它已經超過2%，對吧，因為我們之前給的指導是，它肯定下降了2%以上。

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%.

記住，我們只做我們認為好的交易。所以，我們現在看到的是很多好的交易，這些交易能讓我們達到2%以上的報酬率。如果達到這個水平，我們就會有很大的財務彈性。所以，如果情況發生變化，當收益率超過3%時，我們會進行更新。

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

您的下一個問題來自貝爾德公司的戴夫·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.

我注意到的一點是，毛利率年增是近9個季度以來最強勁的。這只是因為員工流動率下降和業務轉移到海外嗎？或許您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。如你所知，我們的業務是以營業利潤率來衡量的，本季我們的營業利潤率成長了20個基點。如果我之前沒有提到的話，我想說的是，我們今年的營業利潤率是10到30個基點，但隨著季度的推移，我們可能會看到更大的波動。

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.

現在回到毛利率的問題，你說得對，我們本季確實看到了成長。但這很難孤立地看待。為什麼呢？因為支出的增加或減少，有許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.

舉個例子，其中之一就是收購。有很多——一些投資收購，其中一些支出將計入毛利率，而這些支出在整個過程中可能會出現波動。

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.

你知道，這也取決於人們把時間花在哪裡。例如，你看到，我們的毛利率確實提高了，但銷售和行銷成本也增加了，這是因為人們花了更多時間在市場上銷售，創造了我們184億美元的銷售額。

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.

所以這就是為什麼我們再次關注這些組成部分，但實際上，到最後，我們總是會繼續經營我們的業務以實現營業利潤率。

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?

明白了。然後，或許可以作為Jason一開始關於後端成長的後續問題。如果我把第三季和第四季的正常環比模式考慮進去，我得到的固定匯率成長率約為2%，也就是指引的低端。考慮到本季的預訂量非常好，是否存在這樣一種情況——實際上，下半年的環比增長比正常情況要好，然後收入就能達到指引區間的較好水平？

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，當你這樣做的時候——你剛才談論的只是一些數學問題。我想說的是，提供一下同比數據，也就是我們根據指導方針來看待它，對嗎？

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，本季我們實現了1%的成長，訂單量強勁－營收成長1%，訂單量強勁。我們預計第二季的業績將與去年同期持平。再次強調，基於我們簽署的轉型協議，我們確實預計下半年燃料和業務將實現環比成長。這與我們年初談到的沒有什麼不同。我們已經將預期的銷售額逐年遞增。而且──我們的銷售策略沒有改變。這使我們的增幅達到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，正如我們上個季度在發布指引時所說，當我們達到指引範圍的上限時，您會看到施恩禧重新成長。而且，您可能還會看到，我們一直在託管服務中提到的中高個位數成長，實際上更像是高個位數成長。希望以上內容對您有所幫助，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布萊恩·基恩。

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?

我想特別澄清一下英國市場的情況。我知道那裡的經濟已經疲軟好幾年了。所以——我知道這已經成了本季的一大問題。英國到底發生了什麼事？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.

正如您所說，我們在英國市場近幾年一直面臨挑戰，而我們在那裡擁有龐大的銀行和資本市場業務。我們正努力在其他領域尋求更大的成長。這就是為什麼您看到我們在本季度進行了收購。

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，真正進軍銀行業、資本市場等其他領域，比我們預期的要花費更長的時間。我們之前提到過，這些領域面臨的挑戰更大，尤其是在英國。所以，關鍵在於我們轉型需要多長時間。我們認為這需要一些時間，所以我不會透露具體時間，但我們確實認為需要一些時間。而且，這比我們進入本財年時預期的要花費更多時間。

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.

所以我們有一支優秀的團隊。我們正在努力。再說一次，隨著我們重新定位，你會看到我們進行更多收購，以實現業務多元化。

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，或許只是為了方便了解一下，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?

明白了。不，這很有幫助。然後，KC，只是為了確保我們理解關於利潤率的評論。鑑於收購的變動和收購的回升，特定季度可能會出現一些波動。所以你不可能把利潤率精確地控制在每季10到30個之間。考慮到收購和投資的增加，有哪些季度的利潤率可能會低於這個範圍？

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，我不想具體到季度來做預測，因為每個季度10個基點或20個基點，布萊恩，你知道，就我們討論的金額而言，這多少有點大多少。所以我們將全年的整體預測定在10到30個基點之間。我只想指出，我們可能在某些時期比你過去幾年看到的更不穩定。

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

您的下一個問題來自 Wolfe Research 的 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?

我想談談員工人數的成長。我的意思是，我認為它仍然在減速。那麼，考慮到下半年營收成長加速的背景，您對未來的預期是什麼呢？

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，也許我們可以再談談業務的線性。我們能否再談談您目前看到的業務組合以及您預期的人均收入？或者，從方向上講，根據我們看到的業務組合以及需求，您預計會有什麼？

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，Darrin。首先，我想談談我們的人員，就我們的人數而言。如你所知，管理供需是我們的核心競爭力。這一點，從我們高水準管理利用率的能力就可以看出來。

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，過去13個季度，我們的人員利用率一直維持在91%或更高。因此，我們招募的是符合我們所需技能的員工，而且我們招募的職位也符合我們的需要。您指出的是，我們的員工人數較去年同期成長了約1%，較上季也成長了約1%。這與我們對今年剩餘時間收入的預期一致。所以，這方面其實沒有改變。

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.

至於人均收入和非線性，我的意思是，我們確實有自動化。我們確實有一些基於價值的項目。所以，雖然這顯然仍然與我們的人員數量有關，但我們已經能夠打破這種聯繫。有些部分我們能夠不完全脫離，但也不完全依賴員工數量來推動營收成長。

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，對吧？首先，我想強調的是，我們看到了對轉型交易的需求。所以在這樣的環境下，我最關注的是，我們的客戶是否能繼續完成超過1億美元的訂單？對吧？在我們這個行業，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消費支出的核心位置，以實現物質轉型。這正是我們想要維持的核心地位，這樣當不可避免地出現可自由支配的支出、節奏回升、宏觀經濟發生變化時，我們就能佔據核心位置。所以在這樣的時刻，我真正關注的就是這一點。

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——我告訴你，這是市場上最令人興奮的時刻之一。就像你今天看到的我們宣布的關於麥當勞的消息一樣，我在劇本裡提到過，對吧？這是一家令人難以置信的公司，以技術為驅動。我們一直是他們的長期合作夥伴，剛剛擴大了合作關係，將其推向邊緣，重塑他們的餐廳和員工體驗。這將真正減少邊緣運算的工作量，因為我們開始看到雲端運算領域的領導者進入這個領域，而我們正引領這一領域。

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.

這些都是你能看到它們如何擴展的東西。在雲端、數據和人工智慧等大領域仍然有很多機會。我的意思是，但就雲端本身而言，是的，我們已經完成了很多遷移，還有更多的遷移要做。但更重要的是，你必須把它一直延伸到邊緣。

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?

從業務組合的角度來看，我們並沒有看到託管服務和諮詢業務之間出現重大變化。我們看到的混合情況是，在目前的環境下，小型交易（這些交易可以更快轉化為收入）越來越少，而大型交易則越來越多。這種情況已經持續了一段時間，而且你還會繼續看到這種情況。我們正專注於確保在重塑和轉型中取得勝利，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.

我們的客戶要使用 GenAI 還有很多工作要做，但您可以看到我們業務的勢頭，從去年全年的 3 億美元到本季的 4.5 億美元，變化可見一斑。我要提醒您，這不是拉動效應，也不是數據。我們非常純粹，因為我們真心希望與大家分享 GenAI 在市場上的定位。因此，我們對目前的狀況和未來發展充滿期待。

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。瞧，你們顯然很好地應對了可自由支配需求較弱的環境。

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?

所以，我的問題是，如果我們考慮一下，正如您所看到的，正常的營收運行率是多少，如果我們說今天是正常的，不再是更疲軟的可自由支配的環境，您認為差異在哪裡？我的意思是，我知道可能很難給出一個準確或精確的估計，但當我們恢復到這個水平時，會有多少上行空間？

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，我們的策略和諮詢業務確實非常強勁。所以我們對這項業務的成長非常樂觀。但除此之外，達林，我想我們不會預測成長率。

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，這也是一個巨大的差異化因素。沒有人擁有我們這樣的組合，而這正是推動我們業務韌性成為客戶議程核心的動力。

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‧福塞特 (James Faucette)。

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?

我想針對已經提出的問題再問幾個後續問題。首先，關於無機業務貢獻，我很感激它會超過2%。您能否談談這種增加的業務活動是否真的有效？您如何平衡這種增加的業務活動，一方面是為了獲得更好的估值，另一方面從純粹的財務角度來看，是為了獲得更多的市場機會。聽起來，您正在進行的一些收購似乎是為了拓展新的策略領域。您是如何平衡這些策略需求和可能略微提高的估值的？

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——我不會說這種活動是因為估值更高，對吧？任何時候，當我們觀察市場，看到成長機會在哪裡時，我們都希望快速行動，我們會考慮有機成長還是無機成長。我們從來不做任何純粹的無機成長，或純粹的有機成長。

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?

所以，想想我們的收購應該與市場機會相匹配，以及快速抓住成長的最佳方式，對吧？所以，品類策略是一樣的，對吧？我們也想進軍一些新領域，像是資本市場。這是一個投資決策。我們會進軍一定數量的領域。我們現在正在嚴格執行。我們收購了Anser Advisory。現在我們又收購了加拿大的一家，對吧？

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，這差不多就是──這是一個巨大的成長領域，我們正在努力轉型。而要打造一些我們尚未有機擁有的東西，最好的方法就是進行一些非有機收購，然後將其轉化為有機成長，這樣我們就能啟動我們的招募機制了。

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.

想想英國，醫療健康領域是個很棒的領域。我們剛收購了一家醫療健康公司，對吧？所以你看看這個市場，然後想，如果我想多元化發展，那麼進入新領域的最快方法是什麼？而無機資本通常可以透過諮詢和工業領域的利基收購來幫助我們實現這一點。

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?

然後你就有了巨大的機會，例如雲端和安全，你看到了供應鏈中的一些收購，而這一切都是為了快速增加傑出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。它非常嚴謹。我們始終在思考，究竟是有機成長還是無機成長才是實現目標的最佳途徑。無機成長始終與加速和推動有機成長有關。所以，它非常一致。我們一直以非常嚴謹的方式進行。

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.

在這樣的環境下，我們相信，投資的公司才能成功。正因如此，我們才會像去年一樣採取行動，增強業務韌性，讓我們在別人投資無力時，真正佔據有利地位。

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.

這顏色真漂亮，我很欣賞。同樣，就預訂活動和人工智慧貢獻而言，人工智慧活動水平等方面都明顯加速。

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.

當你與客戶溝通諸如此類的事情時，他們目前是如何考慮人工智慧預算分配與其他項目等等的？他們是否認為，鑑於技術變革的速度，這是我們需要進行的漸進式投資？或者，他們是否真的想利用這筆支出，或者用這筆支出來抵消一些他們可能很快就會削減的其他項目？我只是在思考，隨著人工智慧預算的不斷增加，我們應該如何看待它在許多預算中是增量投資還是替代投資。

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?

目前，我們看到很多優先事項的重新調整，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。所以技術支出也在增加。但它的成長速度不像幾年前那麼快了，對吧？

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.

所以，技術支出正在增加。但同時，你會看到這些支出被優先考慮。我們的研究，所有人的研究都表明，應該在人工智慧上投入更多資金。對許多公司來說，更多的資金主要用於建立數位核心，因為許多公司的數據資產並不完善——它們沒有使用雲端。它們沒有足夠的數據來使用GenAI。

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.

所以，這需要真正專注於建立一個數位化核心，以實現這一目標。市場仍在成長。更重要的是確定支出的優先順序。

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。太好了。非常感謝。最後，我要感謝所有股東一直以來的信任與支持，也感謝所有員工每天的辛勤工作。

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。感謝大家今天的參與。

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。感謝您的參與與使用AT&T電話會議。現在您可以斷開連線了。