埃森哲 (ACN) 2024 Q2 法說會逐字稿

Good morning. Thank you for standing by. Welcome to Accenture Second Quarter Fiscal 2024 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded.

早安.謝謝你的支持。歡迎參加埃森哲 2024 財年第二季財報電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。

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

現在我想將會議交給主持人、董事總經理、投資者關係主管凱蒂·奧康納 (Katie O’Connor)。請繼續。

Thank you, operator, and thanks, everyone, for joining us today on our second quarter fiscal 2024 earnings announcement. As the operator just mentioned, I'm Katie O'Connor, Managing Director, Head of Investor Relations. On today's call, you'll hear from Julie Sweet, our Chair and Chief Executive Officer; and KC McClure, our Chief Financial Officer.

感謝營運商，也感謝大家今天加入我們，共同發布 2024 財年第二季財報公告。正如剛才操作員所提到的，我是凱蒂‧奧康納 (Katie O'Connor)，董事總經理、投資人關係主管。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. Let me quickly outline the agenda for today's call. Julie will begin with an overview of our results. KC will take you through the financial details, including the income statement and balance sheet, along with some key operational metrics for the second quarter. Julie will then provide a brief update on our market positioning before KC provides our business outlook for the third quarter and full fiscal year 2024. We will then take your questions before Julie provides a wrap-up at the end of the call.

我們希望您有機會閱讀我們不久前發布的新聞稿。讓我快速概述一下今天電話會議的議程。朱莉將首先概述我們的結果。 KC 將帶您了解財務詳細信息，包括損益表和資產負債表，以及第二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 年第三季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. These risks and uncertainties could cause actual results to differ materially from those expressed in this call.

我們將在本次電話會議上討論的一些問題（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。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. As always, Accenture assumes no obligation to update the information presented on this conference call.

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。我們在新聞稿中或我們網站 Accenture.com 的投資者關係部分中包含了與 GAAP 相適應的非 GAAP 財務指標的調整表。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 thank you to our 742,000 people around the world who work every day to deliver 360-degree value for all our stakeholders.

謝謝 Katie 和所有加入的人，也感謝我們遍布世界各地的 742,000 名員工，他們每天都在努力為所有利益相關者提供 360 度的價值。

I'm pleased with our performance in an uncertain macro. Our results highlight the benefit of the deep trust our clients have in us, our capabilities to do the most complex work at the heart of their businesses, the privileged position we hold within the ecosystem and our ability to invest for the next waves of growth.

我對我們在不確定的宏觀環境中的表現感到滿意。我們的業績突顯了客戶對我們的深度信任、我們在其業務核心完成最複雜工作的能力、我們在生態系統中佔據的特權地位以及我們為下一波增長進行投資的能力所帶來的好處。

We continued to see momentum in the quarter on how we are executing on our strategy to be the trusted reinvention partner of our clients, with a record 39 clients with quarterly bookings greater than $100 million. These large transformational wins position us to capture more growth as spending increases.

本季我們繼續看到我們如何執行策略，成為客戶值得信賴的重塑合作夥伴的勢頭，季度預訂額超過 1 億美元的客戶達到創紀錄的 39 家。這些巨大的轉型勝利使我們能夠隨著支出的增加而獲得更多的成長。

We also had over $600 million in new GenAI bookings, taking us to $1.1 billion in GenAI sales in the first half of the fiscal year, expanding our early lead in GenAI, which is core to our clients' reinvention. We now have over 53,000 skilled data and AI practitioners against our goal of doubling our data and AI workforce from 40,000 to 80,000 by the end of fiscal year '26.

我們還獲得了超過6 億美元的新GenAI 預訂，使我們在本財年上半年的GenAI 銷售額達到了11 億美元，擴大了我們在GenAI 領域的早期領先優勢，而GenAI 是我們客戶重塑的核心。我們現在擁有超過 53,000 名熟練的數據和人工智慧從業人員，我們的目標是到 26 財年結束時將我們的數據和人工智慧員工數量從 40,000 人增加到 80,000 人。

We are laser-focused on the needs of our clients, and this focus is reflected in our bookings of $21.6 billion, representing our second highest quarter on record. This included $10 billion of bookings in North America, our highest ever. We continued to take market share with revenues of $15.8 billion for the quarter, flat compared to last year and slightly above the midpoint of our range.

我們高度關注客戶的需求，這種關注體現在我們 216 億美元的預訂量上，這是我們有史以來第二高的季度預訂量。其中包括北美 100 億美元的預訂量，這是我們有史以來最高的。我們繼續佔據市場份額，本季營收為 158 億美元，與去年持平，略高於我們範圍的中點。

As we turn the page on the calendar year, we saw another turn of the dial on constraining spending by our clients, including spending on our services, particularly in parts of EMEA and North America. This was evident in the composition of our new bookings, which came in differently than expected.

當我們翻過日曆年的這一頁時，我們看到了客戶支出的另一個轉變，包括我們的服務支出，特別是在歐洲、中東和非洲和北美的部分地區。這在我們新預訂的組成中顯而易見，新預訂的組成與預期不同。

We see clients continuing to prioritize investing in large-scale transformations, which convert to revenue more slowly, while further limiting discretionary spending, particularly in smaller projects. We also saw continued delays in decision-making and a slower pace of spending. We are pleased that despite these conditions, our focused efforts to return to growth resulted in North America and CMT showing improvement over last quarter.

我們看到客戶繼續優先投資大規模轉型，這些轉型轉化為收入的速度較慢，同時進一步限制可自由支配支出，特別是在較小的專案中。我們也看到決策持續延遲和支出步伐放緩。我們很高興地看到，儘管存在這些條件，但我們為恢復成長所做的集中努力使北美和 CMT 的業績較上季度有所改善。

We are running our business with rigor and discipline, and we remain on track with the business optimization actions we announced last year to reduce structural costs to create greater resilience.

我們以嚴謹和紀律的方式經營業務，並繼續執行去年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。

We delivered adjusted EPS growth of 3%. We continued to invest significantly in our business to drive additional growth in highly strategic areas, with $2.1 billion of capital deployed across our geographic markets in Q2 in 11 acquisitions, bringing the total investment in acquisitions to $2.9 billion in H1 across a total of 23 acquisitions.

我們實現了 3% 的調整後每股收益成長。我們繼續大力投資業務，以推動高度策略性領域的進一步成長，第二季在11 項收購中，我們在各個地理市場部署了21 億美元的資本，使上半年23 項收購的收購總投資達到29億美元。

We also continue to invest in learning for our people with approximately 10 million training hours in the quarter, representing an average of 14 hours per person. In recognition of the 360-degree value we create, we are proud that we earned the #1 position in our industry for the 11th year in a row and #33 overall on Fortune's list of the World's Most Admired Companies.

我們也持續投資員工的學習，本季培訓了約 1,000 萬小時，平均每人 14 小時。為了表彰我們創造的 360 度價值，我們感到自豪的是，我們連續 11 年在行業中排名第一，並在《財富》全球最受尊敬的公司排行榜上排名第 33 位。

We ranked #1 in our industry and #3 overall on the JUST Capital CNBC list of American's Most JUST Companies. And we have been recognized by Ethisphere as one of the World's Most Ethical Companies for the 17th year in a row.

在 JUST Capital CNBC 評選的美國最公正公司名單中，我們在業界排名第一，整體排名第三。我們連續 17 年被 Ethisphere 評為全球最具商業道德的公司之一。

An important part of our growth strategy is to use our strong balance sheet to invest in order to scale higher growth areas and expand into new growth areas. We have a strong track record of delivering on this strategy. Here are some highlights from the quarter.

我們成長策略的一個重要部分是利用我們強大的資產負債表進行投資，以擴大更高成長領域並擴展到新的成長領域。我們在實施此策略方面擁有良好的記錄。以下是本季的一些亮點。

In North America, we invested in supply chain, an area with significant reinvention ahead, with the additions of Insight Sourcing impending and OnProcess Technology. We acquired Navisite to help clients across multiple cloud providers, enterprise applications and digital technologies modernize their digital core.

在北美，我們投資了供應鏈，這是一個即將進行重大改造的領域，並增加了即將推出的 Insight Sourcing 和 OnProcess Technology。我們收購 Navisite 是為了幫助多個雲端供應商、企業應用程式和數位技術的客戶實現其數位核心的現代化。

And in Song, we acquired Work & Co to help our clients drive growth by designing and bringing digital brand strategies to market and operationalizing world-class digital products at scale.

在 Song 中，我們收購了 Work & Co，透過設計數位品牌策略並將其推向市場以及大規模運營世界一流的數位產品來幫助我們的客戶推動成長。

In EMEA, we are investing to help clients build their digital core and drive growth. In the U.K., we invested in 6point6, which will help our clients transform their digital capabilities and modernize their legacy systems. We also acquired in the U.K. Redkite with its full stack data expertise that will help our clients accelerate their performance with data-driven intelligence and AI.

在歐洲、中東和非洲地區，我們正在投資幫助客戶建立數位核心並推動成長。在英國，我們投資了 6point6，這將幫助我們的客戶轉變其數位能力並實現其遺留系統的現代化。我們也收購了英國的 Redkite，該公司擁有全端數據專業知識，將幫助我們的客戶透過數據驅動的智慧和人工智慧提高績效。

And in Germany, we added Vocatus, which will accelerate our clients' growth strategies using behavioral economics modeling to develop pricing strategy and sales concepts for B2B and B2C models.

在德國，我們增加了 Vocatus，它將利用行為經濟模型來加速客戶的成長策略，為 B2B 和 B2C 模式製定定價策略和銷售概念。

Similarly, in growth markets, our acquisitions position us to drive our clients' growth agendas by expanding our capabilities in marketing and customer experience with Rabbit's Tale in Thailand and Jixie in Singapore, helping clients in Indonesia capitalize on their fast-growing digital economy.

同樣，在成長型市場，我們的收購使我們能夠透過泰國的Rabbit's Tale 和新加坡的Jixie 擴大我們的行銷和客戶體驗能力，從而推動客戶的成長議程，幫助印尼的客戶充分利用其快速成長的數位經濟。

Our ability to invest to fuel our organic growth is a competitive advantage. And as our clients continue to transform, we announced earlier this month that we will invest $1 billion over the next 3 years in Accenture LearnVantage, which will provide comprehensive technology learning and training services to help our clients reskill and upskill their people.

我們透過投資來推動有機成長的能力是一種競爭優勢。隨著我們的客戶不斷轉型，我們本月稍早宣布，我們將在未來3 年內向Accenture LearnVantage 投資10 億美元，該公司將提供全面的技術學習和培訓服務，幫助我們的客戶重新培訓和提升員工技能。

Our investment includes the acquisition of Udacity, a digital education pioneer, which we expect to close by the summer. Once closed, we will have revenue in the zone of $100 million annually. These services are highly strategic, and they enhance our position as a reinvention partner of choice because talent is at the top of the agenda for CEOs.

我們的投資包括收購數位教育先驅 Udacity，預計今年夏天完成。一旦關閉，我們每年的收入將達到 1 億美元。這些服務具有高度策略性，它們增強了我們作為首選重塑合作夥伴的地位，因為人才是執行長的首要任務。

For example, we are helping Merck, a global biopharmaceutical company known as MSD outside of the United States and Canada, launch a groundbreaking generative AI training program for their employees to create world-class digital leaders. As a renowned thought leader in the biopharmaceutical market, Merck has long led the way in investing in its people and helping them build the skills and expertise needed to develop breakthrough therapies.

例如，我們正在幫助默克（一家在美國和加拿大以外地區被稱為默沙東）的全球生物製藥公司推出一項突破性的生成式人工智慧培訓計劃，幫助其員工打造世界一流的數位領導者。作為生物製藥市場著名的思想領袖，默克長期以來一直在投資於員工並幫助他們培養開發突破性療法所需的技能和專業知識方面處於領先地位。

Digital, data, analytics and AI play a pivotal role in discovering, developing, manufacturing and providing access for patients to medicines and vaccines. By once again investing in its people, Merck will be able to continue delivering on its promise to use the power of leading-edge science to save and improve lives around the world.

數位、數據、分析和人工智慧在發現、開發、製造以及為患者提供藥物和疫苗方面發揮關鍵作用。透過再次投資員工，默克將能夠繼續兌現其承諾，利用尖端科學的力量來拯救和改善世界各地的生活。

Over to you, KC.

交給你了，KC。

Thank you, Julie, and thanks to all of you for taking the time to join us on today's call. We were pleased with our overall results in the second quarter with our second highest quarter of new bookings. We continue to invest at scale to strengthen our leadership position, while delivering value for our shareholders.

謝謝朱莉，也謝謝大家抽空參加我們今天的電話會議。我們對第二季的整體業績感到滿意，季度新預訂量位居第二。我們繼續大規模投資，以鞏固我們的領導地位，同時為股東創造價值。

Now let me summarize a few of the highlights of the quarter. Revenues were flat in local currency with mid-single-digit growth or higher in 6 of our 13 industries, including public service, life science, utilities, energy, health and high tech.

現在讓我總結一下本季的一些亮點。以當地貨幣計算的收入持平，13 個行業中有 6 個行業實現了中個位數或更高的成長，包括公共服務、生命科學、公用事業、能源、健康和高科技。

While our CMT industry group improved this quarter, we continue to see pressure, as expected, 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. And we use a consistent methodology to compare our financial results to theirs, adjusted to exclude the impact of significant acquisitions through the date of their last publicly available results on a rolling 4-quarter basis.

雖然我們的 CMT 行業群體本季有所改善，但正如預期的那樣，我們繼續面臨壓力，並且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的重大收購的影響，以滾動的四個季度為基礎。

Adjusted operating margin of 13.7% decreased 10 basis points compared to Q2 last year, and year-to-date operating margin is flat. This includes continued significant investments in our people and in our business. We delivered adjusted EPS in the quarter of $2.77, reflecting 3% growth over adjusted EPS last year.

調整後營業利益率為 13.7%，較去年第二季下降 10 個基點，今年迄今營業利益率持平。這包括對我們的員工和業務的持續重大投資。我們本季調整後每股收益為 2.77 美元，比去年調整後每股收益成長 3%。

Finally, we delivered free cash flow of $2 billion and returned $2.1 billion to shareholders through repurchases and dividends. In the first half of the year, we have invested $2.9 billion in acquisitions across 23 transactions.

最後，我們交付了 20 億美元的自由現金流，並透過回購和股息向股東返還 21 億美元。今年上半年，我們在 23 筆交易中投資了 29 億美元。

With those high-level comments, let me turn to some of the details, starting with new bookings. New bookings were $21.6 billion for the quarter, representing a 2% decline in both U.S. dollar and local currency, with an overall book-to-bill of 1.4. Consulting bookings were $10.5 billion with a book-to-bill of 1.3. Managed services bookings were $11.1 billion with a book-to-bill of 1.4.

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 216 億美元，以美元和當地貨幣計算均下降 2%，整體訂單比為 1.4。諮詢預訂金額為 105 億美元，預訂比為 1.3。託管服務預訂金額為 111 億美元，預訂比為 1.4。

Turning now to revenues. Revenues for the quarter were $15.8 billion, flat in both U.S. dollars and in local currency and were slightly above the midpoint of our guided range. Consulting revenues for the quarter were $8 billion, a decline of 3% in both U.S. dollars and local currency. Managed service revenues were $7.8 billion, up 3% in both U.S. dollars and local currency.

現在轉向收入。本季營收為 158 億美元，以美元和當地貨幣計算均持平，略高於我們指引範圍的中點。本季諮詢收入為 80 億美元，以美元和當地貨幣計算均下降 3%。託管服務收入為 78 億美元，以美元和當地貨幣計算均成長 3%。

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

仔細看看我們的服務維度。技術服務業務成長低個位數，策略諮詢下降低個位數。

Turning to our geographic markets. In North America, revenue was flat in local currency with growth in public service, offset by declines in banking and capital markets, software and platforms and communications and media.

轉向我們的地理市場。在北美，以當地貨幣計算的收入持平，公共服務有所增長，但被銀行和資本市場、軟體和平台以及通訊和媒體的下降所抵消。

In EMEA, revenues declined 2% in local currency with growth in public service, offset by declines in communications and media and banking and capital markets. Revenue growth in Italy was offset by declines in the United Kingdom, France and Ireland. In growth markets, revenue grew 6% in local currency, led by growth in banking and capital markets, industrial, public service and chemicals and natural resources. Revenue growth was driven by Japan and Argentina, partially offset by declines in Australia and Brazil.

在歐洲、中東和非洲，隨著公共服務的成長，以當地貨幣計算的收入下降了 2%，但被通訊和媒體以及銀行和資本市場的下降所抵消。義大利的收入成長被英國、法國和愛爾蘭的收入下降所抵消。在成長型市場，以當地貨幣計算的收入成長了 6%，其中銀行和資本市場、工業、公共服務以及化學品和自然資源的成長帶動了成長。收入成長由日本和阿根廷推動，部分被澳洲和巴西的下降所抵消。

Moving down the income statement. Gross margin for the quarter was 30.9% compared with 30.6% for the same period last year. Sales and marketing expense for the quarter was 10.3% compared to 9.9% for the second quarter last year. General administrative expense was 6.9% compared to 6.8% for the same quarter last year.

將損益表向下移動。本季毛利率為30.9%，去年同期毛利率為30.6%。本季的銷售和行銷費用為 10.3%，而去年第二季為 9.9%。一般管理費用為 6.9%，去年同期為 6.8%。

Before I continue, I want to note that in Q2 of FY '24 and FY '23, we recorded $150 million and $244 million in costs associated with our business optimization actions, respectively. These costs decreased operating margin by 70 basis points and EPS by $0.14 this quarter and operating margin by 150 basis points and EPS by $0.30 in Q2 of last year. The following comparisons exclude these impacts and reflect adjusted results.

在繼續之前，我想指出，在 24 財年第二季和 23 財年第二季度，我們分別記錄了與業務優化行動相關的 1.5 億美元和 2.44 億美元的成本。這些成本使本季的營業利潤率下降了 70 個基點，每股收益下降了 0.14 美元，去年第二季的營業利潤率下降了 150 個基點，每股收益下降了 0.30 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 $2.2 billion in the second quarter, reflecting an adjusted operating margin of 13.7%, a decrease of 10 basis points from adjusted operating margin in the second quarter of last year. Our adjusted effective tax rate for the quarter was 18.8% compared with an adjusted effective tax rate of 20.4% for the second quarter last year. Adjusted diluted earnings per share were $2.77 compared with adjusted diluted EPS of $2.69 in the second quarter last year.

第二季調整後營業收入為22億美元，調整後營業利益率為13.7%，比去年第二季調整後營業利益率下降10個基點。我們本季調整後的有效稅率為 18.8%，而去年第二季調整後的有效稅率為 20.4%。調整後稀釋每股收益為 2.77 美元，而去年第二季調整後稀釋每股收益為 2.69 美元。

Days services outstanding were 43 days compared to 49 days last quarter and 42 days in the second quarter of last year. Free cash flow for the quarter was $2 billion, resulting from cash generated by operating activities of $2.1 billion, net of property and equipment additions of $110 million. Our cash balance at February 29 was $5.1 billion compared with $9 billion at August 31.

未償還服務天數為 43 天，而上一季為 49 天，去年第二季為 42 天。本季自由現金流為 20 億美元，源自經營活動產生的現金 21 億美元，扣除財產和設備增加的 1.1 億美元。截至 2 月 29 日，我們的現金餘額為 51 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 second quarter, we repurchased or redeemed 3.8 million shares for $1.3 billion at an average price of $352.35 per share. As of February 29, we had approximately $4.6 billion of share repurchase authority remaining.

為了實現向股東返還現金的持續目標，第二季我們以每股 352.35 美元的平均價格回購或贖回了 380 萬股股票，價值 13 億美元。截至 2 月 29 日，我們剩餘約 46 億美元的股票回購權。

Also in February, we paid a quarterly cash dividend of $1.29 per share for a total of $830 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 May 15, a 15% increase over last year.

同樣在 2 月份，我們支付了每股 1.29 美元的季度現金股息，總計 8.3 億美元。比去年增加了 15%。我們的董事會宣布將於 5 月 15 日支付每股 1.29 美元的季度現金股息，比去年增加 15%。

In closing, we remain laser-focused on capturing growth opportunities in the market and delivering value for our clients. As you know and expect of us, we will operate with rigor and discipline, while continuing to invest for long-term market leadership.

最後，我們仍然專注於捕捉市場成長機會並為客戶創造價值。正如您對我們的了解和期望，我們將嚴格遵守紀律，同時繼續投資以實現長期市場領先地位。

Now let me turn it back to Julie.

現在讓我把話題轉回朱莉身上。

Thank you, KC.

謝謝你，KC。

Let me give a little more color on the demand environment. While all strategies continue to lead to technology and reinvention, our clients are navigating an uncertain macro environment due to economic, geopolitical and industry-specific conditions. And in response, we're seeing them thoughtfully prioritize larger transformations, building out their digital core to partnering to improve productivity, to free up more investment capacity, to focus on growth and other initiatives with near-term ROI.

讓我對需求環境進行更多的闡述。儘管所有策略都繼續引領技術和重塑，但由於經濟、地緣政治和行業特定條件，我們的客戶正在應對不確定的宏觀環境。作為回應，我們看到他們深思熟慮地優先考慮更大的轉型，建立數位核心，透過合作提高生產力，釋放更多投資能力，專注於成長和其他具有近期投資回報率的舉措。

Our focus on being at the center of our clients' business, doing their most complex transformational work provides us with resiliency over time, as demonstrated by the fact that our top 100 clients have been clients for over 10 years.

我們專注於成為客戶業務的中心，進行他們最複雜的轉型工作，這為我們提供了長期的彈性，我們的前 100 名客戶已經成為客戶超過 10 年的事實就證明了這一點。

There is now near universal recognition of the importance of AI, which is the heart of reinvention. The ability to use AI at scale, however, varies widely with clients on a continuum, with those which have strong digital cores generally seeking to move more quickly, while most clients are coming to grips with the investments needed to truly implement AI across the enterprise. And nearly all are finding it difficult to scale because the AI technology is a small part of what is needed.

現在，人們幾乎普遍認識到人工智慧的重要性，這是重塑的核心。然而，大規模使用人工智慧的能力因客戶的連續性而存在很大差異，那些擁有強大數位核心的客戶通常尋求更快地採取行動，而大多數客戶正在開始著手在整個企業中真正實施人工智慧所需的投資。幾乎所有人都發現難以擴展，因為人工智慧技術只是所需的一小部分。

To reinvent using technology, data and AI, you must have the right digital core, change your processes and ways of working, reskill and upskill your people and build new capabilities around responsible AI, all with the deep understanding of industry and function in order to unlock the value. And many clients need to first find more efficiency to enable scaled investment in all these capabilities, particularly in their data foundations.

要利用技術、數據和人工智慧進行重塑，您必須擁有正確的數位核心，改變流程和工作方式，重新培訓和提升員工的技能，並圍繞負責任的人工智慧建立新的能力，所有這些都需要對行業和功能有深入的了解，以便解鎖價值。許多客戶首先需要找到更高的效率，以便能夠對所有這些功能進行大規模投資，特別是在數據基礎上。

We are able to help our clients with this AI rotation because of our broad services across strategy and consulting, technology and operations as well as everything customer through Song and digital manufacturing and engineering through Industry X, and our relevance across the functions of the enterprises in 13 industries.

我們能夠幫助我們的客戶進行人工智慧輪換，因為我們在策略和諮詢、技術和營運以及透過Song 提供的所有客戶服務以及透過Industry X 提供的數位製造和工程方面提供廣泛的服務，以及我們在企業職能方面的相關性。13 產業。

Our privileged position in the technology ecosystem has perhaps never been more important. Generative AI is rapidly evolving and still in the early stages of maturity and adoption, and we are working closely with our ecosystem partners to help our clients understand the right data and AI backbone that is needed and how to achieve tangible business value.

我們在科技生態系中的特權地位也許從未如此重要。生成式人工智慧正在迅速發展，但仍處於成熟和採用的早期階段，我們正在與生態系統合作夥伴密切合作，幫助我們的客戶了解所需的正確數據和人工智慧骨幹，以及如何實現有形的商業價值。

I will now bring to life the complex work we are doing at the heart of our clients' businesses. Building on the back of a long trusted partnership, we are working with Mondelez International, a world leader in snacking with well-known brands like Oreo, belVita and Cadbury to continue to drive growth and be an industry leader.

現在，我將把我們在客戶業務核心領域所做的複雜工作具體化。在長期值得信賴的合作關係的基礎上，我們與世界領先的零食公司億滋國際(Mondelez International) 合作，與奧利奧(Oreo)、貝爾維塔(belVita) 和吉百利(Cadbury) 等知名品牌合作，繼續推動成長並成為行業領導者。

Having laid the foundations of a strong shared services modeled -- model powered by leading technology platforms and a data and AI foundation, we are now working on an ambitious reinvention of their digital core. We will design and implement a single cloud-based platform, while also modernizing the finance function and transforming their supply chain planning and warehouse management capabilities.

我們為強大的共享服務模型奠定了基礎——由領先的技術平台以及數據和人工智慧基礎提供支援的模型，現在我們正在致力於雄心勃勃地重塑其數位核心。我們將設計和實施一個基於雲端的單一平台，同時實現財務職能現代化並轉變其供應鏈規劃和倉庫管理能力。

This will enable faster availability of products for customers, driving more sales growth and maximum profitability. This new digital core will also allow Mondelez to further reinvent how they satisfy customers through the adoption of new technologies like generative AI.

這將使客戶能夠更快地獲得產品，從而推動更多的銷售成長和最大的獲利能力。這項新的數位核心也將幫助億滋透過採用生成式人工智慧等新技術，進一步重塑滿足客戶需求的方式。

Cloud continues to be the foundation of the digital core. Our cloud business grew high single digits this quarter as clients do work across the cloud continuum, from migration to modernization, to new business models, to working at the intelligent edge.

雲端仍然是數位核心的基礎。我們的雲端業務本季實現了高個位數成長，因為客戶在整個雲端連續體中工作，從遷移到現代化，到新的業務模式，再到在智慧邊緣工作。

For example, we're helping Riyadh Air, a digitally native airline based in Saudi Arabia become the world's first fully cloud-based airline. We will equip the brand-new airline with a cloud-only infrastructure, enhanced cybersecurity and AI-driven operations.

例如，我們正在幫助利雅德航空（總部位於沙烏地阿拉伯的數位原生航空公司）成為世界上第一家完全基於雲端的航空公司。我們將為這家全新的航空公司配備純雲端基礎設施、增強的網路安全和人工智慧驅動的營運。

Our capabilities will ensure that Riyadh Air's digital core is future-proof and remains legacy free, enabling the airline to use cutting-edge technologies, such as cloud, data and AI, to scale quickly and deliver a seamless and more personalized travel experience for its customers and employees. This will also help the company's scale as it plans to operate over 100 destinations by 2030.

我們的能力將確保利雅德航空的數位核心面向未來並保持無遺留問題，使該航空公司能夠使用雲端、數據和人工智慧等尖端技術來快速擴展並為其提供無縫且更加個性化的旅行體驗。客戶和員工。這也將有助於擴大該公司的規模，因為該公司計劃在 2030 年之前運營 100 多個目的地。

We are partnering with Belden, a global networking solution organization on a cloud transformation program that will help them become a platform business, unlocking the power of edge, data and AI to drive new business opportunities and enhance the customer experience.

我們正在與全球網路解決方案組織 Belden 合作實施雲端轉型計劃，幫助他們成為平台企業，釋放邊緣、數據和人工智慧的力量，推動新的商機並增強客戶體驗。

This platform will be powered by edge to cloud technology, allowing them to collect and analyze real-time data from industrial environments and improve operational efficiencies. This will provide valuable data-driven insights to build them and to their clients in industries where real-time insights are crucial. This reinvention will enable them to break down operational technology silos, allowing them to become a key player in the digital twin domain.

該平台將由邊緣到雲端技術提供支持，使他們能夠收集和分析工業環境中的即時數據並提高營運效率。這將為即時洞察至關重要的行業中的企業及其客戶提供有價值的數據驅動洞察。這種重塑將使他們能夠打破營運技術孤島，使他們成為數位孿生領域的關鍵參與者。

We will also help enable this new service in the market. This strategic partnership will support Belden's reinvention from a products company into a data engineering and insights company that leverages the power of platforms. We are focused on helping our clients leverage the power of AI quickly, generating tangible business value, leveraging our investment in differentiated tools that accelerate results.

我們也將協助在市場上推出這項新服務。這項策略合作夥伴關係將支持百通從一家產品公司轉型為一家利用平台力量的數據工程和洞察公司。我們致力於幫助客戶快速利用人工智慧的力量，產生有形的商業價值，利用我們對差異化工具的投資來加速成果。

Our AI Navigator has helped clients across industries outline their value case, AI architecture and AI solutions. And our recently announced AI switchboard is already helping clients with the complex new need for integration across LLM models. For example, one of the largest entertainment companies is currently testing the switchboard to compare how the same prompt would be interpreted by different models and how they perform before deciding on which model to use.

我們的 AI Navigator 幫助各行業的客戶概述了他們的價值案例、AI 架構和 AI 解決方案。我們最近推出的人工智慧總機已經在幫助客戶滿足跨法學碩士模型整合的複雜新需求。例如，最大的娛樂公司之一目前正在測試總機，以比較不同模型如何解釋相同的提示以及它們的執行情況，然後再決定使用哪種模型。

Ultimately, an enterprise-wide AI rotation requires a strong data foundation. We are working with Telstra, Australia's leading telecommunications and technology company, on a radical simplification and modernization of its data ecosystem, accelerating its efforts to become AI-powered. We are modernizing and consolidating over 50 disparate enterprise data sources into a small integrated set, forming Telstra's governed and secure data and AI core, allowing Telstra to rapidly scale bespoke generative AI capabilities in the future.

最終，企業範圍內的人工智慧輪替需要強大的數據基礎。我們正在與澳洲領先的電信和技術公司 Telstra 合作，對其數據生態系統進行徹底簡化和現代化，加速其實現人工智慧驅動的努力。我們正在對50 多個不同的企業資料來源進行現代化改造，並將其整合為小型整合集，形成Telstra 的受監管且安全的資料和AI 核心，使Telstra 能夠在未來快速擴展定制的生成AI 功能。

Our work will also support the company's efforts to develop responsible, ethic and secure market-leading AI frameworks, while helping their teams provide quicker, more effective and more personalized customer interactions.

我們的工作也將支持該公司開發負責任、道德和安全的市場領先人工智慧框架，同時幫助其團隊提供更快、更有效和更個人化的客戶互動。

One of the areas of richest opportunities for our clients is customer experience transformation, including with generative AI, which uses the unique capabilities of Song across creative, customer insights and deep technology expertise. Song grew low single digits this quarter.

對我們的客戶來說，機會最豐富的領域之一是客戶體驗轉型，包括生成式人工智慧，它利用了宋在創意、客戶洞察和深厚技術專業知識方面的獨特能力。宋本季的成長率較低。

We continue to help clients reimagine marketing to drive growth. We're helping ExxonMobil, an energy super major, transform and optimize its end-to-end fuels marketing operations to drive future growth. With our global capabilities, our managed services will leverage our SynOps platform to drive automation and deliver measurable efficiencies across the fuels marketing business.

我們繼續幫助客戶重新構想行銷以推動成長。我們正在幫助能源巨頭埃克森美孚轉型和優化其端到端燃料行銷業務，以推動未來的成長。憑藉我們的全球能力，我們的託管服務將利用我們的 SynOps 平台來推動自動化，並在整個燃料行銷業務中提供可衡量的效率。

We are strengthening our partnership with Best Buy, a leading consumer electronics retailer across multiple fronts to reimagine the customer experience, optimize costs and drive growth. By leveraging data and generative AI, we are helping to transform their context in our operations and improve customer and employee experience.

我們正在加強與百思買（Best Buy）的合作夥伴關係，百思買是一家跨領域的領先消費電子零售商，以重新構想客戶體驗、優化成本並推動成長。透過利用數據和生成式人工智慧，我們正在幫助改變他們在我們營運中的環境，並改善客戶和員工的體驗。

We are also pleased to have entered into an agreement with Best Buy for life cycle management of our own Accenture devices in North America and are creating a joint offering of end-to-end field service device support for clients. We have already applied this new offering to a major TV provider, marking our first entry into this new market. These strategic initiatives underscore our commitment to helping Best Buy achieve superior customer experiences, operational efficiencies and growth.

我們也很高興與百思買就我們在北美的埃森哲設備的生命週期管理達成協議，並正在為客戶提供端到端現場服務設備支援的聯合產品。我們已經將這項新產品應用於一家主要電視提供商，這標誌著我們首次進入這個新市場。這些策略舉措強調了我們致力於幫助百思買實現卓越的客戶體驗、營運效率和成長的承諾。

Security is essential to reinvention, moving beyond IT to protecting the core assets of the business and evolving the critical role of security as technologies change. We saw very strong double-digit growth in our security business this quarter. We are working with one of the largest electric utility holding companies in the United States to integrate their operational technology into a seamless unified cybersecurity solution.

安全性對於重塑至關重要，超越 IT 範圍，保護業務的核心資產，並隨著技術的變化不斷發展安全的關鍵作用。本季我們的安全業務實現了非常強勁的兩位數成長。我們正在與美國最大的電力公用事業控股公司之一合作，將其營運技術整合到無縫統一的網路安全解決方案中。

Together, we will enhance our security capabilities by implementing advanced monitoring and response, vulnerability management and security automation. This will help reduce the risk of cyber events in their great environment, protecting critical infrastructure serving tens of millions of people.

我們將共同透過實施先進的監控和回應、漏洞管理和安全自動化來增強我們的安全能力。這將有助於降低其良好環境中發生網路事件的風險，並保護為數千萬人服務的關鍵基礎設施。

We continue to see strong demand for digital manufacturing and engineering services. Industry X grew double digits in Q2. We're working with Indo Count Industries Ltd., a global leader in the home textile space on digital transformation to simplify operations, support its ambitious growth plans and maximize e-commerce opportunities. We will build a cloud-enabled digital core powered by data and analytics that will help standardize, digitize and automate processes and operations.

我們繼續看到對數位製造和工程服務的強勁需求。行業 X 在第二季度實現了兩位數成長。我們正在與家用紡織品領域的全球領導者 Indo Count Industries Ltd. 合作進行數位轉型，以簡化營運、支持其雄心勃勃的成長計劃並最大限度地利用電子商務機會。我們將建立一個由數據和分析提供支援的雲端數位核心，這將有助於流程和營運的標準化、數位化和自動化。

From supply chain to logistics to manufacturing, the new platform will enable more efficient inventory management, quality standardization, optimal energy consumption and better customer experiences. Together, we will reinvent their operations and help expand their business in India, Middle East, North America, the U.K. and Europe.

從供應鏈到物流再到製造，新平台將實現更有效率的庫存管理、品質標準化、優化能源消耗和更好的客戶體驗。我們將共同重塑他們的運營，幫助他們拓展在印度、中東、北美、英國和歐洲的業務。

And we continue our support for corporate green transformation by promoting carbon footprint compliance through the calculation and visualization of greenhouse gas emissions. To create a market where consumers can choose environmentally conscious products and services, a system to visualize the carbon footprint of each product is necessary.

我們透過溫室氣體排放的運算和視覺化促進碳足跡合規，並持續支持企業綠色轉型。為了創造一個讓消費者可以選擇環保產品和服務的市場，需要一個可視化每種產品碳足跡的系統。

For example, we're assisting Matsumoto Precision, a precision machine parts processing company based in Japan to gain more detailed insights into the sustainability of their projection and achieve their decarbonization goal. We implemented a solution through our manufacturing platform that uses individual manufacturing performance information to record and report the CO2 emission on a per product basis.

例如，我們正在協助松本精密（總部位於日本的精密機械零件加工公司）更詳細地了解其預測的可持續性，並實現其脫碳目標。我們透過製造平台實施了一個解決方案，該平台使用單獨的製造績效資訊來記錄和報告每個產品的二氧化碳排放量。

This will allow Matsumoto Precision to enhance their understanding of the environmental impact of their business and contribute more effectively to the realization of a decarbonized society.

這將使松本精密能夠增強對其業務對環境影響的了解，並更有效地為實現脫碳社會做出貢獻。

Back to you, KC.

回到你身上，KC。

Thanks, Julie.

謝謝，朱莉。

Now let me turn to our business outlook. For the third quarter of fiscal '24, we expect revenues to be in the range of $16.25 billion to $16.85 billion. This assumes the impact of FX will be about negative 1% compared to the third quarter of fiscal '23 and reflects an estimated negative 1% to 3% positive growth in local currency.

現在讓我談談我們的業務前景。對於 24 財年第三季度，我們預計營收將在 162.5 億美元至 168.5 億美元之間。假設與 23 財年第三季相比，外匯的影響約為負 1%，並反映出當地貨幣估計負 1% 至 3% 的正成長。

For the full fiscal year '24, based upon how the rates have been trending over the last few weeks, we continue to expect 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，我們繼續預期外匯對我們以美元計價的業績的影響將與 23 財年持平。

For the full fiscal '24, we now expect revenue to be in the range of 1% to 3% growth in local currency over fiscal '23, which assumes an inorganic contribution approaching 3%.

對於整個 24 財年，我們現在預計營收將比 23 財年（假設無機貢獻接近 3%）以當地貨幣計算成長 1% 至 3%。

We continue to expect business optimization actions to impact fiscal '24 GAAP operating margin by 70 basis points and EPS by $0.56. For adjusted operating margin, we now expect fiscal year '24 to be 15.5%, a 10 basis point expansion over fiscal '23 results.

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。對於調整後的營業利潤率，我們現在預計 24 財年的業績將為 15.5%，比 23 財年的業績增加 10 個基點。

We now expect our adjusted annual effective tax rate to be in the range of 22.5% to 24.5%. This compares to an effective tax rate of 23.9% in fiscal '23.

我們現在預計調整後的年度有效稅率將在 22.5% 至 24.5% 的範圍內。相比之下，23 財年的有效稅率為 23.9%。

We now expect our full year adjusted earnings per share for fiscal '24 to be in the range of $11.97 to $12.20, or 3% to 5% growth over fiscal '23 results.

我們現在預計 24 財年全年調整後每股盈餘將在 11.97 美元至 12.20 美元之間，比 23 財年業績成長 3% 至 5%。

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 continues to reflect a very strong 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持續反映出非常強勁的自由現金流與淨利之比，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 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 that 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 Tien-Tsin Huang from JPMorgan.

（操作員指示） 您的第一個問題來自摩根大通黃天欽的電話。

Julie, just a big picture, maybe too simple of a question, but just curious to get your thoughts on where we are in the cycle for IT services spend because we've been seeing sector softness for quite some time now.

Julie，只是一個大局，也許是一個太簡單的問題，但只是想知道您對我們在 IT 服務支出週期中所處位置的看法，因為我們已經看到行業疲軟已有相當長一段時間了。

Accenture has done well. You had very large deal activity come through. The short-term cycle stuff is always a little pressure as you said. Where are we in terms of seeing maybe things bottoming or short-cycle discretionary spend returning?

埃森哲做得很好。您完成了非常大的交易活動。正如你所說，短期週期的事情總是有點壓力。就看到事情觸底或短期可自由支配支出回歸而言，我們處於什麼位置？

Yes. I mean, Tien-Tsin, I think it's hard to predict at this point anything other than what we see right now, right? So what's different than 90 days ago? Well, as we said in December, we really get visibility into our clients' budgets in January. We say that every year, right? And so as the calendar year -- we turn the page, what we saw was a further tightening of spending at our clients, and that affects our services and particularly on the smaller projects.

是的。我的意思是，Tien-Tsin，我認為除了我們現在所看到的之外，目前很難預測任何事情，對吧？那麼與 90 天前有什麼不同呢？嗯，正如我們在 12 月所說的那樣，我們在一月份真正了解了客戶的預算。我們每年都會這麼說，對嗎？因此，隨著日曆年的過去，我們看到客戶的支出進一步收緊，這影響了我們的服務，特別是小型專案。

So from a sort of trend perspective, right, 90 days ago, we didn't see the same level. Now you've kind of turned the dial a little bit more constraint. And that's where we see the budgets being set for calendar year '24, right?

因此，從某種趨勢的角度來看，對，90 天前，我們沒有看到相同的水平。現在你已經把旋鈕調得更緊一些了。這就是我們為 24 日曆年制定的預算的地方，對吧？

And as you said, though, in this environment, we're taking market share. And we're seeing building momentum on our strategy to be the reinvention partner with a record 30 nonclients with bookings over $100 million.

不過，正如您所說，在這種環境下，我們正在搶佔市場份額。我們看到，我們成為重塑合作夥伴的策略正在不斷增強，預訂量超過 1 億美元的非客戶數量達到了創紀錄的 30 家。

So what does that tell you, right? So the clients understand the importance of the technology-led transformation, right? And the fundamentals remain the same, right? There's a lot more reinvention ahead. We're still -- when you look at where is cloud, right, both migration and modernization, we say about 80% of the opportunity is ahead, right?

那麼這告訴你什麼，對嗎？那麼客戶了解以技術為主導的轉型的重要性，對吧？而且基本原理保持不變，對吧？未來還有更多的重塑。我們仍然 - 當你看看雲在哪裡時，對吧，遷移和現代化，我們說大約 80% 的機會就在眼前，對吧？

Data and AI, about 90% of the opportunities ahead. Re-platforming and cloud-based platforms, about 65% of that opportunity ahead based on who has actually adopted the more modern platforms. And security, well, I think security can be kind of forever ahead, but at least 65% ahead.

數據和人工智慧，約佔未來 90% 的機會。重新建構平台和基於雲端的平台，大約 65% 的機會取決於誰實際上採用了更現代的平台。至於安全性，嗯，我認為安全性可以永遠領先，但至少領先 65%。

And that's before you get to thinking about areas like digital manufacturing, engineering services, where that technology has only been coming online even in the last couple of years sort of the modern technology. And of course, customer, also extraordinarily early days.

那是在你開始考慮數位製造、工程服務等領域之前，這些領域的技術甚至在過去幾年才開始在線，就像現代技術一樣。當然，客戶，也非常早期。

So where we really focus on is meeting clients where they are today, right? So that's prioritize the large transformational deals and then be positioned to capture the spending when it increases. And we see the sort of the industry as being very strong because all clients have to get there. They need to get to the technology transformation. They need to get to reinvention.

因此，我們真正關注的是與客戶見面，對吧？因此，我們應該優先考慮大型轉型交易，然後在支出增加時抓住支出。我們認為這個行業非常強大，因為所有客戶都必須到達那裡。他們需要進行技術轉型。他們需要進行重塑。

And that's why you're seeing -- even as the constraints, you're seeing that early interest in GenAI. With $1 billion sales in the first 6 months of the year, that is the fastest we have ever built sales in an emerging technology. And what it tells you is that clients understand the importance of AI, that they're going to have to reinvent every part of the enterprise and that's exactly where everything we've done for the last decade at Accenture, right?

這就是為什麼你會看到——即使有限制，你也會看到人們對 GenAI 的早期興趣。今年前 6 個月的銷售額達到 10 億美元，這是我們在新興科技領域的最快銷售額。它告訴您的是，客戶了解人工智慧的重要性，他們將不得不重新發明企業的每個部分，而這正是我們過去十年在埃森哲所做的一切，對嗎？

Being the company, we can go from strategy to build, to operations, deepen industry and functional expertise because of strategy and consulting, all comes together for this moment to be the partner for reinvention across the enterprise, not just to build the technology, but to use it to reinvent. And that's exactly what you see in these results, which is why I'm super confident about the industry and in the future.

作為一家公司，我們可以從戰略到構建，再到運營，由於戰略和諮詢而深化行業和職能專業知識，所有這些都聚集在一起，成為整個企業重塑的合作夥伴，不僅僅是構建技術，而且用它來重新發明。這正是您在這些結果中看到的，這就是為什麼我對這個行業和未來非常有信心。

Yes. No, I am confident that Accenture will be there to catch all that, like you said. But maybe just my follow-up with the GenAI bookings. Any trends on deal size and confidence that some of these early bookings will convert to become a part of this whole large $100 million-plus deal activity across -- or pull-through from GenAI, if that question makes sense?

是的。不，我相信埃森哲會抓住這一切，就像你說的。但也許只是我對 GenAI 預訂的後續行動。如果這個問題有意義的話，交易規模和信心方面有什麼趨勢嗎？這些早期預訂中的一些將轉化為整個超過 1 億美元的大型交易活動的一部分，或者從 GenAI 中拉出來？

So a couple of things, right? When you -- what you see in our resilience is that we are doing these bookings over $100 million, and that's what kind of layers that. That just gives you that base, right, of resilience during this period. As we said, we've seen further constraint on the smaller projects. So that's why you've got the updated guidance, right? But the base of these larger deals, we feel really good about from a resilience perspective.

有幾件事，對吧？當你——你在我們的韌性中看到的是，我們的預訂金額超過 1 億美元，這就是什麼樣的層次。這只是為你提供了在此期間恢復能力的基礎，對吧。正如我們所說，我們看到小型專案受到進一步限制。這就是您獲得更新指南的原因，對吧？但從韌性的角度來看，我們對這些較大交易的基礎感到非常滿意。

And then you know how this is, right? You're at the client. You're at the heart of their business. You're really doing the strategic work. That's what all these large deals represent. And then as spending increases, you catch the pent-up demand. And that's kind of how we see it, and that's how we've run it in the past.

然後你就知道這是怎麼回事了，對吧？你在客戶那裡。您是他們業務的核心。你確實在做戰略工作。這就是所有這些大宗交易所代表的意義。然後，隨著支出的增加，你會發現被壓抑的需求。這就是我們的看法，也是我們過去的運作方式。

And by the way, of course, as you know, we're really investing inorganically to capture more growth, which you'll also start to see in particularly at the back end of our fiscal year.

順便說一句，當然，正如您所知，我們實際上是在進行無機投資，以實現更多成長，您也將開始看到這一點，特別是在我們的財政年度結束時。

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。

KC, if Accenture does 1% constant currency in the third quarter, that's kind of the midpoint of the range. I guess, the implied midpoint for 4Q is a ramp-up to 6% constant currency. What kind of visibility do you have going into a number of the midpoint like that in the fourth quarter?

KC，如果埃森哲在第三季採用 1% 的固定貨幣匯率，那麼這就是該範圍的中點。我猜想，第四季的隱含中點是固定匯率成長至 6%。對於像第四節這樣的中點，你有什麼樣的能見度？

Bryan, thanks for your question. And you're right. Obviously, your math is correct. That would be what the -- our guidance would say. In terms of visibility, look, it's really no different than what we have any time in the past in this part of the year for our full year guidance.

布萊恩，謝謝你的提問。你是對的。顯然，你的數學是正確的。這就是我們的指導方針所說的。就可見性而言，看起來，這與我們過去在今年這段時間的全年指導沒有什麼不同。

Obviously, we are not forecasting the whole year. We just have the back half of the year. There's no difference in visibility as it relates to what we've done any other time of the year, any other year this time. And we do our same analysis and outlook to provide you with our guidance of the 1% to 3%.

顯然，我們不會預測全年。我們只有下半年。可見性沒有什麼不同，因為它與我們一年中任何其他時間、任何其他年份這次所做的事情有關。我們也進行同樣的分析和展望，為您提供 1% 至 3% 的指導。

Got it, got it. And then, Julie, just thinking about the clients needing to update their data in order to leverage AI and scale. Why doesn't that translate into stronger demand in the business? You would think that everybody would turn around and spend considerably on short term to get that ramp up in order to get AI to leverage it, but it doesn't quite translating. I'm just trying to figure out the disconnect there.

明白了，明白了。然後，朱莉，只考慮客戶需要更新數據以利用人工智慧和規模。為什麼這沒有轉化為更強勁的業務需求？你可能會認為每個人都會在短期內投入大量資金來提高這一速度，以便讓人工智慧利用它，但這並沒有完全轉化。我只是想找出其中的脫節。

Yes. So there's 2 things. So first of all, it's about prioritization, right? So their overall constraint on spending, right? So you make choices, right, as opposed to it being additive. So they're not able to allocate extra budget. They're prioritizing their budget. So you're seeing more of a substitution right now as opposed to, "Hey, we need to do this. Let's add to the budget." And that's tied to the uncertain macro that's putting people constrained. I had one banker say that corporates have put themselves on a diet given the macro, right?

是的。所以有兩件事。首先，這是關於優先順序的，對吧？那麼他們對支出的整體限制，對吧？所以你做出選擇，對吧，而不是附加的。因此他們無法分配額外的預算。他們正在優先考慮預算。所以你現在看到的更多的是替代，而不是“嘿，我們需要這樣做。讓我們增加預算。”這與不確定的宏觀環境有關，這使人們受到限制。我曾聽一位銀行家說過，考慮到宏觀經濟情勢，企業已經開始節食了，對嗎？

The second thing, Bryan, is you have to remember that you can't just jump to the great data foundation, right? You need to be in the cloud. You've got to have modern platforms. And so what you should read into the higher client -- the clients doing these higher bookings, right, is that they're doing the big transformations often times to be ready to put in the data foundation, right?

第二件事，布萊恩，你必須記住，你不能直接跳到偉大的數據基礎上，對嗎？您需要在雲端。你必須擁有現代化的平台。因此，您應該了解高級客戶 - 進行這些更高預訂的客戶，對吧，他們經常進行重大轉換，以準備好放入資料基礎，對吧？

There's only still 40% of workloads are in the cloud, 20% of those roughly haven't been modernized, right? Many of our clients haven't put in the platforms. If you don't have the major ERP platforms that are modern, you don't create a data foundation to fuel GenAI in isolation.

目前只有 40% 的工作負載位於雲端中，其中約 20% 尚未現代化，對吧？我們的許多客戶還沒有加入該平台。如果您沒有現代化的主要 ERP 平台，您就無法建立資料基礎來單獨推動 GenAI。

So you've got to build the digital core. And as we've said, there's a lot more to go. And that's what's driving these larger complex transformations. Like people don't like to do these big transformations in the sense of they're big, they're hard, they're complicated, and they need to do them in order to ultimately be able to use the AI not just in a part of the business or as a proof of concept, but really to transform and get the value they now see.

所以你必須建立數位核心。正如我們所說，還有很多事情要做。這就是推動這些更大的複雜轉變的原因。就像人們不喜歡做這些重大轉變一樣，因為它們很大、很困難、很複雜，而且他們需要這樣做才能最終能夠在人工智慧中使用人工智慧，而不僅僅是在業務的一部分或作為概念驗證，但真正是為了轉型並獲得他們現在看到的價值。

And so it's -- again, you can't jump to AI. You've got to put all the pieces, and a lot of clients aren't there yet, which is our opportunity.

所以，再說一次，你不能跳到人工智慧。你必須把所有的部分都準備好，但很多客戶還沒有到位，這就是我們的機會。

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

您的下一個問題來自摩根士丹利的 James Faucette。

Great. I wanted to follow on the questions around particularly AI, et cetera. I recognize like everybody is kind of at different stages. How should we think about, first, the time line in terms of preparing and getting ready for -- to implement new solutions, et cetera, and then moving into full implementation and how we should think about that affecting Accenture's business?

偉大的。我想關注人工智慧等領域的問題。我認識到每個人都處於不同的階段。首先，我們應該如何考慮實施新解決方案等的準備和準備時間，然後全面實施，以及我們應該如何考慮這對埃森哲業務的影響？

And like you mentioned, you've talked about some record bookings or the number of new customers over 100 million. How that will ramp and the time frame?

正如您所提到的，您談到了一些創紀錄的預訂或超過 1 億的新客戶數量。這將如何提升以及時間框架？

Yes. So maybe just -- let me just start with the strategy around capturing the growth opportunity from GenAI, right? So this is the same playbook that we have used in every wave of new technology evolution, right? When we went from mainframe to client server, then to cloud and Software as a Service, and then to RPA and AI-driven automation when you saw things like myWizard and SynOps, right?

是的。所以也許只是 - 讓我從圍繞捕捉 GenAI 成長機會的策略開始，對吧？所以這與我們在每一波新科技演進中使用的劇本都是一樣的，對嗎？當我們從大型主機到客戶端伺服器，然後到雲端和軟體即服務，然後到 RPA 和人工智慧驅動的自動化時，你看到了 myWizard 和 SynOps 之類的東西，對嗎？

We have the same strategy. The strategy starts with we want to be the first mover to help our clients use the technology, and that's why what we're doing with our investments of $3 billion to create solutions for them, and you see that coming through with our sales in generative AI, which, as I said earlier, are the fastest we've ever seen in sort of these new technologies because there's a lot of interest, and we're the leader. So we want to be the first mover in helping our clients use it.

我們有相同的策略。該策略始於我們希望成為幫助客戶使用該技術的先驅，這就是為什麼我們投資 30 億美元為他們創建解決方案，您可以看到我們在生成性銷售中實現了這一點正如我之前所說，人工智能是我們所見過的新技術中速度最快的，因為人們對此很感興趣，而且我們是領導者。因此，我們希望成為幫助客戶使用它的先行者。

The second part of our strategy is to be the first mover in using the technology itself to serve our clients, right? And we did that with like the digital, with AI automation, with all of our platforms. And what that does, it's a proven formula because if we invest big to be early and be the first mover, right, then we're positioned to capture all the opportunity in our -- with our clients because they need to adopt it and transform.

我們策略的第二部分是成為利用科技本身為客戶服務的先行者，對吧？我們透過數位化、人工智慧自動化和我們所有的平台做到了這一點。這是一個經過驗證的公式，因為如果我們儘早投入大量資金並成為先行者，對吧，那麼我們就能夠抓住我們的客戶的所有機會，因為他們需要採用它並進行轉型。

And as I just went through, that requires a lot, the digital core. Then you've got to actually use it to change new ways of working, right, to upskill your talent, right, and build new capabilities like responsible AI.

正如我剛剛經歷的那樣，這需要很多數字核心。然後你必須實際使用它來改變新的工作方式，對吧，提高你的才能，對吧，並建立新的能力，例如負責任的人工智慧。

When we are able to be the first mover, which we are already starting now to use GenAI and how we deliver, that enhances our competitive position, right? It makes us more differentiated. And of course, it also then allows our clients, over time, the more we use the GenAI to achieve the results they need at a lower cost, which frees up their investment capacity to do the massive reinvention. And of course, we are then best positioned to be their partner as they reinvest in using the tech and AI to reimagine their enterprise.

當我們能夠成為先行者時（我們現在已經開始使用 GenAI 以及我們的交付方式），就會增強我們的競爭地位，對吧？它使我們更加與眾不同。當然，隨著時間的推移，我們越多地使用 GenAI，它也可以讓我們的客戶以更低的成本實現他們所需的結果，從而釋放他們的投資能力來進行大規模的重塑。當然，當他們重新投資使用科技和人工智慧來重新構想他們的企業時，我們最適合成為他們的合作夥伴。

And that use of AI because, remember, as you think about the growth, right, you've got a lot of the digital core but it's got to be built, right? You can't jump that step, right? It's not a magic technology, right?

使用人工智慧是因為，請記住，當你考慮成長時，你已經擁有了許多數位核心，但它必須被構建，對嗎？你不能跳過這一步，對吧？這不是什麼神奇的技術吧？

But then as you build it, you're going to have to go function by function to change the way you work to actually get the productivity and the growth. So we really see this as being kind of the next decade of what our clients are going to be focused on. And we're positioning ourselves to be their partner and be the first mover in both places.

但當你建構它時，你將不得不逐一功能地改變你的工作方式，以真正獲得生產力和成長。因此，我們確實認為這是我們的客戶未來十年將關注的重點。我們將自己定位為他們的合作夥伴，並成為這兩個領域的先驅。

Yes. And maybe I'll take the layering in question on the larger deals and talk a little bit about how that's going to work for the back half of the year as it relates to guidance, right? So we have the larger deals that were terrific, right, in our second quarter and our whole first half of the year. But you're right, they do layer in slower than the smaller deals, and we see pressure in the volume of our smaller deals. And that's why we have the 1% to 3% guidance for the full year.

是的。也許我會討論較大交易中的分層問題，並討論今年下半年的情況，因為它與指導有關，對嗎？因此，我們在第二季和整個上半年都進行了非常棒的較大交易。但你是對的，它們的分層速度確實比較小的交易慢，而且我們看到較小交易量的壓力。這就是為什麼我們對全年提出 1% 到 3% 的指導。

Now we do feel good about delivering to this guidance and what that means for H2. And it really is for a few reasons that we've talked about before, but let me just kind of reiterate.

現在，我們確實對落實這項指導意見以及這對 H2 意味著什麼感到滿意。這確實是出於我們之前討論過的幾個原因，但讓我重申一下。

The first is that our competitive advantage is that we have the ability to invest. And you saw us do that in H1, and Julie talked about that with investing more in acquisitions this year in the first half than we did all of last year. And that's really important because that drives inorganic growth. But again, we do that really to fuel organic growth, but we see that coming online in the back half of the year.

第一個是我們的競爭優勢是我們有投資的能力。你看到我們在上半年就這樣做了，朱莉談到了今年上半年在收購方面的投資比去年全年都多。這非常重要，因為這會推動無機成長。但同樣，我們這樣做確實是為了推動有機成長，但我們看到它將在今年下半年上線。

The second thing is that we have done these larger transformation deals, but also the ones from the previous years. And we see that continuing to benefit us as it relates to revenue, as they will layer on in the back half of the year.

第二件事是我們已經完成了這些更大的轉型交易，但也完成了前幾年的交易。我們看到，這繼續使我們受益，因為它與收入有關，因為它們將在今年下半年逐步顯現。

And that really just speaks to the resilience of our strategy, both in terms of being -- what Julie has talked about, being where our clients need us and our inorganic strategy to continue to benefit, to pivot to scale in new areas of growth. And so that's how that all kind of comes together in terms of revenue conversion from those larger deals and when they come online, James.

這確實說明了我們策略的彈性，無論是朱莉所說的，還是我們的客戶需要我們的地方，以及我們的無機策略，以繼續受益，在新的成長領域實現規模化。詹姆斯，這就是這些大型交易的收入轉換以及交易上線時的所有方式的結合方式。

And maybe I'll just also add what that means from a type of work for the entire year. What we now see from the context of the 1% to 3% is our consulting type of work probably will be about flattish, and we see our managed services growing to about mid-single-digit growth for the year.

也許我還會添加這對於全年的某種工作意味著什麼。現在，從 1% 到 3% 的背景來看，我們的顧問類型工作可能會持平，我們預計今年我們的託管服務將成長至中個位數成長。

Great. And quickly, KC, just in terms of debt investment, how do we think about how that affects the margin expansion? I mean, typically, when you're doing acquisitions, there's a little bit of time before you can start to get people to the same type of trajectory as Accenture's margin expansion. But just trying to get a sense of how we should think about that impacting as well.

偉大的。很快，KC，就債務投資而言，我們如何看待這如何影響利潤率擴張？我的意思是，通常情況下，當你進行收購時，你需要一點時間才能開始讓人們走上與埃森哲利潤擴張相同的軌跡。但只是想了解我們應該如何看待這種影響。

Yes. Thanks for that. Well, first of all, I'm just -- I just want to put out that I'm really pleased with our profitability in the first half of the year and the outlook for our profitability for the full year. Margin is flat, but we have EPS growth for the first half of the year profit growth of 5%, and that really just points to the rigor and discipline that we continue to operate our business in.

是的。感謝那。嗯，首先，我只是想說，我對我們上半年的盈利能力以及全年盈利前景感到非常滿意。利潤率持平，但我們上半年的每股盈餘成長了 5%，這實際上表明了我們繼續經營業務的嚴謹性和紀律性。

Well, really importantly, Julie talked about all the investments we're making in our business and our people continue, right? So as you look at the back half of the year, we now see the 10 basis points expansion is where we see it. Again, very important, continue to have high levels of investment in our people and in our business.

嗯，非常重要的是，朱莉談到了我們在業務中所做的所有投資以及我們的員工繼續進行的投資，對吧？因此，當你回顧今年下半年時，我們現在看到 10 個基點的擴張就是我們所看到的。同樣，非常重要的是，繼續對我們的員工和業務進行高水準的投資。

In EPS, we see for the whole year at about 3% to 5%. One thing I will point out just to help all of you. We did benefit from the first half of the year in our EPS with higher nonoperating income, which makes a lot of sense on interest income, on our higher cash balance. In the first half, you see that our cash went from 9 to 5, still great cash. We can -- no concerns. We'll continue with our capital allocation strategy.

就每股收益而言，我們預計全年將成長約 3% 至 5%。我要指出一件事只是為了幫助大家。我們確實從今年上半年的每股盈餘中受益，非營業收入較高，這對於利息收入和現金餘額較高來說很有意義。上半場，你會看到我們的現金從 9 變成了 5，仍然是很棒的現金。我們可以——不用擔心。我們將繼續我們的資本配置策略。

But just as you model in the back half of the year, you'll see that not surprisingly with lower cap -- lower cash, we'll have lower interest income. So just as you're working through your EPS modeling for the first half and the second half, that's something that you might want to consider.

但正如你在今年下半年進行建模一樣，你會發現，隨著上限的降低，現金的減少，我們的利息收入也會降低，這並不奇怪。因此，當您完成上半場和下半場的 EPS 建模時，您可能需要考慮這一點。

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

您的下一個問題來自 TD Cowen 的 Bryan Bergin。

So Julie, I'm curious, just based on your conversations with leaders, what might be the catalyst here to have clients release spending programs and kind of lean back into shorter cycle work? Just as economic data generally holds up, are we just in a slower for longer backdrop? Or I'm just kind of hoping that you can share some color on how you're thinking about a recovery internally here and what enterprises really are watching and waiting for.

朱莉，我很好奇，根據您與領導者的對話，促使客戶發布支出計劃並轉向更短週期工作的催化劑可能是什麼？正如經濟數據普遍堅挺一樣，我們是否只是處於長期放緩的背景下？或者我只是希望您能分享一些關於您內部如何看待復甦以及企業真正在關注和等待什麼的資訊。

Look, I think there's going to be a couple of dynamics, right? Remember, they just set budgets. So we're kind of assuming these are the budgets for their calendar year. And we see, in general, most of this constraint is tied to the uncertain macro. So those are the kind of things. They set budgets, and we've got uncertain macro.

看，我認為會有一些動態，對嗎？請記住，他們只是設定預算。所以我們假設這些是他們日曆年的預算。我們看到，總的來說，這種約束大部分與不確定的宏觀因素有關。這些就是這樣的事情。他們制定了預算，而我們的宏觀政策卻不確定。

Yes. And just a reminder that everything that we're talking about in terms of giving guidance, I know all of you know this, but just as a reminder, our fiscal year ends in August, right? So there's -- it's a little bit over halfway through the calendar year.

是的。只是提醒一下，我們在提供指導方面所討論的一切，我知道你們都知道這一點，但只是提醒一下，我們的財政年度在八月結束，對吧？日曆年已經過半了。

Okay, okay. That makes sense. And then as it relates to GenAI, just kind of the revolutionary versus evolutionary kind of questioning here. Just given how much work needs to be done for most clients to really do anything with these large language models, how do we interpret that as a driver of your growth?

好吧好吧。這就說得通了。然後，就 GenAI 而言，這是一種革命性與進化性的質疑。考慮到大多數客戶需要做多少工作才能真正使用這些大型語言模型做任何事情，我們如何將其解釋為您成長的驅動力？

So meaning, does GenAI enable you to potentially drive a higher level of growth when spending does become more normal? Or should we think about this more as a next tech wave that enables comparable levels of normalized growth, just because of how long this might all take for large enterprises to get there?

也就是說，當支出變得更加正常時，GenAI 是否能讓您有可能推動更高水準的成長？或者我們應該將其更多地視為下一個技術浪潮，它能夠實現可比水平的正常化成長，僅僅因為大型企業可能需要多長時間才能實現這一目標？

What I'd say is this is more about -- we think of this as prior technology waves, right? Each one has been a little bit faster, right, in terms of that. But especially when you look at kind of where our clients are on the continuum of building out that digital core, there is a lot to go, and you really need that to fully realize it. So we see this as more like our prior kind of the way these things have evolved in the past. Right now, that's what we see.

我想說的是，這更多的是——我們認為這是先前的科技浪潮，對嗎？就這一點而言，每個人都快了一點，對吧。但特別是當你看看我們的客戶在建立數位核心的連續過程中所處的位置時，你會發現還有很多工作要做，你確實需要這些才能充分實現它。因此，我們認為這更像是這些事物過去演變的方式。現在，這就是我們所看到的。

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)。

I guess, my question, are you seeing your clients probably having much lower attrition, just like every company, that low employee attrition right now? Are you seeing them take their own employees, their own IT employees and just do more internally right now? And is that a little bit of the -- just the demand issue right now?

我想，我的問題是，您是否看到您的客戶的流失率可能要低得多，就像每家公司一樣，現在的員工流動率如此之低？您是否看到他們現在讓自己的員工、自己的 IT 員工在內部做更多的事情？這只是現在的需求問題嗎？

We certainly are seeing our -- obviously, our clients have invested in more technology internally at our advice, right? We've said to them during the pandemic, with technology being so important, they should be building up their technology. So sure, those clients, they've got -- a lot of our clients, not all of, it because it really depends on your positioning. So some of our clients, that's really not the differentiator, right? So they want a smaller IT. And then we've got others who built it up, and it really depends on where they are.

我們當然看到我們的——顯然，我們的客戶根據我們的建議在內部投資了更多技術，對嗎？我們在疫情期間對他們說過，由於科技如此重要，他們應該增強自己的技術。所以當然，這些客戶，他們有——我們的許多客戶，不是全部，因為這實際上取決於你的定位。所以我們的一些客戶，這確實不是差異化因素，對吧？因此他們需要更小的 IT。然後我們還有其他人建立了它，這實際上取決於他們在哪裡。

But sure, I mean, we certainly got clients doing more in-house as part of it. And we've got other clients outsourcing more, right? So it's really all over the map because it's very company-specific as to what makes sense for their strategy.

但當然，我的意思是，作為其中的一部分，我們確實讓客戶在內部做了更多的事情。我們還有其他客戶外包更多，對吧？所以它真的是無所不在，因為對於他們的策略來說，這是非常具體的公司特定的。

Yes. Okay. And just one quick follow-up for KC. The tax rate, clearly, you lowered guidance just on the tax rate itself. Is that something one-off to this year? Or is that something now that just seems more normalized?

是的。好的。這只是 KC 的一個快速跟進。稅率，顯然，您只是降低了稅率本身的指導。這是今年一次性的事嗎？或者現在這似乎更正常化了？

Yes. So there's really 4 things that every year are the same that really influence the tax rate, and it just really is how those things come together. There are geographic mix of income, any settlements from previous years, any increase that we need to do on prior year tax liabilities, and lastly the impact of our equity on our tax rate.

是的。因此，每年確實有四件事是相同的，它們真正影響了稅率，而這正是這些因素如何結合在一起的。有收入的地理組合、往年的任何結算、我們需要對上一年的納稅義務進行的任何增加，以及最後我們的股本對稅率的影響。

So those 4 things really are confluences or the same every year. Depending on how they fall, that's going to influence where we land on our tax rate. And so we -- this year, we saw them favorably in aggregate, so we were able to keep our 2-point range, but drop it by 1%.

所以這四件事確實是融合的或每年都是一樣的。根據它們的下降方式，這將影響我們的稅率。所以今年，我們看到他們總體上表現良好，所以我們能夠保持 2 分的範圍，但下降了 1%。

Your next question comes from the line of Jamie Friedman from Susquehanna.

你的下一個問題來自薩斯奎哈納的傑米·弗里德曼（Jamie Friedman）。

I have a really big picture question. I'm curious, Julie, how you feel about Accenture's role in the broader context of technology, like software and cloud. And I realize in your prior very thoughtful answer about technology architectures, that was a great structure, as was your innovation session back on February 16. But it does seem like other parts of tech are doing better than services. So I'm just interested in your perspective on services in the context of broader tech spending.

我有一個非常重要的問題。朱莉，我很好奇您對埃森哲在更廣泛的技術領域（如軟體和雲端）中所扮演的角色有何看法。我意識到，在您之前關於技術架構的深思熟慮的回答中，這是一個很棒的結構，就像您2 月16 日的創新會議一樣。但看起來技術的其他部分確實比服務做得更好。因此，我只是對您在更廣泛的技術支出背景下對服務的看法感興趣。

Yes. No, absolutely. It's a great question, right? Services are where you can dial back more easily than when you're signing up for licenses for technology that you need, right? So you'd imagine and with just what we're seeing that when you're constraining overall spending, right, your discretionary spending, you go to service providers where you're saying, "Wait. I can pause for that. I can wait for that."

是的。不，絕對是。這是一個很好的問題，對吧？與註冊所需技術的許可證相比，您可以更輕鬆地回撥服務，對嗎？所以你可以想像，正如我們所看到的，當你限制總體支出，對，你的可自由支配支出時，你會去找服務提供者說，「等等。我可以暫停一下。我可以等等。”

And at the same time, you've got in other parts of it, like with software, where you've got to -- these things you really need to invest in and you've got different licenses. So it's really not different than other cycles, as services have a bigger opportunity to say, "It's a little more discretionary. Let's wait. Even if I bought the licenses, I'm going to wait to actually incur the cost." Because a lot of times, the cost of the services can be significantly higher than the software licenses, right? Because you've got all the change that you've got to do and all of that around.

同時，你還擁有它的其他部分，例如軟體，你必須投資這些東西，並且你已經獲得了不同的許可證。因此，這實際上與其他週期沒有什麼不同，因為服務有更大的機會說：“這有點自由裁量權。讓我們等等。即使我購買了許可證，我也會等待實際承擔成本。”因為很多時候，服務的成本可能明顯高於軟體許可證，對嗎？因為你已經擁有了所有必須要做的改變以及所有這些。

So again, we don't see anything sort of different than when you've got an uncertain macro. You look around for your discretionary spending and you cut back. And that's why, of course, you're seeing still the big transformations happening because it's not discretionary, and they've really got to replatform in that. So it's like nothing mysterious about it is kind of what I consider kind of normal in this kind of a macro.

再說一遍，我們沒有看到任何與不確定的宏觀情況不同的情況。你環顧四周尋找可自由支配的開支，然後削減開支。當然，這就是為什麼你仍然看到重大轉變正在發生，因為這不是隨意的，而且他們確實必須在這方面重新建立平台。所以這沒什麼神秘的，我認為在這種宏中很正常。

That's right. And I think just as a reminder, even with all of that, we still have the record spend with us, right, with $40 billion of bookings for the first half of the year.

這是正確的。我想提醒一下，儘管如此，我們的支出仍然創紀錄，對吧，今年上半年的預訂量達到了 400 億美元。

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

接線員，我們還有時間再問一個問題，然後朱莉將結束通話。

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

好的。這個問題來自花旗銀行的 Ashwin Shirvaikar。

Just going back to the question of bookings. Are clients actually revisiting existing bookings, ones that they signed maybe last year and/or times prior, relooking at them using the lens of applying sort of rapidly evolving AI capabilities?

回到預訂問題。客戶是否真的會重新審視現有的預訂（他們可能在去年和/或之前簽署的預訂），使用應用快速發展的人工智慧功能的視角重新審視它們？

To what extent is that happening? And then that kind of then implies, obviously, can we use those past bookings and backlog as indicator of future growth and how soon that can layer in?

這種情況發生到何種程度？顯然，這意味著我們是否可以使用過去的預訂和積壓訂單作為未來成長的指標以及多久可以分層？

Yes. Ashwin, I'll take the -- just maybe more just the financial kind of mechanical part of it. We have not seen a change and us working the work that's already been contracted, what we would call our backlog. And what we talked about was really spending on new sales, new services in the smaller projects. And that's the dynamic that we have factored into our guidance for the year.

是的。阿什溫（Ashwin），我會接受——也許更多的是其中的金融機械部分。我們沒有看到任何變化，我們正在處理已經簽訂合約的工作，我們稱之為積壓工作。我們談論的實際上是在較小項目中的新銷售和新服務方面的支出。這就是我們在今年的指導中考慮的動態。

Got it. And then the other question was on LearnVantage and Udacity. I thought that was a particularly interesting deal. If you could walk us through maybe the mechanics of that deal, and every company is investing in talent here. There seems to be a bit different approach maybe. Could you just talk about the rationale, the downstream impact and so on?

知道了。然後另一個問題是關於 LearnVantage 和 Udacity。我認為這是一筆特別有趣的交易。如果你能向我們介紹一下這筆交易的機制，每家公司都在這裡投資人才。似乎可能有一些不同的方法。您能否簡單談談原因以及對下游的影響等？

Sure. Thank you because it's -- I'm super passionate about what we're doing with LearnVantage because it is so critical for our clients. Talent is the #1 agenda item for CEOs, right, the #1. And when you think about what reinvention means, the clients have to do an AI rotation and they have to do a talent rotation, right?

當然。謝謝您，因為我對 LearnVantage 所做的事情非常熱情，因為它對我們的客戶來說非常重要。人才是執行長的第一議程項目，對，第一。當你思考重塑意味著什麼時，客戶必須進行人工智慧輪換，他們必須進行人才輪換，對嗎？

And what LearnVantage does is it, first and foremost, provides the ability for everything from the Board to the C-suite, to business users, to the technologists to get the technology training they need to make the right decisions on AI, for example, right, to be able to become deeper in the new technologies. And so it really goes from the Board to the technologist.

LearnVantage 所做的是，首先也是最重要的是，它為從董事會到最高管理層、到業務用戶、到技術專家的所有人提供了獲得做出正確 AI 決策所需的技術培訓的能力，例如，是的，能夠更深入地了解新技術。所以它實際上是從董事會到技術專家的。

And with Udacity, what we're able to provide is essentially the same approach Accenture uses, right? So we spent over $1 billion ourselves. You saw our latest average 14 hours per employee. And we have -- we use learning science to learn and do.

透過 Udacity，我們能夠提供的方法基本上與埃森哲使用的方法相同，對吧？所以我們自己花了超過 10 億美元。您看到了我們最新的每位員工平均工作時間 14 小時。我們使用學習科學來學習和實踐。

Most of our clients are unable to do that. The big differentiator for us in the market here is that we, Accenture, know when you train someone, we have to then put them on a job and they have to get paid to do something. So they are work ready. So we're bringing that expertise.

我們的大多數客戶都無法做到這一點。我們在市場上最大的區別在於，我們埃森哲知道，當你培訓某人時，我們必須讓他們找到工作，並且他們必須獲得報酬才能做某事。所以他們已經做好工作準備了。所以我們正在帶來這種專業知識。

Now at scale to our clients, and what Udacity does is the same thing. They use experts, mentors. They have a real project work that they then coach people on. So it's that same sort of approach of learn and do, but our companies -- our clients don't have all the work that we do. So Udacity has created this ability. And so -- and it's coupled then with Accenture's deep understanding of what it takes to train and be work ready.

現在，對於我們的客戶來說，Udacity 所做的事情是一樣的。他們聘請專家、導師。他們有一個真正的專案工作，然後他們指導人們。所以，這也是同樣的學習和實踐方法，但是我們的公司——我們的客戶並沒有我們所做的所有工作。所以Udacity創造了這種能力。因此，這與埃森哲對培訓和工作準備所需的深刻理解相結合。

So we're really excited about it. Our clients are excited about it. They've been coming to us. We've been doing this learning, and this enables us now to do it at scale. And again, we want to be the reinvention partner. So the more that we can fill all of the needs of our clients around that, the better position that we will be. So we see LearnVantage is highly, highly strategic.

所以我們對此感到非常興奮。我們的客戶對此感到興奮。他們一直向我們走來。我們一直在進行這種學習，這使我們現在能夠大規模地進行。再次強調，我們希望成為重塑合作夥伴。因此，我們越能滿足客戶的所有需求，我們的地位就越好。所以我們看到 LearnVantage 具有高度、高度策略性。

And by the way, it also has -- we have a managed service today to actually manage the learning services that companies are now doing internally, which we also expect to -- we're investing and expect to grow. So very excited.

順便說一句，我們今天有一項託管服務來實際管理公司現在在內部進行的學習服務，我們也期望這樣做——我們正在投資並期望成長。非常興奮。

And then finally, we all have a responsibility as our -- as corporates to bring our people along the journey. And so when people worry about things like AI and displacement, right, we feel that our ability to bring proven upskilling expertise, to help our clients be able to bring their people is really, really important. It's important for our communities. It's important to their Boards. And we all should consider it really important, it's the right thing to do.

最後，作為企業，我們都有責任帶領我們的員工踏上這段旅程。因此，當人們擔心人工智慧和流離失所等問題時，我們覺得我們有能力提供經過驗證的技能提升專業知識，幫助我們的客戶能夠吸引他們的員工，這真的非常重要。這對我們的社區很重要。這對他們的董事會很重要。我們都應該認為這非常重要，這是正確的事。

Great. So thanks, everyone. In closing, I want to thank all of our shareholders for your continued trust and support, all of our people for what you do every day and to assure you that we are working every day to continue to earn that trust. Thank you.

偉大的。謝謝大家。最後，我要感謝我們所有股東的持續信任和支持，感謝我們所有員工每天所做的工作，並向你們保證，我們每天都在努力繼續贏得這種信任。謝謝。

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。