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!感謝您的耐心等待。歡迎參加埃森哲2024財年第二季業績電話會議。 （操作員指示）溫馨提示：本次會議正在錄音中。

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、董事總經理兼投資者關係主管凱蒂·奧康納 (Katie O’Connor)。請開始。

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.

謝謝接線員，也謝謝大家今天加入我們，共同發表2024財年第二季的業績。正如接線員剛才提到的，我是凱蒂·奧康納 (Katie O'Connor)，董事總經理兼投資者關係主管。在今天的電話會議上，您將聽到我們董事長兼執行長朱莉·斯威特 (Julie Sweet) 和財務長 KC·麥克盧爾 (KC McClure) 的演講。

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。讓我簡要介紹一下今天電話會議的議程。朱莉將首先概述我們的業績。 KC將向您介紹財務細節，包括損益表和資產負債表，以及第二季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，之後KC將提供我們對第三季和2024財年全年的業務展望。之後，我們將回答您的問題，最後朱莉將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部分事項，包括我們的業務展望，均具有前瞻性，因此可能受到已知和未知風險及不確定性的影響，包括但不限於今日新聞稿中所述以及我們10-K表年度報告、10-Q表季度報告和其他提交給美國證券交易委員會的文件中討論的因素。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.

在今天的電話會議上，我們將參考一些非公認會計準則 (non-GAAP) 財務指標，我們認為這些指標對投資者而言非常有用。我們會在新聞稿或公司網站 accenture.com 的「投資者關係」版塊中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（如適用）。與以往一樣，埃森哲不承擔更新本次電話會議資訊的義務。

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 thank you to our 742,000 people around the world who work every day to deliver 360-degree value for all our stakeholders.

謝謝凱蒂和所有參加的人，也感謝我們遍布全球的 742,000 名員工，他們每天都在努力為所有利益相關者提供全方位的價值。

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.

我對我們的業績在充滿不確定性的宏觀環境下的表現感到滿意。我們的業績凸顯了客戶對我們的深厚信任、我們能夠勝任其核心業務中最複雜工作的能力、我們在生態系統中佔據的領先地位，以及我們為下一波成長進行投資的能力。

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.

本季度，我們繼續展現出強勁勢頭，繼續執行我們旨在成為客戶值得信賴的重塑合作夥伴的策略。目前，已有39位客戶季訂單超過1億美元，創下歷史新高。這些巨大的轉型成功案例，使我們能夠在支出成長的同時，實現更大的成長。

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.

我們也獲得了超過6億美元的GenAI新訂單，使本財年上半年GenAI銷售額達到11億美元，進一步擴大了我們在GenAI領域的領先優勢，而GenAI正是我們客戶重塑的核心。我們目前擁有超過5.3萬名熟練的數據和AI從業人員，而我們的目標是到2026財年末，將數據和AI員工人數翻一番，從4萬人增加到8萬人。

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.

我們高度重視客戶需求，這項專注體現在我們216億美元的訂單量上，創下歷史第二高。其中，北美地區的訂單量達100億美元，創歷史新高。我們持續維持市場份額，本季營收達158億美元，與去年持平，略高於預期區間的中點。

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.

翻開新的一年，我們看到客戶支出（包括我們服務的支出）再次受到限制，尤其是在歐洲、中東和非洲地區以及北美部分地區。這從我們新訂單的組成中可見一斑，與預期有所不同。

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於大規模轉型項目，而這些項目轉化為收入的速度較慢，同時進一步限制了可自由支配的支出，尤其是在小型項目中。我們也發現決策過程持續延遲，支出速度放緩。儘管有這些因素，我們仍然欣慰地看到，我們專注於恢復成長，北美和CMT業務較上一季有所改善。

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.

我們嚴謹而自律地經營業務，並繼續按照去年宣布的業務優化行動進行，以降低結構性成本，增強韌性。

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。第二季度，我們在各地區市場共部署了21億美元資本，完成了11項收購，使上半年的收購總投資達到29億美元，共完成了23項收購。

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，本季培訓時間約1,000萬小時，平均每人14小時。我們創造的360度全方位價值，讓我們感到自豪的是，我們連續11年榮登行業榜首，並在《財富》雜誌全球最受讚賞公司榜單中位列第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」榜單中，我們位列業界第一，綜合排名第三。此外，我們連續第 17 年被 Ethisphere Institute 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組成部分是利用我們強勁的資產負債表進行投資，以擴大高成長領域並擴大新的成長領域。我們在執行這項策略方面有著良好的業績記錄。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，我們投資了供應鏈領域，這是一個未來將迎來重大變革的領域，其中包括即將收購的Insight Sourcing和OnProcess Technology。我們收購了Navisite，以幫助來自多家雲端服務供應商、企業應用程式和數位技術領域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 案中，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，該公司將幫助我們的客戶轉型其數位能力並實現其遺留系統的現代化。我們也在英國收購了 Redkite，該公司擁有全端數據專業知識，將幫助我們的客戶利用數據驅動的智慧和人工智慧來提升績效。

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制定 B2B 和 B2C 模式的定價策略和銷售理念，從而加速我們客戶的成長策略。

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，在成長型市場中，我們透過收購泰國的 Rabbit's Tale 和新加坡的 Jixie 來擴大我們在行銷和客戶體驗方面的能力，從而推動客戶的成長議程，幫助印尼的客戶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.

我們有能力投資以推動有機成長，這是我們的競爭優勢。隨著客戶不斷轉型，我們本月初宣布，未來三年將向埃森哲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，幫助客戶進行員工技能再培訓和提升。

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.

我們的投資包括對數位教育先驅Udacity的收購，預計該交易將於今年夏季完成。交易完成後，我們的年收入將達到約1億美元。這些服務具有高度的策略意義，它們提升了我們作為企業重塑合作夥伴的首選地位，因為人才是CEO們最關注的議題。

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，我們正在幫助默克公司（一家在美國和加拿大以外地區被稱為MSD的全球生物製藥公司）推出一項開創性的生成式人工智慧培訓項目，旨在為員工打造世界一流的數位領導者。作為生物製藥市場知名的思想領袖，默克公司長期以來一直引領投資人才，幫助他們培養開發突破性療法所需的技能和專業知識。

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、分析和人工智慧在藥物和疫苗的發現、開發、生產以及患者獲得過程中發揮關鍵作用。透過再次投資人才，默克將能夠繼續履行其承諾，利用尖端科學的力量拯救和改善世界各地的生命。

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今天的電話會議。我們對第二季的整體業績感到滿意，新訂單量創下第二高。我們將繼續大規模投資，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，收入持平，在我們13個行業中，有6個行業實現了中等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、醫療衛生和高科技。

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.

雖然本季我們的CMT產業表現有所改善，但我們仍然面臨壓力，正如預期的那樣，我們的市佔率仍在持續成長。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他們的業績進行比較，並進行調整以剔除重大收購的影響，截至他們上次公開業績公佈日期，以滾動方式進行4個季度的比較。

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，年初至今營業利益率持平。這得益於我們持續對員工和業務進行大量投資。本季調整後每股收益為2.77美元，較去年同期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，我們實現了20億美元的自由現金流，並透過回購和股利向股東返還了21億美元。上半年，我們在23筆收購交易中投資了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.

講完這些高層評論，讓我來談談一些細節，首先是新訂單。本季新訂單金額為216億美元，以美元和當地貨幣計算均下降了2%，整體訂單出貨比為1.4。諮詢訂單金額為105億美元，訂單出貨比為1.3。託管服務訂單金額為111億美元，訂單出貨比為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.

現在談談收入。本季營收為158億美元，以美元和當地貨幣計算均持平，略高於我們預期區間的中點。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.

仔細觀察我們的服務領域，技術服務業務的營運成長了較低的個位數，而策略諮詢業務的營運成長了較低的個位數。

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.

回顧我們的地理市場。在北美，以當地貨幣計算，收入持平，公共服務業務有所增長，但被銀行和資本市場、軟體和平台以及通訊和媒體業務的下滑所抵消。

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、中東和非洲地區，以當地貨幣計算，收入下降2%，公共服務業務成長，但被通訊和媒體業務以及銀行和資本市場業務的下滑所抵消。義大利的收入成長被英國、法國和愛爾蘭的下滑所抵消。在成長型市場，以當地貨幣計算，收入成長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業務的成長最為顯著。日本和阿根廷推動了收入成長，但被澳洲和巴西的下滑部分抵消。

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.

損益表方面，本季毛利率為30.9%，去年同期為30.6%。本季銷售及行銷費用為10.3%，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2024財年第二季和2023財年第二季度，我們分別因業務優化措施而產生了1.5億美元和2.44億美元的成本。這些成本導致本季營業利潤率下降70個基點，每股收益下降0.14美元；去年第二季營業利潤率下降150個基點，每股收益下降0.30美元。以下比較不包括這些影響，反映的是調整後的結果。

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%，較去年同期下降10個基點。本季調整後有效稅率為18.8%，去年同期調整後有效稅率為20.4%。調整後稀釋每股收益為2.77美元，去年同期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.

未償服務天數為43天，而上季為49天，去年第二季為42天。本季自由現金流為20億美元，源自於營運活動產生的現金21億美元，扣除1.1億美元的物業和設備新增。截至2月29日，我們的現金餘額為51億美元，而截至8月31日，現金餘額為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.

為了持續履行向股東返還現金的目標，我們在第二季回購或贖回了380萬股股票，總價值13億美元，平均價格為每股352.35美元。截至2月29日，我們剩餘的股票回購權約為46億美元。

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.

此外，我們在二月支付了每股1.29美元的季度現金股息，總額達8.3億美元。比去年增長了15%。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，比去年成長了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，我們將繼續專注於抓住市場成長機遇，為客戶創造價值。正如您所知和所期望的，我們將嚴謹經營，嚴守紀律，同時持續投資，以保持長期市場領先地位。

Now let me turn it back to Julie.

現在讓我把話題轉回給朱莉。

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.

讓我再稍微解釋一下需求環境。雖然所有策略都持續引領技術和重塑，但我們的客戶正因經濟、地緣政治和行業特定因素而面臨不確定的宏觀環境。為此，我們看到他們深思熟慮地優先考慮更大規模的轉型，從建立數位核心到透過合作提高生產力、釋放更多投資能力、專注於成長以及其他短期投資回報更高的舉措。

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，為他們完成最複雜的轉型工作，這使我們具有長期的彈性，正如我們的前 100 名客戶已經與我們合作超過 10 年這一事實所證明的那樣。

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.

如今，人工智慧的重要性已幾乎被普遍認可，它是重塑企業的核心。然而，規模化應用人工智慧的能力因客戶而異，呈現出連續的趨勢。擁有強大數位核心的客戶通常希望加快步伐，而大多數客戶則正在努力掌握在整個企業範圍內真正實施人工智慧所需的投資。幾乎所有客戶都發現，由於人工智慧技術只是所需資源的一小部分，因此難以實現規模化。

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.

要運用技術、數據和人工智慧進行重塑，您必須擁有合適的數位核心，變革流程和工作方式，重新培訓和提升員工技能，並圍繞負責任的人工智慧建立新的能力。所有這些都需要深入了解產業和職能部門，才能釋放價值。許多客戶首先需要提高效率，才能對所有這些能力進行規模化投資，尤其是在數據基礎方面。

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.

我們之所以能夠幫助客戶實現這種人工智慧輪換，是因為我們提供的服務範圍廣泛，涵蓋策略和諮詢、技術和運營，以及透過 Song 提供的所有客戶業務和透過 Industry X 提供的數位製造和工程業務，而且我們與 13 個行業的企業職能具有相關性。

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優勢地位或許從未如此重要。生成式人工智慧正在快速發展，目前仍處於成熟和應用的早期階段。我們正與生態系統合作夥伴緊密合作，幫助客戶了解所需的正確數據和人工智慧主幹，以及如何實現實際的商業價值。

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，我將著重介紹我們在客戶業務核心領域的複雜工作。基於長期信賴的合作關係，我們與億滋國際攜手合作。億滋國際是全球領先的零食企業，旗下擁有奧利奧、belVita 和吉百利等知名品牌，我們將持續推動成長，成為產業領導者。

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.

在奠定了強大的共享服務模式（該模式由領先的技術平台以及數據和人工智慧基礎驅動）之後，我們正致力於對其數位核心進行雄心勃勃的重塑。我們將設計和實施一個基於雲端的統一平台，同時實現財務職能的現代化，並轉型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，從而推動銷售額成長並最大化利潤。這項新的數位核心也將使億滋國際能夠透過採用生成式人工智慧等新技術，進一步重塑其客戶滿意度服務方式。

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石。本季度，我們的雲端業務實現了高個位數成長，客戶的業務涵蓋了從遷移到現代化、到新業務模式、再到智慧邊緣的全雲環境。

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，我們正在幫助總部位於沙烏地阿拉伯的數位原生航空公司利雅德航空成為全球首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，且不受傳統技術的影響，使該航空公司能夠利用雲端、數據和人工智慧等尖端技術快速擴展規模，並為乘客和員工提供無縫銜接且更加個性化的旅行體驗。這也將有助於該公司實現規模化發展，因為該公司計劃在2030年將營運超過100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 合作進行雲端轉型計劃，幫助他們成為平台企業，釋放邊緣、數據和人工智慧的力量，以推動新的商業機會並提升客戶體驗。

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.

該平台將採用邊緣到雲端技術，使他們能夠收集和分析來自工業環境的即時數據，並提高營運效率。這將為他們及其在即時洞察至關重要的行業中的客戶建立有價值的數據驅動洞察。此次重塑將幫助他們打破營運技術孤島，使其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.

我們也將協助這項新服務在市場上落地。此次策略合作將助力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。我們專注於幫助客戶快速利用人工智慧的力量，創造實際的商業價值，並充分利用我們在差異化工具方面的投資，從而加速成果的實現。

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 已幫助各行各業的客戶勾勒出他們的價值案例、AI 架構和 AI 解決方案。我們最近推出的 AI 交換台也正在幫助客戶應對 LLM 模型間整合這一複雜的新需求。例如，一家最大的娛樂公司目前正在測試該交換台，以比較不同模型對相同提示的解讀方式及其性能，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 AI 輪調需要強大的數據基礎。我們正與澳洲領先的電信和科技公司 Telstra 合作，徹底簡化和現代化其數據生態系統，加速其 AI 賦能的進程。我們正在對 50 多個分散的企業資料來源進行現代化改造和整合，使其成為一個小型整合資料集，從而建立 Telstra 受管控且安全的資料和 AI 核心，使 Telstra 能夠在未來快速擴展客製化的生成式 AI 能力。

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公司開發負責任、合乎道德和安全的市場領先人工智慧框架的努力，同時幫助他們的團隊提供更快、更有效和更個性化的客戶互動。

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，最有潛力的領域之一是客戶體驗轉型，其中包括生成式人工智慧，該技術充分利用了Song在創意、客戶洞察和深厚技術專長方面的獨特能力。本季度，Song實現了低個位數的成長。

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.

我們持續幫助客戶重塑行銷，以推動成長。我們正在幫助能源巨頭埃克森美孚轉型並優化其端到端燃料行銷運營，以推動未來成長。憑藉我們全球領先的能力，我們的託管服務將利用 SynOps 平台推動自動化，並在整個燃料行銷業務中實現可衡量的效率提升。

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.

我們正在加強與領先的消費電子產品零售商百思買在多個領域的合作，以重塑客戶體驗、優化成本並推動成長。透過利用數據和生成式人工智慧，我們正在幫助他們改變營運環境，並提升客戶和員工體驗。

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達成協議，在北美地區對我們自有的埃森哲設備進行生命週期管理，並正在聯合為客戶提供端到端現場服務設備支援服務。我們已經將這項新服務應用於一家大型電視供應商，標誌著我們首次進軍這個新市場。這些策略措施彰顯了我們致力於協助百思買實現卓越客戶體驗、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.

安全對於重塑至關重要，它超越IT範疇，保護企業的核心資產，並隨著技術變革不斷演變，安全的關鍵作用也隨之演變。本季度，我們的安全業務實現了強勁的兩位數成長。我們正在與美國最大的電力控股公司之一合作，將其營運技術整合到一個無縫銜接的統一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.

我們將攜手合作，透過實施先進的監控與回應、漏洞管理和安全自動化，提升我們的安全能力。這將有助於降低其龐大環境中發生網路事件的風險，並保護服務於數千萬人的關鍵基礎設施。

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.

我們持續看到對數位化製造和工程服務的強勁需求。 X產業在第二季度實現了兩位數成長。我們正在與家紡領域的全球領導者Indo Count Industries Ltd.合作，進行數位轉型，以簡化運營，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驅動的雲端數位化核心，以幫助實現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、優化能源消耗並提升客戶體驗。我們將攜手重塑他們的營運模式，並協助他們拓展在印度、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.

我們將繼續支持企業綠色轉型，透過運算和視覺化溫室氣體排放量，推動企業遵守碳足跡。為了打造一個消費者能夠選擇環保產品和服務的市場，建立一個能夠視覺化每種產品的碳足跡的系統至關重要。

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，我們正在協助日本精密機械零件加工公司松本精密，更深入了解其專案的可持續性，並實現其脫碳目標。我們透過製造平台實施了一項解決方案，該平台使用單一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.

這將使松本精密加深對其業務對環境影響的了解，並為實現脫碳社會做出更有效的貢獻。

Back to you, KC.

回到你這裡，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，我來談談我們的業務展望。我們預計24財年第三季的營收將在162.5億美元至168.5億美元之間。這假設外匯影響與23財年第三季相比約為-1%，並反映了預計的本幣-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.

對於整個 24 財年，根據過去幾週的匯率趨勢，我們仍然預期外匯對我們以美元計算的業績的影響將與 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，我們目前預計營收將比 23 財年以當地貨幣成長 1% 至 3%，假設無機貢獻接近 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.

我們繼續預計，業務優化措施將使2024財年的GAAP營業利潤率增加70個基點，每股收益增加0.56美元。就調整後的營業利益率而言，我們目前預計2024財年的調整後營業利益率將達到15.5%，較2023財年的業績成長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.

我們目前預計調整後的年度有效稅率將在22.5%至24.5%之間。相較之下，2023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.

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持續反映出強勁的自由現金流與淨收入比率，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 that 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 Tien-Tsin Huang from JPMorgan.

（操作員指示）您的第一個問題來自摩根大通的 Tien-Tsin Huang。

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.

朱莉，只是一個總體情況，也許這個問題太簡單了，但我只是好奇想知道你對我們在 IT 服務支出週期中所處位置的看法，因為我們已經看到該行業疲軟了相當長一段時間了。

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?

埃森哲表現不錯。你們完成了非常大的交易活動。正如你所說，短期週期因素總是會帶來一些壓力。我們目前處於什麼階段，才能看到市場觸底，或短期可自由支配支出的回升？

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。田津，我覺得除了我們現在看到的情況之外，現在很難預測其他情況，對吧？那麼和90天前有什麼不同呢？嗯，正如我們12月所說的，我們在1月就能真正了解客戶的預算。我們每年都這麼說，對吧？所以，隨著日曆翻開新的一頁，我們看到客戶的支出進一步收緊，這影響了我們的服務，尤其是小型專案。

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?

所以從趨勢角度來看，90天前，我們還沒有看到同樣的水準。現在，情況似乎有所收斂。這就是我們看到的24日曆年的預算設定，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.

正如您所說，在這種環境下，我們正在搶佔市場份額。我們的策略不斷增強，我們的目標是成為重塑合作夥伴，目前已有30位非客戶，訂單金額超過1億美元，創下了紀錄。

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?

那麼這說明了什麼呢？客戶明白科技引領轉型的重要性，對吧？而且基本面保持不變，對吧？未來還有更多的革新。我們仍然——當你關注雲端的現狀，包括遷移和現代化，我們認為大約80%的機會還在前方，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。平台重構和雲端平台約佔未來65%的機遇，這取決於哪些人真正採用了更現代化的平台。至於安全，我認為安全可能永遠是未來的，但至少是65%的機會。

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.

這還不包括數位製造、工程服務等領域，這些技術在過去幾年才剛興起，算是現代技術了。當然，對客戶來說，也還處於非常早期的階段。

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.

所以我們真正關注的是滿足客戶目前的現狀，對吧？所以，我們會優先考慮大型轉型交易，然後在支出增加時做好準備，把握機會。我們認為這個行業非常強勁，因為所有客戶都必須實現這一目標。他們需要進行技術轉型，他們需要再造。

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——即使存在許多限制，你仍然看到了人們對GenAI的早期興趣。今年前六個月的銷售額就達到了10億美元，這是我們在新興科技領域實現銷售成長最快的一次。這說明客戶了解人工智慧的重要性，他們必須重塑企業的方方面面，而這正是我們過去十年在埃森哲所做的一切，對吧？

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，我們能夠從策略到建設，再到運營，深化產業和職能專業知識，這一切都源自於策略和諮詢服務。此刻，我們齊心協力，成為整個企業重塑的合作夥伴，不僅建構技術，更利用它來重塑自我。這正是您在這些成果中所看到的，這也是我對產業和未來充滿信心的原因。

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，正如您所說，我相信埃森哲會全力以赴。但也許只是我對 GenAI 訂單的跟進。請問交易規模方面有什麼趨勢？您是否有信心這些早期訂單最終會轉化為整個超過 1 億美元的大型交易活動的一部分——或者說，是 GenAI 帶來的？如果這個問題有意義的話。

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.

所以有幾件事，對吧？你看，我們韌性十足，訂單量超過1億美元，這就是層層遞進的。這給了我們這段時期韌性的基礎。正如我們所說，小型專案受到了進一步的限制。所以這就是為什麼我們發布了最新的業績指引，對吧？但從韌性的角度來看，我們對這些大型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.

你知道是怎麼回事，對吧？你身處客戶身邊，是他們業務的核心。你真正在做戰略工作。這就是所有這些大交易的意義所在。然後，隨著支出的增加，你就能抓住被壓抑的需求。我們就是這樣看待這個問題的，過去我們也是這樣做的。

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，如你所知，我們確實在進行無機投資以獲得更多的成長，你也會在我們財政年度的後期開始看到這一點。

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。

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，如果埃森哲第三季的固定匯率成長率達到1%，那差不多就是區間的中點。我猜，第四季隱含的中點成長率應該會上升到6%。您對第四季的中點成長率有什麼預測？

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.

Bryan，謝謝你的提問。你說得對。顯然，你的計算是正確的。我們的指引也會如此。就可見性而言，你看，這和我們過去這個時期的全年指引並沒有什麼不同。

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，我們只預測下半年的情況。這與我們在一年中其他時間、其他任何一年所做的預測相比，在可預見性上沒有任何區別。我們會進行相同的分析與展望，為您提供1%至3%的指引。

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，我想到客戶需要更新數據才能利用人工智慧並擴大規模。為什麼這並沒有轉化為更強勁的業務需求？你可能會認為，每個人都會為了利用人工智慧而在短期內投入大量資金來提升數據，但事實並非如此。我只是想知道這其中的脫節之處。

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。所以有兩點。首先，這關乎優先排序，對吧？也就是說，他們的整體支出約束是這樣的，對吧？所以，你得做出選擇，對吧，而不是增加預算。所以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，我們需要做這個。我們來增加預算吧。」這與不確定的宏觀經濟形勢有關，這種形勢限制了人們的行動。我聽過一位銀行家說過，鑑於宏觀經濟形勢，企業已經縮減開支了，對吧？

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?

第二點，布萊恩，你必須記住，你不能直接跳到偉大的數據基礎，對吧？你需要在雲端。你必須擁有現代化的平台。所以，你應該了解那些更高層級的客戶——那些進行高額預訂的客戶，他們經常進行大規模的轉型，以便為數據基礎的建立做好準備，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%的工作負載在雲端，其中約20%還沒有現代化，對吧？我們的許多客戶還沒有部署這些平台。如果沒有主流的現代化ERP平台，就無法單獨創建資料基礎來支援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.

所以你必須建構數位化核心。正如我們所說，還有很多工作要做。而這正是推動這些更大規模、更複雜轉型的動力。人們不喜歡做這些大型轉型，因為它們規模龐大、難度高、複雜，他們需要這樣做才能最終能夠將人工智慧不僅僅應用於業務的某個部分或作為概念驗證，而是真正地實現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，再說一遍，你不能直接進入人工智慧領域。你必須把所有要素都整合起來，而很多客戶還沒有做到這一點，而這正是我們的機會。

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詹姆斯·福塞特 (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?

好的。我想繼續問一些關於人工智慧等方面的問題。我知道每個人都處於不同的階段。首先，我們應該如何考慮準備和實施新解決方案的時間表，然後是全面實施，以及我們應該如何看待這會對埃森哲的業務產生影響？

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量，或者說新增客戶數量超過1億。這個數字將如何成長？具體時間安排是怎樣的？

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。那麼，也許我先從抓住 GenAI 成長機會的策略開始吧？這和我們在每一波新科技革新中都用過的策略是一樣的，對吧？我們從大型主機發展到客戶端伺服器，再到雲端和軟體即服務 (SaaS)，再到 RPA 和 AI 驅動的自動化，你看到了像 myWizard 和 SynOps 這樣的東西，對吧？

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.

我們秉持著同樣的戰略。這項策略始於我們希望成為幫助客戶應用技術的先驅，因此我們投資30億美元為他們打造解決方案。這一點，你可以看到我們在生成式人工智慧領域的銷售表現。正如我之前所說，生成式人工智慧是我們所見過的此類新技術中成長最快的，因為人們對其興趣濃厚，而我們是其中的領導者。因此，我們希望成為幫助客戶應用科技的先驅。

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服務客戶的先行者，對吧？我們在數位化、人工智慧自動化以及我們所有的平台上都做到了這一點。這是一個行之有效的方法，因為如果我們投入巨資，搶佔先機，那麼我們就能抓住所有機會——與客戶一起，因為他們需要採用技術並進行轉型。

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.

正如我剛才所說，這需要很多東西，數字核心。然後你必須真正利用它來改變新的工作方式，提升你的人才，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——我們現在已經開始運用GenAI及其交付方式——這將增強我們的競爭地位，對吧？這將使我們更具差異化。當然，隨著時間的推移，我們的客戶也會更多地利用GenAI，以更低的成本實現他們所需的成果，從而釋放他們的投資能力，進行大規模的重塑。當然，當他們再次投資於利用科技和人工智慧重塑企業時，我們處於最佳位置，可以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?

還有人工智慧的應用，因為，記住，當你考慮成長的時候，你有很多數位核心，但它必須被構建，對吧？你不能跳過這一步，對吧？它不是什麼神奇的技術，對吧？

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.

但隨著建造的推進，你必須逐一改變工作方式，才能真正實現生產力和成長。因此，我們確實認為這將是我們客戶未來十年的重點。我們將自己定位為他們的合作夥伴，並在這兩個領域都成為先行者。

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。或許我可以談談關於大宗交易的分層問題，並談談它對下半年業績指引的影響，對吧？我們在第二季和整個上半年的大型交易表現非常出色。但您說得對，它們的分層速度確實比小型交易慢，而且我們看到小型交易的交易量面臨壓力。這就是為什麼我們給出的全年業績指引是1%到3%。

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，我們對實現這一預期以及這對下半年的意義感到非常滿意。這確實出於我們之前討論過的幾個原因，但請容許我重申。

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.

首先，我們的競爭優勢在於我們擁有投資能力。正如您在上半年看到的，我們確實做到了這一點。朱莉也提到，今年上半年我們在收購上的投資比去年全年還多。這非常重要，因為它推動了非內部成長。當然，我們這樣做實際上是為了推動內部成長，但我們認為這種成長將在下半年顯現。

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，我們完成了一些規模較大的轉型交易，也完成了前幾年的轉型交易。我們認為，這些交易將繼續為我們的營收帶來益處，因為這些交易將在下半年持續成長。

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.

這其實體現了我們策略的韌性，既體現​​在──正如朱莉所說，我們立足於客戶需求，也體現在無機策略上，能夠持續獲益，在新的成長領域實現規模化。所以，所有這些因素共同作用，才能促成這些大型交易的收入轉化，以及這些交易上線後的收入轉化，詹姆斯。

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.

我可能還會補充一下，從全年某種類型的業務來看，這意味著什麼。我們現在從1%到3%的成長來看，我們的顧問業務可能會基本上持平，而我們的託管服務業務今年的成長率將達到中等個位數左右。

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.

好的。 KC，簡單說一下，就債務投資而言，我們如何看待它對利潤率成長的影響？我的意思是，通常情況下，當你進行收購時，需要一段時間才能讓公司達到與埃森哲利潤率成長相同的軌跡。但我只是想了解一下，我們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，謝謝。首先，我想說的是，我對我們上半年的獲利能力以及全年獲利前景非常滿意。利潤率持平，但上半年每股收益成長了5%，這充分證明了我們一貫的嚴謹和自律。

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，真正重要的是，朱莉談到了我們對業務和員工的所有投資，對吧？所以，回顧下半年，我們現在看到了10個基點的擴張。再次強調，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.

我們預計全年每股收益約為3%至5%。為了幫助大家，我想指出一點。上半年我們的每股盈餘確實有所提升，非營業收入增加，這對利息收入和更高的現金餘額來說非常有意義。上半年，我們的現金餘額從9點增加到5點，仍然保持著不錯的水平。我們不用擔心。我們將繼續執行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.

但正如你對下半年的預測一樣，你會發現，隨著資本充足率的降低——現金流的減少，我們的利息收入也會隨之減少，這並不令人意外。所以，在建立上半年和下半年的每股盈餘模型時，你可能需要考慮到這一點。

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.

所以朱莉，我很好奇，根據你與領導層的對話，是什麼因素促使客戶發布支出計劃，並重新轉向週期較短的業務？正如經濟數據普遍保持強勁一樣，我們是否只是處於長期經濟放緩的時期？或者我只是希望你能分享你對內部復甦的看法，以及企業真正在關注和等待什麼。

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.

我覺得會有一些動態因素，對吧？記住，他們只是在製定預算。所以我們假設這些是他們日曆年度的預算。而且我們發現，一般來說，這種限制因素大多與不確定的宏觀經濟有關。就是這樣。他們制定預算，而我們面臨的是不確定的宏觀經濟。

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。我想提醒一下，我們在提供指引方面討論的所有內容，我知道大家都知道。不過，我們的財年在八月結束，對吧？所以，現在距離日曆年結束已經過了一半多一點。

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?

好的，好的。這很有道理。然後，關於GenAI，這裡就涉及到革命性與進化性的問題了。考慮到大多數客戶要真正利用這些大型語言模型做任何事情都需要做大量的工作，我們如何將其解釋為你們成長的驅動力呢？

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?

那麼，當支出真正恢復正常時，GenAI 是否能夠幫助你實現更高水準的成長？或者，我們是否應該將其視為下一波能夠實現類似正常化成長水準的技術浪潮，只是因為大型企業可能需要很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，這更多的是關於——我們認為這是先前的技術浪潮，對吧？就這一點而言，每波浪潮都更快一些。但尤其是當你看到我們的客戶在建立數位核心的過程中所處的位置時，你會發現還有很多工作要做，而你真的需要這樣做才能完全實現它。所以，我們認為這更像是我們過去這些事物發展的方式。目前，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公司的戴夫·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?

我的問題是，您是否看到您的客戶的員工流動率可能比現在低得多，就像其他公司一樣？您是否看到他們現在將自己的員工、自己的IT員工轉移到內部進行更多工作？這是否只是目前需求問題的一部分？

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——顯然，我們的客戶已經按照我們的建議在內部投資了更多技術，對吧？疫情期間，我們就跟他們說過，科技如此重要，他們應該加強自身的技術建設。當然，這些客戶——很多客戶，但不是全部——都有，因為這真的取決於你的定位。所以，對於我們有些客戶來說，這真的不是差異化因素，對吧？他們想要更小的IT規模。而我們還有一些客戶已經建立了IT體系，這真的取決於他們的位置。

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.

當然，我的意思是，我們確實有一些客戶在內部做了更多工作。也有一些客戶外包了更多工作，對吧？所以這真的是一個綜合體，因為每家公司都根據自己的策略來制定最合理的方案。

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。接下來我想快速跟進KC的問題。關於稅率，很明顯，您只是下調了稅率本身的指導。這是今年的一次性事件嗎？還是現在看起來更正常化了？

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。所以，實際上每年都有四個因素會影響稅率，而這四個因素其實就是它們如何結合在一起的。它們是：收入的地理分佈、前幾年的任何結算、我們需要對前幾年的稅負進行的任何增加，以及最後，我們的股權對稅率的影響。

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%.

所以這四件事其實是匯合的，或者說每年都一樣。它們的下降趨勢會影響我們最終的稅率。所以，今年我們整體上對這四件事持樂觀態度，所以我們能夠維持2個百分點的稅率區間，但會降低1%。

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

您的下一個問題來自薩斯奎哈納的傑米·弗里德曼。

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.

我有一個非常宏觀的問題。朱莉，我很好奇，您如何看待埃森哲在更廣泛的科技領域（例如軟體和雲端運算）中扮演的角色。我注意到您之前關於技術架構的回答非常有見地，那是一個非常好的架構，就像您2月16日的創新會議一樣。但看起來科技領域的其他領域確實比服務領域表現更好。所以我感興趣的是，您在更廣泛的科技支出背景下對服務領域的看法。

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，絕對不是。這個問題問得很好，對吧？相較於為所需技術註冊許可證，服務更容易讓你回撥，對吧？所以，你可以想像，就我們所看到的情況來看，當你限制總體支出，也就是你的可自由支配支出時，你會去找服務提供商，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，你還得考慮其他方面，例如軟體，這些東西你確實需要投資，而且你有不同的許可證。所以這與其他週期其實沒什麼不同，因為服務商更有可能說：「這有點隨意。我們等等吧。即使我買了許可證，我也要等到真正產生成本的時候。」因為很多時候，服務的成本可能比軟體許可證高得多，對吧？因為你得考慮所有你必須做的改變等等。

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.

所以，我們再說一遍，這和宏觀經濟不確定時的情況沒什麼不同。你會仔細考慮可自由支配的支出，然後削減開支。當然，這就是為什麼你仍然看到巨大的轉變正在發生，因為它不再是可自由支配的，他們真的需要重新調整。所以這沒什麼神秘的，我認為這在這種宏觀經濟環境下很正常。

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.

沒錯。我想提醒一下，即使如此，我們的上半年預訂金額仍然創下了歷史新高，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，我們還有時間再回答一個問題，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?

回到預訂的問題。客戶是否會重新審視現有的預訂，例如他們去年或之前簽下的預訂，並運用快速發展的人工智慧技術重新審視這些預訂？

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?

這種情況在多大程度上發生了？那麼，這顯然意味著，我們能否使用過去的預訂量和積壓訂單量作為未來成長的指標，以及這些指標多久能發揮作用？

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，我可能比較指的是財務方面的機械部分。我們沒有看到任何變化，我們仍在處理已經簽約的工作，也就是我們所謂的積壓訂單。我們討論的實際上是在小型項目上用於新銷售和新服務的支出。這些動態因素已納入我們的年度績效指引中。

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?

明白了。然後另一個問題是關於LearnVantage和Udacity的。我覺得這是一筆特別有趣的交易。您能否向我們介紹一下這筆交易的機制？現在每家公司都在投資人才。似乎方法略有不同。您能否談談這筆交易的原理、後續影響等等？

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。謝謝你，因為我對LearnVantage的工作充滿熱情，因為它對我們的客戶至關重要。人才是CEO們的首要任務，對吧，是第一位的。說到重塑意味著什麼，客戶必須進行AI輪崗，也必須進行人才輪崗，對吧？

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 的角色首先在於，它為從董事會到高階主管、從業務使用者到技術人員等所有人提供所需的技術培訓，使他們能夠在人工智慧領域做出正確的決策，例如，能夠更深入地掌握新技術。所以，它真正地從董事會延伸到了技術人員。

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.

有了Udacity，我們能提供的方法和埃森哲基本上一樣，對吧？所以我們自己花了超過10億美元。你也看到了，我們最近平均每位員工的學習時間是14小時。我們確實——利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做不到這一點。我們在這個市場上最大的優勢在於，埃森哲深知，當你培訓了一個人之後，我們必須讓他們投入工作，並且必須支付報酬。這樣他們才能做好上崗的準備。所以我們提供這方面的專業知識。

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，我們客戶規模化發展，Udacity 的做法也是一樣的。他們聘請專家和導師，進行實際專案工作，然後指導員工完成。所以，這和「學而實踐」的方法是一樣的，但我們的公司——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。而且，它與埃森哲對培訓和工作準備所需條件的深刻理解相結合。

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。我們的客戶也對此感到興奮。他們一直在找我們。我們也一直在進行這方面的學習，這使我們能夠大規模地進行這項工作。再次強調，我們希望成為重塑合作夥伴。因此，我們越能滿足客戶在這方面的所有需求，我們就越有優勢。因此，我們認為LearnVantage具有高度的策略性。

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，我們現在有一項託管服務，用於實際管理公司內部進行的學習服務。我們也期待著這項服務——我們正在投資，並期待它能夠成長。我非常興奮。

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，身為企業，我們都有責任帶領員工一起前進。所以，當人們擔心人工智慧和人員流失等問題時，我們認為，我們能夠提供成熟的技能提升專業知識，幫助我們的客戶帶領他們的員工，這一點非常非常重要。這對我們的社區很重要，對他們的董事會也很重要。我們都應該重視這一點，因為這是正確的做法。

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.

太好了。謝謝大家。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付出。我向大家保證，我們每天都在努力，以贏得這份信任。謝謝大家。

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。現在您可以斷開連線了。