埃森哲 (ACN) 2024 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to Accenture's third quarter fiscal 2024 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded. I would now like to turn the conference over to host Managing Director, Head of Investor Relations, Katie O'Conor. Please go ahead.

女士們、先生們，感謝你們的耐心等待，並歡迎參加埃森哲 2024 財年第三季財報電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。現在我想將會議轉交給董事總經理兼投資者關係主管凱蒂·奧康納 (Katie O'Conor)。請繼續。

Thank you, operator, and thanks, everyone, for joining us today on our third quarter fiscal 2024 earnings announcement. As the operator just mentioned, I'm Katie O'Conor, Managing Director, Head of Investor Relations. On today's call, you will hear from Julie Sweet, our Chair and Chief Executive Officer; and KC McClure, our Chief Financial Officer. I hope you've had enough you need to review the news release we issued a short time ago.

感謝營運商，感謝大家今天加入我們，共同發布 2024 財年第三季財報公告。正如剛才操作員所提到的，我是凱蒂‧奧康納 (Katie O'Conor)，董事總經理、投資人關係主管。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。我希望您已經足夠了解我們不久前發布的新聞稿。

Let me quickly outline the agenda for today's call. Julie will begin with an overview of our result. KC will take you through the financial details, including the income statement and balance sheet, along with some key operational metrics for the third quarter. Julie will be then provide a brief update on our market positioning before KC provides our business outlook for the fourth quarter and full fiscal year 2024. We will then take your questions before Julie provides a wrap-up at the end of the call.

讓我快速概述一下今天電話會議的議程。朱莉將首先概述我們的結果。 KC 將帶您了解財務詳細信息，包括損益表和資產負債表，以及第三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 年第四季度和整個財年的業務前景。

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 as 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，都是前瞻性的，因此受到已知和未知的風險和不確定性的影響，包括但不限於今天的新聞稿中闡述的這些因素以及作為我們在 10-K 表格年度報告和 10-Q 表格季度報告以及其他 SEC 文件中進行了討論。這些風險和不確定性可能導致實際結果與本次電話會議中表達的結果有重大差異。

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。我們在新聞稿中或在 Accenture.com 網站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 750,000 people around the world who work every day to deliver 360 degree value for all our stakeholders. Before we get into the quarter, I want to thank KC who has been an excellent partner for these last five years and our three other extraordinary leaders who are stepping down in the next two quarters, Mark, Allen, and Paul each have given over 36 years of service and demonstrated strong stewardship and developing outstanding successes, including Angie, who you all know from our former role as Head of Investor Relations, who will succeed KC in December 1.

謝謝 Katie 和所有加入的人，也感謝我們遍布世界各地的 75 萬名員工，他們每天都在努力為所有利害關係人提供 360 度的價值。在我們進入本季度之前，我要感謝KC，他在過去五年中一直是出色的合作夥伴，以及我們的另外三位傑出領導者，馬克、艾倫和保羅將在接下來的兩個季度卸任，他們每人都付出了超過36多年的服務，表現出強有力的管理能力並取得了傑出的成功，其中包括安吉（Angie），你們都從我們之前擔任投資者關係主管的職位上認識了她，他將於12 月1 日接替KC。

As always, we are executing a smooth leadership transition to the next generation with our strong bench of great leaders. Now onto the quarter. I am pleased this quarter to bring to life yet again, the resilience and agility of our business as our actions to remain laser focused on our clients' needs and quickly adapt to market conditions can be seen in our results, which are building a foundation for stronger growth as we go into Q4 and next fiscal year.

像往常一樣，我們正在憑藉強大的偉大領導者陣容，向下一代平穩過渡。現在進入季度。我很高興本季再次展現我們業務的彈性和敏捷性，因為我們的行動始終專注於客戶的需求并快速適應市場條件，這可以從我們的業績中看出，這為我們的業績奠定了基礎。隨著我們進入第四季和下一財年，成長將更加強勁。

As you know, this fiscal year, our clients' spending develop differently than we expected at the beginning of the fiscal year. And these conditions continue with clients prioritizing large-scale installations, which convert to revenue more slowly while limiting discretionary spending, particularly in smaller projects with delays in decision making and a slower pace of spending as well.

如您所知，本財年，我們客戶的支出發展與我們財年年初的預期不同。這些情況持續存在，客戶優先考慮大規模安裝，這些安裝轉化為收入的速度較慢，同時限制了可自由支配的支出，特別是在決策延遲和支出速度較慢的小型專案中。

In response, we have moved quickly to adjust by leveraging our unique strengths, our end to end services, including deep industry and functional expertise that enable these large-scale transformations are what we call reinventions. We also leveraging our deep technology expertise and ecosystem partnerships, and they're learning machine and culture that gives us the agility to shift to new areas of demand, including, for example, Gen AI while continuing to invest at scale for future growth.

為此，我們利用我們獨特的優勢、端到端服務，包括深厚的產業和職能專業知識，迅速採取行動進行調整，從而實現這些大規模轉型，即我們所說的重塑。我們還利用我們深厚的技術專業知識和生態系統合作夥伴關係，他們正在學習機器和文化，使我們能夠靈活地轉向新的需求領域，包括 Gen AI，同時繼續大規模投資以實現未來成長。

Here's how these strengths and our strategy are demonstrating results three quarters into the fiscal year. With our clients prioritizing large-scale transformations, we have accelerated our strategy to be the reinvention partner of our clients. Our success is reflected in our bookings of $21.1 billion includes and another 23 clients with quarterly bookings greater than $100 million, bringing the total of such clients with these bookings to 92 year to date, 7 more than last year at this time.

以下是這些優勢和我們的策略如何在本財年的三個季度中展示成果。隨著我們的客戶優先考慮大規模轉型，我們加快了成為客戶重塑合作夥伴的策略。我們的成功體現在我們的預訂量達211 億美元，另外還有23 個季度預訂量超過1 億美元的客戶，使今年迄今此類預訂量的客戶總數達到92 家，比去年同期增加了7 家。

This focus on being the reinvention partner is an important part of our strategy to return to stronger growth. As we enter next year as this work ramp the revenue from these large-scale bookings is expected to continue to layer in throughout the year, and we are also well positioned to capture increases in discretionary spend when it comes back because of the strategic positioning these deals bring at our clients.

專注於成為重塑合作夥伴是我們恢復更強勁成長策略的重要組成部分。隨著我們進入明年，隨著這項工作的推進，這些大規模預訂的收入預計將在全年中繼續增加，而且由於這些戰略定位，我們也處於有利地位，可以在可自由支配支出回歸時捕捉到可自由支配支出的成長。

We also have leaned into the new area of growth, Gen AI, which is comprised of smaller projects as our clients primarily are in experimentation mode. In this quarter, we had two important milestones. With over $900 million in new Gen AI bookings this quarter, we now have $2 billion in Gen AI sales year to date, and we have also achieved $500 million in revenue year to date. This compares to approximately $300 million in sales and roughly $100 million in revenue from Gen AI in FY23.

我們也傾向於新的成長領域 Gen AI，該領域由較小的項目組成，因為我們的客戶主要處於實驗模式。在本季度，我們實現了兩個重要的里程碑。本季新一代 AI 預訂量超過 9 億美元，今年迄今我們的 Gen AI 銷售額已達 20 億美元，今年迄今我們的營收已達 5 億美元。相較之下，Gen AI 在 2023 財年的銷售額約為 3 億美元，營收約為 1 億美元。

Leading in Gen AI positions us to help our clients take the actions needed to reinvent and to benefit from Gen AI, which frequently means large-scale transformation. We're also taking an early lead with an eye toward long-term leadership in this critical technology, which is still in the early stages of maturity and adoption despite its rapid evolution. We have built our expertise and making strategic acquisitions over the last decade, leveraging a strong balance sheet, and we have used this expertise to expand into new growth areas, scale in hot areas and geographies, and continue to build strength in our industry and functional consulting.

在 Gen AI 領域處於領先地位，我們能夠幫助客戶採取必要的行動進行重塑並從 Gen AI 中受益，這通常意味著大規模轉型。我們也處於早期領先地位，著眼於這項關鍵技術的長期領導地位，儘管其發展迅速，但仍處於成熟和採用的早期階段。在過去的十年裡，我們利用強大的資產負債表積累了專業知識並進行了策略收購，我們利用這些專業知識擴展到新的成長領域，在熱門領域和地區擴大規模，並繼續增強我們的行業和功能實力諮詢。

We deployed $2.3 billion of capital across all the actions, bringing the total number of acquisitions to 35 with invested capital of $5.2 billion year to date as compared to $2.5 billion for the entire FY23. As a learning organization and talent creator, we continue to invest in our people with approximately 13 million in training hours this quarter. This averages 19 hours per person representing an increase predominantly due to Gen AI as we continue to prepare our workforce for the infusion of Gen AI across our business in the coming years.

我們在所有行動中部署了 23 億美元的資本，使今年迄今的收購總數達到 35 起，投資資本為 52 億美元，而整個 2023 財年的投資資本為 25 億美元。作為學習型組織和人才創造者，我們持續對員工進行投資，本季培訓時間約為 1,300 萬小時。每人平均工作時間為 19 小時，這一成長主要歸功於 Gen AI，因為我們將繼續為未來幾年將 Gen AI 融入我們的業務做好員工準備。

We also continue to steadily increase our data and AI workforce, reaching approximately 55,000 skilled data and AI practitioners against our goal of doubling our data in a workforce from 40,000 to 80,000 by the end of FY26. We continued to take market share on a rolling four quarter basis against our basket of our closest global publicly-traded competitors, which is how we calculate market share with revenues of $16.5 billion and for the quarter of 1.4% in local currency and slightly above the midpoint of our FX adjusted range. We expanded adjusted operating margin by 10 basis points and delivered free cash flow of $3 billion.

我們也持續穩定增加我們的數據和人工智慧員工隊伍，達到約55,000 名熟練的數據和人工智慧從業人員，實現我們的目標是到2026 財年年底將數據員工人數從40,000 人增加一倍至80,000 人。我們繼續以滾動的四個季度為基礎，與最接近的全球上市競爭對手一籃子相比，佔據市場份額，這就是我們計算市場份額的方法，收入為165 億美元，按當地貨幣計算，本季度營收為1.4%，略高於去年同期的1.4%。我們將調整後的營業利潤率提高了 10 個基點，並實現了 30 億美元的自由現金流。

I want to congratulate our 97,000 people we have promoted around the world through June 1, including 702, the Managing Director and 64 to senior managing director reflecting our commitment to proving (technical difficulty) We're recognized as a top 10 places to work in 10 countries representing more than 70% of our people.

我要祝賀截至6 月1 日，我們在全球範圍內晉升的97,000 名員工，其中包括702 名董事總經理和64 名高級董事總經理，這反映了我們致力於證明（技術難度）的承諾。被公認為全球十大最佳工作場所10個國家代表了我們70%以上的人口。

Number two in Argentina, Brazil and the Philippines, number four in Singapore and number five in Costa Rica, Finland and then Indonesia, number seven in the US, and then number 10 in Chile and the Great Place to Work list of Best Workplaces and number two in business today's Best Companies to Work For in India. And in recognition of our strong brand were proud to earn the number 20 position on (technical difficulty) top 100 most valuable global brands list, our highest rank to date with an 11% increase in brand value to $89 billion.

在阿根廷、巴西和菲律賓排名第二，在新加坡排名第四，在哥斯達黎加、芬蘭和印尼排名第五，在美國排名第七，然後在智利排名第十，並在最佳工作場所排行榜上排名第十兩家公司被評為當今印度最佳雇主。為了表彰我們強大的品牌，我們很自豪能夠在全球最具價值品牌100 強（技術難度）排行榜中名列第20 位，這是我們迄今為止的最高排名，品牌價值增長了11%，達到890億美元。

Our scale across strategy, consulting, technology and operations, and our breadth and depth across industries and functions make us uniquely capable of helping our clients reinvent using technology and data AI and new ways of working. Before turning to KC, I want to give a little more color on our acquisitions this quarter, which yet again demonstrate the strategic importance of both our ability to invest and our expertise in identifying, attracting, and integrating great companies joining Accenture.

我們在策略、諮詢、技術和營運方面的規模，以及在行業和職能方面的廣度和深度，使我們能夠利用技術和數據人工智慧以及新的工作方式來幫助客戶進行重塑。在談到 KC 之前，我想先介紹一下我們本季的收購，這再次證明了我們的投資能力以及我們在識別、吸引和整合優秀公司加入埃森哲方面的專業知識的戰略重要性。

Let's start with new areas of growth. We completed our acquisition of [Audacity] to scale our technology, learning and training services and to help our clients reskill and upskill their people. Audacity Is a critical part of our learn Vantage digital learning platform, which we announced last quarter as a new area of growth for the future. Building on our expertise in customer face focus consulting, we invested to help drive our clients' growth agendas.

讓我們從新的成長領域開始。我們完成了對 [Audacity] 的收購，以擴大我們的技術、學習和培訓服務，並幫助我們的客戶重新培訓和提高員工的技能。 Audacity 是我們 learn Vantage 數位學習平台的重要組成部分，我們上季宣布將其作為未來的新成長領域。憑藉我們在以客戶為中心的諮詢方面的專業知識，我們進行投資以幫助推動客戶的成長議程。

We acquired [Unlimited] and award winning customer engagement agency with a deep understanding of human behaviour as evidenced by our proprietary human understanding lab and a high-powered data insights platform. We acquired the [Luminary] in Australia, a marketing technology consultancy that helps leading organizations deliver seamless customer experiences and transform their marketing services. It provides industry and platform consulting services, including marketing, advisory, and planning, implementation across entire technology stacks, operational excellence, and simplification.

我們收購了屢獲殊榮的 [Unlimited] 客戶參與機構，該機構對人類行為有著深入的了解，我們專有的人類理解實驗室和高性能數據洞察平台就證明了這一點。我們收購了澳洲的 [Luminary]，這是一家行銷技術顧問公司，幫助領先的組織提供無縫的客戶體驗並轉變其行銷服務。它提供行業和平台諮詢服務，包括行銷、諮詢和規劃、整個技術堆疊的實施、卓越營運和簡化。

We closed our acquisition of [GeneSeek] in Bulgaria, a lead customer experience analytics provider, helping global businesses understand customers through insights, analytics, and AI powered predictive models. And we closed [Mind Curve] a global digital -- global cloud native digital experience and data analytics company, specializing in composites, software, digital engineering, and commerce services.

我們完成了對保加利亞 [GeneSeek] 的收購，這是一家領先的客戶體驗分析提供商，透過洞察、分析和人工智慧驅動的預測模型幫助全球企業了解客戶。我們關閉了 [Mind Curve] 一家全球數位——全球雲端原生數位體驗和數據分析公司，專門從事複合材料、軟體、數位工程和商業服務。

Now let's turn to scaling and hot industries. We acquired [Cotton Assante] a provider of innovative technology solutions for US federal health, defense, intelligence, and civilian agencies. With this acquisition, Federal Services is creating a new -- federal health portfolio for its business. We invested in customer management, IT, and [surface NPA], which will provide the public sector with technology support and justice and public safety in Italy.

現在讓我們轉向規模化和熱門行業。我們收購了 [Cotton Assante]，一家為美國聯邦衛生、國防、情報和民事機構提供創新技術解決方案的供應商。透過此次收購，聯邦服務公司正在為其業務創建一個新的聯邦醫療組合。我們投資於客戶管理、IT 和 [surface NPA]，這將為義大利的公共部門提供技術支援以及司法和公共安全。

We see public service and in particular, health, intelligence, and defense as highly strategic industry focus areas globally for the next several years, focusing testing integration for lithography systems in the semiconductor industry, another attractive industry segment. Our investment in [Full Group], a leading European consultancy and Oracle business partner specializes in global supply chain logistics is helping us scale and supply chain also a major growth area. Finally, we're scaling and attractive geographic markets.

我們認為公共服務，特別是健康、情報和國防將成為未來幾年全球高度戰略性的行業重點領域，重點關注半導體行業光刻系統的測試集成，這是另一個有吸引力的行業領域。我們對 [Full Group] 的投資正在幫助我們擴大規模，供應鏈也是一個主要的成長領域。最後，我們正在擴大和吸引地理市場。

We acquired [Clime], technology based consultancy based in Japan, where we continue to experience very strong revenue growth. Over to you, KC.

我們收購了總部位於日本的基於技術的顧問公司 [Clime]，我們在那裡繼續經歷非常強勁的收入成長。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 are pleased with our Q3 results, which were in line with our expertise patients and reflect continued investment at scale. We continue to serve as a trusted partner for our clients are running our business with rigor and discipline. Now let me summarize a few of the highlights for the quarter.

謝謝朱莉，也謝謝大家抽空參加我們今天的電話會議。我們對第三季的結果感到滿意，該結果與我們的患者專業知識相符，並反映出持續的大規模投資。我們繼續作為客戶值得信賴的合作夥伴，以嚴謹和紀律的方式經營我們的業務。現在讓我總結一下本季的一些亮點。

Revenues grew 1.4% local currency with mid-single digit growth or higher in seven of our 13 industry, including quick service, industrial, high-tech sciences, energy, utilities, and health. We also continue to see improvement in our CMT industry group and we continue to take market share. As a reminder, we assess market growth against our investable basket, which is roughly [two dozen] of our closes global public competitors, which represents about a third of our addressable market.

以當地貨幣計算，我們13 個行業中有7 個行業的收入增長了1.4%，其中7 個行業實現了中個位數或更高的增長，包括快速服務、工業、高科技科學、能源、公用事業和健康。我們也繼續看到 CMT 行業群體的改善，並繼續佔據市場份額。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公開競爭對手的兩倍，約占我們潛在市場的三分之一。

We use a consistent methodology to compare our financial results to there's adjusted to exclude the impact of significant acquisitions through the date of their last publicly available results on a rolling four quarter basis. Adjusted operating margin was 16.4%, an increase of 10 basis points over Q3 last year includes continued significant investments in our people and our business. And finally, we delivered free cash flow of $3 billion and returned $2.2 billion to shareholders through repurchases and dividends. To date, we've had invested $5.2 billion across 35 acquisitions.

我們使用一致的方法將我們的財務業績與經過調整的財務業績進行比較，以排除截至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。調整後營業利潤率為 16.4%，比去年第三季成長 10 個基點，這得益於對我們的員工和業務的持續重大投資。最後，我們交付了 30 億美元的自由現金流，並透過回購和股息向股東返還 22 億美元。迄今為止，我們已在 35 項收購中投資了 52 億美元。

With those high-level comments, let me turn to some details starting with new bookings. New bookings were $21.1 billion for the quarter, representing 22% growth in USD and 26% growth in local currency with an overall book-to-bill of [1.3]. Consulting bookings were $9.3 billion with a book-to-bill of [1.1]. Managed Services bookings were $11.8 billion with a book-to-bill of [1.5].

有了這些高層評論，讓我談談新預訂的一些細節。本季新訂單量為 211 億美元，以美元計算成長 22%，以當地貨幣計算成長 26%，整體訂單出貨比為 [1.3]。諮詢訂單金額為 93 億美元，訂單出貨比為 [1.1]。託管服務訂單量為 118 億美元，訂單出貨比為 [1.5]。

Turning now to revenues. Revenues for the quarter were $16.5 billion, a 1% decline in USD and a 1.4% a decrease in load currency and slightly above the midpoint of our FX adjusted guidance range as the FX headwind was approximately 2% compared to the 1% headwind estimated at the beginning quarter. Consulting revenues for the quarter were $8.5 billion, a decline of 3% in USD, the decline of 1% in local currency. Managed Service revenues were $8 billion, up 2% in US dollars and up 4% local currency.

現在轉向收入。本季營收為 165 億美元，美元下降 1%，負載貨幣下降 1.4%，略高於我們的外匯調整指導範圍的中點，因為外匯逆風約為 2%，而 1% 的逆風預計為年初。本季諮詢收入為 85 億美元，以美元計算下降 3%，以當地貨幣計算下降 1%。託管服務收入為 80 億美元，以美元計算成長 2%，以當地貨幣計算成長 4%。

Taking a closer look at our service matches technology services and strategy and consulting grew low-single digit and operations with Slack. Turning to our geographic markets in North America, revenue grew 1% local currency, led by growth in public service, partially offset by decline in banking and capital markets. In AMEA revenues declined 2% local currency, with growth in public service, offset by declines in banking and capital market and communications and media revenue growth in Italy was offset by a decline in France.

仔細觀察我們的服務，發現技術服務、策略和諮詢與 Slack 的業務相匹配，實現了低個位數成長。轉向北美地區市場，在公共服務成長的帶動下，以當地貨幣計算的收入增加了 1%，但部分被銀行和資本市場的下滑所抵消。在 AMEA，當地貨幣收入下降了 2%，其中公共服務有所增長，但被銀行和資本市場的下降所抵消；義大利的通訊和媒體收入的成長被法國的下降所抵消。

In growth markets, revenue grew 8%, local currency led by growth in banking and capital markets and industrial. Revenue growth was driven by Argentina and Japan, partially offset by decline in Australia. Moving down the income statement, gross margin for the quarter was 33.4%, consistent with the same period last year. Sales and marketing expense for the quarter with 10.6% compared to 10.5% for the quarter for the third quarter last year. General and administrative expense was 6.3% compared to 6.5% for the same quarter last year.

在成長型市場，以當地貨幣計算，收入成長了 8%，其中銀行業、資本市場和工業的成長帶動了成長。收入成長由阿根廷和日本推動，但部分被澳洲收入下降所抵消。向下看損益表，該季度的毛利率為 33.4%，與去年同期一致。本季銷售和行銷費用為 10.6%，而去年第三季為 10.5%。一般及行政費用為 6.3%，去年同期為 6.5%。

Before I continue, I want to note that in Q3 of FY24 and FY23, we recorded $77 million and $347 million in costs associated with our business optimization actions, respectively. These costs decreased operating margin by 40 basis points and EPS by $0.08 this quarter and operating margin by 210 basis points and EPS by $0.42 in Q3 of last year. In Q3 of last year we also recognized a gain on our investment in [Duck Creek] technologies, which impacted our tax rate and increased EPS by $0.38. The following comparisons exclude these impacts and reflect adjusted results.

在繼續之前，我想指出，在 2024 財年第三季和 23 財年，我們分別記錄了與業務優化行動相關的 7,700 萬美元和 3.47 億美元的成本。這些成本使本季的營業利潤率下降了 40 個基點，每股收益下降了 0.08 美元，去年第三季的營業利潤率下降了 210 個基點，每股收益下降了 0.42 美元。去年第三季度，我們也意識到對 [Duck Creek] 技術的投資獲得了收益，這影響了我們的稅率，並使 EPS 增加了 0.38 美元。以下比較排除了這些影響並反映了調整後的結果。

Adjusted operating income was $2.7 billion in the third quarter, reflecting an adjusted operating margin of 16.4%, an increase of 10 basis points from adjusted operating margin in the third quarter of last year. Our adjusted effective tax rate for the quarter was 25.5% compared with an adjusted effective tax rate of 24% for the third quarter last year. Adjusted diluted earnings per share were $3.32 compared with adjusted diluted EPS of $3.19 in the third quarter last year.

第三季調整後營業收入為27億美元，調整後營業利益率為16.4%，比去年第三季調整後營業利益率增加10個基點。我們本季調整後的有效稅率為 25.5%，而去年第三季調整後的有效稅率為 24%。調整後稀釋每股收益為 3.32 美元，而去年第三季調整後稀釋每股收益為 3.19 美元。

[Day] sales outstanding were 43 days compared to 43 days last quarter at 42 days in the third quarter of last year. Free cash flow for the quarter was $3 billion, resulting from cash generated by operating activities of $3.1 billion, net of property and equipment additions of $124 million. Our cash balance at May 31 was $5.5 billion compared with $9 billion at August 31 with regard to our ongoing objective to return cash to shareholders. In the third quarter, we repurchased or redeemed $4.3 million shares for $1.4 billion, an average price of $340, a $0.41 per share. As of May 31, we had approximately $3.3 billion of share repurchase authority remaining.

[天數] 銷售餘額為 43 天，去年第三季為 42 天，上一季為 43 天。本季自由現金流為 30 億美元，源自經營活動產生的現金 31 億美元，扣除財產和設備增加的 1.24 億美元。考慮到我們向股東返還現金的持續目標，我們截至 5 月 31 日的現金餘額為 55 億美元，而 8 月 31 日為 90 億美元。第三季度，我們以14億美元的價格回購或贖回了430萬美元的股票，平均價格為340美元，即每股0.41美元。截至 5 月 31 日，我們剩餘約 33 億美元的股票回購權。

Also I may related quarterly cash dividend of $1.29 per share for a total of $811 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 August 15, a 15% increase over last year.

我還可能涉及每股 1.29 美元的季度現金股息，總計 8.11 億美元。比去年增加了 15%。我們的董事會宣佈於 8 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 feel good about our results in Q3 and are now working hard to deliver Q4. We remain focused on capturing growth opportunities while continuing to invest in our business for long-term market leadership. That let me turn it back to Julie.

最後，我們對第三季的業績感到滿意，現在正在努力交付第四季的業績。我們仍然專注於捕捉成長機會，同時繼續投資我們的業務，以實現長期的市場領導地位。這讓我把話題轉回朱莉身上。

Thank you, KC. As I mentioned earlier, we're seeing more of the same in terms of the day demand environment. Now let me give a little context and how we're executing our strategy to be the reinvention partner of choice and why we're uniquely positioned to be helping our clients on AI. It is important to remember that while there is a near universal recognition now of the importance of AI, which is the heart of reinvention and the ability to use Gen AI at scale, varies widely with clients on a continuum.

謝謝你，KC。正如我之前提到的，我們在日常需求環境中看到了更多相同的情況。現在讓我介紹一下背景狀況，以及我們如何執行我們的策略，成為首選的重塑合作夥伴，以及為什麼我們具有獨特的優勢來幫助我們的客戶進行人工智慧方面的工作。重要的是要記住，雖然現在人們幾乎普遍認識到人工智慧的重要性，人工智慧是重塑的核心和大規模使用人工智慧的能力，但不同的客戶在連續體上存在很大差異。

With those which have strong digital course, generally seeking to move more quickly while most clients are coming to the realization of the investments needed to truly implement AI across the enterprise, starting with a strong digital core from migrating up applications and data to the cloud, building a new cognitively layer, implementing modern ERP and applications across the enterprise to a strong security layer.

對於那些擁有強大數位化課程的企業，通常尋求更快地採取行動，而大多數客戶正在實現在整個企業中真正實施人工智慧所需的投資，從強大的數位核心開始，將應用程式和資料遷移到雲端，建立新的認知層，在整個企業內實施現代 ERP 和應用程序，形成強大的安全層。

And nearly all clients are finding it difficult to scale Gen AI projects because the AI technology is a small part of what is needed. To reinvent using technology data and AI you must also change your processes and ways of working reskill and upskill your people and build new capabilities around responsible AI all with a deep understanding of industry, function, and technology to unlock the value.

幾乎所有客戶都發現很難擴展 Gen AI 項目，因為人工智慧技術只是所需的一小部分。要利用技術數據和人工智慧進行重塑，您還必須改變流程和工作方式，重新培訓員工並提高技能，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、功能和技術有深入的了解，以釋放價值。

And many clients need to first find more efficiencies to enabled scaled investment in their digital corridors in all these capabilities, particularly in data foundations. In short Gen AI is acting as a catalyst for companies to more aggressively go after cost, build digital core and should we change the way they work, which creates significant opportunity for us.

許多客戶首先需要找到更高的效率，以便能夠在所有這些功能（特別是數據基礎）的數位走廊中進行大規模投資。簡而言之，Gen AI 正在成為企業更積極地追求成本、建立數位核心的催化劑，如果我們改變他們的工作方式，這將為我們創造重要的機會。

And this is why clients are coming to us. We are able to help our clients, but there's a 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 to [Industry X] and our relevance across the functions of the enterprises in 13 industries. Our privileged position in the technology ecosystem has never been more important. We are working closely with our ecosystem partners to help our clients understand the right data, and the AI [backbone] that is needed and how to achieve tangible business value.

這就是客戶來找我們的原因。我們能夠幫助我們的客戶，但由於我們在策略和諮詢、技術和營運方面的廣泛服務以及透過[歌曲]和數位製造和工程到[行業X]的所有客戶服務以及我們在整個行業的相關性，因此存在輪調。我們在科技生態系統中的特權地位從未如此重要。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正確的數據和所需的人工智慧[骨幹]以及如何實現有形的商業價值。

Now let me give you a few examples of the complex work of reinvention and building a digital core. We are part winning with [Carry] a leading European technology retailer to unlock new growth and cost savings by accelerating its adoption of new technologies. First, we will move their operations from a legacy data center to new cloud platform using prebuilt and customized solutions to create a powerful digital core.

現在讓我舉幾個例子來說明重塑和建構數位核心的複雜工作。我們與歐洲領先的技術零售商 [Carry] 合作，透過加速採用新技術來實現新的成長並節省成本。首先，我們將使用預先建置和客製化的解決方案將他們的營運從傳統資料中心轉移到新的雲端平台，以創建強大的數位核心。

This unified data foundation allows us to deploy automation in generative AI in key growth areas such as repair centers, customer service, e-commerce, procurement, and in-store experiences, delivering faster, more efficient services to their customers. The move to a new platform supports the company's sustainability goals for reducing energy consumption by transitioning to a more efficient cloud infrastructure. Now Carry employees will be empowered to serve their customers better by offering high touch experiences, both online and in-stores.

這個統一的資料基礎使我們能夠在維修中心、客戶服務、電子商務、採購和店內體驗等關鍵成長領域部署生成式人工智慧的自動化，為客戶提供更快、更有效率的服務。遷移到新平台支援公司實現透過過渡到更有效率的雲端基礎設施來減少能源消耗的可持續發展目標。現在，Carry 員工將能夠透過線上和店內提供高觸感體驗來更好地服務客戶。

We're working with independent health group IHG, a leading health organization, headquartered in southeastern Pennsylvania on a transformation journey to modernize and operations improving the way they serve current and future generations of customers. We will help migrate nearly 2 million members to a new Digital first platform expected to drive the immediate improvements in existing business processes. This will lay the foundation to leverage advanced technology in generative AI to protect proactively manage members' health. We are also helping reskill and retain their operations staff, creating opportunities for employee development.

我們正在與獨立健康集團 IHG 合作，該集團是一家領先的健康組織，總部位於賓夕法尼亞州東南部，致力於現代化和營運轉型，改善為當前和未來幾代客戶提供服務的方式。我們將協助近 200 萬名會員遷移到新的數位優先平台，預計將推動現有業務流程的立即改善。這將為利用產生人工智慧的先進技術來保護主動管理會員的健康奠定基礎。我們也幫助他們重新培訓和留住營運人員，為員工發展創造機會。

With this reinvention, [independents] continues its ongoing efforts to increase service cloud holiday, improve experiences and enable better health outcomes, positioning them for new areas of growth in the rapidly changing healthcare landscape. [Digital Core] work also requires deep industry expertise as we work with our clients to design the right tech, data, and AI to reinvent their enterprise and their industry. We are helping [MeeSeeks] an iconic American retailer with the technology modernization efforts.

透過這項重塑，[independents] 繼續不斷努力增加服務雲端假期、改善體驗並實現更好的健康結果，將其定位於快速變化的醫療保健環境中的新增長領域。 [數位核心] 工作還需要深厚的行業專業知識，因為我們與客戶合作設計正確的技術、數據和人工智慧來重塑他們的企業和產業。我們正在幫助 [MeeSeeks] 一家標誌性的美國零售商進行技術現代化工作。

As the strategic technology execution partner, we will migrate their mainframe systems to a cloud platform to move that will enhance our operational efficiency and scalability. This will or MeeSeeks to be more agile and enable growth.

作為策略技術執行合作夥伴，我們將把他們的大型主機系統遷移到雲端平台上，此舉將提高我們的營運效率和可擴展性。這將使 MeeSeeks 變得更加敏捷並促進成長。

We are helping the Central Bank of the United Arab Emirates, the regulatory body responsible for the country's banking and insurance sector with a digital transformation to strengthen the financial system stability and contribute to growth, innovation and diversification in the sector in line with the UAE's National Vision.

我們正在幫助負責該國銀行和保險業的監管機構阿拉伯聯合大公國中央銀行進行數位轉型，以加強金融體系的穩定性，並根據阿聯酋國家戰略，為該行業的成長、創新和多元化做出貢獻。想像。

Our program will deliver advanced analytics along with AI driven automation to improve supervisory capability and streamline activity for licensed financial institutions by creating best-in-class processes to support regulatory compliance. We will also modernize the bank's enterprise data management by implementing a single unified portal to provide a holistic view of the financial services ecosystem, all of which will enhance the UAE position as the global financial center.

我們的計劃將提供先進的分析以及人工智慧驅動的自動化，透過創建一流的流程來支援監管合規性，從而提高監管能力並簡化持牌金融機構的活動。我們還將透過實施單一統一入口網站來實現銀行企業資料管理的現代化，以提供金融服務生態系統的整體視圖，所有這些都將增強阿聯酋作為全球金融中心的地位。

We are partnering with Virgin Media O2, a leading carrier services provider in the UK to support regional businesses to realize the promise of 5G opening new revenue streams and stimulating growth in the telco market, we will bring to market solutions built on our edge orchestration platform, which combines edge computing data AI and embedded security.

我們正在與英國領先的營運商服務供應商 Virgin Media O2 合作，支持區域企業實現 5G 開闢新收入來源並刺激電信市場成長的承諾，我們將向市場推出基於我們的邊緣編排平台的解決方案，結合了邊緣運算資料AI和嵌入式安全。

This will enable use cases such as quality inspection, safe workplace management and behavior monitoring to improve operations and customer experience. Whether it's enabling safe, communication and building sites, creating a fan experience while handling crowds and busy venues are supporting vital devices and clinician workflow and health care, Virgin Media, O2 can now offer businesses a range of flexible, secure, and affordable solutions, the boost efficiency growth and performance. And with our managed services and customer operations, we can work together with Virgin Media O2 to scale this growth.

這將使品質檢查、安全工作場所管理和行為監控等用例成為可能，從而改善營運和客戶體驗。無論是實現安全、通訊和建築工地，還是在處理人群和繁忙場館時創造球迷體驗，還是支援重要設備和臨床醫生工作流程和醫療保健，Virgin Media、O2 現在可以為企業提供一系列靈活、安全且經濟實惠的解決方案，促進效率成長和績效。透過我們的託管服務和客戶運營，我們可以與 Virgin Media O2 合作來擴大這一成長。

Security is a critical part of reinvention and the digital core, we saw continued very strong digital double digit growth in our security business this quarter. We are partnering with the US Navy to enhance its cyber security operations with cutting edge capabilities that will strengthen its data security posture and support mission readiness. More than ever data and information are critically important to national security. Our solution sets are configured to provide defensive cyber operations across 80 networks to help safeguard digital assets emission operations.

安全是重塑和數位核心的關鍵部分，本季我們的安全業務持續強勁的數位兩位數成長。我們正在與美國海軍合作，透過尖端能力加強其網路安全行動，這將加強其資料安全態勢並支援任務準備狀態。數據和資訊對國家安全比以往任何時候都更加重要。我們的解決方案集配置為跨 80 個網路提供防禦性網路操作，以協助保護數位資產排放操作。

Together, we will help ensure the US Navy can combat evolving cyber threats. Protect sailors at sea and defend American interest around the world. Once clients have a strong foundation, they can explore new opportunities to drive growth and efficiencies with Gen AI. We are helping a leading global food and beverage company who already built a strong digital core as part of between invention journey to now leverage the power generative AI to create new value.

我們將共同幫助確保美國海軍能夠應對不斷變化的網路威脅。保護海上水手並捍衛美國在世界各地的利益。一旦客戶擁有了堅實的基礎，他們就可以利用 Gen AI 探索新的機會來推動成長和提高效率。我們正在幫助一家全球領先的食品和飲料公司，該公司已經在發明之旅中建立了強大的數位核心，現在利用強大的人工智慧來創造新價值。

Together, we developed the digital [shelf console] pilot Gen AI engine that accelerates content creation for e-commerce and optimizes it to drive sales. The engine empowers marketers to audit and customized content at scale expected to reduce time to deliver one year's worth of content to just eight working days and save costs of up to 80% quickly and effectively. Once we scale this enables the Company to produce more targeted content with significant time and cost efficiency, increased sales and transform customer experiences.

我們共同開發了數位[貨架控制台]試點Gen AI引擎，該引擎可加速電子商務內容創建並對其進行優化以推動銷售。該引擎使行銷人員能夠大規模審核和客製化內容，預計將交付一年內容的時間縮短至僅八個工作日，並快速有效地節省高達 80% 的成本。一旦我們擴大規模，公司就能以顯著的時間和成本效率生產更有針對性的內容，增加銷售並改變客戶體驗。

We have partnered with National Australia Bank, one of the country's largest financial institutions to strategically to implement and scale generative AI to create material value at speed, enhanced relationship driven customer service and drive operational efficiencies.

我們與澳洲最大的金融機構之一澳洲國民銀行合作，策略性地實施和擴展生成式人工智慧，以快速創造物質價值，增強關係驅動的客戶服務並提高營運效率。

We worked on a methodical build with a secure and robust [G&A] platform built within the bank's existing strategic data platform with the creation of 200 generative AI use cases in backlog. To date, over 20s cases have been tested across the bank with eight of these enterprise grade pilots underway and a number of those scaling and already delivering value. We also created a methodology for you delivering Gen AI projects from experiments to scalable deployment, ensuring each stage delivers tangible business benefits. While doing so National Australia, bank and Accenture or putting safety at the core of the approach to responsible AI and risk policies alongside developing in-house AI expertise and literacy.

我們在銀行現有的策略資料平台內建置了一個安全且強大的 [G&A] 平台，並在積壓中創建了 200 個生成式 AI 用例，從而有條不紊地進行建置。迄今為止，全銀行已經測試了 20 多個案例，其中 8 個企業級試點正在進行中，其中一些正在擴展並已經創造了價值。我們還創建了一種方法，幫助您交付從實驗到可擴展部署的 Gen AI 項目，確保每個階段都能帶來實際的商業利益。澳洲國家銀行、銀行和埃森哲在這樣做的同時，將安全置於負責任的人工智慧和風險政策方法的核心，同時發展內部人工智慧專業知識和素養。

One of the areas of [Richard's] opportunities for our clients is customer experience transformation, which uses unique capabilities of [songs] across creative customer insights and deep technology expertise. Songs grew mid-single digits this quarter. We are helping Saudi airlines, the national flag carrier of Saudi Arabia to launch an innovative digital platform to transform the travellers’ experience.

[理查德]為我們的客戶提供的機會領域之一是客戶體驗轉型，它利用[歌曲]在創造性的客戶洞察和深厚的技術專業知識方面的獨特功能。本季歌曲成長了中個位數。我們正在幫助沙烏地阿拉伯國家航空公司沙烏地阿拉伯航空公司推出創新的數位平台，以改變旅客的體驗。

Powered by Gen AI the platform will provide a one-stop solution, enabling customers to seamlessly plan their journeys book flights and modify their chips in just a few words all while providing a personalized and conversational experience. The platform is continuously evolving and we'll integrate more services over time. We are redefining the standards of travel and a digital world.

在Gen AI 的支援下，該平台將提供一站式解決方案，使客戶能夠無縫地規劃他們的旅程、預訂航班並僅用幾句話修改他們的晶片，同時提供個人化和對話式的體驗。該平台正在不斷發展，隨著時間的推移，我們將整合更多服務。我們正在重新定義旅行和數位世界的標準。

We continue to see strong demand for digital manufacturing and engineering services. Industry X grew high single digits in Q3. We are supporting a large Asia Pacific automobile manufacturer on their reinvention towards software defined vehicles. We will help accelerate software development and creative software center of excellence to optimize quality, cost pressures and delivery times. The center of excellence will manage for key work streams, advanced driver assistance systems, in-vehicle infotainment, electrical and electronics and powertrain.

我們繼續看到對數位製造和工程服務的強勁需求。行業 X 在第三季度實現了高個位數成長。我們正在支持一家大型亞太汽車製造商對軟體定義汽車進行改造。我們將協助加速軟體開發和卓越創意軟體中心，以優化品質、成本壓力和交付時間。該卓越中心將管理關鍵工作流程、先進駕駛輔助系統、車載資訊娛樂、電氣和電子以及動力系統。

By leveraging our expertise and strong -- and strategic partnerships, we are empowering them to strengthen and evolve it’s in vehicle software, providing advanced functions and services throughout the vehicle's life cycle. This enables the company to drive innovation, enhanced driver and passenger experiences and realize the full potential of software defined vehicles. And we will continue to leverage all of our strengths to manage the current macro conditions and constrained spending or investing in leadership for the future.

透過利用我們的專業知識和強大的策略合作夥伴關係，我們正在幫助他們加強和發展車輛軟體，在整個車輛生命週期中提供先進的功能和服務。這使得該公司能夠推動創新、增強駕駛員和乘客體驗並充分發揮軟體定義車輛的潛力。我們將繼續利用我們所有的優勢來管理當前的宏觀狀況和有限的支出或對未來領導力的投資。

Back to KC.

回到KC。

Thanks, Julie. Now turning to our business outlook. For the fourth quarter of fiscal '24, we expect revenues to be in the range of $16.05 billion to $16.65 billion. This is the impact of FX would be about negative 2% compared to the fourth quarter of fiscal '23. This reflects an estimated 2% to 6% growth in local currency. For the full fiscal year '24 based upon how the rates have been trending over the last few weeks, we now expect the impact of FX on our results in US dollars will be negative [0.7] compared to fiscal '23.

謝謝，朱莉。現在轉向我們的業務前景。對於 24 財年第四季度，我們預計營收將在 160.5 億美元至 166.5 億美元之間。與 23 財年第四季相比，外匯的影響約為負 2%。這反映了以當地貨幣計算的預期 2% 至 6% 的成長。對於 24 財年整個財年，根據過去幾週的利率趨勢，我們現在預計，與 23 財年相比，外匯對我們以美元計算的業績的影響將為負值 [0.7]。

For the full six to '24, we now expect revenue our revenues to be in the range of 1.5% to 2.5% growth in local currency over fiscal '23, which assumes an inorganic contribution approaching 3%. We continue to expect business optimization actions to impact fiscal '24 gap operating margin by 70 basis points and EPS by $0.56. For adjusted operating margin, we continue to expect fiscal '24 to be 15.5%, a 10 basis point expansion of fiscal '23 results.

在整個 6 至 24 財年中，我們現在預計我們的收入將以當地貨幣計算，較 23 財年增長 1.5% 至 2.5%，假設無機貢獻接近 3%。我們繼續預期業務優化行動將影響 24 財年營運利潤率缺口 70 個基點和每股收益 0.56 美元。對於調整後的營業利潤率，我們繼續預期 24 財年的表現為 15.5%，比 23 財年的表現成長 10 個基點。

We now expect our adjusted annual effective tax rate to be in the range of 23.5% to 24.5%. This compares to adjusted effective tax rate of 23.9% in fiscal '23. We now expect our full year adjusted earnings per share for fiscal '24 to be in the range of $11.85 to $12 or 2% to 3% growth over fiscal '23 result. For the full fiscal 24, we continue to expect operating cash flow to be in a 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].

我們現在預計調整後的年度有效稅率將在 23.5% 至 24.5% 的範圍內。相較之下，2023 財政年度調整後的有效稅率為 23.9%。我們現在預計 24 財年全年調整後每股盈餘將在 11.85 美元至 12 美元之間，比 23 財年業績成長 2% 至 3%。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比[1.2]。

Finally, we continue to expect to return at least $7.7 billion through dividends and share purchases as we remain committed to returning a substantial portion of our cash to our shareholders. With that, let's hope products that we can take your questions. Katie?

最後，我們仍然期望透過股息和股票購買獲得至少 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。希望我們的產品能夠回答您的問題。凱蒂？

Thanks, KC I would ask that you each keep to one question and a follow-up to allow as many participants as possible to ask a question. Operator, would you provide instructions for those on the call?

謝謝，KC，我要求你們每個人都保留一個問題和後續問題，以便讓盡可能多的參與者提出問題。接線生，您能為通話中的人員提供指示嗎？

(Operator Instructions) Tien-tsin Huang, JP Morgan.

（操作員指示）Tien-tsin Huang，摩根大通。

Thank you so much, and congrats to KC and Angie. I just wanted to ask them upfront just for Julie maybe. You mentioned stronger growth next year. Hoping you could just elaborate on that at a high level and those a lot of moving pieces on one hand, you have a big backlog, a lot of large deals. You have strong inorganic growth.

非常感謝，並恭喜 KC 和 Angie。我只是想提前問他們，也許只是為了朱莉。您提到明年會有更強勁的成長。希望你能在高層次上詳細闡述這一點，一方面，你有大量的積壓訂單和大量的大宗交易。你有強勁的無機成長。

From the other hand, the sector's struggling with this week-discretionary spend, and there's uncertainty with global elections in the second half year. So just I know you can't do formal guidance for next year and a consensus is that was 6%. Can you just give us maybe some high-level considerations that are worth underlining as were recasting our outlook for next year? Thank you.

另一方面，本週該行業正面臨可自由支配支出的困境，而且下半年全球選舉存在不確定性。所以我知道你無法為明年提供正式的指導，而共識是 6%。在重新預測明年的前景時，您能否給我們一些值得強調的高層考量？謝謝。

Sure. And thanks for the question, Tien-tsin. So let's just anchored on our strategy for growth and what you're seeing in three quarters into the year because obviously, expectations at the beginning of this year were different in terms of how things develop with spending. So what did we do? We've leaned into what do clients need. And they need these reinventions. They need these big, large scale transformation.

當然。謝謝田津的提問。因此，讓我們專注於我們的成長策略以及今年三個季度的情況，因為顯然，今年年初的預期在支出發展方面有所不同。那我們做了什麼？我們已經深入了解客戶的需求。他們需要這些改造。他們需要這些大規模的轉型。

And so what you've seen us do is you got to go with what the clients need and that's what they're buying. And so we have accelerated -- or leaning into these large transformation deals, which is why you see that we have seven more than last year at this time of clients with bookings, we have over $100 million. Now these convert to revenue slowly. But as we're accelerating, you'll know that they ramp up and they will start to layer in.

所以你看到我們所做的就是你必須滿足客戶的需求，而這就是他們購買的東西。因此，我們已經加速或傾向於這些大型轉型交易，這就是為什麼你會看到我們此時的預訂客戶比去年多了 7 個，我們的預訂金額超過 1 億美元。現在這些都慢慢轉化為收入。但隨著我們的加速，你會知道它們會加速並且會開始分層。

And we are very uniquely positioned in this market to be able to do these large scale transformation because they require the combination of services. Everything from the ability to help them move faster through our managed services. Our industry expertise, everyone wants to do that with the high towards Gen AI. So even though the transformations are often in preparation for Gen AI, they want to work with partners who really understands Gen AI. And so how do we get there faster?

我們在這個市場中處於非常獨特的地位，能夠進行這些大規模的轉型，因為它們需要服務的組合。一切都包括透過我們的託管服務幫助他們更快地行動的能力。我們的行業專業知識，每個人都希望透過對 Gen AI 的高度關注來做到這一點。因此，儘管這些轉型通常是為 Gen AI 做準備，但他們希望與真正了解 Gen AI 的合作夥伴合作。那我們要如何更快到達那裡呢？

And so as you think about the reinvention strategy, that's the strategy we've been executing for a couple of years. We uniquely can lean in and that -- you're seeing the results of that this quarter with the acceleration of -- compared to last year of clients with that level of bookings and those, of course, then ramp next year. The second is are leaning into where we are seeing growth in smaller deals. Because remember, the discretionary spending is constrained -- overall spending constraints and particularly in smaller projects. But whatever we do it?

因此，當您考慮重塑策略時，這就是我們幾年來一直在執行的策略。我們可以獨特地依靠這一點——你會看到本季的結果，與去年的客戶預訂量相比，預訂量有所增加，當然，明年的預訂量也會增加。第二個是我們正在關注小型交易的成長。因為請記住，可自由支配的支出是受到限制的——總體支出受到限制，特別是在較小的項目中。但無論我們做什麼？

We see Gen AI as the new growth. We have an incredible ability to pivot our people. You can see the specialists and data in AI growing. Started at 40,000. We're at 55,000 now, against our goal of 80,000 by the end of '26 were also training our people. You saw that big increase because we're preparing our people. You're now doing and transformation. It may not be Gen AI, but you have to understand Gen AI. So we're uniquely able to train our people at scale to understand Gen AI. And how is that translating?

我們將 Gen AI 視為新的成長點。我們擁有令人難以置信的能力來調整我們的員工。你可以看到人工智慧領域的專家和數據不斷成長。 40,000起。我們現在有 55,000 名員工，而我們的目標是到 26 年底達到 80,000 名，我們也正在培訓我們的員工。你看到瞭如此巨大的成長，因為我們正在為我們的員工做好準備。你現在正在做和轉變。它可能不是Gen AI，但你必須了解Gen AI。因此，我們擁有獨特的能力來大規模培訓我們的員工，讓他們了解 Gen AI。那要怎麼翻譯呢？

We'll look at our bookings this quarter now getting to $2 billion three quarters into the year as compared to $300 million last year and $500 million in revenue. So starting to be meaningful rate in terms of the numbers, we were at $100 million for all of last year. So we expect to continue due to lean into Gen AI. And what it's doing is very interesting from where we were, say, three quarters ago. Acting as the catalyst to understand what you have to do. So I'll finish here and then I'll just, of course, mentioned our ability to invest in inorganic.

我們將看看本季的預訂金額，今年三個季度後已達到 20 億美元，而去年為 3 億美元，營收為 5 億美元。因此，就數字而言，我們開始變得有意義，去年全年我們的收入為 1 億美元。因此，我們預計會繼續傾向 Gen AI。與我們四分之三前相比，它正在做的事情非常有趣。充當催化劑，了解您必須做什麼。所以我就講到這裡，然後我當然會提到我們投資無機材料的能力。

But right now from a perspective of like what the end of the pull through restore reprioritizing. But every other Gen AI project now is leading to some data project. Because people are understanding, hey, this is a great technology and I'm not ready. So we feel really good about being very well-positioned as spending increases when it does has increased because of what we're doing. And then finally, remember, we invest in acquisitions to drive organic growth. Like that is all about future growth.

但現在從一個角度來看，就像透過恢復重新確定優先順序而拉動結束一樣。但現在所有其他 Gen AI 項目都在催生一些數據項目。因為人們正在理解，嘿，這是一項偉大的技術，但我還沒準備好。因此，我們對處於有利地位感到非常高興，因為支出因我們正在做的事情而增加。最後，請記住，我們投資收購是為了推動有機成長。這就是關於未來成長的全部。

And I gave a lot in the script today just help bring to life just how strategic our ability to invest is as we think about future growth. So not trying to comment at all and FY25, we'll call it like we see it. But we also want to be clear that our strategy is working and these deals will ramp up.

我今天在劇本中付出了很多，只是為了讓我們在思考未來成長時，投資能力具有多麼策略性的現實。因此，我們根本不想發表評論，25 財年我們會按照我們看到的方式稱呼它。但我們也想明確我們的策略正在發揮作用，這些交易將會增加。

Yes. Maybe I'll just add (technical difficulty) how we feel just within this fiscal year. So we're very pleased with where we landed in Q3. When you look to Q4, we do have -- and see that in our growth rate, a clear uptick at our growth rate for the fourth quarter. And I think importantly, included in that is the expectation that our consulting type of work in Q4 will return to growth and that we haven't had growth in consulting type of work since Q2 of last year.

是的。也許我會補充一下（技術難度）我們在本財年的感受。因此，我們對第三季的成績感到非常滿意。當您查看第四季度時，我們確實看到了成長率，第四季度的成長率明顯上升。我認為重要的是，其中包括預期我們的諮詢類型工作將在第四季度恢復增長，而自去年第二季度以來，我們的諮詢類型工作沒有增長。

Good. Thank you both for that. (inaudible) with my follow-up. Just on the inorganic piece, can this pace continue?

好的。謝謝你們倆。 （聽不清楚）我的後續行動。就無機部分而言，這樣的步伐還能繼續嗎？

So I'll let Julie talk about your add-on here. But in terms of our -- let's talk about capital allocation. And we've always said this, we have the ability -- and I think is a differentiator of ours to be able to invest and approach the market as -- whenever we see something that we want to -- what execute and that remains unchanged.

所以我會讓朱莉在這裡談談你的附加組件。但就我們而言——讓我們談談資本配置。我們總是這麼說，我們有能力——我認為這是我們的一個差異化因素，能夠投資並接近市場——每當我們看到我們想要的東西時——執行什麼並且保持不變。

And we've been able you've seen us do that over all the different business cycles. And importantly when we do that valuation terms of share buybacks and dividends as well. So from a financial standpoint, we have very strong balance sheet. We have the ability to continue to follow up and down as we see fit from a capital allocation standpoint.

您已經看到我們在所有不同的商業週期中都這樣做了。重要的是，當我們進行股票回購和股利的估值時。因此，從財務角度來看，我們的資產負債表非常強勁。從資本配置的角度來看，我們有能力繼續以我們認為合適的方式進行上下跟進。

And I think we will make the decision as we go into next year as to what level we want to drive for next year. So I think we'll comment next quarter.

我認為我們將在進入明年時決定明年我們想要達到什麼水平。所以我想我們會在下個季度發表評論。

Perfect. But I know you've been able to amplify the growth before. So that's why I asked. Thank you.

完美的。但我知道你之前已經能夠擴大成長。所以我才這麼問。謝謝。

David Koning, Baird.

大衛‧科寧，貝爾德。

Hey, guys. Thanks so much. One thing I noticed. Debt was up to $1.6 billion or so sequentially was the highest -- in 20 years you almost have no debt and you have a lot of cash. But I guess what's the strategy around that borrowing money now? And maybe it's just the geographic cash positions too.

大家好。非常感謝。我注意到一件事。債務高達 16 億美元左右，創下歷史新高——20 年來，你幾乎沒有債務，而且擁有大量現金。但我想現在藉錢的策略是什麼？也許這也只是地理上的現金部位所致。

Yes, that's a great question. So in terms of our cash, so that we started the year at $9 billion and our little bit more about $5.5 billion. And we do have some debt is very small, as you mentioned, for company of our size. We've had a credit facility that we put in during the pandemic. And we continue to have a credit facility. It's about $5.5 billion at the five-year credit facility. And what you just see, Dave, is that we're just exercising some of that credit facility kind of normal treasury operations.

是的，這是一個很好的問題。就我們的現金而言，我們年初的現金為 90 億美元，再多一點，約 55 億美元。正如您所提到的，對於我們這樣規模的公司來說，我們確實有一些債務非常小。我們在大流行期間提供了信貸安排。我們繼續擁有信貸安排。五年期信貸額度約 55 億美元。戴夫，你剛才看到的是，我們只是在行使一些信貸便利，就像正常的財務運作一樣。

And maybe just as a follow-up, margins this year up at the lower end of kind of normal in certain the scale -- the growth this year being a little slower on maybe the acquisitions interest. As we kind of look forward, the margin puts and takes -- how should we think that with acquisition spend in newer higher? Does the next few quarters remain kind of putting a little pressure on margins there? How should we think of just the moving parts of margins going forward?

也許作為後續行動，今年的利潤率在一定規模上處於正常的低端——今年的成長可能會因為收購興趣而放緩一些。當我們展望未來時，我們應該如何看待新的、更高的收購支出？未來幾季的利潤率是否仍然會受到一些壓力？我們該如何看待未來利潤率的變動部分？

Yes, sure. So I'll just obviously keep my comments at this for this year to '24, but on a leverage point out what we are and John, what we are continuing to spend. So we stated last quarter that we have 10 basis points of operating margin expansion and we reconfirm that day for the full year again this quarter, and we feel confident in our ability to do that. If you look at we run our business to -- if you look at our gross margin and overall what we've been saying on pricing and just importantly, when we talk about pricing, we mean the margin on the work that we sell.

是的，當然。因此，我顯然會將今年的評論保留到 24 年，但要重點指出我們是什麼，約翰，我們將繼續支出什麼。因此，我們上個季度表示，我們的營業利潤率有 10 個基點的擴張，本季度我們再次確認了全年的這一天，我們對我們做到這一點的能力充滿信心。如果你看看我們經營我們的業務——如果你看看我們的毛利率以及我們在定價方面所說的總體內容，重要的是，當我們談論定價時，我們指的是我們銷售的工作的利潤。

I think, is really important for us is that we've been able to operate our business with rig discipline and how we run ourselves in an operation -- efficient operations of Accenture and [BR] investor credential on as we absorbed at a higher selling costs, which you would expect. We're looking at a record $60 billion of bookings. And also the continued pressure and pricing that we had across our business. So with that, we feel really good.

我認為，對我們來說真正重要的是，我們能夠按照鑽機紀律來運營我們的業務，以及我們如何在運營中運營自己——埃森哲的高效運營和[BR]投資者憑證，因為我們專注於更高的銷售成本，這是您所期望的。我們預計預訂量將達到創紀錄的 600 億美元。還有我們整個業務所面臨的持續壓力和定價。因此，我們感覺非常好。

And if you look at it, we grew 1% in quarter one. As an example, we are able to do 20 basis points of margin expansion, which grew 1% this quarter. And we were able to do 10 basis points of margin expansion. So we feel good about the way we run our business with rigor and discipline, great banks, and those bookings.

如果你看一下，我們第一季成長了 1%。舉例來說，我們能夠將利潤率擴大 20 個基點，本季成長 1%。我們能夠將利潤率擴大 10 個基點。因此，我們對我們以嚴謹和紀律經營業務的方式、優秀的銀行以及這些預訂感到滿意。

Thank you.

謝謝。

Bryan Keane, Deutsche Bank.

布萊恩‧基恩，德意志銀行。

Hi, guys. Good morning and congrats. KC, great run. So I want to add from managed services is on the bookings, the $11.8 billion that was outsized number. How much of that is new bookings versus renewals? And maybe give us some flavor on what caused that spike in growth?

嗨，大家好。早安，恭喜。 KC，跑得很好。因此，我想在預訂中添加託管服務的金額，118 億美元是一個巨大的數字。其中有多少是新預訂與續訂？也許可以讓我們了解一下是什麼導致了成長的激增？

Yes. I'll talk a little bit about the numbers. In terms of what -- is a record bookings for managed services. As Julie has been (technical difficulty) we've been talking. It is obviously based on the larger transformational deals that we're doing is while this larger transformational deals. Just to be clear, Bryan, they do have both consulting and outsourcing hosted and managed services type with them. They do have, as you would expect, a larger portion of managers -- managed services type work.

是的。我會談談數字。就託管服務的預訂記錄而言。正如朱莉（技術難題）一樣，我們一直在討論。它顯然是基於我們正在做的更大的轉型交易，而這些更大的轉型交易。需要明確的是，布萊恩，他們確實擁有諮詢和外包託管和管理服務類型。正如您所期望的那樣，他們確實有很大一部分是管理人員——託管服務類型的工作。

So when you see what we were able to do this year, we are already at 90 to seven more than last year. And we did have a very strong managed services bookings, as you noted in Q3. We don't really know do (technical difficulty) breakout in terms of extensions or new. But there's always -- we always have a healthy mix, I would say, both with it with -- what we strive to over a rolling four quarters and our business always and the difference there.

因此，當你看到我們今年所做的事情時，我們已經比去年多了 90 比 7。正如您在第三季指出的那樣，我們確實有非常強勁的託管服務預訂。我們真的不知道在擴展或新方面是否會（技術難度）突破。但我想說，我們總是有一個健康的組合，無論是我們在連續四個季度中努力實現的目標，還是我們的業務始終存在的差異。

Yes. And just maybe a little color, Bryan. As you think about this idea of reinvention, Virgin Media, O2 is a great example because they're right -- we've the combination we're using our edge platform to provide -- help us to provide -- Virgin Media O2 to provide these new services. And at the same time, we're supporting it with our customer operations, supporting their growth so that they can scale. And right now, clients, of course, are looking for growth. Also looking for transformation and efficiency.

是的。也許只是一點顏色，布萊恩。當你思考這個重塑的想法時，Virgin Media、O2 就是一個很好的例子，因為他們是對的——我們使用我們的邊緣平台來提供組合——幫助我們提供——Virgin Media O2提供這些新服務。同時，我們透過客戶營運為其提供支持，支持他們的成長，以便他們能夠擴大規模。當然，現在客戶正在尋求成長。也在尋求轉型和效率。

The other thing I'd say is this is a great example of how we're embracing G&A. I know you've heard us talk in the past about our [my wizard] platform, which helps in our managed services. We now on that's become gen wizard, and we're seeing that we are embracing -- using Gen AI where it's ready to be used has been a real differentiator later in our technology managed services. So we're very focused on helping our clients move faster, using our expertise and leverage our digital investments in order for them to transform and reinvent faster. And you're seeing that that focus.

我想說的另一件事是，這是我們如何擁抱 G&A 的一個很好的例子。我知道您過去曾聽過我們談論我們的[我的嚮導]平台，有助於我們的託管服務。我們現在已經成為了一代嚮導，我們看到我們正在擁抱——在準備好使用的地方使用 Gen AI，這已經成為我們技術管理服務後期真正的差異化因素。因此，我們非常專注於幫助客戶更快採取行動，利用我們的專業知識並利用我們的數位投資，以便他們更快地轉型和重塑。你會看到那個焦點。

Got it. And just a follow-up, just looking at some of the dimensions breakout. When I look at operations being flat, just any call outs for that? I know it was negative last quarter, so it's turned a little bit here. But just trying to understand the growth there and the prospects specs.

知道了。這只是一個後續行動，只是看看一些維度的突破。當我看到營運持平時，有什麼需要注意的嗎？我知道上個季度的情況是負面的，所以現在情況有所轉變。但只是想了解那裡的成長和前景規格。

Yes. No, it's and we're really pleased that that ticked up then this quarter, and it's a very strategic part of our business. Think of that it really is like sort of two ways. So we remain number one in our industry and finance and accounting. And we're embracing again, Gen AI bear to help differentiate our platform. And so there's a focus that we're seeing an appliance as they're saying, okay, we really understand how much more we need to digitize and we need to do that in the enterprise. They're excited about our ability over time.

是的。不，是的，我們真的很高興這個季度的情況有所好轉，這是我們業務的一個非常具有戰略意義的部分。想想看，這確實有兩種方式。因此，我們在行業、財務和會計領域仍然排名第一。我們再次擁抱 Gen AI 來幫助我們的平台脫穎而出。因此，我們關注的焦點是我們看到了一種設備，因為他們說，好吧，我們真的了解我們還需要多少數位化，並且我們需要在企業中做到這一點。隨著時間的推移，他們對我們的能力感到興奮。

Again, very early days still in Gen AI overtime to help build our sales. We're building our spin-offs platform. We're building in Gen AI, and that helps them to have less to -- building in their enterprise side by partnering with us. And so that's -- we think a really great differentiator. And then we continue to diversify into areas that are in the core of our business, whether a core of our industries for our clients. Whether it's claims and underwriting and insurance or supply chain for consumer goods and industrial or core banking in that financial services. So we feel really good about the business and its continued prospects.

同樣，Gen AI 仍處於早期加班階段，以幫助建立我們的銷售。我們正在建立我們的衍生平台。我們正在建立 Gen AI，這可以幫助他們減少與我們合作在企業方面的建構。因此，我們認為這是一個非常重要的差異化因素。然後我們繼續多元化進入我們業務的核心領域，無論是我們客戶的行業核心領域。無論是索賠、承保、保險或消費品供應鏈以及金融服務中的工業或核心銀行業務。因此，我們對這項業務及其持續前景感到非常滿意。

Thank you.

謝謝。

Rod Bourgeois, DeepDive Equity Research.

羅德·布爾喬亞 (Rod Bourgeois)，DeepDive 股票研究。

Hey guys. Very best wishes to KC as well. Julie, you mentioned that the debate demand environment is sort of more of the same. At the same time, it appears -- you've seen in our growth mending in certain key areas. I'm particularly interested in the growth improvement in the CMP vertical and in strategy, and consulting. Can you talk about what's enabling those growth improvements in a sense of the outlook for CMP and S&C? Thanks.

大家好。也向 KC 致以最良好的祝愿。朱莉，你提到辯論需求環境有點相似。同時，你已經看到我們在某些​​關鍵領域的成長正在改善。我對 CMP 垂直領域以及策略和諮詢領域的成長改善特別感興趣。您能否從 CMP 和 S&C 的前景角度談談是什麼推動了這些成長？謝謝。

So you really want to compliment our entire team on the work that they're doing with our clients in CMT. So as we've been talking about that for now for a little while and you start to see things like the Virgin Media O2 deal. So our teams are working with our clients on what do they need. And they're focused on getting rid of technology debt because that's critical in order to use some of these new technologies. They're focused on using the new technologies.

因此，您真的想讚揚我們整個團隊在 CMT 中與客戶所做的工作。我們已經討論這個問題有一段時間了，你開始看到諸如 Virgin Media O2 交易之類的事情。因此，我們的團隊正在與客戶合作，滿足他們的需求。他們專注於擺脫技術債務，因為這對於使用其中一些新技術至關重要。他們專注於使用新技術。

So we have a number of clients that's still smaller are working on Gen AI and then being very focused on efficiency and then finally, network. So really across the board, what I would say is that the industry was challenged. We have been just focused on going to where they need help you're seeing that result in our results. And then on strategy and consulting, again, it's all about being focused on what to our clients need.

因此，我們有許多規模較小的客戶正在研究 Gen AI，然後非常關注效率，最後是網路。所以，從整體來說，我想說的是，這個產業面臨挑戰。我們一直專注於去他們需要幫助的地方，你會在我們的結果中看到這個結果。然後在策略和諮詢方面，再次強調，重點是專注於客戶的需求。

And so we've pivoted many more people, for example, towards cost in strategy. So cost takeouts, a big theme in particularly for our strategy. We are seeing a lot of growth still in things like implementing modern ERP platforms with the focus on the digital core. And again, at Accenture, it's not just technology. It's about where we're the number one player with all of these technology ecosystem players. But our clients want to do it faster. They need the industry expertise.

例如，我們讓更多的人轉向策略成本。因此，成本支出是一個大主題，特別是對於我們的策略而言。我們看到在實施以數位核心為重點的現代 ERP 平台等方面仍有很大的成長。再說一次，在埃森哲，這不僅僅是技術。這是關於我們在所有這些技術生態系統參與者中排名第一的參與者。但我們的客戶希望做得更快。他們需要行業專業知識。

And so you saw a number of examples in the script about how we're putting in these platforms and we're doing so within an industry contacts. And so I would say, cost takeout and move the cloud data platforms wrapped around within this functional expertise. That's where we're seeing the growth. And we just continue to remain laser focused on more people, more focus, working with the clients on what they need to buy.

因此，您在腳本中看到了許多關於我們如何放入這些平台以及我們在行業聯絡人中這樣做的範例。所以我想說，成本削減並將雲端資料平台轉移到這種功能性專業知識中。這就是我們看到成長的地方。我們只是繼續專注於更多的人，更專注，與客戶合作購買他們需要的東西。

Great. Thanks for that. And you're seeing revenue mix incrementally shift into managed services. And I'm curious if you think some of that mix shift towards managed services is due to secular forces? Or you purely seeing that mix shift as just a cyclical phenomenon?

偉大的。感謝那。您會看到收入組合逐漸轉向託管服務。我很好奇您是否認為向託管服務的混合轉變是由於世俗力量造成的？還是您純粹將這種混合轉變視為一種週期性現象？

Okay. Yes, I think it's in terms of what the real driver is. The larger deals that have a little bit of both of those at both components of a secular and cyclical and what you're talking about. So it really is just based on the larger deals.

好的。是的，我認為這取決於真正的驅動力是什麼。較大的交易在長期和週期性的兩個組成部分以及你所談論的內容上都有一點。所以它實際上只是基於較大的交易。

So just think about Accenture is very uniquely positioned in this market, clients there prioritizing large-scale transformations and doing those and getting the efficiencies and moving faster, managed services is a highly strategic component of being able to do that. And this is where Accenture with such scale in both strategy -- [bulk] consulting type of work with managed services is really able to lean into what our clients buying now.

因此，想想埃森哲在這個市場中的獨特定位，那裡的客戶優先考慮大規模轉型並進行這些轉型，並提高效率並加快步伐，託管服務是能夠做到這一點的高度策略性組成部分。這就是埃森哲在這兩種策略中都具有如此規模的地方——[大量]諮詢類型的託管服務工作確實能夠深入了解我們客戶現在購買的產品。

Got it. Thank you.

知道了。謝謝。

Bryan Bergin, TD Cowen.

布萊恩·伯金，TD·考恩。

Hi, good morning and congrats. First question I wanted to ask on the consulting existing revenue base performance. Can you just talk about how based business runoff kind of progressed within the minus 1% local currency performance? I heard your comment on that 4Q consulting or just returning to growth. Trying to understand that that's a reflection of sustainable -- stable provision potentially and really gauge whether you're reaching a point where the new consulting bookings conversion should more than offset the existing base runoff moving ahead.

你好，早安，恭喜你。我想問的第一個問題是關於諮詢現有收入基礎績效的。您能否談談在本國貨幣表現負 1% 的情況下，基礎業務徑流的進展如何？我聽到你對第四季度諮詢或剛剛恢復增長的評論。試著了解這可能反映了可持續的穩定供應，並真正衡量您是否達到了新的諮詢預訂轉換應足以抵消未來現有基數徑流的程度。

Yes. So Bryan, in terms of what we'll give -- we'll talk about, it's really is what I just mentioned on Q4. I guess I understand what you mean by based runoff. We don't really think of it that way. We kind of look at it is -- maybe our turns will be what do we have booked in backlog and what do we already see what's new coming in from new sales until I get.

是的。所以布萊恩，就我們將提供的內容而言——我們將討論，這確實是我剛剛在第四季度提到的。我想我明白你所說的基礎徑流是什麼意思。我們其實不這麼認為。我們的看法是——也許我們的輪流將是我們在積壓中預訂了什麼，以及我們已經看到什麼是新銷售中的新產品，直到我得到。

So just kind of going with those two points. The way we evaluate and we talk about it, Bryan, is from a year over year basis, looking at both the components of what we've already sold for the next quarter and then what we see in our pipeline and how we see those sales will convert to revenue, that's how we kind of assess where we think that we will be overall.

所以就同意這兩點吧。布萊恩，我們評估和談論它的方式是逐年進行的，著眼於我們下一季已經銷售的產品的組成部分，然後是我們在管道中看到的內容以及我們如何看待這些銷售將轉化為收入，這就是我們評估我們認為整體情況的方式。

And again, very pleased that consulting, we do feel that you would see that it will return to growth. And I think it's a milestone that we haven't had in a number of quarters. So we're pleased with that. I will comment on anything OpEx for next year -- next year. I mean in September.

再次，非常高興諮詢，我們確實認為您會看到它將恢復增長。我認為這是我們幾個季度以來都沒有經歷過的里程碑。所以我們對此感到滿意。我將對明年的任何營運支出發表評論。我是說九月。

Okay. And then bookings, obviously very solid year. Can you just comment on pipeline and any bookings expectations worth calling out for 4Q?

好的。然後是預訂量，顯然這一年非常穩定。您能否評論一下第四季度的管道和任何值得關注的預訂預期？

Yes, overall, we feel good about our pipeline and we don't book to 00 we don't give guidance to a next quarter bookings, but we feel good.

是的，總的來說，我們對我們的管道感覺良好，我們不會預訂到 00，我們不會對下個季度的預訂提供指導，但我們感覺很好。

Thanks.

謝謝。

James Faucette, Morgan Stanley.

詹姆斯‧福賽特，摩根士丹利。

Great. Thanks very much on. Wanted to follow-up on the acquisition activity. Obviously been really robust quoting on a lot of good opportunities. Can you give us any sense collectively across the acquisitions you've been doing and maybe what you are working out in terms of what the growth rates of those businesses generally or collectively when you do the acquisitions? And I know you reported through -- to accelerate those, how the growth has changes -- those companies are absorbed into (inaudible) even if directional?

偉大的。非常感謝。希望跟進收購活動。顯然，我們對許多好機會的報價都非常強勁。您能否向我們介紹您一直在進行的收購，以及您在進行收購時這些業務的整體成長率或整體成長率？我知道你報道過——為了加速這些成長，成長如何變化——這些公司被吸收（聽不清楚），即使是定向的？

Yes, I mean, I think in terms of -- make sure I'm answering your question is, when we look at overall at our acquisitions, they all come with -- they're typically higher growth business cases that we have from the companies that we buy and we have a base case that comes with the organization and we assess that growth rate.

是的，我的意思是，我認為——確保我回答你的問題是，當我們整體審視我們的收購時，它們都伴隨著——它們通常是我們從收購中獲得的更高增長的業務案例。

And then we obviously put in pretty significant synergy cases that are -- without going through kind of metrics that are a pretty high bar for those acquisitions to deliver to, along with a broader center. And that's why integration is so important in what we do, because we're not just having a great business case, that is maybe half of what you need to do, but the key really is in how you integrate to deliver to that, and we have a very strong track record.

然後，我們顯然提出了相當重要的協同案例，這些案例是——沒有經過一些指標，這些指標對於這些收購以及更廣泛的中心來說是一個相當高的門檻。這就是為什麼整合在我們所做的事情中如此重要，因為我們不僅僅是擁有一個出色的業務案例，這可能是您需要做的一半，但關鍵實際上在於您如何整合以實現這一點，並且我們擁有非常出色的業績記錄。

And so, what you'll see is, you could just maybe get the sense to your question, is look at how many we've done over the last five years and you can see how we've been able to continue to grow our business throughout that time and it is really continuing to fill our organic growth.

因此，您將看到的是，您也許可以理解您的問題，看看我們在過去五年中做了多少，您可以看到我們如何能夠繼續發展我們的業務在那段時間裡，我們的業務一直在持續成長，並且它確實在繼續推動我們的有機成長。

Got it. And then quickly, one of the areas where you've leaned in on and was mentioned the prepared remarks is the government and healthcare sector, really strong growth there obviously. How should we be thinking about that as a long-term or medium-term potential grower in that segment and any -- and how are you thinking about the investment needed to continue to drive that? Thanks.

知道了。然後很快，您所關注並在準備好的演講中提到的領域之一是政府和醫療保健部門，顯然那裡的成長非常強勁。作為該領域以及任何領域的長期或中期潛在成長者，我們應該如何考慮這一點——您如何考慮繼續推動這一目標所需的投資？謝謝。

Thanks. We feel really good about that vertical. Obviously, there's a lot of transformation that's going on in public service. You see health is a big driver, defense is a big driver. There's a lot of infrastructure support, whether it's IRA in the US or what the EU has been doing as well.

謝謝。我們對這個垂直領域感覺非常好。顯然，公共服務領域正在發生許多變革。你看，健康是重要的推動因素，防守也是一個重要的推動因素。有許多基礎設施支持，無論是美國的愛爾蘭共和軍還是歐盟一直在做的事情。

So and of course, a lot of the digital transformation hasn't happened in the public service and health, And so, we see that now being the time and you're seeing that in the results. So we feel very confident and we think about the investment like we do all our industries.

當然，公共服務和健康領域還沒有發生很多數位轉型，因此，我們認為現在正是時候，您可以在結果中看到這一點。所以我們非常有信心，我們像對待所有產業一樣思考投資。

I mean, remember, we have 13 industry groups. We have -- the diversification is a key part of both our resilience and our growth strategy and so, at any given time, we're investing differently depending on the growth trajectory. And as we called out this quarter, we've been investing significantly in public service, because we see the next several years this being a big growth area and we're making those investments now.

我的意思是，記住，我們有 13 個行業團體。我們擁有－多元化是我們的韌性和成長策略的關鍵部分，因此，在任何特定時間，我們都會根據成長軌跡進行不同的投資。正如我們本季所說，我們一直在公共服務方面進行大量投資，因為我們認為未來幾年這將是一個巨大的成長領域，而我們現在正在進行這些投資。

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。

Keith Bachman, BMO

基思·巴赫曼，BMO

Hi. Many thanks. And first, Casey and Paul, special congratulations as you make the transition. I wanted to ask a question, and I'll just make it concurrently in the interest of time. And Julie, I think I'll direct this to you. Number one, on BPO, one of your competitors just talked pretty openly about pricing's been under pretty material duress as of late, and I wondered if you would echo that?

你好。非常感謝。首先，凱西和保羅，特別祝賀你們完成過渡。我想問一個問題，為了時間，我會同時提出來。朱莉，我想我會把這個轉給你。第一，在 BPO 方面，您的一位競爭對手剛剛相當公開地談論定價最近受到相當大的物質壓力，我想知道您是否會同意這一點？

And I'm really curious as to why. Why do you think pricing has been under duress and how do you think about impacting future growth?

我真的很好奇為什麼。您認為定價為何受到壓力？

And then the second area that I wanted to ask about is, Song. Thank you for the comment on mid-single digit growth. And I'm really interested how you think GenAI will impact over your digital agency over the next 12 to 24 months.

然後我想問的第二個領域是宋。感謝您對中個位數成長的評論。我真的很感興趣，您認為 GenAI 在未來 12 到 24 個月內將如何影響您的數位代理商。

And the reason I ask the question is, we also spend a lot of time with companies like Adobe that have significant -- generative AI is going to have a significant impact on digital agencies. And some of the agencies are talking about seat reductions because of the value associated with generative AI. And I'm just wondering if you could comment on how you think generative AI will impact the growth potential of Song. And that's it for me. Many thanks.

我問這個問題的原因是，我們也花了很多時間與 Adob​​e 這樣的公司合作，這些公司具有重大的生成式人工智慧將對數位機構產生重大影響。由於與生成人工智慧相關的價值，一些機構正在討論減少座位。我只是想知道您是否可以評論一下您認為生成式人工智慧將如何影響 Song 的成長潛力。對我來說就是這樣。非常感謝。

Great. KC, why don't you quickly cut pricing, and then I'll do Song.

偉大的。 KC，你為什麼不趕快降價，然後我就做宋。

Keith, I would say just in terms of pricing, and we've been commenting on this for quite some time. You are correct in that; we've had overall in our entire business continued pricing pressure. So, I mean, that's the way I would reflect on that statement -- on your question (inaudible)

基思，我只想說定價方面的問題，我們對此發表評論已經有一段時間了。你是對的；我們的整個業務總體上都面臨著持續的定價壓力。所以，我的意思是，這就是我反思該聲明的方式——關於你的問題（聽不清楚）

Yes, it's overall is a tight market, So that's what you normally see. On Song, here's where we are so unique, because our business is not an agency business, right? The agencies are part of an incredibly differentiated value proposition where you have creative and technology and digital and by the way managed services.

是的，總體來說市場緊張，所以這就是你通常看到的情況。對宋來說，這就是我們獨特的地方，因為我們的業務不是代理業務，對吧？這些機構是令人難以置信的差異化價值主張的一部分，您可以在其中擁有創意、技術和數位以及託管服務。

And so, we see this as a huge opportunity because we are embracing it as fast as possible to help our clients get value, but we put it together with all of these other services. So we were happy to see the uptick in growth this quarter with Song and long term where we really think it's great and remember, this is our playbook, right?

因此，我們認為這是一個巨大的機會，因為我們正在盡快利用它來幫助我們的客戶獲得價值，但我們將其與所有其他服務結合在一起。因此，我們很高興看到宋本季的成長有所上升，從長遠來看，我們真的認為這很棒，請記住，這是我們的劇本，對嗎？

We embrace technology. We've done it in every wave. We've done it when we did managed services. Remember in 2015, we had SynOps and myWizard. Our business is to help our clients be more efficient and grow. That is what we do. And we use technology in how we deliver it. And we help them use technology and how they operate.

我們擁抱科技。我們在每一波浪潮中都做到了這一點。我們在做託管服務時就已經做到了。還記得 2015 年，我們有 SynOps 和 myWizard。我們的業務是幫助我們的客戶提高效率和成長。這就是我們所做的。我們在交付方式中使用科技。我們幫助他們使用科技以及他們的運作方式。

And so, we see GenAI as yet another way that we're going to embrace it. We're going to be fast and we're going to do what we do for clients. And that is a very exciting opportunity, so we feel really good about our Song business.

因此，我們將 GenAI 視為我們擁抱它的另一種方式。我們會加快速度，為客戶做我們該做的事。這是一個非常令人興奮的機會，所以我們對我們的歌曲業務感覺非常好。

Great. So, thanks everyone for the questions and the time today. In closing I want to again, as always, thank all of our shareholders for your continued trust and support, and all of our people for what you're doing for our clients and for each other every day. Thanks so much for joining.

偉大的。所以，感謝大家今天提出的問題和時間。最後，我想一如既往地再次感謝我們所有的股東一直以來的信任和支持，感謝我們所有的員工每天為我們的客戶和彼此所做的一切。非常感謝您的加入。

Ladies and gentlemen, that does conclude your conference for today. Thank you for your participation and for using AT&T teleconference. You may now disconnect.

女士們、先生們，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。