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.

女士們，先生們，感謝大家的支持，歡迎參加埃森哲 2024 財年第三季財報電話會議。

(Operator Instructions) As a reminder, this conference is being recorded.

（操作員指示）提醒一下，本次會議正在錄音。

I would now like to turn the conference over to host Managing Director, Head of Investor Relations, Katie O'Conor.

現在，我想將會議交給主持人董事總經理、投資者關係主管凱蒂奧康納 (Katie O'Conor)。

Please go ahead.

請繼續。

Thank you, operator, and thanks, everyone, for joining us today on our third quarter fiscal 2024 earnings announcement.

謝謝接線員，也謝謝大家今天參加我們的 2024 財年第三季財報公告。

As the operator just mentioned, I'm Katie O'Conor, Managing Director, Head of Investor Relations.

正如接線員剛才提到的，我是董事總經理兼投資者關係主管凱蒂奧康納 (Katie O’Conor)。

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

在今天的電話會議上，您將聽取我們的主席兼執行長 Julie Sweet 的演講；以及我們的財務長KC McClure。

I hope you've had enough you need to review the news release we issued a short time ago.

我希望你已經讀夠了，你需要閱讀我們不久前發布的新聞稿。

Let me quickly outline the agenda for today's call.

讓我快速概述一下今天電話會議的議程。

Julie will begin with an overview of our result.

朱莉將首先概述我們的成果。

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.

KC 將帶您了解財務細節，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。

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.

在 KC 提供我們對 2024 年第四季和全年財年的業務展望之前，Julie 將簡要介紹我們的市場定位。

We will then take your questions before Julie provides a wrap-up at the end of the call.

然後，我們將回答您的問題，然後朱莉將在通話結束時進行總結。

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 as discussed in our annual report on Form 10-K and quarterly reports on Form 10-Q and other SEC filings.

我們將在本次電話會議上討論的一些事項，包括我們的業務展望，是前瞻性的，因此會受到已知和未知風險和不確定因素的影響，包括但不限於今天的新聞稿中所述的因素以及在我們的 10-K 表年度報告和 10-Q 表季度報告以及其他 SEC 文件中進行了討論。

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

這些風險和不確定性可能導致實際結果與本次電話會議所表達的結果有重大差異。

During our call today, we will reference certain non-GAAP financial measures, which we believe provide useful information for investors.

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，我們相信這些指標可以為投資者提供有用的信息。

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.

我們在新聞稿中或網站 accenture.com 的投資者關係部分中，適當的時候會提供非 GAAP 財務指標與 GAAP 的對帳表。與往常一樣，埃森哲不承擔更新本次電話會議上提供的資訊的義務。

Now let me turn the call over to Julie.

現在讓我把電話轉給朱莉。

Thank you, Katie, and everyone joining, and thank you to our 750,000 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 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。

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.

在進入本季度之前，我想感謝KC，他在過去五年中一直是我們出色的合作夥伴，以及我們的另外三位傑出領導人，他們將在接下來的兩個季度卸任，馬克、艾倫和保羅，他們各自為公司付出了超過36多年的服務，表現出強大的管理能力並取得了卓越的成就，其中包括Angie，你們都知道她曾擔任我們投資者關係主管，她將於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.

像往常一樣，我們正憑藉著強大的優秀領導團隊，順利地向下一代領導層過渡。

Now onto the quarter.

現在進入本季。

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.

我很高興本季再次展現出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需求，並迅速適應市場條件，這可以從我們的業績中看出，這為隨著我們進入第四季度和下一財年，我們將實現更強勁的成長。

As you know, this fiscal year, our clients' spending develop differently than we expected at the beginning of the fiscal year.

如您所知，本財年，我們的客戶支出發展與我們在財年初的預期不同。

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.

這些情況仍在繼續，因為客戶優先考慮大規模安裝，而大規模安裝轉化為收入的速度較慢，同時可自由支配的支出也受到限制，特別是對於決策延遲且支出速度較慢的小型項目。

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.

作為回應，我們迅速做出調整，利用我們獨特的優勢、我們的端到端服務，包括深厚的產業和職能專業知識，實現這些大規模的轉型，這就是我們所說的重塑。

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.

我們還利用我們深厚的技術專長和生態系統合作夥伴關係，他們正在學習機器和文化，這使我們能夠靈活地轉向新的需求領域，例如 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.

以下是這些優勢和我們的策略在本財年前三個季度所展現的成果。

With our clients prioritizing large-scale transformations, we have accelerated our strategy to be the reinvention partner of our clients.

隨著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。

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.

我們的成功體現在我們211億美元的訂單量，其中包括另外23個客戶的季度訂單量超過1億美元，使得今年迄今為止此類訂單量的客戶總數達到92個，比去年同期增加了7個。

This focus on being the reinvention partner is an important part of our strategy to return to stronger growth.

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。

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.

隨著我們進入明年，隨著這項工作的增加，這些大規模預訂的收入預計將在全年繼續增加，而且由於這些預訂的戰略定位，我們也有能力在可自由支配支出增加時抓住這些增長。

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.

我們也傾向於新的成長領域——Gen AI，它由較小的專案組成，因為我們的客戶主要處於實驗模式。

In this quarter, we had two important milestones.

本季度，我們有兩個重要的里程碑。

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.

本季新的 Gen AI 訂單超過 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。

This compares to approximately $300 million in sales and roughly $100 million in revenue from Gen AI in FY23.

相較之下，2023 財年 Gen AI 的銷售額約為 3 億美元，營收約 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.

在人工智慧領域的領先地位使我們能夠幫助客戶採取必要的行動，重塑人工智慧並從中受益，這通常意味著大規模的轉型。

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.

我們也在這項關鍵技術上處於早期領先地位，並著眼於長期領導地位，儘管該技術發展迅速，但仍處於成熟和採用的早期階段。

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.

在過去十年中，我們積累了專業知識並進行了戰略收購，充分利用了強大的資產負債表，並利用這些專業知識拓展新的增長領域，在熱門地區和地域擴大規模，並繼續增強我們在產業和功能方面的實力。

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.

我們在所有行動中投入了 23 億美元的資金，使收購總數達到 35 項，年初至今的投資資本為 52 億美元，而整個 23 財年的投資資本為 25 億美元。

As a learning organization and talent creator, we continue to invest in our people with approximately 13 million in training hours this quarter.

作為一個學習型組織和人才創造者，我們持續對員工進行投資，本季的培訓時間約為 1,300 萬小時。

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.

平均每人花費 19 個小時，這一增長主要歸功於 Gen AI，因為我們將繼續為未來幾年在整個業務中引入 Gen AI 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.

我們也將繼續穩定增加數據和人工智慧員工隊伍，目前已擁有約55,000 名熟練的數據和人工智慧從業人員，而我們的目標是到26 財年末將數據員工隊伍從40,000 人增加一倍至80,000 人。

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.

我們繼續在連續四個季度的基礎上，與最接近的全球上市競爭對手爭奪市場份額，這就是我們計算市場份額的方式，我們的營收為165 億美元，本季以當地貨幣計算的市場份額為1.4%，略高於我們的外匯調整範圍的中點。

We expanded adjusted operating margin by 10 basis points and delivered free cash flow of $3 billion.

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.

我要祝賀我們截至6 月1 日在全球晉升的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）我們被公認為全球十大最佳工作場所之一10 個國家，占我國人口的 70% 以上。

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.

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，在智利排名第十，並且在最佳工作場所最佳工作場所名單中排名第一。

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.

為了表彰我們強大的品牌，我們很榮幸在全球100 個最有價值品牌榜單中名列第20 位（技術難度），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.

我們在策略、諮詢、技術和營運方面的規模，以及我們在各個行業和職能領域的廣度和深度，使我們有能力以獨特的方式幫助我們的客戶利用技術和數據人工智慧以及新的工作方式進行重塑。

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.

在轉向 KC 之前，我想先稍微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、吸引和整合加入埃森哲的優秀公司方面的專業知識的戰略重要性。

Let's start with new areas of growth.

讓我們從新的成長領域開始。

We completed our acquisition of [Audacity] to scale our technology, learning and training services and to help our clients reskill and upskill their people.

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升員工技能。

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.

Audacity 是我們 Learn Vantage 數位學習平台的重要組成部分，我們在上個季度宣布它將成為未來的新成長領域。

Building on our expertise in customer face focus consulting, we invested to help drive our clients' growth agendas.

憑藉我們在客戶專注於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.

我們收購了 [Unlimited] 並成為一家屢獲殊榮的客戶互動機構，對人類行為有著深刻的理解，這從我們專有的人類理解實驗室和高性能數據洞察平台中可見一斑。

We acquired the [Luminary] in Australia, a marketing technology consultancy that helps leading organizations deliver seamless customer experiences and transform their marketing services.

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他們的行銷服務。

It provides industry and platform consulting services, including marketing, advisory, and planning, implementation across entire technology stacks, operational excellence, and simplification.

該公司提供行業和平台諮詢服務，包括行銷、諮詢和規劃、跨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.

我們完成了對保加利亞領先的客戶體驗分析提供商 [GeneSeek] 的收購，該公司幫助全球企業透過洞察、分析和人工智慧預測模型來了解客戶。

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.

我們也關閉了 [Mind Curve]，這是一家全球數位——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.

現在讓我們來討論擴展和熱門行業。

We acquired [Cotton Assante] a provider of innovative technology solutions for US federal health, defense, intelligence, and civilian agencies.

我們收購了 [Cotton Assante]，這是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。

With this acquisition, Federal Services is creating a new -- federal health portfolio for its business.

透過此次收購，聯邦服務部正在為其業務創建一個新的聯邦健康組合。

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.

我們在客戶管理、IT和[表面NPA]方面進行了投資，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.

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的光刻系統測試集成，這是另一個具有吸引力的行業領域。

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.

我們對 [Full Group] 的投資，這是一家領先的歐洲顧問公司和 Oracle 業務合作夥伴，專門從事全球供應鏈物流，這有助於我們擴大規模，供應鏈也是一個主要的成長領域。

Finally, we're scaling and attractive geographic markets.

最後，我們正在擴大規模並拓展有吸引力的地理市場。

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

我們收購了位於日本的技術顧問公司 [Clime]，我們的營收持續保持強勁成長。

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.

謝謝你，朱莉，也謝謝大家抽空參加今天的電話會議。

We are pleased with our Q3 results, which were in line with our expertise patients and reflect continued investment at scale.

我們對第三季的業績感到滿意，這符合我們的專業患者需求，並反映了持續的大規模投資。

We continue to serve as a trusted partner for our clients are running our business with rigor and discipline.

我們將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。

Now let me summarize a few of the highlights for the quarter.

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.

在我們13 個行業中，有7 個行業的收入以當地貨幣計算增長了1.4%，這些行業實現了中等個位數或更高的增長，這些行業包括快餐、工業、高科技科學、能源、公用事業和醫療保健。

We also continue to see improvement in our CMT industry group and we continue to take market share.

我們的 CMT 行業集團也持續取得進步，並且我們繼續佔據市場份額。

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.

提醒一下，我們根據可投資組合來評估市場成長，該組合大約包括我們全球最接近的 [24] 個公開競爭對手，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.

我們採用一致的方法將我們的財務結果與截至上次公開發布結果之日的滾動四個季度的財務結果進行調整，以排除重大收購的影響。

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.

調整後的營業利潤率為 16.4%，較去年第三季增加了 10 個基點，其中包括對我們的員工和業務的持續大量投資。

And finally, we delivered free cash flow of $3 billion and returned $2.2 billion to shareholders through repurchases and dividends.

最後，我們實現了 30 億美元的自由現金流，並透過回購和股息向股東返還了 22 億美元。

To date, we've had invested $5.2 billion across 35 acquisitions.

到目前為止，我們已在 35 項收購中投資 52 億美元。

With those high-level comments, let me turn to some details starting with new bookings.

聽完這些高層的評論，讓我從新預訂開始談一些細節。

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

本季新訂單金額為 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].

[1.3]。

Consulting bookings were $9.3 billion with a book-to-bill of

諮詢訂單額為 93 億美元，訂單出貨比為

[1.1].

[1.1]。

Managed Services bookings were $11.8 billion with a book-to-bill of

管理服務訂單額為 118 億美元，訂單出貨比為

[1.5].

[1.5]。

Turning now to revenues.

現在談談收入。

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.

本季營收為 165 億美元，美元下降 1%，負載貨幣下降 1.4%，略高於我們外匯調整後的指導範圍的中點，因為外匯逆風約為 2%，而預計的逆風為 1%。一季。

Consulting revenues for the quarter were $8.5 billion, a decline of 3% in USD, the decline of 1% in local currency.

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%。

Managed Service revenues were $8 billion, up 2% in US dollars and up 4% local currency.

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.

仔細觀察我們的服務，就會發現技術服務和策略與諮詢與 Slack 的營運均實現了低個位數成長。

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.

轉向北美地區市場，收入按當地貨幣計算增長了 1%，這主要得益於公共服務的增長，但被銀行業和資本市場的下滑部分抵消。

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.

在亞洲、中東和非洲地區，收入以當地貨幣計算下降了 2%，其中公共服務收入的成長被銀行和資本市場的下滑所抵消，而義大利通訊和媒體收入的成長又被法國的下滑所抵消。

In growth markets, revenue grew 8%, local currency led by growth in banking and capital markets and industrial.

在成長型市場，收入成長了 8%，當地貨幣成長主要得益於銀行、資本市場和工業的成長。

Revenue growth was driven by Argentina and Japan, partially offset by decline in Australia.

營收成長主要受阿根廷和日本的推動，但被澳洲的營收下滑部分抵銷。

Moving down the income statement, gross margin for the quarter was 33.4%, consistent with the same period last year.

沿損益表向下移動，本季毛利率為33.4%，與去年同期一致。

Sales and marketing expense for the quarter with 10.6% compared to 10.5% for the quarter for the third quarter last year.

本季銷售和行銷費用成長 10.6%，去年第三季為 10.5%。

General and administrative expense was 6.3% compared to 6.5% for the same quarter last year.

一般及行政開支為 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.

在繼續之前，我想指出的是，在24財年第三季和23財年第三季度，我們分別記錄了與業務優化行動相關的成本7700萬美元和3.47億美元。

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.

這些成本導致本季營業利潤率下降 40 個基點、每股收益下降 0.08 美元，去年第三季營業利潤率下降 210 個基點、每股收益下降 0.42 美元。

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.

去年第三季度，我們也確認對 [Duck Creek] 技術的投資獲得了收益，這影響了我們的稅率並使每股收益增加了 0.38 美元。以下比較排除了這些影響並反映調整後的結果。

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.

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%，較去年第三季調整後營業利潤率增加 10 個基點。

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.

我們本季的調整後有效稅率為 25.5%，而去年第三季的調整後有效稅率為 24%。

Adjusted diluted earnings per share were $3.32 compared with adjusted diluted EPS of $3.19 in the third quarter last year.

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.

[天]銷售應收帳款週轉天數為 43 天，而上一季為 43 天，去年第三季為 42 天。

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.

本季的自由現金流為 30 億美元，來自經營活動產生的現金 31 億美元，扣除 1.24 億美元的物業和設備增加。

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.

截至 5 月 31 日，我們的現金餘額為 55 億美元，而 8 月 31 日的現金餘額為 90 億美元，這符合我們持續向股東返還現金的目標。

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.

第三季度，我們回購或贖回了價值 14 億美元的 430 萬股股票，平均價格為 340 美元，合每股 0.41 美元。

As of May 31, we had approximately $3.3 billion of share repurchase authority remaining.

截至 5 月 31 日，我們剩餘的股票回購權約為 33 億美元。

Also I may related quarterly cash dividend of $1.29 per share for a total of $811 million.

此外，我可能還會公佈每股 1.29 美元的季度現金股息，總計 8.11 億美元。

This represents a 15% increase over last year.

比去年增加了 15%。

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.

我們的董事會宣布將於 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.

最後，我們對第三季的業績感到滿意，現在正努力實現第四季的業績。

We remain focused on capturing growth opportunities while continuing to invest in our business for long-term market leadership.

我們將繼續專注於抓住成長機會，同時繼續投資我們的業務以獲得長期的市場領導地位。

That let me turn it back to Julie.

這讓我把話題轉回給朱莉。

Thank you, KC.

謝謝你，KC。

As I mentioned earlier, we're seeing more of the same in terms of the day demand environment.

正如我之前提到的，就日需求環境而言，我們看到更多相同的情況。

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.

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，以及為什麼我們在幫助客戶開發人工智慧方面具有獨特的優勢。

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.

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，但人工智慧是重塑的核心，也是大規模使用通用人工智慧的能力，不同的客戶對此的認識存在很大差異。

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.

那些擁有強大數位化課程的企業通常會尋求更快地採取行動，而大多數客戶都開始意識到在整個企業中真正實施人工智慧所需的投資，從將應用程式和資料遷移到雲端開始建立強大的數位核心，建立新的認知層，在整個企業中實施現代 ERP 和應用程式以實現強大的安全層。

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.

幾乎所有客戶都發現很難擴展 Gen AI 項目，因為 AI 技術只是所需技術的一小部分。

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.

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，重新培訓和提升員工的技能，並圍繞負責任的人工智慧建立新的能力，所有這些都需要深入了解行業、功能和技術，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.

許多客戶首先需要找到更高的效率，以便在所有這些功能（特別是在數據基礎方面）中對其數位走廊進行規模化投資。

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.

簡而言之，人工智慧正在成為一種催化劑，促使企業更積極地追求成本，建立數位核心，並改變他們的工作方式，這為我們創造了巨大的機會。

And this is why clients are coming to us.

這就是客戶來找我們的原因。

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.

我們能夠幫助我們的客戶，但由於我們的服務範圍廣泛，涵蓋策略和諮詢、技術和運營，以及透過[歌曲]和數位製造和工程到[行業X]的所有客戶，以及我們在整個行業的相關性，因此存在輪調。

Our privileged position in the technology ecosystem has never been more important.

我們在科技生態系中的特殊地位從未如此重要。

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.

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、所需的人工智慧[主幹]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.

現在，讓我給你舉幾個例子來說明重塑和建構數位核心的複雜工作。

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.

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。

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.

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.

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產生人工智慧的自動化，為客戶提供更快、更有效率的服務。

The move to a new platform supports the company's sustainability goals for reducing energy consumption by transitioning to a more efficient cloud infrastructure.

轉向新平台有助於公司實現永續發展目標，即透過過渡到更有效率的雲端基礎設施來降低能源消耗。

Now Carry employees will be empowered to serve their customers better by offering high touch experiences, both online and in-stores.

現在，Carry 員工將能夠透過線上和店內提供高接觸體驗更好地為客戶服務。

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.

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，正在進行轉型之旅，以實現現代化和運營，改善其為當前和未來幾代客戶提供服務的方式。

We will help migrate nearly 2 million members to a new Digital first platform expected to drive the immediate improvements in existing business processes.

我們將協助近 200 萬名會員遷移到新的「數位優先」平台，並有望推動現有業務流程的立即改善。

This will lay the foundation to leverage advanced technology in generative AI to protect proactively manage members' health.

這將為利用生成式人工智慧的先進技術主動保護管理會員的健康奠定基礎。

We are also helping reskill and retain their operations staff, creating opportunities for employee development.

我們也幫助他們重新培訓和留住營運員工，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.

透過此次重塑，[獨立公司] 將繼續努力提升服務雲水平，改善體驗，實現更好的健康結果，在快速變化的醫療保健領域找到新的成長領域。 [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合適的技術、數據和人工智慧來重塑他們的企業和產業。

We are helping [MeeSeeks] an iconic American retailer with the technology modernization efforts.

我們正在幫助美國標誌性零售商 [MeeSeeks] 進行技術現代化改造。

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.

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，這將提高我們的營運效率和可擴展性。

This will or MeeSeeks to be more agile and enable growth.

這將使 MeeSeeks 變得更加靈活並促進成長。

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.

我們正在幫助阿拉伯聯合大公國中央銀行（負責該國銀行和保險業的監管機構）進行數位化轉型，以加強金融體系的穩定性，並根據阿聯酋的國家銀行法規促進該行業的成長、創新和多樣化。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.

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，從而提高監管能力並簡化持牌金融機構的活動。

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.

我們也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，所有這些都將提升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 的承諾，開闢新的收入來源並刺激電信市場的成長，我們將在邊緣編排平台上向市場推出解決方案，它將邊緣運算資料AI與嵌入式安全融為一體。

This will enable use cases such as quality inspection, safe workplace management and behavior monitoring to improve operations and customer experience.

這將實現品質檢查、安全工作場所管理和行為監控等用例，以改善營運和客戶體驗。

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.

無論是確保安全、通訊和建設場地，還是在處理人群和繁忙場館的同時創造粉絲體驗，還是支援重要設備和臨床醫生的工作流程和醫療保健，Virgin Media、O2 現在都可以為企業提供一系列靈活、安全且經濟實惠的解決方案，提高效率成長與績效。

And with our managed services and customer operations, we can work together with Virgin Media O2 to scale this growth.

透過我們的託管服務和客戶運營，我們可以與 Virgin Media O2 合作擴大這一成長。

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.

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保持強勁的兩位數成長。

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.

我們正在與美國海軍合作，以尖端能力增強其網路安全行動，從而加強其資料安全態勢並支援任務準備。

More than ever data and information are critically important to national security.

數據和資訊對國家安全比以往任何時候都更加重要。

Our solution sets are configured to provide defensive cyber operations across 80 networks to help safeguard digital assets emission operations.

我們的解決方案套件配置為在 80 個網路上提供防禦性網路操作，以協助保護數位資產的發射操作。

Together, we will help ensure the US Navy can combat evolving cyber threats.

我們將共同努力確保美國海軍能夠應對不斷演變的網路威脅。

Protect sailors at sea and defend American interest around the world.

保護海上水手並捍衛美國在世界各地的利益。

Once clients have a strong foundation, they can explore new opportunities to drive growth and efficiencies with Gen AI.

一旦客戶擁有了堅實的基礎，他們就可以探索利用 Gen AI 推動成長和提高效率的新機會。

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.

我們正在幫助一家全球領先的食品和飲料公司，該公司在發明之旅中已經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的價值。

Together, we developed the digital [shelf console] pilot Gen AI engine that accelerates content creation for e-commerce and optimizes it to drive sales.

我們共同開發了數位[貨架控制台]試點 Gen AI 引擎，可加速電子商務的內容創作並對其進行優化以推動銷售。

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.

該引擎使行銷人員能夠大規模審核和客製化內容，預計將交付一年的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。

Once we scale this enables the Company to produce more targeted content with significant time and cost efficiency, increased sales and transform customer experiences.

一旦我們擴大規模，公司就可以以顯著的時間和成本效率製作更有針對性的內容，增加銷售並改善客戶體驗。

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.

我們與澳洲國民銀行（全國最大的金融機構之一）合作，策略性地實施和擴展生成性人工智慧，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.

我們致力於在銀行現有的策略資料平台內建立一個安全、強大的 [G&A] 平台，並積壓了 200 個生成式 AI 用例。

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.

到目前為止，全行已測試了 20 多個案例，其中 8 個企業級試點正在進行中，許多試點已經擴大規模並產生價值。

We also created a methodology for you delivering Gen AI projects from experiments to scalable deployment, ensuring each stage delivers tangible business benefits.

我們還為您創建了一套方法，幫助您將 Gen AI 專案從實驗推向可擴展部署，確保每個階段都能帶來實際的商業利益。

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.

同時，澳洲國民銀行、銀行和埃森哲也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.

[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] 獨特的能力，結合創造性的客戶洞察力和深厚的技術專業知識。

Songs grew mid-single digits this quarter.

本季歌曲數量增加了中等個位數。

We are helping Saudi airlines, the national flag carrier of Saudi Arabia to launch an innovative digital platform to transform the travellers’ experience.

我們正在幫助沙烏地阿拉伯的國家航空公司沙烏地阿拉伯航空公司推出一個創新的數位平台，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.

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。

The platform is continuously evolving and we'll integrate more services over time.

該平台正在不斷發展，我們將隨著時間的推移整合更多服務。

We are redefining the standards of travel and a digital world.

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.

我們繼續看到對數位製造和工程服務的強勁需求。

Industry X grew high single digits in Q3.

X 產業在第三季實現了高個位數成長。

We are supporting a large Asia Pacific automobile manufacturer on their reinvention towards software defined vehicles.

我們正在支持亞太地區一家大型汽車製造商向軟體定義汽車進行重塑。

We will help accelerate software development and creative software center of excellence to optimize quality, cost pressures and delivery times.

我們將協助加速軟體開發並創建軟體卓越中心以優化品質、成本壓力和交付時間。

The center of excellence will manage for key work streams, advanced driver assistance systems, in-vehicle infotainment, electrical and electronics and powertrain.

該卓越中心將管理關鍵工作流程、高級駕駛輔助系統、車載資訊娛樂、電氣和電子設備以及動力系統。

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.

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載軟體，在車輛的整個生命週期中提供先進的功能和服務。

This enables the company to drive innovation, enhanced driver and passenger experiences and realize the full potential of software defined vehicles.

這使公司能夠推動創新，增強駕駛員和乘客體驗，並充分發揮軟體定義汽車的潛力。

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.

我們將繼續充分利用我們的所有優勢來管理當前的宏觀條件和限制性支出或投資未來的領導力。

Back to KC.

回到KC。

Thanks, Julie.

謝謝，朱莉。

Now turning to our business outlook.

現在談談我們的業務展望。

For the fourth quarter of fiscal '24, we expect revenues to be in the range of $16.05 billion to $16.65 billion.

對於 24 財年第四季度，我們預計營收在 160.5 億美元至 166.5 億美元之間。

This is the impact of FX would be about negative 2% compared to the fourth quarter of fiscal '23.

與 23 財年第四季相比，外匯的影響約為負 2%。

This reflects an estimated 2% to 6% growth in local currency.

這反映出當地貨幣預計將成長 2% 至 6%。

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.

根據過去幾週的匯率走勢，對於整個24財年，我們預期外匯對我們以美元計算的業績的影響將與23財年相比為負[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%.

對於整個 2024 年 6 月份，我們預計我們的營收將比 2023 財年以當地貨幣成長 1.5% 至 2.5%，假設無機貢獻接近 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.

我們持續預期業務優化行動將對24財年的營業利潤率產生70個基點的影響，對每股收益產生0.56美元的影響。對於調整後的營業利益率，我們繼續預期24財年的利潤率為15.5%，比23財年的業績擴大10個基點。

We now expect our adjusted annual effective tax rate to be in the range of 23.5% to 24.5%.

我們現在預計調整後的年度有效稅率將在 23.5% 至 24.5% 之間。

This compares to adjusted effective tax rate of 23.9% in fiscal '23.

相較之下，23 財年的調整後有效稅率為 23.9%。

We now expect our full year adjusted earnings per share for fiscal '24 to be in the range of $11.85 to $12 or 2% to 3% growth over fiscal '23 result.

我們現在預計 24 財年全年調整後每股收益將在 11.85 美元至 12 美元之間，或比 23 財年增長 2% 至 3%。

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.

對於整個 24 財年，我們繼續預計營運現金流將在 93 億美元至 99 億美元之間，物業和設備增加額約為 6 億美元，自由現金流將在 87 億美元至 93 億美元之間。

Our free cash flow guidance continues to reflect a very strong free cash flow to net income ratio of

我們的自由現金流指引繼續反映出非常強勁的自由現金流與淨收入比率

[1.2].

[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.

最後，我們仍然期望透過股息和股票購買返還至少 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 hope products that we can take your questions.

因此，希望我們的產品能夠解答您的疑問。

Katie?

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.

謝謝，KC，我要求你們每個人都只提出一個問題和一個後續問題，以便盡可能多的參與者提出問題。

Operator, would you provide instructions for those on the call?

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) JP Morgan 的 Tien-tsin Huang。

Thank you so much, and congrats to KC and Angie.

非常感謝，並恭喜 KC 和 Angie。

I just wanted to ask them upfront just for Julie maybe.

我只是想提前問他們，也許只是為了朱莉。

You mentioned stronger growth next year.

您提到了明年更強勁的成長。

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.

希望您能從高層次詳細闡述這一點，一方面，有很多變動的部分，您有大量積壓工作，有很多大交易。

You have strong inorganic growth.

你們擁有強勁的無機成長能力。

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.

另一方面，該行業在本週的可自由支配支出方面陷入困境，而且下半年全球大選也存在不確定性。

So just I know you can't do formal guidance for next year and a consensus is that was 6%.

所以我知道你無法對明年做出正式的指導，而共識是 6%。

Can you just give us maybe some high-level considerations that are worth underlining as were recasting our outlook for next year?

當我們重新制定明年的展望時，您能否為我們提供一些值得強調的高層考量？

Thank you.

謝謝。

Sure.

當然。

And thanks for the question, Tien-tsin.

感謝 Tien-tsin 提出的問題。

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.

因此，讓我們僅僅關注我們的成長策略以及今年前三個季度的情況，因為顯然，今年年初對支出發展的預期有所不同。

So what did we do?

那我們做了什麼？

We've leaned into what do clients need.

我們了解客戶需要什麼。

And they need these reinventions.

他們需要這些革新。

They need these big, large scale transformation.

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.

所以，您看到我們所做的就是滿足客戶的需求，而這就是他們所購買的。

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.

因此，我們加速或傾向於這些大型轉型交易，這就是為什麼您會看到，與去年同期相比，我們的客戶預訂量增加了 7 個，金額超過 1 億美元。

Now these convert to revenue slowly.

現在這些正在慢慢轉化為收入。

But as we're accelerating, you'll know that they ramp up and they will start to layer in.

但隨著我們不斷加速，你會知道它們正在加速，並開始分層。

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.

我們在這個市場上有非常獨特的優勢，能夠實現這些大規模的轉型，因為它們需要多種服務的結合。

Everything from the ability to help them move faster through our managed services.

透過我們的託管服務幫助他們更快地行動，一切都是如此。

Our industry expertise, everyone wants to do that with the high towards Gen AI.

我們的行業專業知識，每個人都希望以高水準實現 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.

因此，儘管這些轉型通常是為了為 Gen AI 做準備，但他們還是希望與真正了解 Gen AI 的合作夥伴合作。

And so how do we get there faster?

那我們要如何才能更快地實現這一目標呢？

And so as you think about the reinvention strategy, that's the strategy we've been executing for a couple of years.

所以當你考慮重塑戰略時，這就是我們已經執行了幾年的戰略。

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.

我們以獨特的方式參與其中，您可以看到本季度的結果，與去年相比，擁有這種預訂水平的客戶的數量有所加速，當然，明年還會有所增加。

The second is are leaning into where we are seeing growth in smaller deals.

第二個是我們傾向於看到小額交易的成長。

Because remember, the discretionary spending is constrained -- overall spending constraints and particularly in smaller projects.

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。

But whatever we do it?

但無論我們做什麼呢？

We see Gen AI as the new growth.

我們將人工智慧視為新的成長點。

We have an incredible ability to pivot our people.

我們擁有令人難以置信的調動員工的能力。

You can see the specialists and data in AI growing.

你可以看到人工智慧領域的專家和數據正在不斷成長。

Started at 40,000.

起價 40,000。

We're at 55,000 now, against our goal of 80,000 by the end of '26 were also training our people.

我們目前的人數為 55,000 人，而我們的目標是到 26 年底達到 80,000 人，我們也在培訓我們的員工。

You saw that big increase because we're preparing our people.

您看到瞭如此大的成長，是因為我們正在為人員做好準備。

You're now doing and transformation.

您現在正在進行轉變。

It may not be Gen AI, but you have to understand Gen AI.

它可能不是 Gen AI，但你必須了解 Gen AI。

So we're uniquely able to train our people at scale to understand Gen AI.

因此，我們能夠以獨特的方式大規模培訓我們的員工，使他們了解 Gen AI。

And how is that translating?

那如何翻譯呢？

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.

讓我們來看看本季的預訂量，今年前三個季度的預訂量已達到 20 億美元，而去年的預訂量為 3 億美元，收入為 5 億美元。

So starting to be meaningful rate in terms of the numbers, we were at $100 million for all of last year.

因此，從數字上看，這個有意義的比率是，去年全年我們的比率是 1 億美元。

So we expect to continue due to lean into Gen AI.

因此，我們預計將繼續依靠 Gen AI。

And what it's doing is very interesting from where we were, say, three quarters ago.

與三個季度前相比，它所做的事情非常有趣。

Acting as the catalyst to understand what you have to do.

充當催化劑來了解您必須做什麼。

So I'll finish here and then I'll just, of course, mentioned our ability to invest in inorganic.

所以我就在這裡結束吧，然後我當然會提到我們投資無機的能力。

But right now from a perspective of like what the end of the pull through restore reprioritizing.

但是現在從某個角度來看，就像透過恢復重新排序來結束拉動一樣。

But every other Gen AI project now is leading to some data project.

但現在每個其他的 Gen AI 項目都正在引導一些數據項目。

Because people are understanding, hey, this is a great technology and I'm not ready.

因為人們明白，嘿，這是一項偉大的技術，而我還沒準備好。

So we feel really good about being very well-positioned as spending increases when it does has increased because of what we're doing.

因此，當我們的支出因我們的行動而增加時，我們感到非常高興，因為我們處於非常有利的位置。

And then finally, remember, we invest in acquisitions to drive organic growth.

最後，請記住，我們投資收購是為了推動有機成長。

Like that is all about future growth.

就像那一切與未來的發展有關一樣。

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.

今天我在腳本中給了很多內容，只是為了幫助我們在思考未來成長時，體現出我們的投資能力有多麼具有戰略意義。

So not trying to comment at all and FY25, we'll call it like we see it.

因此，我們根本不想對 FY25 進行評論，我們會實事求是地談論它。

But we also want to be clear that our strategy is working and these deals will ramp up.

但我們也希望明確表明，我們的策略正在發揮作用，這些交易將會增加。

Yes.

是的。

Maybe I'll just add (technical difficulty) how we feel just within this fiscal year.

也許我只是想補充一下（技術難度）我們在這個財政年度的感受。

So we're very pleased with where we landed in Q3.

因此，我們對第三季的業績非常滿意。

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.

回顧第四季度，我們確實看到——我們的成長率明顯上升。

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.

我認為重要的是，其中包括我們預期我們的諮詢類工作在第四季度將恢復成長，而自去年第二季以來，我們的諮詢類工作就沒有成長。

Good.

好的。

Thank you both for that. (inaudible) with my follow-up.

非常感謝你們二位。 （聽不清楚）我的後續行動。

Just on the inorganic piece, can this pace continue?

僅在無機部分，這種步伐還能持續下去嗎？

So I'll let Julie talk about your add-on here.

因此我將讓朱莉在這裡談論您的附加組件。

But in terms of our -- let's talk about capital allocation.

但就我們而言——讓我們來談談資本配置。

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.

我們一直都這麼說，我們有能力——我認為這是我們的差異化因素，我們能夠投資並進入市場——只要我們看到我們想要的東西——我們就會執行，並且這一點不會改變。

And we've been able you've seen us do that over all the different business cycles.

您已經看到我們在所有不同的商業週期中都做到了這一點。

And importantly when we do that valuation terms of share buybacks and dividends as well.

重要的是，當我們進行股票回購和股利的估值時。

So from a financial standpoint, we have very strong balance sheet.

因此，從財務角度來看，我們的資產負債表非常強勁。

We have the ability to continue to follow up and down as we see fit from a capital allocation standpoint.

從資本配置的角度來說，我們有能力根據自己的需求繼續進行上漲和下跌的追蹤。

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.

我認為，在進入明年時，我們會決定明年要達到什麼水準。

So I think we'll comment next quarter.

所以我認為我們將在下個季度發表評論。

Perfect.

完美的。

But I know you've been able to amplify the growth before.

但我知道你之前已經能夠擴大成長。

So that's why I asked.

這就是我問的原因。

Thank you.

謝謝。

David Koning, Baird.

大衛‧科寧，貝爾德。

Hey, guys.

嘿，大家好。

Thanks so much.

非常感謝。

One thing I noticed.

我注意到了一件事。

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.

債務高達 16 億美元左右，是連續最高的——20 年來你幾乎沒有債務，而且你擁有大量現金。

But I guess what's the strategy around that borrowing money now?

但我想，現在藉錢的策略是什麼？

And maybe it's just the geographic cash positions too.

或許這也只是地理現金狀況的問題。

Yes, that's a great question.

是的，這是一個很好的問題。

So in terms of our cash, so that we started the year at $9 billion and our little bit more about $5.5 billion.

就我們的現金而言，今年年初我們的現金餘額為 90 億美元，今年的現金餘額略高於 55 億美元。

And we do have some debt is very small, as you mentioned, for company of our size.

正如您所說，對於我們這樣規模的公司來說，我們的債務確實很少。

We've had a credit facility that we put in during the pandemic.

我們在疫情期間建立了信貸機制。

And we continue to have a credit facility.

我們也會繼續提供信貸服務。

It's about $5.5 billion at the five-year credit facility.

五年期信貸額度約 55 億美元。

And what you just see, Dave, is that we're just exercising some of that credit facility kind of normal treasury operations.

戴夫，您剛才看到的是，我們只是在行使一些信貸工具，也就是正常的財務運作。

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.

或許只是作為後續行動，今年的利潤率在某種程度上處於正常水平的低端 - 今年的增長可能由於收購興趣而稍微放緩。

As we kind of look forward, the margin puts and takes -- how should we think that with acquisition spend in newer higher?

當我們展望未來時，利潤率的投入和產出—我們該如何看待收購支出的上升？

Does the next few quarters remain kind of putting a little pressure on margins there?

接下來的幾季是否會對利潤率造成一定壓力？

How should we think of just the moving parts of margins going forward?

我們該如何看待未來利潤率的變動部分？

Yes, sure.

是的，當然。

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.

因此，我顯然只會就今年到 24 年發表我的評論，但我會從槓桿角度指出我們現在的情況，以及約翰，我們將繼續花多少錢。

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.

因此，我們在上個季度聲明，我們的營業利潤率將擴大 10 個基點，並且我們在本季度再次確認全年的營業利潤率也將擴大 10 個基點，我們對做到這一點充滿信心。

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.

如果你看看我們的業務經營方式——如果你看看我們的毛利率以及我們在定價方面總體的看法，重要的是，當我們談論定價時，我們指的是我們銷售的作品的利潤率。

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.

我認為，對我們來說真正重要的是，我們能夠按照鑽機紀律經營我們的業務，以及我們如何在埃森哲的高效運營中運營自己，以及[BR]投資者的信任，因為我們吸收了更高的銷售成本，這是您所預料的。

We're looking at a record $60 billion of bookings.

我們的預訂額預計將達到創紀錄的 600 億美元。

And also the continued pressure and pricing that we had across our business.

我們整個業務中也面臨持續的壓力和定價問題。

So with that, we feel really good.

因此，我們感覺非常好。

And if you look at it, we grew 1% in quarter one.

如果你看一下，你會發現我們在第一季成長了 1%。

As an example, we are able to do 20 basis points of margin expansion, which grew 1% this quarter.

舉例來說，我們的利潤率能夠擴大 20 個基點，本季成長了 1%。

And we were able to do 10 basis points of margin expansion.

我們的利潤率也提高了 10 個基點。

So we feel good about the way we run our business with rigor and discipline, great banks, and those bookings.

因此，我們對自己嚴謹、紀律嚴明的業務經營方式、優秀的銀行和那些預訂感到很滿意。

Thank you.

謝謝。

Bryan Keane, Deutsche Bank.

德意志銀行的布萊恩·基恩。

Hi, guys.

嗨，大家好。

Good morning and congrats.

早安，恭喜你。

KC, great run.

KC，跑得很棒。

So I want to add from managed services is on the bookings, the $11.8 billion that was outsized number.

所以我想補充一下託管服務的預訂量，118 億美元是一個超大的數字。

How much of that is new bookings versus renewals?

其中新預訂和續訂預訂分別佔多少？

And maybe give us some flavor on what caused that spike in growth?

您能不能跟我們講一下導致這種成長高峰的原因？

Yes.

是的。

I'll talk a little bit about the numbers.

我將稍微談論一下這些數字。

In terms of what -- is a record bookings for managed services.

就託管服務的記錄預訂而言。

As Julie has been (technical difficulty) we've been talking.

由於朱莉 (遇到技術困難)，我們一直在交談。

It is obviously based on the larger transformational deals that we're doing is while this larger transformational deals.

顯然，這是基於我們正在進行的更大規模的轉型交易。

Just to be clear, Bryan, they do have both consulting and outsourcing hosted and managed services type with them.

需要明確的是，布萊恩，他們確實同時提供諮詢和外包託管和管理服務類型。

They do have, as you would expect, a larger portion of managers -- managed services type work.

正如您所期望的那樣，他們確實擁有較大比例的管理人員——管理服務類型的工作。

So when you see what we were able to do this year, we are already at 90 to seven more than last year.

所以當你看到我們今年所取得的成就時，你會發現我們已經比去年多了 90 比 7。

And we did have a very strong managed services bookings, as you noted in Q3.

正如您在第三季提到的那樣，我們的託管服務預訂量確實非常強勁。

We don't really know do (technical difficulty) breakout in terms of extensions or new.

我們確實不知道在擴展或新方面如何突破（技術難度）。

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.

但我想說的是，我們始終保持著健康的組合，我們努力在過去四個季度中實現這一目標，我們的業務也始終保持著差異。

Yes.

是的。

And just maybe a little color, Bryan.

也許還有一點顏色，布萊恩。

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.

當你思考這個重塑的想法時，Virgin Media 和 O2 就是一個很好的例子，因為他們是對的——我們結合了我們的優勢平台來提供——幫助我們提供——Virgin Media O2 來提供這些新服務。

And at the same time, we're supporting it with our customer operations, supporting their growth so that they can scale.

同時，我們也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。

And right now, clients, of course, are looking for growth.

現在，客戶當然正在尋求成長。

Also looking for transformation and efficiency.

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.

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。

I know you've heard us talk in the past about our [my wizard] platform, which helps in our managed services.

我知道您過去曾聽過我們談論我們的[我的嚮導]平台，它可以為我們的託管服務提供幫助。

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.

現在，我們已經成為 gen 嚮導，並且我們看到我們正在擁抱 - 在準備使用 Gen AI 的地方使用它，這將成為我們技術管理服務的真正差異化因素。

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.

因此，我們非常注重幫助我們的客戶更快地發展，利用我們的專業知識和數位投資，以便他們更快轉型和重塑。

And you're seeing that that focus.

而您就看到了這種焦點。

Got it.

知道了。

And just a follow-up, just looking at some of the dimensions breakout.

接下來，我們來看看一些維度的突破。

When I look at operations being flat, just any call outs for that?

當我看到營運狀況持平時，有什麼需要注意的嗎？

I know it was negative last quarter, so it's turned a little bit here.

我知道上個季度的情況是負成長，所以現在情況有所好轉。

But just trying to understand the growth there and the prospects specs.

但只是想了解那裡的成長和前景規格。

Yes.

是的。

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.

不，我們真的很高興本季的銷售額有所上升，這是我們業務中非常具有戰略意義的一部分。

Think of that it really is like sort of two ways.

想想看，這其實是兩種方式。

So we remain number one in our industry and finance and accounting.

因此，我們在行業和財務會計領域仍然保持第一。

And we're embracing again, Gen AI bear to help differentiate our platform.

我們再次擁抱 Gen AI 來幫助我們的平台脫穎而出。

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.

因此，我們看到的重點是設備，正如他們所說，好吧，我們真正了解我們需要多少數位化，以及我們需要在企業中做到這一點。

They're excited about our ability over time.

他們對我們的長期能力感到興奮。

Again, very early days still in Gen AI overtime to help build our sales.

再說一遍，在早期階段，我們仍在加班使用 Gen AI 來幫助我們提高銷售額。

We're building our spin-offs platform.

我們正在建立我們的衍生平台。

We're building in Gen AI, and that helps them to have less to -- building in their enterprise side by partnering with us.

我們正在建立 Gen AI，透過與我們合作，這有助於他們減少在企業方面的建置工作。

And so that's -- we think a really great differentiator.

所以，我們認為這是一個真正偉大的差異因素。

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.

然後，我們繼續向核心業務領域多元化發展，無論是針對我們客戶的行業核心。

Whether it's claims and underwriting and insurance or supply chain for consumer goods and industrial or core banking in that financial services.

無論是索賠、承保和保險，還是消費品和工業的供應鏈，還是金融服務中的核心銀行業務。

So we feel really good about the business and its continued prospects.

因此，我們對該業務及其持續前景感到非常樂觀。

Thank you.

謝謝。

Rod Bourgeois, DeepDive Equity Research.

Rod Bourgeois，DeepDive Equity Research。

Hey guys.

嘿，大家好。

Very best wishes to KC as well.

我也向 KC 致以最良好的祝愿。

Julie, you mentioned that the debate demand environment is sort of more of the same.

朱莉，你提到辯論需求環境大致上是相同的。

At the same time, it appears -- you've seen in our growth mending in certain key areas.

同時，大家似乎已經看到我們在某些​​關鍵領域的成長正在好轉。

I'm particularly interested in the growth improvement in the CMP vertical and in strategy, and consulting.

我對 CMP 垂直領域、策略領域和諮詢領域的成長改善特別感興趣。

Can you talk about what's enabling those growth improvements in a sense of the outlook for CMP and S&C?

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改善？

Thanks.

謝謝。

So you really want to compliment our entire team on the work that they're doing with our clients in CMT.

所以你真的想讚揚我們整個團隊為 CMT 客戶所做的工作。

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.

因此，我們已經討論了一段時間了，你開始看到像 Virgin Media O2 交易這樣的事情。

So our teams are working with our clients on what do they need.

因此，我們的團隊正在與客戶合作，以了解他們的需求。

And they're focused on getting rid of technology debt because that's critical in order to use some of these new technologies.

他們專注於擺脫技術債務，因為這對於使用一些新技術至關重要。

They're focused on using the new technologies.

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.

因此，我們有許多規模較小的客戶正在研究通用人工智慧，然後非常注重效率，最後是網路。

So really across the board, what I would say is that the industry was challenged.

所以實際上，我想說的是，從整體來說，這個產業面臨挑戰。

We have been just focused on going to where they need help you're seeing that result in our results.

我們只是專注於去那些他們需要幫助的地方，您會在我們的成果中看到這一點。

And then on strategy and consulting, again, it's all about being focused on what to our clients need.

而在策略和諮詢方面，我們再次強調，我們的重點是關注客戶的需求。

And so we've pivoted many more people, for example, towards cost in strategy.

因此，我們調動了更多人員來制定成本策略。

So cost takeouts, a big theme in particularly for our strategy.

因此，成本支出是我們策略中的重要主題。

We are seeing a lot of growth still in things like implementing modern ERP platforms with the focus on the digital core.

我們看到，在以數位核心為重點的現代 ERP 平台實施等方面仍取得了很大的成長。

And again, at Accenture, it's not just technology.

在埃森哲，這不僅僅是技術。

It's about where we're the number one player with all of these technology ecosystem players.

關鍵在於我們在所有這些技術生態系統參與者中都處於領先地位。

But our clients want to do it faster.

但我們的客戶希望能更快完成。

They need the industry expertise.

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.

因此，您在腳本中看到了許多關於我們如何引入這些平台的範例，以及我們如何在行業聯繫中進行這些操作。

And so I would say, cost takeout and move the cloud data platforms wrapped around within this functional expertise.

所以我想說，降低成本並將雲端資料平台轉移到這項功能專業知識中。

That's where we're seeing the growth.

這就是我們看到的成長。

And we just continue to remain laser focused on more people, more focus, working with the clients on what they need to buy.

我們只是繼續專注於更多的人，更專注，與客戶一起合作，滿足他們購買的需求。

Great.

偉大的。

Thanks for that.

謝謝。

And you're seeing revenue mix incrementally shift into managed services.

您會看到收入結構逐步轉向託管服務。

And I'm curious if you think some of that mix shift towards managed services is due to secular forces?

我很好奇，您是否認為這種向託管服務的轉變是由於長期力量所致？

Or you purely seeing that mix shift as just a cyclical phenomenon?

或者您僅僅將這種混合變化視為一種週期性現象？

Okay.

好的。

Yes, I think it's in terms of what the real driver is.

是的，我認為這取決於真正的驅動因素。

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.

較大的交易包含一些長期和週期性的組成部分，這就是你正在談論的。

So it really is just based on the larger deals.

所以它實際上只是基於更大的交易。

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.

所以只要想想埃森哲在這個市場上的獨特地位，那裡的客戶優先考慮大規模轉型、進行這些轉型、提高效率並加快步伐，託管服務是實現這一目標的高度策略性組成部分。

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.

這就是埃森哲在策略上如此有規模——[大量]諮詢類型的工作和託管服務真正能夠滿足客戶現在購買的需求。

Got it.

知道了。

Thank you.

謝謝。

Bryan Bergin, TD Cowen.

布萊恩·伯金（Bryan Bergin），TD Cowen 公司。

Hi, good morning and congrats.

嗨，早上好，恭喜你。

First question I wanted to ask on the consulting existing revenue base performance.

我想問的第一個問題是關於諮詢現有收入基礎的表現。

Can you just talk about how based business runoff kind of progressed within the minus 1% local currency performance?

您能否談談在本幣表現下跌 1% 的情況下，基礎業務流失是如何發生的？

I heard your comment on that 4Q consulting or just returning to growth.

我聽到了您關於第四季度諮詢或恢復增長的評論。

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.

試著去理解，這反映了可持續性——潛在的穩定供應，並真正衡量您是否達到了新的諮詢預訂轉換應該超過現有基礎流失的程度。

Yes.

是的。

So Bryan, in terms of what we'll give -- we'll talk about, it's really is what I just mentioned on Q4.

所以布萊恩，就我們將要給出的內容而言——我們將要討論的內容，實際上就是我剛才在 Q4 中提到的內容。

I guess I understand what you mean by based runoff.

我想我明白您所說的基於決選的意思了。

We don't really think of it that way.

我們其實不這麼認為。

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.

我們是這樣看待它的——也許我們的輪流是我們在積壓訂單中預訂了什麼，以及在我得到之前我們已經看到了新銷售的哪些新內容。

So just kind of going with those two points.

所以就照這兩點來吧。

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.

布萊恩，我們評估和討論的方式是從同比的角度，既要看我們下一季已經銷售的產品，也要看我們的銷售管道，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.

再次，我們很高興進行諮詢，我們確實感覺到您會看到它將恢復增長。

And I think it's a milestone that we haven't had in a number of quarters.

我認為這是我們多個季度以來未曾達到的里程碑。

So we're pleased with that.

我們對此感到很高興。

I will comment on anything OpEx for next year -- next year.

我會對明年（也就是明年）的任何 OpEx 進行評論。

I mean in September.

我指的是九月。

Okay.

好的。

And then bookings, obviously very solid year.

然後是預訂量，顯然今年的預訂量非常穩定。

Can you just comment on pipeline and any bookings expectations worth calling out for 4Q?

您能否對第四季度的管道和值得關注的預訂預期進行評論？

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到很滿意，我們的預訂量沒有達到 00，我們沒有給出下一季預訂量的指引，但我們感覺很好。

Thanks.

謝謝。

James Faucette, Morgan Stanley.

摩根士丹利的詹姆斯·福塞特（James Faucette）。

Great.

偉大的。

Thanks very much on.

非常感謝。

Wanted to follow-up on the acquisition activity.

想要跟進收購活動。

Obviously been really robust quoting on a lot of good opportunities.

顯然，對許多好機會的引用確實很強勁。

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?

您能否整體介紹您所進行的收購，以及在進行收購時，您如何計算這些業務的整體成長率？

And I know you reported through -- to accelerate those, how the growth has changes -- those companies are absorbed into (inaudible) even if directional?

我知道您報告過——為了加速這些成長，這些公司是如何變化的——即使是定向的，這些公司也被吸收了（聽不清楚）？

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，當我們從整體上看我們的收購時，它們都伴隨著——它們通常都是我們從我們收購的公司，我們有一個與​​組織相關的基本情況，我們會評估該成長率。

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.

然後，我們顯然提出了相當重要的協同效應案例，這些案例無需經過那些對這些收購以及更廣泛的中心提出相當高標準的指標。

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.

這就是為什麼整合對我們來說如此重要，因為我們不只是擁有一個偉大的商業案例，這也許是你需要做的一半，但關鍵在於你如何整合來實現這一點，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.

所以，你會看到，你也許可以理解你的問題，看看我們在過去五年裡做了多少，你就能看到我們如何能夠繼續發展我們的在此期間，我們的業務確實持續實現了有機增長。

Got it.

知道了。

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.

然後很快，您所關注並在準備好的發言中提到的領域之一是政府和醫療保健領域，顯然這些領域的成長非常強勁。

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?

我們應該如何看待這一領域的長期或中期潛在成長點？

Thanks.

謝謝。

Thanks.

謝謝。

We feel really good about that vertical.

我們對這一垂直領域感到非常滿意。

Obviously, there's a lot of transformation that's going on in public service.

顯然，公共服務正在發生許多變革。

You see health is a big driver, defense is a big driver.

您會發現健康是重要驅動力，防禦也是重要驅動力。

There's a lot of infrastructure support, whether it's IRA in the US or what the EU has been doing as well.

有許多基礎設施支持，無論是美國的 IRA 還是歐盟也在做的事情。

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.

當然，公共服務和醫療衛生領域還沒有實現大量的數位轉型，因此，我們認為現在是時候了，您也可以從結果中看到這一點。

So we feel very confident and we think about the investment like we do all our industries.

因此我們非常有信心，我們像考慮所有行業一樣考慮這項投資。

I mean, remember, we have 13 industry groups.

我的意思是，記住，我們有 13 個行業集團。

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.

多元化是我們韌性和成長策略的關鍵部分，因此，在任何時候，我們都會根據成長軌跡進行不同的投資。

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.

正如我們本季所指出的，我們一直在對公共服務進行大量投資，因為我們看到未來幾年這將是一個巨大的成長領域，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.

你好。

Many thanks.

非常感謝。

And first, Casey and Paul, special congratulations as you make the transition.

首先，凱西 (Casey) 和保羅 (Paul)，我要特別祝賀你們順利完成過渡。

I wanted to ask a question, and I'll just make it concurrently in the interest of time.

我想問一個問題，但為了節省時間，我只能同時問一個問題。

And Julie, I think I'll direct this to you.

朱莉，我想我應該把這個問題轉交給你。

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?

第一，關於 BPO，您的一個競爭對手剛剛公開表示最近定價受到了相當大的壓力，我想知道您是否會對此表示贊同？

And I'm really curious as to why.

我真的很好奇為什麼。

Why do you think pricing has been under duress and how do you think about impacting future growth?

您認為定價為何面臨壓力？

And then the second area that I wanted to ask about is, Song.

然後我想問的第二個領域是歌曲。

Thank you for the comment on mid-single digit growth.

感謝您對中等個位數成長的評論。

And I'm really interested how you think GenAI will impact over your digital agency over the next 12 to 24 months.

我非常想知道您認為 GenAI 將在未來 12 到 24 個月內對您的數位代理商產生什麼影響。

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.

我之所以問這個問題，是因為我們也花了很多時間與 Adob​​e 等公司合作，這些公司具有重大意義——生成式人工智慧將對數位代理商產生重大影響。

And some of the agencies are talking about seat reductions because of the value associated with generative AI.

由於生成式人工智慧的價值，一些機構正在討論減少席位。

And I'm just wondering if you could comment on how you think generative AI will impact the growth potential of Song.

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。

And that's it for me.

對我來說這就是全部了。

Many thanks.

非常感謝。

Great.

偉大的。

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

KC，你為什麼不趕快降價，然後我來做宋。

Keith, I would say just in terms of pricing, and we've been commenting on this for quite some time.

基思，我想說的是，僅就定價而言，我們已經對此評論了很長一段時間了。

You are correct in that; we've had overall in our entire business continued pricing pressure.

你說得對；我們整個業務總體上持續面臨價格壓力。

So, I mean, that's the way I would reflect on that statement -- on your question

所以，我的意思是，這就是我對你的問題的反思

(inaudible)

（聽不清楚）

Yes, it's overall is a tight market, So that's what you normally see.

是的，總體來說市場緊張，所以這就是你通常會看到的。

On Song, here's where we are so unique, because our business is not an agency business, right?

關於《歌曲》，這就是我們的獨特之處，因為我們的業務不是代理業務，對嗎？

The agencies are part of an incredibly differentiated value proposition where you have creative and technology and digital and by the way managed services.

這些代理商是極具差異化的價值主張的一部分，其中您擁有創意、技術和數位化以及託管服務。

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.

因此，我們認為這是一個巨大的機遇，因為我們正在盡快抓住它，以幫助我們的客戶獲得價值，但我們將它與所有其他服務結合在一起。

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，我們很高興看到本季 Song 的成長有所上升，從長遠來看，我們真的認為這很棒，記住，這是我們的劇本，對吧？

We embrace technology.

我們擁抱科技。

We've done it in every wave.

我們在每一波浪潮中都做到了這一點。

We've done it when we did managed services.

我們在提供託管服務時就已經做到了這一點。

Remember in 2015, we had SynOps and myWizard.

記得 2015 年，我們有 SynOps 和 myWizard。

Our business is to help our clients be more efficient and grow.

我們的業務是幫助我們的客戶提高效率和成長。

That is what we do.

這就是我們所做的。

And we use technology in how we deliver it.

我們在交貨過程中運用了技術。

And we help them use technology and how they operate.

我們幫助他們使用科技和營運方式。

And so, we see GenAI as yet another way that we're going to embrace it.

因此，我們將 GenAI 視為擁抱它的另一種方式。

We're going to be fast and we're going to do what we do for clients.

我們會迅速行動，做好客戶需要做的事。

And that is a very exciting opportunity, so we feel really good about our Song business.

這是一個非常令人興奮的機會，因此我們對我們的歌曲業務感到非常滿意。

Great.

偉大的。

So, thanks everyone for the questions and the time today.

所以，感謝大家今天的提問和時間。

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.

最後，我想像往常一樣再次感謝我們所有股東的持續信任和支持，以及我們所有員工每天為我們的客戶和彼此所做的一切。

Thanks so much for joining.

非常感謝您的加入。

Ladies and gentlemen, that does conclude your conference for today.

女士們、先生們，今天的會議到此結束。

Thank you for your participation and for using AT&T teleconference.

感謝您的參與和使用 AT&T 電話會議。

You may now disconnect.

您現在可以斷開連線。