埃森哲 (ACN) 2024 Q4 法說會逐字稿

Thank you for standing by. Welcome to Accenture's fourth-quarter fiscal 2024 earnings call. (Operator Instructions) As a reminder, today's conference is being recorded and I will now turn the conference over to our host, Katie O'Conor, Managing Director, Head of Investor Relations. Please go ahead.

謝謝你的支持。歡迎參加埃森哲 2024 財年第四季財報電話會議。 （操作員說明） 提醒一下，今天的會議正在錄製中，我現在將會議交給我們的主持人凱蒂·奧康納（Katie O'Conor），董事總經理、投資者關係主管。請繼續。

Thank you, operator, and thanks, everyone, for joining us today on our fourth-quarter and full 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'll hear from Julie Sweet, our Chair and Chief Executive Officer; KC McClure, our current Chief Financial Officer; and Angie Park, our incoming Chief Financial Officer.

感謝營運商，也感謝大家今天加入我們，共同發布第四季和 2024 財年完整收益公告。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； KC McClure，我們現任財務長；以及我們即將上任的財務長安吉·帕克 (Angie Park)。

We hope you've had an opportunity to review the news release we issued a short time ago. Let me quickly outline the agenda for today's call. Julie will begin with an overview of our results. KC will take you through the financial details including the income statement and balance sheet, along with some key operational metrics for the fourth quarter and full fiscal year. Julie will then provide a brief update on our market positioning before Angie provides our business outlook for the first quarter and full fiscal year 2025. We will then take your questions before Julie provides a wrap-up at the end of the call.

我們希望您有機會閱讀我們不久前發布的新聞稿。讓我快速概述一下今天電話會議的議程。朱莉將首先概述我們的結果。 KC 將帶您了解財務詳細信息，包括損益表和資產負債表，以及第四季度和整個財年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，然後安吉提供我們對 2025 年第一季和整個財年的業務展望。

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）具有前瞻性，因此會受到已知和未知的風險和不確定性的影響，包括但不限於今天的新聞稿和正如我們的10-K 表格年度報告和10-Q 表格季度報告以及其他SEC 文件中所討論的那樣。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. Now let me turn the call over to Julie.

在今天的電話會議中，我們將參考某些非公認會計準則財務指標，我們認為這些指標為投資者提供了有用的信息。我們在新聞稿中或我們網站 Accenture.com 的投資者關係部分中包含了與 GAAP 相適應的非 GAAP 財務指標的調整表。與往常一樣，埃森哲沒有義務更新本次電話會議中提供的資訊。現在讓我把電話轉給朱莉。

Thank you, Katie, and everyone joining. And thank you to our 774,000 people around the world who have worked every day to be at the center of our clients' business and deliver 360 degree value for all our stakeholders.

謝謝凱蒂和大家的加入。感謝我們遍佈全球的 774,000 名員工，他們每天都在努力成為客戶業務的中心，並為所有利害關係人提供 360 度的價值。

Our performance this year clearly demonstrates the resilience and agility of our business model, the power of our scale and reinvention in action. FY24 was marked by a challenging market environment and we have rapidly shifted to where our clients are buying, large reinventions that utilize the scale of Accenture's expertise and ecosystem relationships.

我們今年的業績清楚地表明了我們業務模式的彈性和敏捷性、規模的力量以及行動中的重塑。 2024 財年的市場環境充滿挑戰，我們迅速轉向客戶購買的領域，利用埃森哲的專業知識和生態系統關係進行大規模改造。

And we have yet put reinvention into action at Accenture, with our significant investment and [early] leadership and what we believe will be the most transformative technology in the next decade: GenAI. As a result, over the last four quarters, we have successfully positioned Accenture for strong growth in FY25. When market conditions improve, we will be well positioned to capitalize them. In FY24, we continued to deliver on our enduring shareholder value proposition to grow faster than the market and take share, deliver earnings growth and margin expansion while investing in scale with strong free cash flow, disciplined capital allocation, and significant cash returned to shareholders.

憑藉我們的大量投資和[早期]領導力以及我們相信將成為未來十年最具變革性的技術：GenAI，埃森哲已經將重塑付諸行動。因此，在過去四個季度中，我們成功地將埃森哲定位為在 2025 財年實現強勁成長。當市場狀況改善時，我們將能夠很好地利用它們。 2024 財年，我們繼續實踐持久的股東價值主張，以快於市場的速度增長並佔據份額，實現盈利增長和利潤率擴張，同時透過強勁的自由現金流、嚴格的資本配置和向股東返還大量現金進行規模投資。

Turning to our results and the foundation for growth we have built for FY25, with our clients prioritizing large-scale transformations, we doubled down on our strategy to be the reinvention partner of our clients. Our success is reflected in our full fiscal-year bookings of $81 billion, representing 14% growth in local currency, including 33 clients with quarterly bookings greater than $100 million in the fourth quarter, bringing the total of such bookings to [125] for the year, [19] more than last year.

談到我們的業績和我們為 25 財年建立的成長基礎，我們的客戶優先考慮大規模轉型，我們加倍努力成為客戶的重塑合作夥伴。我們的成功體現在我們整個財年的預訂金額達到810 億美元，以當地貨幣計算增長了14%，其中包括33 個客戶，第四季度的季度預訂額超過1 億美元，使此類預訂總額達到[125] 個。

We are proud to now have 310 Diamond clients, our largest client relationships, an increase of 10 from last year, expanding our base of deep client relationships and the vantage point we have on the market. We delivered revenues of $65 billion for the year, representing 2% growth in local currency while continuing 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.

我們很自豪現在擁有 310 名鑽石客戶，這是我們最大的客戶關係，比去年增加了 10 名，擴大了我們深厚的客戶關係基礎和我們在市場上的優勢。我們全年實現了 650 億美元的收入，以當地貨幣計算增長了 2%，同時繼續連續四個季度相對於我們最接近的全球上市競爭對手（我們計算市場份額的方式），佔據市場份額。

We expanded adjusted operating margin by 10 basis points and delivered adjusted EPS growth of 2% while continuing to significantly invest in our business. And our people was 6.6 billion and strategic acquisitions, 1.2 billion in R&D and 1.1 billion and learning and development, we generated free cash flow of $8.6 billion, allowing us to return 7.8 billion of cash to shareholders. We completed the business optimization actions we announced in March 2023 to reduce structural costs.

我們將調整後營業利潤率擴大了 10 個基點，調整後每股盈餘成長了 2%，同時繼續大力投資我們的業務。我們的員工有 66 億人，策略性收購，12 億人用於研發，11 億人用於學習和發展，我們產生了 86 億美元的自由現金流，使我們能夠向股東返還 78 億現金。我們完成了 2023 年 3 月宣布的業務優化行動，以降低結構性成本。

For the full fiscal year, we had 3 billion in new Gen-i bookings, including $1 billion in Q4. And for the full fiscal year, we had nearly what 900 million in revenue magnitude of this achievement is seen in the comparison to FY 23, where we had approximately 300 million in sales and roughly 100 million in revenue from Chennai. This was an area where our clients continued to buy small deals and we focus on accelerating our growth.

在整個財年，我們的 Gen-i 新預訂量為 30 億美元，其中第四季的 10 億美元。與 23 財年相比，我們在整個財年的營收規模接近 9 億美元，23 財年我們的銷售額約為 3 億美元，欽奈的營收約為 1 億美元。這是我們的客戶繼續購買小額交易的領域，我們專注於加速成長。

Here, we have continued to steadily increase our data and their workforce, reaching approximately 57,000 practitioners against works. We invested in our people to continue to develop their marketable skills and to help us reinvent our services using Gen AI. Our people had approximately 44 million training hours this year, representing an increase of 10%, predominantly due to Gen AI changing.

在這裡，我們繼續穩步增加我們的數據和勞動力，達到約 57,000 名從業人員。我們對員工進行投資，以繼續發展他們的適銷對路技能，並幫助我們利用 Gen AI 重塑我們的服務。今年，我們的員工接受了約 4,400 萬小時的培訓，增加了 10%，這主要是由於 Gen AI 的變化。

In addition to being a talent creator through our investment in learning, our talent strategy to succeed over the next decade is to have the best access to talent to unlock the potential of our talent through among other actions, ensuring our people feel they are net better off for working at Accenture option, Accenture across four dimensions, marketable skills, working for a purpose, well-being, financial, mental and physical and relationships where our people so they belong and can thrive.

除了透過學習投資成為人才創造者之外，我們在未來十年取得成功的人才策略是透過最佳途徑獲得人才，透過其他行動釋放我們人才的潛力，確保我們的員工感覺自己更優秀選擇在埃森哲工作，埃森哲涵蓋四個維度：適銷對路的技能、有目的的工作、福祉、財務、精神和身體以及我們的員工所擁有的歸屬感和成長的關係。

In addition, our leadership in the market requires that we lead in innovation, which in turn requires access to broad pool of talents to provide the variety of perspectives are three observations and insights which are essential to continuously innovate. These strategies depend on us fostering a diverse and inclusive workplac for the third year with the number one spot on the FTSE Global Diversity and Inclusion Index and objective measurement of over 15,000 organizations and our recent achievements of having 50 50 gender equality in our advanced technology centers in India, which have over 220,000 people.

此外，我們在市場中的領導地位要求我們引領創新，而創新需要廣泛的人才庫來提供多種視角，這三個觀察和見解對於持續創新至關重要。這些策略取決於我們連續第三年培育多元化和包容性的工作場所，在富時全球多元化和包容性指數中名列第一，對超過15,000 個組織進行客觀衡量，以及我們最近在先進技術中心實現50 50 性別平等的成就印度有超過22萬人口。

Our long-term growth depends on thriving communities, and we continue to successfully create value in the communities where we operate, such as our work, helping address the United Kingdom's digital inclusion gap, partnering with tax, you can on a new program, regenerative AI that aims to empower people and SOC And our superior execution of these strategies is demonstrated by our global recognition for the third year with the number one spot on the FTSE Global Diversity and Inclusion Index and objective measurement of over 15,000 organizations and our recent achievements of having 50 50 gender equality in our advanced technology centers in India, which have over 220,000 people, our long term growth depends on thriving communities, and we continue to successfully create value in the communities where we operate, such as our work, helping address the United Kingdom's digital inclusion gap, partnering with tax, you can on a new program, regenerative AI that aims to empower people and socio economically disadvantaged communities across the two country to build their digital skills.

我們的長期成長取決於繁榮的社區，我們繼續在我們經營所在的社區成功創造價值，例如我們的工作，幫助解決英國的數位包容性差距，與稅務合作，您可以在一個新的計劃中，再生人工智慧旨在增強人們和SOC 的能力，我們連續第三年獲得全球認可，在富時全球多元化和包容性指數中名列第一，對超過15,000 個組織進行客觀衡量，以及我們最近在我們在印度的先進技術中心擁有50 50 性別平等，擁有超過220,000 名員工，我們的長期成長取決於繁榮的社區，我們繼續在我們開展業務的社區成功創造價值，例如我們的工作，幫助解決英國的數字包容性差距，與稅務部門合作，可以開展一項新計劃，即再生人工智慧，旨在幫助兩國人民和社會經濟弱勢群體建立數位技能。

Finally, I want to acknowledge how proud we are to have earned the number two spot on times World's Best Companies list and the top spot on the world's best management consulting firms list by sports over the UKCS.

最後，我要感謝我們在《Times》世界最佳公司排行榜上名列第二，並在UKCS 體育界評選的《世界最佳管理諮詢公司》排行榜上名列第一，我們對此感到多麼自豪。

Thank you, Julie, and thanks to all of you for joining us on today's call. We're very pleased with our results in the fourth quarter, which were aligned to our expectations and reflect improvement across all dimensions of our business. We continue to invest for long-term market leadership while delivering significant value for our shareholders. So let me begin by summarizing a few highlights.

謝謝朱莉，也謝謝大家參加今天的電話會議。我們對第四季度的業績非常滿意，這符合我們的預期，並反映了我們業務各個方面的改進。我們繼續投資以實現長期市場領導地位，同時為股東創造巨大價值。讓我先總結一些要點。

For the quarter. Revenue grew 5% local currency, driven by mid single digit growth or higher in seven of our 13 industries, including public service, industrial software and platforms, health, high-tech, energy and life sciences. We had growth in all three markets, all three services, this as well as return to growth in consulting type of work for the first time in six quarters, organic revenue improved as well to slightly positive growth, and we continue to take market share. And adjusted operating margin was 15%, an increase of 10 basis points over Q4 last year.

對於本季。以當地貨幣計算，收入增長了5%，這得益於我們13 個行業中的7 個行業實現了中等個位數或更高的增長，包括公共服務、工業軟體和平台、健康、高科技、能源和生命科學。我們在所有三個市場、所有三個服務方面都有成長，這也是諮詢類型工作在六個季度中首次恢復成長，有機收入也有所改善，並實現小幅正成長，並且我們繼續佔據市場份額。調整後營業利益率為15%，較去年第四季增加10個基點。

We continue to drive margin expansion while making significant investments in our business and our people. We delivered adjusted EPS of $2.79, which represents 3% growth compared to adjusted EPS last year. And finally, we delivered free cash flow of $3.2 billion and returned 1.4 billion to shareholders through repurchases and dividends. With those high-level comments, let me turn to some of the details. New bookings were 20.1 billion for the quarter, representing 21% growth in USD and 24% growth in local currency with an overall book-to-bill 1.2. Consulting bookings were 8.6 billion with a book-to-bill of one managed services. These were EUR11.6 billion with a book-to-bill of 1.4.

我們繼續推動利潤率擴張，同時對我們的業務和員工進行大量投資。我們的調整後每股收益為 2.79 美元，與去年調整後每股收益相比增長了 3%。最後，我們交付了 32 億美元的自由現金流，並透過回購和股息向股東返還 14 億美元。有了這些高層評論，讓我談談一些細節。本季新訂單量為 201 億份，以美元計算成長 21%，以當地貨幣計算成長 24%，整體訂單出貨比為 1.2。諮詢預訂量為 86 億，其中一項託管服務的預訂到帳單。銷售額為 116 億歐元，訂單出貨比為 1.4。

Turning now to revenues. Revenues for the quarter were EUR16.4 billion above the midpoint of our guided range, reflecting a 3% increase in USD and 5% in local currency. Consulting revenues for the quarter were $8.3 billion, up 1% in USD and 3% in local currency. Managed services revenue were $8.1 billion of percent in USD and 7% in local currency. Taking a closer look at our service dimensions, technology services and strategy and consulting both grew mid single-digits and operations grew low single digits.

現在轉向收入。本季營收比我們指引範圍的中點高出 164 億歐元，以美元計算成長 3%，以當地貨幣計算成長 5%。本季顧問收入為 83 億美元，以美元計算成長 1%，以當地貨幣計算成長 3%。託管服務收入為 81 億美元，其中美元收入佔 81 億美元，當地貨幣收入佔 7%。仔細觀察我們的服務維度，技術服務以及策略和諮詢均實現中個位數成長，而營運則實現低個位數成長。

Turning to our geographic markets. In North America, revenue grew 6% in local currency, driven by growth in Public Service and Industrial Media revenue grew 2%. Local currency, led by growth in public service in life sciences, partially offset by a decline in banking capital markets. Revenue growth was driven by Italy in the United Kingdom, partially offset by a kind of France and growth markets. Revenue grew 9% local currency led by growth in banking, capital markets, software and platforms and AT & T's in Japan.

轉向我們的地理市場。在北美，受公共服務和工業媒體收入成長 2% 的推動，以當地貨幣計算的收入成長了 6%。當地貨幣受到生命科學公共服務成長的帶動，但部分被銀行資本市場的下滑所抵銷。收入成長由義大利和英國推動，部分被法國和成長市場所抵消。由於日本銀行業、資本市場、軟體和平台以及 AT&T 的成長，收入以當地貨幣計算增長了 9%。

Moving down the income statement, gross margin for the quarter was 32.5% compared with 32.4% for the same period last year. Sales and marketing expense for the quarter was 10.7% compared with 10.8% for the fourth quarter last year. General and administrative expenses were 6.8% compared to 6.7% for the same quarter last year. Before I continue, I would if that results in Q4 of FY24 and FY23 include costs associated with business optimization actions, which impacted operating margin and EPS. The following comparisons exclude these impacts and reflect adjusted results.

向下看損益表，本季毛利率為 32.5%，去年同期為 32.4%。本季銷售和行銷費用為 10.7%，而去年第四季為 10.8%。一般及行政費用為 6.8%，去年同期為 6.7%。在我繼續之前，我想知道 2024 財年和 23 財年第四季的結果是否包括與業務優化行動相關的成本，這會影響營業利潤率和每股盈餘。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 2.5 billion in the fourth quarter, reflecting a 15% adjusted operating margin of 10 basis points compared with Q4 last year. Our adjusted effective tax rate for the quarter was 26.2% compared with an adjusted effective tax rates at 27.4% for the fourth quarter last year. Adjusted diluted earnings per share were $2.79 compared with adjusted EPS of $2.71 in the fourth quarter last year. Day services outstanding were 46 days compared to 43 days last quarter and 42 days in the fourth quarter of last year.

第四季調整後營業收入為25億美元，反映出調整後營業利益率為15%，較去年第四季提高10個基點。我們本季調整後的有效稅率為 26.2%，而去年第四季調整後的有效稅率為 27.4%。調整後稀釋每股收益為 2.79 美元，而去年第四季調整後每股收益為 2.71 美元。未償還日間服務天數為 46 天，而上一季為 43 天，去年第四季為 42 天。

Free cash flow for the quarter was 32 was 3.2 billion, resulting from cash generated by operating activities of $3.4 billion of property and equipment additions of $214 million. Our cash balance at August 31 was 5 billion compared with $9 billion at August 31st last year. With regards to our ongoing objective to return cash to shareholders. In the fourth quarter, we repurchased or redeemed 2.1 million shares for $620 million at an average price of 300 to $3.7 per share.

該季度的自由現金流為 32 億美元，源自於經營活動產生的現金 34 億美元以及財產和設備增加的 2.14 億美元。截至 8 月 31 日，我們的現金餘額為 50 億美元，而去年 8 月 31 日的現金餘額為 90 億美元。關於我們向股東返還現金的持續目標。第四季度，我們以 6.2 億美元的價格回購或贖回了 210 萬股股票，平均價格為每股 300 至 3.7 美元。

Also in August, we paid our fourth quarterly cash dividend of $1.20 per share for a total of $808 million. And our Board of Directors declared a quarterly cash dividend of $1.40 per share to be paid on November 15, a 15% increase over last year and approved 4 billion of additional share repurchase authority. Now I'd like to take a moment to summarize the year. Our fiscal 24 results illustrate the diversity and durability of our business as well as our ability to continue to manage our business with rigor and discipline.

同樣在 8 月份，我們支付了每股 1.20 美元的第四季現金股息，總計 8.08 億美元。我們的董事會宣佈於 11 月 15 日派發季度現金股息，每股 1.40 美元，較去年增加 15%，並批准額外 40 億股的股份回購權限。現在我想花點時間總結這一年。我們 24 財年的業績說明了我們業務的多樣性和持久性，以及我們繼續嚴格和紀律管理業務的能力。

We delivered record bookings of $81.2 billion, reflecting 13% growth in US dollars and 14% growth in local currency was a record at 125 quarterly client bookings over $100 million, which positions us well as we bid begin. FY25 revenue of 64.9 billion for the year reflects growth of 2% local currency. Before I continue, I would note that results for the full fiscal year 24 and fiscal 23 include costs associated with business optimization in fiscal '23.

我們交付了創紀錄的812 億美元預訂量，以美元計算增長了13%，以當地貨幣計算增長了14%，創下了125 個季度客戶預訂量超過1 億美元的記錄，這使我們在競標開始時處於有利地位。 2025 財年營收為 649 億美元，以當地貨幣計算成長 2%。在繼續之前，我想指出整個 24 財年和 23 財年的結果包括與 23 財年業務優化相關的成本。

Results also reflect the gain on investment and battery technologies, which impacted operating margins in our tax rate in EPS. The following comparisons exclude these impacts and reflect adjusted results. Adjusted operating margin of 15.5%, a 10 basis point expansion over FY23. Adjusted earnings per share were $11.95, reflecting a 2% growth over adjusted FY23 EPS.

結果也反映了投資和電池技術的收益，這影響了我們每股收益稅率的營業利潤率。以下比較排除了這些影響並反映了調整後的結果。調整後營業利益率為 15.5%，比 2023 財年成長 10 個基點。調整後每股收益為 11.95 美元，較調整後 23 財年每股收益成長 2%。

Free cash flow of 8.6 billion reflected a very strong free cash flow to net income ratio of one point to. And with regards to our ongoing objective to return cash to shareholders, we returned 7.8 billion of cash to shareholders while investing approximately $6.6 billion across 46 acquisitions. In closing, we feel good about how we manage our business while navigating a challenging macro environment in FY24. And we remain committed to delivering on our enduring shareholder value proposition while creating three or 60 degree value for all our stakeholders. And now back to usually

86億的自由現金流反映了非常強勁的自由現金流與淨利比1個百分點。至於我們向股東返還現金的持續目標，我們向股東返還了 78 億現金，同時在 46 項收購中投資了約 66 億美元。最後，我們對在 2024 財年充滿挑戰的宏觀環境中管理業務的方式感到滿意。我們仍然致力於實現持久的股東價值主張，同時為所有利害關係人創造 3 或 60 度的價值。現在回到平常

Thank you, KC. Our FY24 for growth was driven by our clients seeking to reinvent using Tech Data. AI. and new ways of working reinvention requires a strong digital core in FY25. A significant driver of our growth will continue to be helping our clients with digital transformation, including building out their digital core and then using it to drive productivity and growth. We see the advent of Gen AI and has tremendous potential acting as a catalyst for reinvention.

謝謝你，KC。我們的 2024 財年成長是由尋求利用技術數據進行重塑的客戶所推動的。人工智慧. 2025 財年，新的工作方式重塑需要強大的數位核心。我們成長的一個重要動力將繼續幫助我們的客戶進行數位轉型，包括建立他們的數位核心，然後利用它來提高生產力和成長。我們看到了新一代人工智慧的出現，它具有作為重塑催化劑的巨大潛力。

Our clients turn to us for our unique combination of services across strategy, consulting, Song, Industry X. technology and operations, our strategies and deep industry, functional customer and technology consultants work hand in hand with our clients and across services to shape and deliver these reinventions.

我們的客戶向我們求助，尋求我們跨策略、諮詢、宋、行業X.技術和營運的獨特服務組合，我們的策略和深入行業、職能客戶和技術顧問與我們的客戶攜手合作，跨服務塑造和交付這些革新。

Our investments in our advanced platforms, our assets and solutions, our process expertise, the insights from our scale and diversification patients and our ability to both design and build the solutions combined with our managed services, are key differentiators for us. At the same time, we see a I as the new digital like digital AI. is both the technology and a new way of working and the full value will only come from strategy is built on both productivity and growth, and it will be used in every part of the enterprise.

我們對先進平台、我們的資產和解決方案、我們的流程專業知識、我們的規模和多元化患者的見解以及我們設計和構建與我們的託管服務相結合的解決方案的能力的投資，是我們的關鍵差異化因素。同時，我們將「I」視為新的數字，如數位人工智慧。既是技術，又是一種新的工作方式，只有建立在生產力和成長基礎上的策略才能產生全部價值，並將應用於企業的每個部分。

We believe the introduction of Gen AI Cygnus sort of give us and their car clients over the next decade, much like digital technology has in the last decade and continues to do so. As part of that, we expect that the work to prepare enterprise data, which is the fuel for a I will be an increasing part of our growth to accomplish reinvention and take advantage of AI businesses need to focus on talent, their ability to access the best people at the right time place and cost.

我們相信，Gen AI Cygnus 的推出可以為我們及其汽車客戶帶來未來十年的收益，就像數位技術在過去十年中所做的那樣，並將繼續如此。作為其中的一部分，我們預計準備企業數據的工作（這是人工智慧的燃料）將成為我們實現重塑和利用人工智慧的成長的越來越重要的部分，企業需要關注人才，他們獲得人工智慧的能力。

The ability to be a talent creator to keep their people market relevant and their ability to unlock the potential of their talent is critical. We see talent as a top C-suite agenda item today, our managed services are an important part of our clients long term talent strategy. Our ability to harness AI. is helping them closed talent gaps in our strong expertise across talent, change, HR and organizations differentiate all our services. Our launch of learn Vantage, which provides comprehensive technology, learning and training services, helps our clients reskill and upskill their people so they can be a talent creator.

成為人才創造者以保持人才市場的相關性以及釋放人才潛力的能力至關重要。我們將人才視為當今最高管理層的首要議程項目，我們的託管服務是客戶長期人才策略的重要組成部分。我們利用人工智慧的能力。正在幫助他們縮小人才差距，利用我們在人才、變革、人力資源和組織方面的強大專業知識，使我們的所有服務脫穎而出。我們推出的 learn Vantage 提供全面的技術、學習和培訓服務，幫助我們的客戶重新培訓和提升員工技能，使他們成為人才創造者。

Okay, let me give you a few examples of the types of reinventions we are doing in financial services, banking and insurance or on their reinvention journey will Retirement Services is $15 billion. Global addressable market growing at about 6% has lagged behind. We have invested to grow our Q2 abilities and talent to capture this next wave of growth. We are working with TA, the largest US provider of lifetime income to accelerate the transformation of the company's retirement record-keeping capabilities and operation s.

好的，讓我給你們舉幾個例子，說明我們在金融服務、銀行和保險領域正在進行的再造類型，或者說他們的再造之旅將是 150 億美元的退休服務。全球潛在市場成長率約 6%，已落後。我們已投資提高第二季度的能力和人才，以抓住下一波成長浪潮。我們正在與美國最大的終身收入提供者 TA 合作，加速該公司退休記錄保存能力和營運的轉型。

Leveraging the power of AI automation in the cloud, we are helping the company implement new technologies, making record record, keeping processes more efficient over time and easier for their customers. Through this strategic partnership, we are supporting parts of TIA.'s record-keeping operations, including back-end processes and technology.

利用雲端中人工智慧自動化的力量，我們正在幫助該公司實施新技術，創造記錄，使流程隨著時間的推移變得更加高效，並為客戶提供更輕鬆的服務。透過此策略合作夥伴關係，我們為 TIA. 的部分記錄保存業務提供支持，包括後端流程和技術。

For example, retirement plan sponsors will experience faster plan channel changes and participants will find it easier to initiate account openings and investments selections. Together, we are making retirement plan accessible, efficient and personalized for individuals and clients, helping TIA. needed submission of a more secure of and retirement for more Americans.

例如，退休計畫發起人將體驗到更快的計畫管道變化，參與者將發現更容易啟動帳戶開設和投資選擇。我們共同致力於為個人和客戶提供便利、高效和個人化的退休計劃，為 TIA 提供協助。需要為更多美國人提供更有保障的退休生活。

Today, we work with 75% of the world's largest communication services providers. With our strong industry and technology expertise. We are modernizing of global Telkom's core IT operations to drive growth through a managed services program. We are consolidating IT vendors increasing product B by an estimated 60% and reducing costs by half. We are also infusing our Gemini tools to enhance the software development lifecycle and automate manual tasks, such as resolving technical issues with customer orders, invoices are service availability.

如今，我們與全球 75% 的最大通訊服務供應商合作。憑藉我們強大的行業和技術專業知識。我們正在對全球 Telkom 的核心 IT 營運進行現代化改造，以透過託管服務計劃推動成長。我們正在整合 IT 供應商，將產品 B 增加約 60%，並將成本降低一半。我們也注入 Gemini 工具來增強軟體開發生命週期並自動執行手動任務，例如解決客戶訂單、發票和服務可用性的技術問題。

Now, this will free up employees to focus on strategic growth initiatives and improve the overall customer experience. We are also implementing new ways of working, and then we'll train and upskill the team to use the new journey. I tools more effectively helping to create more profitable outcomes for the company. These changes will create a stronger management framework and prepare the company for expansion into new markets.

現在，這將使員工能夠專注於策略性成長計劃並改善整體客戶體驗。我們也正在實施新的工作方式，然後我們將培訓團隊並提高他們的技能，以適應新的旅程。我更有效地使用工具，幫助為公司創造更多的獲利成果。這些變化將創造更強大的管理框架，並為公司拓展新市場做好準備。

Security continues to be one of the fastest growing parts of our business, reaching $9 billion in revenue this year, representing 23% growth. We are partnering with the Kuwait government central agency for information technology to revolutionize the security posture of its public services and national critical infrastructure. We are implementing and managing a scalable platform powered by Gen AI, enabling the agency to act on evolving cyber threats, up to 60% quicker than with traditional technologies, including detection response and containment models.

安全仍然是我們業務中成長最快的部分之一，今年收入達到 90 億美元，成長 23%。我們正在與科威特政府資訊科技中央機構合作，徹底改變其公共服務和國家關鍵基礎設施的安全狀況。我們正在實施和管理由 Gen AI 提供支援的可擴展平台，使該機構能夠對不斷變化的網路威脅採取行動，速度比傳統技術（包括偵測回應和遏制模型）快 60%。

In the past, security analysts manually research threats with limited information before handing the incident to the impact of government entity using valuable time as it to attack progressed, but now using a new platform when analysts open at potential incident, they can quickly drill down into details about the users systems under attack type of attack and more with just one click, thanks to Jim and his ability to process significant amounts of data and automatically elaborate context.

過去，安全分析師會在攻擊進展過程中利用寶貴的時間，利用有限的資訊手動研究威脅，然後將事件交給政府實體，但現在使用新平台，當分析師發現潛在事件時，他們可以快速深入了解只需單擊一下，即可獲得有關遭受攻擊、攻擊類型等用戶系統的詳細信息，這要歸功於 Jim 及其處理大量數據和自動詳細說明上下文的能力。

As a threat is detected. We are supporting our experts in making faster decisions with confidence as we progressively onboard over 60 government entities. And while we also develop local talent, the strategic collaboration underscores our commitment to safeguarding tweets digital assets and empowering the nation's journey towards enhanced cyber security resilience.

當偵測到威脅時。隨著我們逐步與 60 多個政府實體合作，我們正在支持我們的專家充滿信心地更快做出決策。雖然我們也培養本地人才，但策略合作強調了我們對保護推文數位資產並支持國家增強網路安全彈性的承諾。

A key area for companies to seek reinvention is in marketing where the potential to use Tech Data and creativity to drive growth, drive tangible outcomes for the enterprise. We are very proud to be working with HP. and American multinational information technology company and the new global partnership to develop the rate datasets technology creative for their B2B powerhouse business and brand that fulfills their goal to move away from the traditional agency model to true marketing capability transformation, to significantly improve the impact, efficacy and efficiency of their marketing investments with the ability to drive tangible business results .

公司尋求重塑的一個關鍵領域是行銷，其中利用技術數據和創造力來推動成長、為企業帶來實際成果的潛力。我們非常榮幸能夠與惠普合作。與美國跨國資訊科技公司建立新的全球合作夥伴關係，為其B2B 巨頭業務和品牌開發費率資料集技術創意，實現其從傳統代理商模式向真正的行銷能力轉型的目標，顯著提高影響力、功效行銷投資的效率以及推動有形業務成果的能力。

In every industry, there is a challenge or opportunity that Jenny, I can now uniquely solve our deep understanding of both the industry and the technology positions us to be the best creating real value from Gen-i with our clients. For example, in insurance, companies can't typically produce bottleneck for revenue growth.

在每個行業中，都有挑戰或機遇，珍妮，我現在可以獨特地解決我們對行業和技術的深刻理解，使我們成為 Gen-i 為客戶創造真正價值的最佳人選。例如，在保險業，公司通常不會產生收入成長的瓶頸。

The ability to leverage Gen-i TO READ 100% of submissions allows insurance companies to better assess risks as well as quote and write more policies and do it all more quickly and cost effectively utilizing a new set of solutions we created. We're working with QBE Insurance Group and multinational insurance company, headquartered in Sydney to scale industry leading a high-powered Underwriting Solutions replicated across multiple lines of business to help the company to make faster and more accurate business decisions.

利用 Gen-i 讀取 100% 提交內容的能力使保險公司能夠更好地評估風險、報價和撰寫更多保單，並利用我們創建的一套新解決方案更快、更經濟高效地完成這一切。我們正在與 QBE Insurance Group 和總部位於雪梨的跨國保險公司合作，擴展業界領先的高效能承保解決方案，並複製到多個業務線，以幫助公司更快、更準確地做出業務決策。

A series of Board, executive level, and all employee learning sessions were conducted to help drive the design and build those solutions that annualized new business submissions for completeness, appetite, check and risk evaluation insights. They can now process 100% of submissions received from brokers greatly accelerating market response time.

舉行了一系列董事會、高階主管和所有員工的學習課程，以幫助推動設計和建立這些解決方案，這些解決方案可以每年更新新業務提交的完整性、興趣、檢查和風險評估見解。他們現在可以 100% 處理從經紀商收到的提交內容，大大加快了市場回應時間。

After nine months and market, these solutions are winning multiple industry innovation awards and early results indicate an increase in both quote to bind rate and premium. This collaboration will enable QBE Insurance Group to identify and select risk more effectively, improve broker and customer experience and support growth.

經過九個月的上市後，這些解決方案贏得了多個行業創新獎項，早期結果表明報價綁定率和溢價均增加。此次合作將使昆士蘭保險集團能夠更有效地識別和選擇風險，改善經紀人和客戶體驗並支持成長。

We are collaborating with a major integrated downstream energy provider to drive significant improvements in safety, sustainability and operational performance. With three new Gen-i powered solutions. We aim to continue to improve safety by using progressive insights from Jenny, I to inform planners have potential incidents instead of reactively way for specific warning signs to appear. This means 90% faster data access, reducing planning time from hours to minutes protests.

我們正在與一家主要的綜合下游能源供應商合作，推動安全性、永續性和營運績效的顯著改善。擁有三個新的 Gen-i 驅動解決方案。我們的目標是透過使用珍妮的漸進見解來繼續提高安全性，我告訴規劃者有潛在的事件，而不是被動地出現特定警告信號。這意味著數據存取速度提高了 90%，將規劃抗議時間從幾小時縮短到幾分鐘。

Another solution will help detect methane leaks in real time and prior to the resolutions be also helped build a smart solution for operators and process engineers to drive constant insights to us optimized refinery performance and reduce downtime. The energy provider is on a path to set a new industry standard for innovation and refinery operations. What are the most powerful impactful uses agenda today across industry is in consumer experience transformation. We are working with Mondelez International, a world leader in stacking with not well-known brands like Oreo, BelVita and Cadbury to transform their marketing organization with Gen-i to help drive consumer behavior.

另一個解決方案將有助於即時檢測甲烷洩漏，並在解決方案之前幫助操作員和製程工程師建立智慧解決方案，以不斷深入了解我們優化煉油廠的性能並減少停機時間。這家能源供應商正在為創新和煉油營運制定新的行業標準。當今整個產業最強大、最有影響力的使用議程是消費者體驗轉型。我們正在與億滋國際(Mondelez International) 合作，該公司是一家世界領先品牌，與奧利奧(Oreo)、貝爾維塔(BelVita) 和吉百利(Cadbury) 等不知名品牌進行合作，透過Gen-i改造其行銷組織，以幫助推動消費者行為。

As part of this program, we're standing up a refreshed operating model with a primary focus and upskilling their employees in Gen AI technologies. We are also helping enable a new capability to scale content creation and January, personalized text images and videos across markets. This means exceptional created can be developed and ours not weeks alone content to be catered to consumers quickly as demands change the strong digital core, we establish also allows the company to collect and process real-time data using Gen AI to create new contextualized insights that can be easily accessed, shared and used by decision makers across the company. This work will increase the effectiveness and efficiency of messaging to create more impactful experiences. Now let's turn to our acquisitions.

作為該計劃的一部分，我們正在建立一個更新的營運模式，主要重點是提高員工的 Gen AI 技術技能。我們還幫助實現一項新功能，以擴展跨市場的內容創建和個性化文字圖像和影片。這意味著我們可以開發出卓越的產品，並且隨著需求改變強大的數位核心，我們的內容可以快速滿足消費者，我們還允許公司使用Gen AI 收集和處理即時數據，以創建新的情境化見解，整個公司的決策者可以輕鬆存取、共享和使用。這項工作將提高訊息傳遞的有效性和效率，以創造更具影響力的體驗。現在讓我們轉向我們的收購。

Over the last decade, we have built a finely tuned acquisition capability becoming known in the market as a good call, with approximately 70% on average of our acquisitions sole sourced. While our embedded ability to identify and evaluate acquisitions is critical, it is our ability to enjoy great them successfully that has made our acquisition capabilities or so formidable.

在過去的十年中，我們建立了精心調整的收購能力，在市場上被認為是一個不錯的選擇，我們平均約 70% 的收購是單獨購買的。雖然我們識別和評估收購的內在能力至關重要，但正是我們成功享受收購的能力才使我們的收購能力如此強大。

As we look forward, we are excited about the opportunity to better serve our clients and differentiate differentiated in the market to the acquisitions we've made this last fiscal year. As a reminder, we do acquisitions ultimately to drive our organic growth. Our global footprint, deep client relationships across industries as well as strong ecosystem gives us a unique perspective on growth opportunities.

展望未來，我們很高興有機會更好地服務我們的客戶，並在市場上與我們上一財年進行的收購實現差異化。提醒一下，我們進行收購最終是為了推動我們的有機成長。我們的全球足跡、跨行業深厚的客戶關係以及強大的生態系統使我們對成長機會擁有獨特的視角。

We use acquisitions to scale scale quickly in growth areas to build new skills in adjacent markets and to deepen our technology industry and functional expertise over the years, acquisitions have built major areas of growth like what we call SAN today in our security practice. Here are a few examples of where we are investing now to lead in the next wave of growth, starting with capital projects and over 440 billion addressable global market, growing a proxy only 5% in FY22.

我們透過收購在成長領域快速擴大規模，在鄰近市場培養新技能，並深化我們的科技產業和職能專業知識。的SAN。以下是我們現在正在投資以引領下一波成長浪潮的幾個例子，從資本項目和超過 4,400 億美元的全球市場開始，2022 財年的代理成長率僅為 5%。

Globally, we had approximately $300 million in capital projects revenue. We entered the US market in FY23 with the acquisition of answer advisory. Since the beginning of FY24, we expanded our reach into Canada with content in Q1 and Q4, we acquired Basel in Amea. We recognized over $800 million in revenue on capital projects.

在全球範圍內，我們的資本項目收入約為 3 億美元。我們於 2023 財年透過收購 Answer Advisory 進入美國市場。自 2024 財年年初以來，我們透過第一季和第四季的內容將業務範圍擴大到加拿大，並收購了 Amea 的巴塞爾。我們確認資本項目收入超過 8 億美元。

This fiscal year '24 health is an industry still early in digitization, where we see significant opportunity over the next decade. It is a $70 billion addressable global market, growing approximately 66% this year. We added Cognis onto in the Us, creating a new federal health portfolio in our federal service business. We also have our Nautilus consulting in the UK, a digital consultancy specializing in electronic patient records.

本財年的「24 健康」產業仍處於數位早期階段，我們在未來十年看到了巨大的機會。這是一個價值 700 億美元的全球市場，今年成長約 66%。我們在美國新增了 Cognis，在我們的聯邦服務業務中創建了新的聯邦健康產品組合。我們也在英國設有 Nautilus 顧問公司，這是一家專門從事電子病歷的數位顧問公司。

And we announced our intent to acquire consensus conference, held a health care consultancy in Germany that offer services ranging from medical strategy and patient management to procurement and logistics, infrastructure management and construction planning services and in Europe, public service, an industry that is early and digitization with significant investment allocated for transformation. Our acquisitions are accelerating our growth and setting us up to take share and a $46 billion market that is growing approximately 5%.

我們宣布了達成共識的意向會議，在德國舉辦了一家醫療保健諮詢公司，提供從醫療策略和患者管理到採購和物流、基礎設施管理和建設規劃服務的服務，而在歐洲，公共服務是一個早期發展的行業。我們的收購正在加速我們的發展，並使我們能夠佔領市場份額，並佔領一個成長約 5% 的價值 460 億美元的市場。

We acquired Arne's areas in Germany as a technology services provider supporting the public sector transformation across Europe. In Italy, we acquired and Telstra consulting, one of Italy's main professional services providers, operating the public administration and healthcare sectors and customer management, IT and surface PA. Jointly owned consultancies supporting the public sector and specializing in Justice and Public Safety to embark will become our new CFO on December 1, who will take us through our guidance for FY25 mg Clearly.

我們收購了德國 Arne 的地區，作為支持整個歐洲公共部門轉型的技術服務提供者。在義大利，我們收購了 Telstra Consulting，這是義大利主要的專業服務提供者之一，營運公共管理和醫療保健領域以及客戶管理、IT 和地面 PA。支持公共部門、專門從事司法和公共安全的合資諮詢公司將於 12 月 1 日成為我們的新財務官，他將帶領我們完成 25 財年 mg Clearly 的指導。

Now let me turn to our business outlook, For the first quarter of fiscal 2005, we expect revenues to be in the range of 16.85 to 17.45 billion since the impact of FX will be approximately positive 1.5% compared to the first quarter of fiscal '24 and reflects an estimated 2% to 6% growth in local currency for the full fiscal '25. For the first quarter of fiscal 2005, we expect revenues to be in the range of 16.85 to 17.45 billion since the impact of FX will be approximately positive 1.5% compared to the first quarter of fiscal 20 for and reflects an estimated 2% to 6% growth in local currency for the full fiscal '25.

現在讓我談談我們的業務展望，對於2005 財年第一季度，我們預計收入將在16.85 至174.5 億美元之間，因為與24 財年第一季相比，外匯的影響將約為正1.5 %並反映了 25 年整個財年以當地貨幣計算的預計 2% 至 6% 的增長。我們預計 2005 財年第一季的營收將在 16.85 至 174.5 億美元之間，因為與 20 財年第一季相比，外匯的影響將約為正 1.5%，反映了估計的 2% 至 6% 25 年整個財年當地貨幣的成長。

Based upon how the rates have been trending over the last few weeks, we currently assume the impact of FX on our results in USD will be approximately positive 1.5% compared to fiscal '24. For the full fiscal '25, we expect our revenue to be in the range of 3% to 6% growth in local currency over fiscal 24, which includes an inorganic contribution as a bit more than 3%, and we expect to invest about $3 billion in acquisitions this fiscal year.

根據過去幾週的利率趨勢，我們目前假設外匯對我們以美元計價的業績的影響與 24 財年相比將約為正 1.5%。對於整個 25 財年，我們預計我們的收入將比 24 財年以當地貨幣計算增長 3% 至 6%，其中無機貢獻略高於 3%，我們預計投資約 3 美元本財年的收購金額達100億美元。

For operating margin, we expect fiscal year '25 to be 15.6% to 15.8%. Attendance the basis point expansion over adjusted fiscal 2014 results, we expect our annual effective tax rate to be in the range of 22.5% to 24.5%. This comparison adjusted adjusted effective tax rate of 23.6% in fiscal 2014. We expect our full year diluted earnings per share for fiscal '25 to be in the range of $12.55 to 12 $0.91 or 5% to 8% growth over adjusted assistants and four results.

營業利益率，我們預期 25 財年為 15.6% 至 15.8%。考慮到調整後的 2014 財年業績基點擴大，我們預計年度有效稅率將在 22.5% 至 24.5% 之間。此比較調整後的2014 財年有效稅率為23.6%。至8% 。

For the full fiscal '25, we expect operating cash flow to be in the range of 9.4 to 10.1 billion, property and equipment additions to be approximately 600 million and free cash flow to be in the range of 8.8 to 9.5 film. Our free cash flow guidance reflects the free cash flow to net income ratio of $1.1 to $1.2. We expect to at least 8.3 billion through dividends and share repurchases as we remain committed to returning a substantial portion of cash to our shareholders.

對於整個 25 財年，我們預計營運現金流將在 940 至 101 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 880 至 9.5 電影之間。我們的自由現金流指引反映了自由現金流與淨利潤的比率為 1.1 美元至 1.2 美元。我們預計將透過股利和股票回購至少獲得 83 億美元，因為我們仍然致力於將大部分現金回饋給股東。

Finally, as part of our routine review of our capital structure, we expect to tap the long term debt market in the near term to increase our liquidity for general corporate purposes. As we look to optimize our capital structure and reduce our cost of capital, we expect to raise a modest amount of debt. In connection with that, there would be no change to our capital allocation strategy, which includes how we looked at and he's been a or our strong credit rating and our net leverage will remain low. We have incorporated the potential for long-term gas into our guidance, including the interest expense.

最後，作為我們資本結構例行審查的一部分，我們預計在短期內利用長期債務市場，以增加一般企業用途的流動性。當我們尋求優化資本結構並降低資本成本時，我們預計將籌集適量的債務。與此相關的是，我們的資本配置策略不會發生變化，其中包括我們如何看待他的信用評級或我們的強大信用評級，並且我們的淨槓桿率將保持在較低水平。我們已將長期天然氣的潛力納入我們的指導中，包括利息支出。

With that, let's open it up to that, we can take your questions. Kt thinning, CNG. We will now take your questions. I would ask you each keep to one question and a follow-up to allow as many participants as possible to ask a question. Operator, would you please provide instructions for those on the call back to you?

現在，讓我們開始討論這個問題，我們可以回答您的問題。 Kt 稀化，CNG。我們現在將回答您的問題。我會要求你們每個人只提出一個問題並提出後續問題，以便讓盡可能多的參與者提出問題。接線員，您可以為那些回電的人提供說明嗎？

(Operator Instructions) Tien-tsin Huang, J.P. Morgan.

（操作員指示）Tien-tsin Huang，摩根大通。

Please go ahead. Thank you so much of the overall strong bookings, I want to think about how that translates into revenue visibility, if you don't mind. I know Accenture doesn't normally talk about BCV. Can you maybe comment on the current was shipped in ACV and TCV and how that's evolving seems really important to us as we as we think about revenue and visibility duration looks like it's up for you guys have a lot of large deals converting as well. So can you comment on the?

請繼續。非常感謝您們的整體強勁預訂，如果您不介意的話，我想考慮如何將其轉化為收入可見性。我知道埃森哲通常不會談論 BCV。您能否評論一下當前的 ACV 和 TCV 出貨情況，以及它的發展方式對我們來說非常重要，因為我們考慮收​​入和可見性持續時間，看起來這取決於你們也有很多大型交易轉換。那你能評論一下嗎？

Thanks, Tien-tsin, and good morning. And in CNG that women and let me cover guidance because maybe it will help to paint a picture of how we're thinking about the full fiscal year. I think that's really important. Let's start with how we ended Q4. If you think about the 5% growth that we posted in the fourth quarter or what we highlighted was that we did have for next year, energy just talked about over the last few quarters. We'v

謝謝田津，早安。在 CNG 中，女性和讓我介紹指導，因為也許這將有助於描繪我們如何思考整個財政年度。我認為這非常重要。讓我們從第四季的結束情況開始。如果你考慮我們在第四季度發布的 5% 的成長，或者我們強調的明年的成長，那麼能源問題只是在過去幾個季度中討論的。我們v

really pivoted our business to what our clients are buying, which are the large transformation deals. And what that does is it positions us better than compared to the same time last year on the revenue that we've already sold from an inorganic contribution. I do want to highlight that the overall, we expect a bit over 3% for the year, which would imply with our guidance of 3% to 6%, that on the bottom in the range, organic is flat.

真正將我們的業務轉向客戶所購買的產品，即大型轉型交易。這樣做的作用是，與去年同期相比，我們已經透過無機貢獻出售的收入處於更好的位置。我確實想強調，總體而言，我們預計今年成長略高於 3%，這意味著根據我們 3% 至 6% 的指導，有機成長在該範圍的底部持平。

And then at the comp in the range, we're growing 3% in organic growth. And then as you peel it back and you look at the the the revenue growth that we see, it is broad based than we saw that coming out of Q4. We see it across markets and across all of our industry group. And then as and when you look at it, I type of work as well. What we see right now is that and both consulting and maintenance services, we see low to mid-single digit growth rate for the year.

然後在該範圍內的比較中，我們的有機成長為 3%。然後，當您將其剝離並查看我們看到的收入成長時，它的基礎比我們在第四季度看到的收入成長要廣泛。我們在各個市場和整個行業集團中都看到了這一點。然後當你看到它時，我也會輸入工作。我們現在看到的是，諮詢和維護服務今年的成長率為低至中個位數。

And just stepping back with the color and how we're looking at our guidance, we're very pleased with how we have set or so helps us in position ourself for fiscal JPY25 to change. What that means is we're not commenting specifically on ACV and TCV because as you said, that isn't. But the way to think about the confidence level and go into the year rate is that we told you that we had a strategy to have to have more megas. We've shared with you that we have had 19 more of these bookings than last year, $100 million or more. So you can see there's a big quantum.

回顧一下顏色以及我們如何看待我們的指導，我們對我們已經設定的方式感到非常滿意，大約可以幫助我們為 25 日元財年的改變做好準備。這意味著我們不會具體評論 ACV 和 TCV，因為正如您所說，事實並非如此。但考慮信心水準和年增長率的方法是，我們告訴過你，我們有一個策略，必須擁有更多的大型企業。我們已經與您分享，此類預訂比去年增加了 19 筆，價值 1 億美元或更多。所以你可以看到有一個很大的量子。

As you think about going into the year, we've got a bigger base of revenue coming from these larger deals coming online than we did going into fiscal year '24. And so that's really how to how we're too to help you all think about it is buying being clear about the about strategy and how it out in the quantum of that, and that's how we then think about the year.

當你想到進入這一年時，我們從這些更大的線上交易中獲得了比進入 24 財年時更大的收入基礎。因此，這就是我們如何幫助大家思考這個問題的方法，那就是清楚地了解戰略以及它的具體實施方式，這就是我們對這一年的看法。

So hopefully that gives you some more insights together with a view on the guidance. I know it goes through a reasonable as well, just to say that. Well, just on the acquisitions, I think I asked last quarter, so I'll ask again, I know you've been very busy like theexamples that you gave around the productivity you're getting from some of the deals and the examples you do have again. But how about just overall apoptosis this year? Are you still seeing good opportunities to reduce that down or pause in the short term or anything of that? Yes.

希望這能為您帶來更多見解以及對指南的看法。我知道這也是合理的，只是這麼說。好吧，就收購而言，我想我上個季度問過，所以我會再問一次，我知道您一直非常忙碌，就像您從一些交易中獲得的生產力以及您提供的示例一樣確實有再次。但今年的整體細胞凋亡又如何呢？您是否仍然看到在短期內減少或暫停或類似情況的好機會？是的。

So what I would say is some as Andrew just said, we are inorganic plan for the year, like in terms of if you think about revenue guidance, because we are going into the year with nearly 3% and we think will right now, the plan for is a little bit above 3% is what we're seeing for fiscal year '25. That reflects an unexpected plan right now of about $3 billion of deployed capital. So a step down from last year and probably more back-end loaded. You know, as we've looked at our pipeline now, obviously, we always have the ability to flex up or down. We only tie it to the opportunities in the markets on, but that's how we're seeing this year as we think about our investments.

所以我想說的是，正如安德魯剛才所說，我們今年的計劃是無機的，就像你考慮收入指導一樣，因為我們將以接近 3% 的速度進入今年，我們認為現在會，我們預計25 財年的成長率略高於3%。這反映了目前一項出人意料的計劃，即部署了約 30 億美元的資本。因此，與去年相比，後端負載可能有所下降。你知道，正如我們現在審視我們的管道一樣，顯然，我們總是有能力向上或向下彎曲。我們只將其與市場機會聯繫起來，但這就是我們今年在考慮投資時的看法。

James Faucette, Morgan Stanley.

詹姆斯‧福賽特，摩根士丹利。

Great. Thanks for taking our question, guys. This is Antonio on for James. I wanted to actually dig into the technology segment. I know cloud is a big component of this. Could you talk through how clients spend on these cloud migration projects has been trending over the last 90 days and how we should think about cloud growth going into fiscal year '25? And then I have a follow-up after.

偉大的。謝謝你們提出我們的問題，夥伴們。這是安東尼奧替補詹姆斯。我想真正深入研究技術領域。我知道雲端是其中一個重要的組成部分。您能否談談過去 90 天內客戶在這些雲端遷移專案上的支出趨勢，以及我們應該如何考慮進入 25 財年的雲端成長？然後我有一個後續行動。

Hi, Antonio. You know, Mike, I think about it last 90 days is just think about sort of where we've been and where we think we're going and Great. So yes, in cloud. And you still have a lot of migration that's happening, but on more of the high performance compute applications, so suite, thanks, things like mainframe, right? So and you also still have some clients who are very, very early in their cloud journey. And one of the things I talked about in the script, for example, was like retirement services, like that's an entire segment where they're very, very early in the cloud journey.

嗨，安東尼奧。你知道，麥克，我在過去的 90 天裡一直在思考我們去過的地方以及我們認為我們要去的地方，太棒了。所以是的，在雲端。而且仍然有很多遷移正在發生，但是更多的是高效能運算應用程序，所以套件，謝謝，大型主機之類的東西，對吧？因此，您仍然有一些客戶處於雲端之旅的非常非常早期的階段。例如，我在腳本中談到的一件事就像退休服務一樣，這是他們處於雲端之旅非常非常早期的整個細分市場。

And so at the same time, you've got companies that are very early, just starting their cloud journey. You have those who are farther along who are now getting to the harder applications like mainframe. And then we still have a lot of modernization because what happened in the pandemic is people who were trying to get to the cloud to get the infrastructure savings, not yet done the modernization. And that modernization, of course, feeds into all the things we do write brings the industry and the functional expertise.

同時，有些公司很早就開始了他們的雲端之旅。有些人已經走得更遠了，他們現在正在接觸大型主機等更困難的應用程式。然後我們仍然有很多現代化工作，因為在大流行中發生的情況是人們試圖進入雲端以節省基礎設施，但尚未完成現代化工作。當然，這種現代化會融入我們所寫的所有內容中，帶來產業和職能專業知識。

And so as we look going into FY25, we continue to see those strengths that we can. We expect the cloud is going to continue to be a significant driver of growth. But on all of those dimensions and the high performance compute as well requires very deep industry that is very different than the context of banking. So hopefully that helps you.

因此，當我們展望 25 財年時，我們將繼續看到我們可以發揮的優勢。我們預計雲端將繼續成為成長的重要推動力。但在所有這些維度上，高效能運算也需要非常深入的產業，這與銀行業的背景有很大不同。希望這對您有幫助。

Got it. That's helpful. And then I wanted to ask on the our organic accounted actually looks like but picked up quite a bit. Could you comment on your hiring strategy and in what geographies you're sort of looking to shape up?

知道了。這很有幫助。然後我想問一下我們的有機帳戶實際上看起來怎麼樣，但增加了很多。您能否評論一下您的招募策略以及您希望在哪些地區進行招募？

Why don't I start and then Julia and any additional comments and as well? So as you can see and then I wanted to start with our exiting the year. We saw slight organic growth in Q4. We see that momentum into key into FY25. You will have also seen that we added about 24,000 people this year in Q4, which is reflective of the momentum that we see in the business. And as always, right, looking ahead, we will always higher for the skill and the demand that we've seen. And just more broadly, I would just remind us, as you know, as you think about us as a business, our core competency is balancing supply and managing supply and demand. You see that our utilization rates, which continue to be in the 90% range.

為什麼我不開始，然後是朱莉婭以及任何其他評論？正如你所看到的，然後我想從我們即將結束的這一年開始。我們在第四季度看到了輕微的有機成長。我們認為這種勢頭將成為 25 財年的關鍵。您還會看到，我們今年第四季新增了約 24,000 名員工，這反映了我們在業務中看到的勢頭。像往常一樣，展望未來，我們將始終提高我們所看到的技能和需求。更廣泛地說，我想提醒我們，如您所知，當您將我們視為一家企業時，我們的核心能力是平衡供應和管理供需。您將看到我們的利用率持續保持在 90% 的範圍內。

and we're hiring from a talent strategy rate. We are hiring primarily in it. India is a lot of that hiring is technology in India and of course, also addresses. You know, we are refreshing our pyramid at this time. So you've got kind of the new college graduates coming in. So there's really no change. You know, in our talent strategy, we hire all over the world and in technology, which is a big driver of the growth there we're seeing now and going into FY25, that is a lot of hiring in India.

我們正在根據人才策略率進行招募。我們主要在這方面招募。印度招募的很多都是印度的技術，當然也有地址。你知道，我們此時正在刷新我們的金字塔。所以新的大學畢業生進來了。你知道，在我們的人才策略中，我們在世界各地和技術領域進行招聘，這是我們現在看到的成長的一大推動力，進入 25 財年，印度的招聘量很大。

Great. Thank you both.

偉大的。謝謝你們倆。

Jason Kupferberg, Bank of America.

賈森‧庫普弗伯格，美國銀行。

Good morning to our banks. Wanted to pick up on the commentary about the consulting outlook for fiscal '25, you stood up low to mid-single digits. I think that's very consistent with the exit rate of 3%. Coming out of that, you are not building much of a discretionary spending recovery, introduce initial 25, Doug who've been submitted. It's highly diversified businesses, right in terms of the discretionary spending environment for us at bottom.

我們的銀行早安。想了解 25 財年諮詢前景的評論，您的排名為低至中個位數。我認為這與 3% 的退出率非常一致。由此看來，您並沒有建立起太多可自由支配支出的復甦，介紹一下已提交的最初 25 名道格。就我們底層的可自由支配支出環境而言，這是一個高度多元化的業務。

(audio in progress) And it allows for further deterioration in the discretionary spend environment over what we experienced in FY24.

（音訊進行中）與我們在 2024 財年經歷的情況相比，這使得可自由支配支出環境進一步惡化。

Okay. That's very helpful. And then I'm maybe one for Julie. I just wanted to get your broad take on the macro backdrop. I mean, I guess what are decision makers telling you right now versus three months ago? What are they waiting to see to open the discretionary budget a little bit more?

好的。這非常有幫助。然後我可能就是朱莉的一員。我只是想了解您對宏觀背景的廣泛看法。我的意思是，我猜決策者現在與三個月前相比會告訴你什麼？他們還想看到什麼來進一步開放可自由支配預算？

Well, the environment really more of the same. And that environment has been kind of a cautious environment right now. They're going in the budget season. So as always, we'll really see in January and February, but there hasn't been much change rate.

嗯，環境確實差不多了。現在的環境是一個謹慎的環境。他們正值預算季節。像往常一樣，我們將在一月和二月真正看到這一點，但變化率並沒有太大。

The macros kind of the same. Obviously, there's some events going to come up in the fall that people are thinking about. But but there's not like a big home change rate. And I think because if you look at the macro economic environment, FY25 is going to click down to P&L in the US, maybe a little bit better in Europe.

宏有點相同。顯然，人們正在考慮秋季會發生一些事件。但是，房屋變化率並不大。我認為，因為如果你看看宏觀經濟環境，25 財年美國的損益表將會下降，歐洲的情況可能會好一點。

But overall, not a lot of improvement. So we're not hearing I'm not hearing from CEOs, and I'm document them on almost every day, some big way k now we're ready to go spend more radome in discretionary spending. So it's really just more of the same.

但整體來說，進步並不大。所以我們沒有聽到執行長的消息，我幾乎每天都在記錄它們，現在我們已經準備好在可自由支配的支出上花費更多的天線罩。所以它實際上只是更多相同。

And by the way, one of the changes that we made this last fiscal year '24 was normally we do period and we switch base rate. We said we have a lot more visibility in our business in January or February. So we did there and had a really big promotion of very nice promotion, I would say not really vibrant, very nice promotion in this past June.

順便說一句，我們在上個財年 '24 所做的改變之一是通常我們會改變基本利率。我們說過一月或二月我們的業務能見度更高。所以我們在那裡做了一個非常大的促銷活動，非常好的促銷活動，我想說的是，在過去的六月，這並不是真正充滿活力，非常好的促銷活動。

We've now permanently shifted that promotion cycle. So we will do our big promotion cycle in June and our smaller one in December to better match when our clients are setting their budgets. And we have better visibility, and that's what we're seeing. Again, the justification for that is clear that we're really no IT spending and spending on our services in the budget in January February.

我們現在已經永久改變了促銷週期。因此，我們將在 6 月進行大型促銷週期，並在 12 月進行較小的促銷週期，以便在客戶制定預算時更好地配合。我們有更好的能見度，這就是我們所看到的。同樣，這樣做的理由很明確，我們在 1 月 2 月的預算中確實沒有 IT 支出和服務支出。

Thanks for all the color.

感謝所有的顏色。

Thanks

謝謝

Keith Bachman, BMO.

基思·巴赫曼，BMO。

Hi, good morning. Thank you very much. I wanted to revisit on M&A, if I could, and just get some clarification in FY24 use that, as you noted, 6.6 billion, which was up about 160% year over year. And if we sort of do the math on, what would your normalized from multiple sources of revenue? Looks like you're starting the year for 25 were three points of M&A.

嗨，早安。非常感謝。如果可以的話，我想重新審視併購問題，並在 2024 財年使用中得到一些澄清，正如您所指出的，66 億美元，同比增長約 160%。如果我們計算一下，您會從多種收入來源中標準化什麼？看來今年年初您進行了 25 次併購，其中 3 點是併購。

So I just want to understand, is that the right way to think about it meant, Julie, you'd indicated that you plan to spend 3 billion more in M&A this year, and it will be as you sit back and weighted. But I'm just struggling why M&A? So it's 3 billion number is even second half-weighted. Why M&A isn't, you know, 4% or more for the year?

所以我只是想明白，正確的思考方式是否意味著，朱莉，你曾表示今年計劃在併購上再花費 30 億美元，這將取決於你坐下來權衡。但我只是在掙扎為什麼要併購？所以 30 億這個數字甚至是後半加權的。你知道，為什麼今年併購率沒有達到 4% 或更多？

That's what end the key for me just start with peeling back and our inorganic contribution. But as we look at the deals that we closed in 24, it's nearly 3% contribution, right? And so with the back end loaded approach in our capital deployed, we do see a bit over three. And that's just the math.

這就是我結束的關鍵，從剝離和我們的無機貢獻開始。但當我們查看 24 年完成的交易時，它的貢獻接近 3%，對嗎？因此，透過在我們的資本中部署後端載入方法，我們確實看到了超過三個。這只是數學。

It's just timing, right? It's not quite 3% going in because a lot of us closed at the end of Q4. Right? And so it just isn't timing's, right? And it's the way we see our pipeline developing, right, because we have we have a view of what we're going to we think we're going to spend in Q1 and Q2 and how that rolls into.

這只是時機，對吧？這還不到 3%，因為我們很多人都在第四季末關門了。正確的？所以這不是時機，對吧？這就是我們看待管道發展的方式，對吧，因為我們知道我們將在第一季和第二季支出什麼以及如何投入。

Okay. Let me transition the bookings. And as you think about them before 25, and I know you don't go to bookings, which is more of an output, but any puts and takes on that. You want us to think about in terms of the book to bill ratio in FY25 that might be higher or lower? Any any kind of cadence there? And if you don't mind was or in M&A help in the August quarter bookings as well or toning? So excuse me.

好的。讓我轉移預訂。當你在 25 歲之前思考它們時，我知道你不會去預訂，這更多的是一種輸出，而是任何看跌期權和接受期權。您希望我們考慮 25 財年的訂單出貨比可能會更高或更低？有什麼節奏嗎？如果您不介意八月份季度的預訂或調整中的併購協助？所以請原諒。

Why don't I start? And in terms of and the way to think about our bookings, you know, we were super pleased with the $81 billion of bookings that we had for the year, which was 14% growth, which included the 125 quarterly clients bookings over 100 million.

我為什麼不開始呢？就我們的預訂而言，我們對今年 810 億美元的預訂量感到非常滿意，成長了 14%，其中包括 125 個季度客戶的預訂量超過 1 億。

And so I think that that we were super pleased with the saw that in our book-to-bill in our growth rate in managed services, which is driven by our large transformation deals for us over time, over four trailing quarters, we're always looking for our consulting book to bill to be a one data or better and for our managed services to be one that to a better and that and nothing has changed there. Yes. And there is nothing ever for nothing in M&A at our bookings in Q4. So.

因此，我認為我們非常高興看到，在託管服務的訂單到賬單增長率中，這是由我們隨著時間的推移，在過去四個季度中為我們進行的大型轉型交易所推動的，我們一直在尋找我們的諮詢書籍來計費成為一種數據或更好，我們的託管服務成為更好的服務，而這一切都沒有改變。是的。在我們第四季的預訂中，併購中沒有什麼是不勞而獲的。所以。

Okay, many thanks.

好的，非常感謝。

Bryan Keane, Deutsche Bank.

布萊恩‧基恩，德意志銀行。

Morning, George, just wanted to ask about G&A. I think bookings were up almost about 300 million in the third quarter, sequentially, up about 100 million this quarter. Anything about the cadence there of G&A I in the fall through there, but that you can help us understand for.

早安，喬治，我只是想問 G&A 的事。我認為第三季的預訂量較上季增加了約 3 億，本季增加了約 1 億。關於秋季 G&A I 的節奏的任何資訊都在那裡，但你可以幫助我們理解。

And so yes, so we ended with 3 billion bookings for the year, and we'd expect in FY25, another healthy increase. I mean, there is clear demand are starting to see more of our clients move from proof of concept to sort of larger implementations, which is important. So the same size of those bookings is kind of is clicking up.

是的，我們今年的預訂量達到了 30 億次，我們預計 2025 財年將再次實現健康成長。我的意思是，有明顯的需求開始看到我們更多的客戶從概念驗證轉向更大規模的實施，這很重要。因此，這些預訂的相同規模正在增加。

And also, we're continuing to see kind of at least every other one is data pull through and even that's kind of moving up. So we're kind of going into the year. We see we'd expect, you know, another healthy increase in our bookings in our revenue from there that. And also that data will continue to kind of be a bigger and bigger part of that building out of the digital core because one of the biggest limitations on using Gen AI today and why it's going to take a while is our client needs and these data. And um, you know, our clients have a lot of work to do on data, which is, of course, a big opportunity for us.

而且，我們繼續看到至少所有其他的數據都是通過的，甚至是一種上升。所以我們即將進入這一年。我們預計，我們的預訂收入將再次健康成長。而且，這些數據將繼續成為數位核心建構中越來越大的一部分，因為當今使用 Gen AI 的最大限制之一以及為什麼需要一段時間是我們的客戶需求和這些數據。嗯，你知道，我們的客戶在數據方面有很多工作要做，這對我們來說當然是一個巨大的機會。

Got it, got it. And then just a clarification on the guide. I know the fourth quarter organic growth was positive and we're talking about fiscal year '25 revenue guide of three per share on a constant currency basis. And if you back out the acquisitions, I think you guys showed on the low end, we're talking about flat organic growth. That will be a slight step down and from the fourth quarter, which was would be a little surprising given some of the momentum that you guys are seeing in bookings and headcount growth. So just want to make sure I understood what the low end might imply and why would they are necessarily be a step down from where the fourth quarter comment on that? Thank you.

明白了，明白了。然後只是對指南進行澄清。我知道第四季度的有機成長是正面的，我們談論的是 25 財年以固定匯率計算每股 3 美元的收入指南。如果你退出收購，我認為你們表現出低端，我們正在談論平坦的有機成長。與第四季度相比，這將略有下降，考慮到你們在預訂和人數成長方面看到的一些勢頭，這有點令人驚訝。因此，我只是想確保我理解低端可能意味著什麼，以及為什麼它們必然比第四季對此的評論有所下降？謝謝。

So yes, no. And the way the way we're thinking about it, right, we're going into the year with momentum around bigger deals. So we have a stronger base of revenue. We've got the acquisitions and still on the bottom end of the range. What we would see that the most likely reason to be there is if there was a deterioration in that discretionary spend environments rates.

所以是的，不是。就我們的思考方式而言，我們將以更大的交易勢頭進入這一年。所以我們有更強大的收入基礎。我們已經進行了收購，但仍處於該範圍的底部。我們認為最可能的原因是可自由支配支出環境率惡化。

So we're trying to just kind of give some flexibility. We're not seeing that rate. We sell more at the same this quarter. And so as we kind of go into the year at the top end of the range, it's the current environment going forward. And at the bottom of the range, if you had asked me today, what is that most we accommodated is if there was a tier deterioration and spending, right? So because of kind of the way we've positioned ourselves.

所以我們試著提供一些靈活性。我們沒有看到這個比率。本季我們的銷量增加了。因此，當我們進入今年的高端時，這是當前的環境。在這個範圍的底部，如果你今天問我，我們最多適應的是如果存在等級惡化和支出，對吧？這是因為我們對自己的定位方式。

Great. Thank you.

偉大的。謝謝。

Thanks a lot.

多謝。

Dan Dolev, Mizuho.

丹‧多列夫，瑞穗。

Thanks for taking my question. Great guidance here. Three questions on January first, are you seeing more of your conversations being less replacements and relocations and purely incremental on generally aren't going to have to follow up?

感謝您提出我的問題。這裡有很好的指導。一月份的三個問題，您是否看到更多的對話減少了替換和搬遷，純粹的漸進通常不需要跟進？

Yes. Well, I think it starts with we're not seeing a change in what our clients are spending on IT rates so on. But we what we are seeing is a continued trend of trying to save money on IT to free up the spending on areas of Gen AI. So on the one hand right now now we haven't seen a change in overall spending will see what the budgets come in January, February, but we're not expecting a big change. But what we also are seeing is that as they're saving money, they want to invested in things like Chennai and data. So that's really the dynamic that's going on in a Save to Invest. But we I haven't seen signs of an overall change.

是的。嗯，我認為首先我們沒有看到客戶在 IT 費率等方面的支出發生變化。但我們看到的是一種持續的趨勢，即試圖節省 IT 資金，以釋放 Gen AI 領域的支出。因此，一方面，目前我們還沒有看到整體支出的變化，我們將看到一月、二月的預算，但我們預計不會有重大變化。但我們也看到，當他們省錢時，他們希望投資於欽奈和數據等項目。這就是「儲蓄投資」中正在發生的動態。但我們還沒有看到整體變化的跡象。

Got it. And then a quick follow-up on margins, can you maybe touch on the G&A out services margin outspend versus your traditional business, but we felt would be really helpful for investors.

知道了。然後是對利潤率的快速跟進，您能否談談與傳統業務相比，G&A 服務利潤率超出的情況，但我們認為這對投資者確實有幫助。

You mean, our Gen AI margin sort of is that different from when we're doing Gen AI versus other --?

你的意思是，我們的 Gen AI 利潤率與我們做 Gen AI 時的利潤率與其他公司相比有所不同——？

Gen AI -- correct. Gen AI services versus your traditional --

Gen AI——正確。 Gen AI 服務與傳統服務—

Gen AI is still a small part of our business. And I wouldn't really think about it as having a particularly different margin profile at this time. And as you probably heard in our in my script, that a lot of times, we're starting to embed Gen AI in our larger deals. And so we're not really thinking about it, you know, as like I sort of a separate way. So I wouldn't I wouldn't think about it differently than our usual business. The other banks will

Gen AI 仍然只是我們業務的一小部分。我目前並不認為它的利潤狀況有特別不同。正如您可能在我的劇本中聽到的那樣，很多時候，我們開始將 Gen AI 嵌入到我們的大型交易中。所以我們並沒有真正考慮這個問題，你知道，就像我以一種不同的方式思考一樣。所以我不會以與我們平常的業務不同的方式來思考它。其他銀行都會

Got it, thanks. Well, great momentum.

明白了，謝謝。嗯，氣勢很大。

Jim Schneider, Goldman Sachs.

吉姆·施奈德，高盛。

Good morning. Thanks for taking my question. Very helpful commentary on via the client outlook on limited discretionary spend. But can you maybe help us understand or unpack what do you talk to them? What are they looking for to relief discretionary spend? Is it more macro factors, whether that be relates rates, election or regulatory? Or is it more micro factors tied to there IT budgets? And if it's the latter, what are the things they're looking for in terms of getting increased clarity on this priority is to go into 2025? l vet

早安.感謝您提出我的問題。透過客戶對有限可自由支配支出的展望，提供了非常有用的評論。但您能否幫助我們理解或解析您與他們交談的內容？他們希望透過什麼來減輕可自由支配支出？是否是更多宏觀因素，無論是與利率、選舉或監管有關？還是與 IT 預算相關的更微觀因素？如果是後者，為了更明確 2025 年的優先事項，他們正在尋找哪些東西？我獸醫

Sure. It's a good question. And it's really overall, there's a sense of the macro, right? Because if you look at the lot of our clients are global, if you look at the macro economic, there isn't a big change. You know, this, you know, kind of going into next year like the US, which is a big market, you know, there's looks like it's going to be down a little bit, Europe's up a little bit, but still not great.

當然。這是一個好問題。而且確實是整體的，有宏觀的感覺，對吧？因為如果你看看我們的全球客戶，如果你看看宏觀經濟，你會發現並沒有太大的改變。你知道，就像美國一樣，進入明年，這是一個很大的市場，你知道，看起來會下降，歐洲會上升，但仍然不是很好。

And so kind of you start with they're not seeing a big change in the macro, but then you really have to look at it industry by industry because each industry has factors. So for example, in the energy industries, they're super focused on how much investment they have to do in the change in the shift and climate change and renewables. So there's a big appetite from major investments. So there's no catalyst that says, oh, you know, like I've got a ton of a sudden, they've got a lot of big investments, right?

所以，一開始他們並沒有看到宏觀方面發生重大變化，但隨後你真的必須逐一行業地看待它，因為每個行業都有因素。例如，在能源產業，他們非常關注在轉變、氣候變遷和再生能源方面需要進行多少投資。因此，重大投資的胃口很大。所以沒有催化劑說，哦，你知道，就像我突然得到了很多，他們得到了很多大投資，對吧？

If you look at consumer goods, where a lot of the consumer goods companies are not able to get pricing, they've got to get up volume, which means they've got to drive down their on their efficient. They got improve their efficiency in their manufacturing costs. And that takes big investments because unit manufacturing, our latest research says like two thirds of the journey, digitization is still to come. And so those are big investments into I can kind of take you through industry by industry. The reality is and this is obviously good growth for us is the digitization journey is still very early in many, many industries like public services, another great example.

如果你看看消費品，很多消費品公司無法獲得定價，他們必須提高產量，這意味著他們必須降低效率。他們提高了製造成本的效率。這需要大量投資，因為我們的最新研究表明，在單元製造的三分之二的旅程中，數位化仍有待實現。因此，這些都是巨大的投資，我可以帶您逐一行業地了解。現實情況是，這對我們來說顯然是良好的成長，因為公共服務等許多行業的數位化之旅仍處於早期階段，這是另一個很好的例子。

So they've got big transformations going. And at the end of the day, if you're a big enterprise like the deals, you know that are smaller, right? They do not move the needle. And when you've got big investments, tasked with our focus because they see now the potential of things like Chennai and everyone's like we got to get going, that's really what's driving it. So that's why we're not having a bunch of discussions about like a can't wait to unlock that spending. Our discussions are entirely on help us move faster with our bigger transformations. That's really what we're focused on.

所以他們正在進行重大轉變。歸根究底，如果你是像這些交易這樣的大企業，你知道規模較小，對吧？他們不動針。當你進行大規模投資時，我們會專注於，因為他們現在看到了像金奈這樣的地方的潛力，每個人都認為我們必須繼續前進，這才是真正的推動力。因此，這就是為什麼我們沒有進行大量關於迫不及待釋放支出的討論。我們的討論完全是為了幫助我們更快地進行更大的轉型。這確實是我們關注的重點。

That's very helpful. Thanks for that. And maybe a follow on. You referenced several verticals where you can maybe as you perspectively will go into fiscal '25, call it maybe one or two verticals where you expect the most improvement and maybe one or two like you.

這非常有幫助。謝謝你。也許還有後續。您提到了幾個垂直領域，您可能會在進入 25 財年時將其稱為您期望改進最多的一兩個垂直領域，並且可能有一兩個像您一樣的垂直領域。

Yes, thanks, Jim, and nice to talk to you. I think that, you know, as we look at cost and FY12, five in our overall guide of three to six, we see broad-based growth across. It's really broad-based across all of our industries as well as our services and market.

是的，謝謝，吉姆，很高興與你交談。我認為，你知道，當我們審視成本和 2012 財年（我們的總體指南中的三到六項中的五項）時，我們看到了廣泛的基礎增長。它確實廣泛應用於我們所有的行業以及我們的服務和市場。

Great. Thank you.

偉大的。謝謝。

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

接線員，我們還有時間再問一個問題，然後我們就結束通話。

Bryan Bergin, TD Cowen.

布萊恩·伯金，TD·考恩。

Good morning. Thank you. On Gen AI can you give us some sense of the size of some of these largest individual programs have reached? And then as it relates to internal productivity progress, maybe any commentary on the service lines we are seeing the earliest impacts as it relates to productivity or any metrics that you can share and more advanced programs?

早安.謝謝。在 Gen AI 上，您能否讓我們了解一些最大的個人專案已經達到的規模？然後，由於它與內部生產力進步有關，也許對我們看到的最早影響的服務線有任何評論，因為它與生產力或您可以分享的任何指標以及更高級的計劃有關？

Sure. I don't want to start by giving tons of data on this, but like you went from deals that were in Gen AI that where, you know, on average kind of sub 1 million, right that you've now got some that are you now about 10 million, right? So that's still of the smaller end because you're sort of moving into production and scale. You're starting to see these things move from from POCs to larger bookings. Dominance, of course, takes into account. What we're seeing as I've been talking about is it the first area that we anticipated member.

當然。我不想先提供大量這方面的數據，但就像你從 Gen AI 的交易中得到的那樣，你知道，平均低於 100 萬，你現在已經得到了一些你現在大概有1000萬吧？所以這仍然是較小的結果，因為你正在進入生產和規模化階段。您開始看到這些事情從 POC 轉向更大的預訂。當然，統治地位也要考慮在內。正如我一直在談論的，我們所看到的是我們期望成員的第一個領域。

We're trying to embrace Gen AI fastest because we think it's a big differentiator with our clients. And so in our managed services is where we're seeing the most because that's where we have planned platform. So you all remember, we used to talk about why was there now? We talk about Gen wizard, right? But what we're seeing is that the technology and the productivity is like similar ways before.

我們正在努力以最快的速度擁抱 Gen AI，因為我們認為它對我們的客戶來說是一個很大的差異化因素。因此，在我們的託管服務中，我們看到最多的地方，因為那是我們規劃平台的地方。所以你們都記得，我們​​曾經討論過為什麼現在會出現？我們談論的是Gen Wizard，對吧？但我們看到的是，技術和生產力與以前類似。

So if you go back to 2015, 2016 when we first introduced my wizard freight, so it's not really different than the kinds of productivity that we've been experiencing. And here, of course, there's an added rainfalls in that, Jenny, I in order for us to use it with our clients, they have to allow us to use it and they have to prioritize and they have a lot of other areas where they want to use Gen AI.

因此，如果你回到 2015 年、2016 年，當時我們首次推出了我的嚮導貨運，那麼它與我們所經歷的生產力並沒有真正的不同。當然，這裡還有額外的降雨量，珍妮，為了讓我們與客戶一起使用它，他們必須允許我們使用它，他們必須確定優先級，他們還有很多其他領域可以使用它。

That's now not necessarily in their technology productivity where they're already many of our clients are using our platforms are using a, I et cetera. So there's a lot of factors that kind of go into the pace of how quickly we can use it, even if we're ready to use it, you know, now in many places. So hopefully, that's helpful because it is a little bit different in that sense of, you know, because our clients have to prioritize where they want to use Gen AI, too. Okay.

現在這不一定是在他們的技術生產力方面，我們的許多客戶已經在使用我們的平台，等等。因此，有很多因素會影響我們使用它的速度，即使我們已經準備好在許多地方使用它。希望這會有所幫助，因為從某種意義上說，它有點不同，因為我們的客戶也必須優先考慮他們想要使用 Gen AI 的地方。好的。

Okay. That's helpful. Thank you. And I appreciate your commentary on capital returns and the balance sheet and understanding this is overall than a tougher environment, while M&A outlook has been on the upper end, but just curious how we should be thinking about the potential magnitude of leverage in the model going forward? Is there any guardrails? We should infer that.

好的。這很有幫助。謝謝。我很欣賞你對資本回報和資產負債表的評論，並理解這總體上是一個更艱難的環境，而併購前景一直處於高端，但只是好奇我們應該如何考慮模型中槓桿的潛在大小向前？有護欄嗎？我們應該這樣推斷。

A couple of things that I would say run that unit, we indicated that it's going to be Monish. We'll maintain our strong and credit ratings and net leverage will be low.

我想說的幾件事是管理該部門，我們表示將由莫尼什負責。我們將維持強勁的信用評級，淨槓桿率將維持在較低水準。

And so and included in our guidance that we provided to the we have also allowed for the potential for the interest expense and in our overall guidance, whh is and in addition to the variability that we may see an operating margin throughout the year.

因此，在我們提供給我們的指導中，我們還考慮了利息支出的可能性，並且在我們的整體指導中，除了我們全年可能看到的營業利潤率的變化之外。

Great. Thank you.

偉大的。謝謝。

Great. Well, thank you, everyone, for joining us. Before I wrap up, I want to thank KC who has been an amazing partner and friend these last five years. They've been quite some five years as we all know, just a few things in the environment that we've gotten to gather together and work with. And so I'm really excited for Casey in her next chapter. And KC, would you like to say a few words?

偉大的。好的，謝謝大家加入我們。在結束之前，我要感謝 KC，過去五年來，他一直是一位出色的合作夥伴和朋友。眾所周知，已經過去了五年左右，只是我們聚集在一起並合作的環境中的一些事情。所以我對凱西的下一章感到非常興奮。 KC，您能說幾句話嗎？

I would. Thanks, Julie. I just want to offer my sincere thanks to this investor and analyst community for the decade plus of counsel and support. It's really meant a lot to me. It's really been appreciated. Thanks a lot and best wishes target.

我會的。謝謝，朱莉。我只想向投資者和分析師社區十年來的建議和支持表示誠摯的感謝。這對我來說真的意義重大。真的很受讚賞。非常感謝並祝福目標。

So I want to thank everyone. Thanks for joining us, and thank all of our people for what you do everyday, allowing us to create 360 degree value and giving us a lot of confidence in our success in FY25. And thanks again, KC, and welcome, Angie, to your new role, and we'll see on the next quarter.

所以我要感謝大家。感謝您加入我們，並感謝我們所有員工每天所做的一切，讓我們能夠創造 360 度的價值，並讓我們對 2025 財年的成功充滿信心。再次感謝 KC，並歡迎 Angie 擔任新職務，我們將在下個季度拭目以待。

Thank you.

謝謝。

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