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.

感謝您的支持。歡迎參加埃森哲 2024 財年第四季財報電話會議。（操作員指示）提醒一下，今天的會議正在錄製中，現在我將把會議交給我們的主持人、董事總經理兼投資者關係主管凱蒂奧康納 (Katie O'Conor)。請繼續。

Thank you, operator, and thanks, everyone, for joining us today on our 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.

謝謝接線員，也謝謝大家今天參加我們的第四季和 2024 財年全年財報公告。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)。在今天的電話會議上，您將聽到我們的董事長兼執行長 Julie Sweet、我們現任財務長 KC McClure 和我們即將上任的財務長 Angie Park 的演講。

We hope you've had an opportunity to review the news release we issued a short time ago. Let me quickly outline the agenda for today's call. Julie will begin with an overview of our results. KC will take you through the financial details including the income statement and balance sheet, along with some key operational metrics for the 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成果。KC 將帶您了解財務細節，包括損益表和資產負債表，以及第四季度和整個財政年度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，然後安吉將介紹我們對 2025 年第一季和全年財務狀況的業務展望。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. 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事項（包括我們的業務展望）是前瞻性的，因此受已知和未知風險和不確定性的影響，包括但不限於今天的新聞稿中列出的因素以及我們的 10-K 表年度報告、10-Q 表季度報告和其他 SEC 文件中討論的因素。這些風險和不確定性可能導致實際結果與本次電話會議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. 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，我們相信這些指標可以為投資者提供有用的信息。我們將在新聞稿或公司網站accenture.com的「投資者關係」板塊中，酌情提供非公認會計準則 (non-GAAP) 財務指標與公認會計準則 (GAAP) 的對帳表。與以往一樣，埃森哲不承擔更新本次電話會議資訊的義務。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.

謝謝凱蒂和所有參加的人。感謝我們遍布全球的 774,000 名員工，他們每天辛勤工作，以客戶業務為中心，為所有利益相關者提供全方位的價值。

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證明了我們商業模式的彈性和靈活性、我們的規模和重塑行動的力量。24 財年的市場環境充滿挑戰，我們迅速轉向客戶購買領域，利用埃森哲的專業知識和生態系統關係進行大規模重塑。

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.

我們在埃森哲已經將重塑付諸行動，我們投入了大量資金和早期領導力，並相信這將是未來十年最具變革性的技術：GenAI。因此，在過去四個季度中，我們成功地為埃森哲在 2025 財年實現了強勁成長。當市場條件改善時，我們將能夠充分利用它。

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.

在 24 財年，我們繼續履行我們持久的股東價值主張，即以高於市場的速度增長並佔據市場份額，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.

談到我們的業績以及我們為 2025 財年建立的成長基礎，由於我們的客戶優先考慮大規模轉型，我們加倍努力實施策略，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訂單金額達到 810 億美元，以當地貨幣計算增長了 14%，其中包括第四季度 33 個季度訂單額超過 1 億美元的客戶，使全年此類訂單總數達到 125 個，比去年增加了 19 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 個鑽石客戶，這是我們最大的客戶關係，比去年增加了 10 個，擴大了我們深厚的客戶關係基礎和我們在市場上的優勢。我們全年的營收為 650 億美元，以當地貨幣計算增長了 2%，同時，我們繼續在連續四個季度中從與我們最接近的全球上市競爭對手手中奪取市場份額，這就是我們計算市場份額的方式。

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, with $6.6 billion and strategic acquisitions, $1.2 billion in R&D, and $1.1 billion in 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.

我們將調整後的營業利潤率提高了 10 個基點，實現了調整後每股收益增長 2%，同時繼續大力投資於我們的業務和員工，其中戰略收購投資 66 億美元，研發投資 12 億美元，學習與發展投資 11 億美元。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 億美元現金。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 GenAI bookings, including $1 billion in Q4. And for the full fiscal year, we had nearly $900 million in revenue. The magnitude of this achievement is seen in the comparison to FY23 where we had approximately $300 million in sales and roughly $100 million in revenue from GenAI. This was an area where our clients continued to buy small deals, and we focus on accelerating our growth here.

整個財年，我們有 30 億美元的新 GenAI 訂單，其中第四季為 10 億美元。在整個財政年度，我們的收入接近 9 億美元。與 2023 財年相比，這項成就的巨大意義可見一斑。 2023 財年我們的銷售額約為 3 億美元，GenAI 的營收約為 1 億美元。在這個領域，我們的客戶繼續進行小額交易，我們專注於加速這裡的成長。

We have continued to steadily increase our data and AI workforce, reaching approximately 57,000 practitioners against our goal of 80,000 by the end of FY26. We invested in our people to continue to develop their marketable skills and to help us reinvent our services using GenAI. Our people had approximately 44 million training hours this year, representing an increase of 10%, predominantly due to GenAI training.

我們持續穩定增加數據和人工智慧員工隊伍，目前已達到約 57,000 名從業人員，而我們的目標是到 2026 財年末達到 80,000 名。我們對員工進行投資，以繼續發展他們的市場技能並幫助我們利用 GenAI 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，成長了 10%，這主要歸功於 GenAI 培訓。

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 and to unlock the potential of our talent through, among other actions, ensuring our people feel they are net better off for working at Accenture across four dimensions: marketable skills; working for a purpose; well-being, financial, mental, and physical; and relationships, where our people feel they belong and can thrive.

除了透過投資學習成為人才創造者之外，我們未來十年取得成功的人才策略是，透過採取各種行動，獲得最佳的人才獲取途徑並釋放人才潛力，其中包括確保我們的員工在四個方面感受到在埃森哲工作帶來的淨收益：市場營銷技能；為目標而工作；財務、心理和身體健康；以及人際關係，讓我們的員工感到自己屬於這裡並且​​可以發展自己屬於這裡並且​​可以發展自己屬於這裡並且​​可以發展人際關係。

In addition, our leadership in the market requires that we lead in innovation, which in turn requires access to a broad pool of talents to provide the variety of perspectives, observations, and insights which are essential to continuously innovate.

此外，我們在市場上的領導地位要求我們在創新方面發揮領導作用，而這又需要我們接觸廣泛的人才，以提供持續創新所需的各種觀點、觀察和見解。

These strategies depend on us fostering a diverse and inclusive workplace. 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, an objective measurement of over 15,000 organizations, and our recent achievement of having 50/50 gender equality in our advanced technology centers in India, which have over 220,000 people.

這些策略取決於我們培育多元化和包容性的工作場所。我們對這些策略的出色執行體現在我們連續第三年獲得全球認可，在富時全球多元化與包容性指數中位居第一，該指數對超過 15,000 個組織進行了客觀衡量，並且我們最近在印度的先進技術中心實現了 50/50 的性別平等，這些中心擁有超過 220,000 名員工。

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 TechSheCan on a new program, Regenerative AI, that aims to empower people in socio-economically disadvantaged communities across the country to build their digital skills.

我們的長期發展依賴於繁榮的社區。我們繼續在我們營運所在的社區成功地創造價值，例如我們幫助解決英國的數位包容性差距的工作。與 TechSheCan 合作開展一項新計劃，即再生人工智慧 (Regenerative AI)，旨在幫助全國各地社會經濟弱勢群體的人們培養他們的數位技能。

Finally, I want to acknowledge how proud we are to have earned the number two spot on Time's World's Best Companies list and the top spot on the World's Best Management Consulting Firms list by Forbes. Over the you, KC.

最後，我要說的是，我們非常自豪能夠在《時代》雜誌全球最佳公司榜單上排名第二，並在《福布斯》雜誌全球最佳管理顧問公司榜單上排名第一。向你致敬，KC。

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 for the quarter.

謝謝你，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，該業績符合我們的預期，並反映了我們業務各個方面的改善。我們將繼續投資以獲得長期的市場領導地位，同時為股東創造巨大的價值。首先，我來總結本季的一些亮點。

Revenue grew 5% in local currency, driven by mid-single-digit growth or higher in 7 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, 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. Adjusted operating margin was 15%, an increase of 10 basis points over Q4 last year.

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、所有三項服務中都實現了成長，並且諮詢類工作六個季度以來首次恢復成長。有機收入也略有改善，實現了正成長，我們繼續佔據市場份額。調整後的營業利潤率為 15%，比去年第四季增加了 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.

我們繼續推動利潤率的擴大，同時對我們的業務和員工進行大量投資。我們實現的調整後每股收益為 2.79 美元，與去年調整後的每股收益相比成長了 3%。最後，我們實現了 32 億美元的自由現金流，並透過回購和股息向股東返還了 14 億美元。

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 US dollars 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 1. Managed services were $11.6 billion with a book-to-bill of 1.4.

聽完這些高層的評論後，讓我來談談一些細節。本季新訂單金額為201億美元，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。諮詢業務訂單金額為86億美元，訂單出貨比為1。託管服務收入為 116 億美元，訂單出貨比為 1.4。

Turning now to revenues. Revenues for the quarter were $16.4 billion above the midpoint of our guided range, reflecting a 3% increase in US dollars and 5% in local currency. Consulting revenues for the quarter were $8.3 billion, up 1% in US dollars and 3% in local currency. Managed services revenue were $8.1 billion, up 5% in US dollars, and 7% in local currency. Taking a closer look at our service dimensions, technology services, and strategy & consulting both grew mid-single-digits, and operations grew low single digits.

現在談談收入。本季營收比我們預期範圍的中點高出 164 億美元，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，以美元計算成長 5%，以當地貨幣計算成長 7%。仔細觀察我們的服務維度，技術服務和策略與諮詢均實現了中等個位數成長，而營運則實現了低個位數成長。

Turning to our geographic markets. In North America, revenue grew 6% in local currency, driven by growth in public service and industrial. In EMEA, revenue grew 2% local currency, led by growth in public service and life sciences, partially offset by a decline in banking and capital markets. Revenue growth was driven by Italy and the United Kingdom, partially offset by a decline in France. In growth markets, revenue grew 9% local currency, led by growth in banking and capital markets, software and platforms, and industrial. Revenue was driven by Argentina and Japan.

轉向我們的地理市場。在北美，受公共服務和工業成長的推動，以當地貨幣計算，收入成長了 6%。在歐洲、中東和非洲地區，收入以當地貨幣計算增長了 2%，這主要得益於公共服務和生命科學領域的成長，但銀行業和資本市場的下滑部分抵消了這一增長。收入成長主要由義大利和英國推動，但被法國的下滑部分抵消。在成長型市場中，收入以當地貨幣計算增長了 9%，其中銀行和資本市場、軟體和平台以及工業領域的成長最為顯著。收入主要來自阿根廷和日本。

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.

向下移動損益表。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%。一般及行政開支為 6.8%，去年同期為 6.7%。

Before I continue, I want to note 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.

在繼續之前，我想指出，24 財年第四季和 23 財年的業績包括與業務優化行動相關的成本，這影響了營業利潤率和每股盈餘。以下比較排除了這些影響並反映調整後的結果。

Adjusted operating income was $2.5 billion in the fourth quarter, reflecting a 15% adjusted operating margin, up 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 rate 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，調整後營業利益率為 15%，較去年第四季上升 10 個基點。本季調整後有效稅率為 26.2%，而去年第四季調整後有效稅率為 27.4%。調整後每股攤薄收益為 2.79 美元，而去年第四季調整後每股收益為 2.71 美元。未完成服務天數為 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 31 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 $303.7 per share.

本季的自由現金流為 32 億美元，來自經營活動產生的現金 34 億美元以及 2.14 億美元的財產和設備增加。截至 8 月 31 日，我們的現金餘額為 50 億美元，而去年 8 月 31 日為 90 億美元。關於我們持續向股東返還現金的目標。第四季度，我們以每股 303.7 美元的平均價格回購或贖回了 210 萬股，總價值 6.2 億美元。

Also in August, we paid our fourth quarterly cash dividend of $1.29 per share for a total of $808 million. And our Board of Directors declared a quarterly cash dividend of $1.48 per share to be paid on November 15, a 15% increase over last year and approved $4 billion of additional share repurchase authority.

此外，在 8 月份，我們支付了第四季度現金股息，每股 1.29 美元，總計 8.08 億美元。我們的董事會宣布將於 11 月 15 日支付每股 1.48 美元的季度現金股息，比去年增加 15%，並批准 40 億美元的額外股票回購權。

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. We delivered record bookings of $81.2 billion, reflecting 13% growth in US dollars and 14% growth in local currency, with a record at 125 quarterly client bookings over $100 million, which positions us well as we begin FY25.

現在我想花點時間總結一下這一年。我們的 24 財年業績體現了我們業務的多樣性和持久性，以及我們繼續嚴格、規範地管理業務的能力。我們實現了創紀錄的 812 億美元訂單，以美元計算增長了 13%，以當地貨幣計算增長了 14%，其中季度客戶訂單超過 1 億美元的客戶數量達到 125 個，這為我們在 25 財年伊始奠定了良好的基礎。

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 actions, and fiscal '23 results also reflect the gain on our investment in Duck Creek Technologies, which impacted operating margins, our tax rate in EPS. The following comparisons exclude these impacts and reflect adjusted results.

全年營收 649 億，反映當地貨幣成長 2%。在我繼續之前，我想指出，24 財年和 23 財年的全年業績包括與業務優化行動相關的成本，23 財年的業績也反映了我們對 Duck Creek Technologies 的投資收益，這影響了營業利潤率和每股盈餘中的稅率。以下比較排除了這些影響並反映調整後的結果。

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. Free cash flow of $8.6 billion reflected a very strong free cash flow to net income ratio of 1.2. 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.

調整後的營業利益率為 15.5%，比 23 財年擴大 10 個基點。調整後每股收益為 11.95 美元，比調整後的 FY23 每股收益成長 2%。86億美元的自由現金流反映了1.2的強勁自由現金流與淨收入比率。為了持續履行向股東返還現金的目標，我們已向股東返還了78億美元現金，同時在46項收購中投資了約66億美元。

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 360-degree value for all our stakeholders. And now, back to you Julie.

最後，我們對在 2024 財年應對充滿挑戰的宏觀環境的同時管理業務的方式感到滿意。我們將繼續致力於實現我們持久的股東價值主張，同時為所有利害關係人創造全方位的價值。現在，回到你身邊，朱莉。

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 GenAI and its tremendous potential acting as a catalyst for reinvention.

謝謝你，KC。我們 24 財年的成長動力來自於我們的客戶尋求利用技術、數據、人工智慧和新的工作方式進行重塑，而重塑需要強大的數位核心。在25財年，我們成長的一個重要驅動力將繼續是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 GenAI 的出現及其巨大的潛力，成為重塑的催化劑。

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.

我們的客戶選擇我們是因為我們提供涵蓋策略、諮詢、歌曲、產業 X、技術和營運的獨特服務組合。我們的策略和深厚的產業、職能客戶和技術顧問與我們的客戶以及各個服務部門攜手合作，塑造和實現這些重塑。

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.

我們對先進平台、資產和解決方案的投資、流程專業知識、規模和多樣化患者的見解以及結合託管服務設計和構建解決方案的能力，是我們的主要差異化因素。

At the same time, we see AI 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 strategies built on both productivity and growth, and it will be used in every part of the enterprise.

同時，我們將人工智慧視為新的數位化。就像數位化的人工智慧一樣，它既是技術，也是一種新的工作方式，其全部價值只有建立在生產力和成長基礎上的策略才能實現，並且它將應用於企業的每個部分。

We believe the introduction of GenAI a transformative era that has such a drive growth for us and their 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 AI, will be an increasing part of our growth.

我們相信，GenAI 的引入將開啟一個變革時代，它將在未來十年為我們及其客戶帶來巨大的成長動力，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（人工智慧的燃料）的工作將成為我們成長的重要組成部分。

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. 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.

為了實現重塑並利用人工智慧，企業需要專注於人才，以及在正確的時間、地點和成本找到最優秀人才的能力。作為人才創造者，維持人才市場相關性和釋放人才潛力的能力至關重要。我們將人才視為高階主管議程的首要議題。

Today, our managed services are an important part of our clients' long term talent strategy. Our ability to harness AI is helping them close talent gaps, and our strong expertise across talent, change, HR and organizations differentiate all our services. Our launch of LearnVantage, which provides comprehensive technology learning and training services, helps our clients reskill and upskill their people so they can be a talent creator.

如今，我們的託管服務已成為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缺口，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 LearnVantage 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。

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, while retirement services is $15 billion global addressable market growing at about 6% has lagged behind. We have invested to grow our capabilities and talent to capture this next wave of growth. We are working with TIAA, the largest US provider of lifetime income, to accelerate the transformation of the company's retirement record-keeping capabilities and operations.

讓我給你舉幾個我們正在進行的革新類型的例子。在金融服務、銀行和保險領域，或正處於重塑之旅，而退休服務是150億美元的全球可尋址市場，成長率約為6%，已經落後。我們已經進行了投資以提升我們的能力和人才，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 TIAA 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 and the cloud, we are helping the company implement new technologies, making record keeping processes more efficient over time and easier for their customers. Through this strategic partnership, we are supporting parts of TIAA's record-keeping operations, including back-end processes and technology.

利用人工智慧、自動化和雲端運算的力量，我們正在幫助公司實施新技術，使記錄保存流程隨著時間的推移變得更加高效，並為客戶帶來更多便利。透過此策略合作夥伴關係，我們支援 TIAA 的部分記錄保存操作，包括後端流程和技術。

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

例如，退休計畫發起人將體驗到更快的計畫變化，參與者將更容易啟動開戶和投資選擇。我們共同努力，使個人和客戶的退休計畫更加便利、有效率和個人化，幫助 TIAA 為更多美國人提供更安全的退休生活。

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

如今，我們與全球 75% 的大型通訊服務供應商合作。憑藉我們強大的行業和技術專長，我們正在對全球電信的核心 IT 營運進行現代化改造，以推動成長。透過我們的託管服務計劃，我們正在整合 IT 供應商，預計生產力將提高 60%，成本將降低一半。我們還注入了 GenAI 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、發票或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 GenAI 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，然後我們將培訓和提升團隊的技能，使他們更有效地使用新的 GenAI 工具，幫助公司創造更有利可圖的成果。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 GenAI, 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，今年的收入達到 90 億美元，成長率為 23%。我們正在與科威特政府中央資訊科技機構合作，徹底改變其公共服務和國家關鍵基礎設施的安全態勢。我們正在實施和管理一個由 GenAI 提供支援的可擴展平台，使該機構能夠比使用傳統技術（包括偵測、回應和遏制模型）更快地應對不斷演變的網路威脅。

In the past, security analysts manually research threats with limited information before handing the incident to the impacted government entity losing valuable time as the attack progressed. But now using a new platform when analysts open a potential incident, they can quickly drill down into details about the users, systems under attack, type of attack and more with just one click.

過去，安全分析師需要利用有限的資訊手動研究威脅，然後將事件交給受影響的政府實體，從而隨著攻擊的進展而浪費寶貴的時間。但現在，當分析師發現潛在事件時，使用新平台，他們只需單擊即可快速深入了解用戶、受攻擊的系統、攻擊類型等詳細資訊。

Thanks to GenAI's ability to process significant amounts of data and automatically elaborate context, 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 Kuwait's digital assets and empowering the nation's journey towards enhanced cyber security resilience.

由於 GenAI 能夠處理大量數據並自動闡述背景信息，因此在檢測到威脅時，我們可以支持我們的專家自信地做出更快的決策，同時我們逐步加入 60 多個政府實體，同時我們也在培養本地人才。此次策略合作凸顯了我們致力於保護科威特數位資產和增強國家網路安全能力的承諾。

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, an American multinational information technology company in a new global partnership to develop the right datasets, technology and 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.

企業尋求重塑的一個關鍵領域是行銷，利用技術數據和創造力來推動成長的潛力，為企業帶來實際的成果。我們非常榮幸能與美國跨國資訊科技公司惠普建立新的全球合作夥伴關係，為其 B2B 強勢業務和品牌開發正確的數據集、技術和創意，實現其從傳統代理模式轉向真正的營銷能力轉型的目標，從而顯著提高其營銷投資的影響力、功效和效率，並能夠推動切實的業務成果。

In every industry, there is a challenge or opportunity that GenAI can now uniquely solve. Our deep understanding of both the industry and the technology positions us to be the best at creating real value from GenAI with our clients. For example, in insurance, companies can't typically process 100% of their covered submissions. This creates a bottleneck for revenue growth.

在每個產業中，都存在著 GenAI 可以獨特地解決的挑戰或機會。我們對產業和技術的深刻理解使我們能夠與客戶一起從 GenAI 中創造真正的價值。例如，在保險業，公司通常無法處理 100% 的承保提交。這為收入成長帶來了瓶頸。

The ability to leverage GenAI 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, a multinational insurance company headquartered in Sydney to scale industry leading AI-powered underwriting solutions replicated across multiple lines of business to help the company to make faster and more accurate business decisions.

利用 GenAI 閱讀 100% 提交內容的能力使保險公司能夠更好地評估風險以及報價和製定更多保單，並且更快、更經濟地完成所有工作。利用我們創建的一套新解決方案，我們正在與總部位於雪梨的跨國保險公司 QBE 保險集團合作，擴展業界領先的人工智慧承保解決方案，並將其複製到多個業務線，幫助該公司做出更快、更準確的業務決策。

A series of Board, Executive level, and all employee learning sessions were conducted to help drive the design and build those solutions that analyze 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.

董事會、執行層和全體員工進行了一系列學習會議，以幫助推動設計和建立那些分析新業務提交的完整性、需求、檢查和風險評估見解的解決方案。他們現在可以處理來自經紀人的所有提交，大大加快了市場回應時間。

After nine months in 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.

經過九個月的市場推廣，這些解決方案贏得了多個行業創新獎項，早期結果表明報價兌保率和保費均有所增加。此次合作將使 QBE 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 GenAI powered solutions. We aim to continue to improve safety by using progressive insights from GenAI to inform planners of the 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 per tasks.

我們正在與一家大型綜合下游能源供應商合作，透過三種新的 GenAI 驅動解決方案顯著提高安全性、永續性和營運績效。我們的目標是利用 GenAI 的先進見解來告知規劃人員潛在事故，而不是被動等待特定警告信號的出現，從而繼續提高安全性。這意味著資料存取速度提高 90%，將每個任務的規劃時間從數小時縮短至數分鐘。

Another solution will help detect methane leaks in real time and prioritize their resolutions. We also helped build a smart solution for operators and process engineers to drive custom 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.

另一種解決方案將有助於即時檢測甲烷洩漏並確定解決方案的優先順序。我們還幫助操作員和流程工程師建立了智慧解決方案，以提供客製化見解，從而優化煉油廠性能並減少停機時間。該能源供應商正在為創新和煉油廠營運制定新的行業標準。

One of the most powerful impactful uses GenAI today across industry is in consumer experience transformation. We are working with Mondelez International, a world leader in stacking with well-known brands like Oreo, BelVita and Cadbury to transform their marketing organization with GenAI to help drive consumer behavior.

目前，GenAI 在各行業中最有影響力的用途之一是消費者體驗轉型。我們正在與億滋國際（Mondelez International）合作，該公司是與奧利奧、BelVita 和吉百利等知名品牌進行整合的全球領導者，利用 GenAI 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 GenAI technologies. We are also helping enable a new capability to scale content creation and generate personalized text images and videos across markets. This means exceptional creative can be developed in hours not weeks, allowing content to be catered to consumers quickly as demands change.

作為該計劃的一部分，我們正在建立一個全新的營運模式，主要重點是提高員工在 GenAI 技術方面的技能。我們還協助實現一項新功能，以擴展內容創作並在各個市場生成個人化的文字、圖像和影片。這意味著可以在數小時內而不是數週內開發出出色的創意，從而能夠隨著需求的變化快速滿足消費者的需求。

The strong digital core we established also allows the company to collect and process real-time data using GenAI 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.

我們建立的強大數位核心還允許公司使用 GenAI 收集和處理即時數據，以創建新的情境化見解，以便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。

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

現在讓我們來談談我們的收購。在過去的十年中，我們建立了精細的收購能力，成為市場上公認的好房源，平均約有 70% 的收購來自單一來源。雖然我們識別和評估收購的能力至關重要，但真正讓我們的收購能力如此強大的是成功享受收購的能力。

As we look forward, we are excited about the opportunity to better serve our clients and differentiate 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，並透過上個財年進行的收購在市場上脫穎而出。提醒一下，我們進行收購的最終目的是推動我們的有機成長。我們的全球業務範圍、跨行業的深厚客戶關係以及強大的生態系統使我們對成長機會有了獨特的視角。

We use acquisitions to 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 Song today in our security practice. Here are a few examples of where we are investing now to lead in the next waves of growth, starting with capital projects and over $440 billion addressable global market, growing approximately 5%

我們透過收購在成長領域快速擴大規模，在鄰近市場建立新技能，並深化我們的技術、產業和職能專業知識。多年來，收購建立了主要的成長領域，就像我們今天在安全業務中所說的「Song」一樣。以下是我們目前正在投資引領下一波成長的幾個例子，首先是資本項目和超過 4,400 億美元的全球潛在市場，成長率約為 5%

In FY22, globally, we had approximately $300 million in capital projects revenue. We entered the US market in FY23 with the acquisition of Anser Advisory. Since the beginning of FY24, we expanded our reach into Canada with Comtech in Q1. And this Q4, we acquired BAMSEL in EMEA. We recognized over $800 million in revenue on capital projects this fiscal year '24.

在 22 財年，我們在全球的資本項目收入約為 3 億美元。我們在 23 財年收購了 Anser Advisory，從而進入美國市場。自 24 財年伊始，我們在第一季與 Comtech 合作，將業務範圍拓展至加拿大。今年第四季度，我們收購了 EMEA 地區的 BAMSEL。24 財年，我們確認資本項目收入超過 8 億美元。

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 Cognosante in the US, creating a new federal health portfolio in our federal service business. We also acquired Nautilus Consulting in the UK, a digital consultancy specializing in electronic patient records.

醫療衛生產業仍處於數位化早期階段，我們認為未來十年該產業將面臨巨大機會。這是一個價值 700 億美元的全球潛在市場，成長率約為 66%。今年。我們在美國增加了Cognosante，在我們的聯邦服務業務中創建了一個新的聯邦健康投資組合。我們也收購了英國的 Nautilus Consulting，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 consus.health, a healthcare 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 in 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%.

我們也宣布了收購德國醫療諮詢公司 consus.health 的意向，該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等服務。在歐洲，公共服務業是數位化的早期階段，並且已投入大量資金進行轉型。我們的收購正在加速我們的成長，並使我們佔據市場份額並實現約 5% 的成長，這一市場規模達 460 億美元。

We acquired Arηs, Aris in Germany, a technology services provider supporting the public sector transformation across Europe. In Italy, we acquired Intellera Consulting, one of Italy's main professional services providers operating the public administration and healthcare sectors, and Customer Management IT and SirfinPA., jointly owned consultancies supporting the public sector and specializing in justice and public safety.

我們收購了德國的 Aris Arηs，這是一家支援整個歐洲公共部門轉型的技術服務供應商。在義大利，我們收購了義大利主要的公共行政和醫療保健領域專業服務提供者之一 Intellera Consulting，以及 Customer Management IT 和 SirfinPA，這兩家公司是共同擁有的諮詢公司，為公共部門提供支持，專門從事司法和公共安全。

Now it gives me great pleasure to hand to Angie Park, who will become our new CFO on December 1, who will take us through our guidance for FY25. Angie.

現在，我非常高興地將工作交給將於 12 月 1 日成為我們新任財務長的 Angie Park，她將為我們介紹 25 財年的指導。安吉。

Thanks, Julie. Now let me turn to our business outlook. For the first quarter of fiscal '25, we expect revenues to be in the range of $16.85 billion to $17.45 billion. This assumes the impact that 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, based upon how the rates have been trending over the last few weeks, we currently assume the impact of FX on our results in US dollars will be approximately positive 1.5% compared to fiscal '24.

謝謝，朱莉。現在讓我來談談我們的業務展望。對於 25 財年第一季度，我們預計營收將在 168.5 億美元至 174.5 億美元之間。這假設外匯的影響與 24 財年第一季相比約為正 1.5%，並反映出當地貨幣預計將成長 2% 至 6%。對於整個 25 財年，根據過去幾週的匯率趨勢，我們目前假設外匯對我們以美元計算的業績的影響與 24 財年相比將約為正 1.5%。

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 of a bit more than 3%, and we expect to invest about $3 billion in acquisitions this fiscal year.

對於整個 25 財年，我們預計我們的營收將比 24 財年以當地貨幣成長 3% 至 6%，其中包括略高於 3% 的無機貢獻，我們預計本財年將在收購上投資約 30 億美元。

For operating margin, we expect fiscal year '25 to be 15.6% to 15.8%, a 10 to 30 basis point expansion over adjusted fiscal '24 results. We expect our annual effective tax rate to be in the range of 22.5% to 24.5%. This comparison adjusted effective tax rate of 23.6% in fiscal '24. We expect our full-year diluted earnings per share for fiscal '25 to be in the range of $12.55 to $12.91 or 5% to 8% growth over adjusted fixcal '24 results.

對於營業利潤率，我們預計 25 財年為 15.6% 至 15.8%，比調整後的 24 財年業績擴大 10 至 30 個基點。我們預計年度有效稅率在 22.5% 至 24.5% 之間。此項比較調整了 24 財年的有效稅率為 23.6%。我們預計 25 財年全年每股攤薄收益將在 12.55 美元至 12.91 美元之間，或比調整後的 24 財年業績增長 5% 至 8%。

For the full fiscal '25, we expect operating cash flow to be in the range of $9.4 billion 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 billion to $9.5 billion. Our free cash flow guidance reflects the free cash flow to net income ratio of 1.1 to 1.2. We expect to return 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 94 億美元至 101 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 88 億美元至 95 億美元之間。我們的自由現金流指引反映了自由現金流與淨收入之比為1.1至1.2。我們預計將透過股利和股票回購至少帶來83億美元的回報，因為我們將繼續致力於向股東返還大量現金。

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.

最後，作為我們對資本結構進行例行審查的一部分，我們預計短期內將利用長期債務市場來增加我們用於一般企業用途的流動性，以優化我們的資本結構並降低資本成本。我們預計將籌集少量債務。

In connection with that, there would be no change to our capital allocation strategy, which includes how we look at and use D&A or our strong credit rating and our net leverage will remain low. We have incorporated the potential for long-term debt into our guidance, including the interest expense.

與此相關，我們的資本配置策略不會改變，包括我們如何看待和使用 D&A 或我們強大的信用評級，並且我們的淨槓桿率將保持在低位。我們已將長期債務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 so we can take your questions. Katie?

好了，讓我們開始回答你們的問題。凱蒂？

Thanks, Angie. (Event Instructions) Operator, would you please provide instructions for those on the call.

謝謝，安吉。（事件指示）接線員，請您為通話中的人員提供指示。

(Operator Instructions)

（操作員指示）

Tien-Tsin Huang, JPMorgan.

摩根大通的 Tien-Tsin Huang。

Hey. Thank you so much. Yeah, really strong bookings. I wanted to think about how that translates into revenue visibility, if you don't mind. I know Accenture doesn't normally talk about ACV, but can you maybe comment on the current relationship between the ACV and TCV and how that's evolving. Seems really important to us as we think about revenue and visibility. Duration looks like it's up, but you also have a lot of large deals converting as well. So can you comment on that?

嘿。太感謝了。是的，預訂量確實很大。如果您不介意的話，我想考慮一下這如何轉化為收入可見性。我知道埃森哲通常不會談論 ACV，但您是否可以評論 ACV 和 TCV 之間的當前關係以及這種關係如何發展。當我們考慮收​​入和知名度時，這對我們來說似乎真的很重要。持續時間似乎已經結束，但您也有很多大額交易正在轉換。那麼您能對此發表評論嗎？

Hello, Tien-tsin. Good morning. It's Angie. 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 it'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, what we highlighted was that we did have slight growth in organic, which is important as we exit the year.

你好，天津。早安.是安吉。讓我介紹一下指導意見，因為也許它有助於描繪出我們對整個財政年度的看法。我認為這真的很重要。讓我們先從第四季的結束說起。如果您想想我們在第四季度公佈的 5% 的成長率，我們強調的是，我們的有機成長確實略有成長，這對於我們即將結束的今年來說非常重要。

And as you just talked about, over the last few quarters, we've 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. And then at the top end of the range, we're growing 3% in organic growth.

正如您剛才所說，在過去幾個季度中，我們確實將業務轉向了客戶所購買的產品，即大型轉型交易。這樣做的好處是，與去年同期相比，我們在已售收入方面處於更有利的地位。來自無機貢獻。我確實想強調的是，總體而言，我們預計今年的成長率將略高於 3%，這意味著，按照我們 3% 至 6% 的預期，在該範圍的底部，有機成長率將持平。然後，在該範圍的高端，我們的有機成長率為 3%。

And then as you peel it back and you look at 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 when you look at it, I type of work as well, what we see right now is that both consulting and maintenance services, we see low to mid-single digit growth rate for the year.

然後，當你回顧並查看我們所看到的收入成長時，你會發現它的基礎比我們在第四季度看到的基礎更廣泛。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，我也是從事這類工作，我們現在看到的是，無論是諮詢服務還是維護服務，我們都看到今年的成長率處於低到中等個位數。

And just stepping back with the color and how we're looking at our guidance, we're very pleased with how we have set ourselves up and position ourselves for fiscal '25.

回顧一下顏色和我們如何看待我們的指導，我們對於我們如何為 25 財年做好準備並定位感到非常滿意。

Yeah. And so, Tien-tsin, 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 in going into the year rate is that we told you that we had a strategy 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.

是的。所以，Tien-tsin，這意味著我們不會具體評論 ACV 和 TCV，因為正如您所說，那不是。但是，考慮進入年度利率的信心水平的方式是，我們告訴過您，我們有一個擁有更多巨額資金的策略。我們曾告訴大家，今年我們的訂單比去年多了 19 個，金額達到或超過 1 億美元。所以你可以看到這裡有一個很大的量子。

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 that strategy and how in the quantum of that, and that's how we then think about the year. So hopefully that gives you some more insights together with a view on the guidance.

展望今年，我們從這些大型交易中獲得的收入基礎比 2024 財年更大。所以這就是我們如何幫助大家思考這個問題，如何明確這個策略以及如何在量中實施，這就是我們對這一年的思考。希望這能為您提供更多的見解以及指導。

No. It's reasonable as well, just to say that loud. Just on the acquisitions side, Julie, I think I asked last quarter, so I'll ask again. I know you've been very busy like the examples 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 appetite this year? Are you still seeing good opportunities? Do we see a step down or a pause in the short term? Anything else to add?

不。這也是有道理的，只是大聲說出來而已。就收購方面而言，朱莉，我想我上個季度問過，所以我會再問一次。我知道您一直很忙，就像您給出的關於您從一些交易中獲得的生產力的例子以及您再次舉出的例子一樣。但今年的整體胃口如何？您還看到好機會嗎？短期內我們是否會看到經濟下滑或暫停？還有什麼要補充的嗎？

Yes. So what I would say is -- as Angie has said, we are inorganic plan for the year, like in terms of -- if you think about revenue guidance. We are going into the year with nearly 3% and we think we'll -- right now, the plan for it is a little bit above 3% is what we're seeing for fiscal year '25. And 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 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. But that's how we're seeing this year as we think about our investments.

是的。所以我想說的是——正如安吉所說，我們今年的計劃是無機的，例如——如果你考慮收入指導的話。今年我們的成長率將接近 3%，我們認為——目前，我們的計劃是略高於 3%，這是我們對 25 財年的預期。這反映了目前一項意想不到的計劃，即部署約 30 億美元的資本。因此，與去年相比有所下降，而且根據我們對管道的觀察，後端負載可能會更大。現在，顯然，我們始終有能力向上或向下彎曲。我們只將其與市場機會連結起來。但當我們考慮我們的投資時，我們今年看到的就是這種情況。

Perfect. Thank you. Well done.

完美的。謝謝。做得好。

Thank you.

謝謝。

James Faucette, Morgan Stanley.

摩根士丹利的詹姆斯·福塞特。

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。謝謝你們回答我們的問題。這是安東尼奧替換詹姆斯上場。我實際上想深入研究技術領域。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，以及我們應該如何看待 25 財年的雲端成長？然後我會進行後續跟進。

Hi, Antonio. I'm not going to think about the last 90 days. Let's just think about sort of where we've been and where we think we're going, right? So in cloud you still have a lot of migration that's happening, but on more of the high performance compute applications, so 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.

你好，安東尼奧。我不會去想過去的 90 天。讓我們想想我們去過哪裡以及我們要去哪裡，對嗎？因此，在雲端中仍然會發生大量的遷移，但更多的是高效能運算應用程序，例如大型主機，對嗎？所以 — — 而且您仍然有一些客戶正處於雲端運算之旅的早期階段。例如，我在腳本中談到的一件事就是退休服務，這是雲端運算之旅中處於非常早期階段的整個領域。

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 have not yet done the modernization. And that modernization, of course, feeds into all the things we do, right? Brings the industry and the functional expertise.

同時，還有一些公司正處於非常早期的階段，剛開始他們的雲端運算之旅。有些人已經取得了長足進步，他們現在正在開發更難的應用程序，例如大型主機。然後，我們仍然需要進行大量的現代化改造，因為在疫情期間，那些試圖透過雲端運算來節省基礎設施成本的人們還沒有完成現代化改造。當然，這種現代化會影響到我們所做的一切事情，對嗎？帶來行業和功能專業知識。

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, right? And the high-performance compute as well requires very deep industry knowledge, like during mainframe in the context of health is very different than the context of banking. So hopefully that helps you.

因此，當我們展望 25 財年時，我們繼續看到這些優勢——我們預計雲端運算將繼續成為重要的成長動力，但在所有這些方面，對嗎？高效能運算也需要非常深厚的產業知識，例如，醫療環境中的大型主機與銀行環境中的大型主機有很大不同。希望這對你有幫助。

Got it. That's helpful. And then I wanted to ask on the organic headcount. 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 that?

知道了。這很有幫助。然後我想問有機員工人數。事實上，看起來卻撿了不少。您能否評論一下您的招募策略以及您希望在哪些地區實施該策略？

Why don't I start and then Julie can add any additional comments as well, So as you can see -- I mean I want to start with our exiting the year. We saw slight organic growth in Q4 and 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 hire for the skills and the demand that we've seen.

我先開始吧，然後朱莉也可以添加任何其他評論，所以正如你所看到的——我的意思是我想從我們結束這一年開始。我們看到第四季度出現了輕微的有機成長，我們認為這一勢頭將成為 2025 財年的關鍵。您還會看到，我們今年第四季增加了約 24,000 名員工，這反映了我們業務的發展勢頭。像往常一樣，展望未來，我們將始終根據我們所看到的技能和需求來招募人才。

And just more broadly, I would just remind us that as you think about us as a business, our core competency is balancing supply and managing supply and demand, and you see that our utilization rates, which continue to be in the 90% range.

更廣泛地說，我只想提醒我們，當您將我們視為一家企業時，我們的核心競爭力是平衡供應和管理供需，並且您會發現我們的利用率仍然在 90％ 左右。

And we're hiring from a talent strategy rate. We are hiring primarily in India. So a lot of that hiring is technology in India. And of course, also addresses -- 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 in our talent strategy. We hire all over the world. And in technology, which is a big driver of the growth that 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。我們主要在印度招聘。因此，印度的招募很多都是技術人員。當然，還有地址——我們目前正在刷新我們的金字塔。所以你們會遇到一些新來的大學畢業生。所以我們的人才策略其實沒有改變。我們在世界各地招募。在技​​術領域，這是我們目前看到的以及進入 2025 財年的成長的主要推動力，印度將有大量招募。

Great. Thank you both.

偉大的。謝謝你們兩位。

Jason Kupferberg, Bank of America.

美國銀行的傑森‧庫普弗伯格（Jason Kupferberg）。

Good morning, guys. Thanks. I 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 fiscal '24. Does that imply that you are not building much of a discretionary spending recovery into this initial F25 guide?

大家早安。謝謝。我想談談對 25 財年諮詢前景的評論。您站立的人數低至個位數。我認為這與 24 財年 3% 的退出率非常一致。這是否意味著您沒有在最初的 F25 指南中納入太多可自由支配支出的復甦？

Yeah. Hey, Jason. Good morning. How are you? Let me just give you a little bit of color on that as you think about the types of work and the question that you just asked. If you think about our range overall, so we're at 3% to 6% for the full year. And what this assumes is at the top end, we see more of the same, right, in terms of the discretionary spending environment. While at the bottom end, it allows for further deterioration in the discretionary spend environment over what we experienced in FY24.

是的。嘿，傑森。早安.你好嗎？當您思考工作類型和您剛才提出的問題時，請允許我對此進行一些解釋。如果你考慮我們的整體範圍，那麼全年我們的成長率將達到 3% 至 6%。而且，就可自由支配的支出環境而言，我們假設在高端市場中，情況也大致相同。而在底端，與 2024 財年相比，可自由支配支出環境可能會進一步惡化。

Okay. That's very helpful. And then 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。然後也許給朱莉一個。我只是想了解你對宏觀背景的看法。我的意思是，我想問一下，與三個月前相比，決策者現在告訴了你什麼？他們還在等什麼，才將可自由支配的預算進一步放寬一些呢？

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，環境確實大同小異。那種環境一直是個謹慎的環境。目前，他們正處於預算季節。因此，與往常一樣，我們將在一月和二月看到結果，但變化率並不大。

The macros kind of the same. Obviously, there's some events going to come up in the fall that people are thinking about. But there's not like a big tone change, right? 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. 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, hey now we're ready to go spend more, right, in discretionary spending. So it's really just more of the same.

宏有點相同。顯然，秋季將會發生一些人們正在考慮的事件。但語氣變化不大，對嗎？而且我認為，如果你看一下宏觀經濟環境，你會發現 2025 財年美國的損益狀況將會下降，而歐洲的情況可能會好一點。但整體來說，並沒有太大的改善。所以我們沒有聽到——我沒有聽到首席執行官們的聲音，我幾乎每天都在記錄他們，一些大人物，嘿，現在我們準備在可自由支配的開支上花更多的錢，對吧。所以其實只是同樣的情況。

And by the way, one of the changes that we made this last fiscal year '24 was normally we do for decades, our big promotion period was in December, and then a small one in June. And so in fiscal year '24 we switched these, right? We said we have a lot more visibility in our business in January or February because that's where budgets are set. So we did there and had a really big promotion, of very nice promotion, I would say not really big, but very nice promotion in this past June.

順便說一句，我們在 24 財年做出的一項改變是我們幾十年來通常都會做的，我們的大促銷期是在 12 月，然後小促銷期是在 6 月。所以在 24 財年我們改變了這些，對嗎？我們說，一月或二月我們的業務會更加透明，因為預算是在那時制定的。所以我們在那裡進行了一次非常大的促銷，非常好的促銷，我想說不是真的很大，但在過去的六月裡非常好的促銷。

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.

現在我們已經永久地改變了促銷週期。因此，我們將在 6 月進行大規模促銷週期，在 12 月進行小規模促銷週期，以便更好地配合客戶設定預算的時間，並且讓我們有更好的可見性，這就是我們所看到的。再次強調，這樣做的理由很明確，因為我們在一月和二月的預算中確實沒有 IT 支出和服務支出。

Thanks for all the color.

感謝所有的色彩。

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 FY25 with 3 points of M&A help. And so I just want to understand, is that the right way to think about it.

你好。早安.非常感謝。如果可以的話，我想重新討論併購問題，並得到一些澄清。正如您所說，2024 財年使用了 66 億美元，年增約 160%。如果我們進行計算，您會從多個收入來源中得出什麼標準？看起來您在 25 財年開始時就獲得了 3 點併購協助。所以我只是想了解，這是正確的思考方式嗎？

And then 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 is that $3 billion number is even second half-weighted. Why M&A isn't, you know, 4% or more for the year?

然後朱莉，你曾表示，你計劃今年在併購方面再投入 30 億美元，這將取決於你的權衡。但我只是不明白為什麼併購中 30 億美元的數字甚至是後半部分的加權。為什麼今年的併購額沒有達到 4% 或更高？

Keith, let me just start with peeling back our inorganic contribution a bit. 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 3%, and that's just the math.

基思，讓我先稍微回顧一下我們的無機貢獻。當我們回顧 24 年完成的交易時，它的貢獻率接近 3%，對嗎？因此，透過我們資本部署的後端載入方法，我們確實看到了 3% 多一點的收益，這只是計算結果。

Yeah. 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's just timing, right? And it's the way we see our pipeline developing, right, because 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 in.

是的。只是時間問題，對吧？由於我們中的許多人在第四季末就關閉了，所以收入還不到 3%，對嗎？所以這只是時間問題，對嗎？這就是我們對管道發展的看法，對吧，因為我們對第一季和第二季的支出以及支出情況有一個大致的了解。

Okay. Let me transition the bookings. 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 kind of cadence there? And if you don't mind was there an M&A help in the August quarter bookings as well or signings, excuse me.

好的。讓我來轉換預訂。當你在 25 年之前考慮它們時，我知道你不會去預訂，這更多的是一種輸出。但是，您希望我們考慮 25 財年的訂單出貨比可能會更高還是更低嗎？那裡有什麼節奏嗎？如果您不介意的話，8 月份季度的預訂或簽約中是否有併購幫助，請原諒。

Why don't I start? In terms of and the way to think about our bookings, 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. And so I think that that we were super pleased. And you saw that in our book-to-bill in our growth rate in managed services, which is driven by our large transformation deals.

我為什麼不開始呢？就我們的預訂量而言，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 億美元。所以我認為我們非常高興。您可以從我們的訂單出貨比中看到託管服務的成長率，這是由我們的大型轉型交易推動的。

For us over time, over four trailing quarters, we're always looking for our consulting book-to-bill to be a 1.0 or better and for our managed services to be 1.2 or better and nothing has changed there.

對我們來說，隨著時間的推移，在過去的四個季度中，我們一直希望我們的諮詢訂單出貨比達到 1.0 或更高，我們的託管服務達到 1.2 或更高，而這一點沒有任何變化。

Yeah. And there was nothing in M&A about our bookings in Q4.

是的。併購中沒有關於我們第四季度預訂的任何內容。

Okay. Many thanks.

好的。非常感謝。

Thanks.

謝謝。

Bryan Keane, Deutsche Bank.

德意志銀行的布萊恩·基恩。

Morning. Julie, I just wanted to ask about GenAI. 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 GenAI in the fall through there that you can help us understand?

早晨。朱莉，我只是想問一下有關 GenAI 的問題。我認為第三季的預訂量增加了約 3 億美元，本季則較上季增加了約 1 億美元。您能幫助我們了解今年秋天到明年 GenAI 的發展節奏嗎？

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

當然。所以，是的，我們今年的訂單量達到了 30 億美元，我們預計 25 財年還會再有健康的成長。我的意思是，存在明顯的需求。我們開始看到越來越多的客戶從概念驗證轉向更大規模的實施，這很重要。因此，這些預訂的規模正在增加。

And also, we're continuing to see kind of at least every other one has got 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 another healthy increase in our bookings in our revenue from 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 GenAI today and why it's going to take a while is our client needs -- it needs data. And our clients have a lot of work to do on data, which is, of course, a big opportunity for us.

而且，我們繼續看到至少每隔一個都已經獲得了數據，甚至還在不斷上升中。就這樣，我們即將進入新的一年。我們看到—我們預計我們的預訂量和收入將再次健康成長。而且，數據將繼續成為數位核心建構中越來越重要的一部分，因為目前使用 GenAI 的最大限制之一以及它需要一段時間的原因是我們的客戶需求——它需要數據。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. 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 3% to 6% on a constant currency basis. And if you back out the acquisitions, I think you guys said on the low end, we're talking about flat organic growth. That will be a slight step down from the fourth quarter, which was -- would be a little surprising given some of the momentum that you guys are seeing in bookings and then headcount growth.

知道了。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，我們正在討論 25 財年的營收預期（以固定匯率計算）為 3% 至 6%。如果你放棄收購，我想你們說的低端是平穩的有機成長。這將比第四季度略有下降，考慮到你們在預訂量和員工人數成長方面看到的一些勢頭，這將有點令人驚訝。

So just want to make sure I understood what that low end might imply and why would there necessarily be a step down from where the fourth quarter kind of ended? Thank you.

因此，我只是想確保我理解了低端可能意味著什麼，以及為什麼第四季結束時必然會下降？謝謝。

Yeah, no. The way the way we're thinking about it, right, we're going into the year with momentum. We've had executed on a strategy around the bigger deals. So we have a stronger base of revenue. We've got the acquisitions And 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, right?

是的，不。按照我們的想法，我們將以良好的勢頭進入新的一年。我們已經圍繞更大交易實施了一項策略。因此，我們擁有更強大的收入基礎。我們已進行了收購，並且處於最低端。我們認為最可能的原因是可自由支配支出的環境惡化了，對嗎？

So we're trying to just kind of give some flexibility. We're not seeing that, right? 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 deterioration in spending, right? So because of kind of the way we've positioned ourselves.

因此，我們只是試圖提供一些靈活性。我們沒有看到這個，對吧？本季我們的銷量保持不變。因此，當我們進入今年的最高點時，這就是當前的環境。而在範圍的底部，如果您今天問我，我們最多能適應的情況是，如果支出出現惡化，對嗎？這是因為我們的定位方式。

Great. Thank you.

偉大的。謝謝。

Thanks.

謝謝。

Dan Dolev, Mizuho.

瑞穗的丹‧多列夫 (Dan Dolev)。

Hi. Thanks for taking my question. Great results and great guidance here. Two questions on GenAI. Are you seeing more of your conversations being less replacements and reallocations and purely incremental on GenAI. And then I have a follow-up.

你好。感謝您回答我的問題。這裡取得了很好的成果，並獲得了很好的指導。關於 GenAI 的兩個問題。您是否發現在 GenAI 上，您的對話中更多的是替換和重新分配，而純粹是增量的。然後我有一個後續問題。

Yes. Well, I think it starts with we're not seeing a change in what our clients are spending on IT, right? So -- but what we are seeing is a continued trend of trying to save money on IT to free up the spending on areas of GenAI. So on the one hand, right 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 invest in things like GenAI and data. So that's really the dynamic that's going on, 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 方面的支出發生變化，對嗎？所以——但我們看到的是，人們繼續試圖節省 IT 方面的資金，以釋放 GenAI 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，我們將在一月、二月看到預算的變化，但我們預計不會發生大的變化。但我們也看到，他們在存錢的同時，也想投資 GenAI 和數據等領域。這就是真正正在發生的動態，即「儲蓄以投資」。但我們還沒有看到整體改變的跡象。

Got it. And then a quick follow-up on margins. Can you maybe touch on the GenAI services, how it stands versus your traditional business. I think that would be really helpful for investors. Thank you.

知道了。然後快速跟進利潤率。您能否談談 GenAI 服務以及它與傳統業務相比有何不同？我認為這對投資者來說真的很有幫助。謝謝。

Are you -- you mean, our GenAI margin sort of -- is that different from when we're doing GenAI versus other --

你是說，我們的 GenAI 利潤率與我們在 GenAI 和其他產品上的差異是什麼？--

GenAI -- correct. GenAI services versus your traditional --

GenAI——正確。GenAI 服務與傳統服務對比--

Look, GenAI 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, there's a lot of times, we're starting to embed GenAI in our larger deals. And so we're not really thinking about it as like sort of a separate way. So I wouldn't think about it differently than our usual business. The other banks will

你看，GenAI 仍然是我們業務的一小部分，我目前不會真正認為它具有特別不同的利潤狀況。正如您可能在我的腳本中聽到的那樣，很多時候，我們開始將 GenAI 嵌入到更大的交易中。因此，我們實際上並沒有將其視為一種單獨的方法。所以我認為它和我們平常的業務沒有什麼不同。其他銀行將

Got it, thanks. Well, great momentum.

明白了，謝謝。嗯，勢頭很好。

Thanks.

謝謝。

Jim Schneider, Goldman Sachs.

高盛的吉姆·施耐德。

Good morning. Thanks for taking my question. Very helpful commentary on the client outlook on limited discretionary spend. But can you maybe help us understand or unpack. When you talk to them, what are they looking for to release 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.感謝您回答我的問題。對於客戶對有限可自由支配支出的看法，這是一個非常有用的評論。但您能否幫助我們理解或解答？當您與他們交談時，他們希望釋放哪些可自由支配的支出？是否還有更多宏觀因素，無論是與利率、選舉或監管有關？還是與 IT 預算相關的更多微觀因素？如果是後者，那麼為了更明確這個優先事項，他們在 2025 年需要做哪些努力？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 -- a lot of our clients are global, if you look at the macroeconomic, there isn't a big change. You know, kind of going into next year like the US, which is a big market, 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。這是個好問題。總的來說，這確實是一種宏觀的感覺，對嗎？因為如果你看一下——我們的許多客戶都是全球性的，如果你看一下宏觀經濟，就不會有什麼大的變化。你知道，進入明年，美國這個大市場看起來會略有下降，而歐洲會略有上升，但仍然不是很好。

And so kif 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 -- they've got a lot of big investments, right?

因此，如果你一開始沒有看到宏觀上的巨大變化，那麼你必須真正逐一行業地看待它，因為每個行業都有自己的因素。例如，在能源產業，他們非常關注在變革、氣候變遷和再生能源方面需要投入多少資金。因此，大型投資的需求很大。因此，沒有任何催化劑會說，哦，你知道，就像我有很多——他們有很多大投資，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-- they got improve their efficiency in their manufacturing costs. And that takes big investments because manufacturing -- our latest research says like two-thirds of the journey, digitization is still to come. And so those are big investments.

如果你看一下消費品，你會發現很多消費品公司無法獲得定價，他們必須增加產量，這意味著他們必須降低製造成本，提高製造效率。這需要大量投資，因為製造業——我們的最新研究表明，大約三分之二的旅程，數位化仍未到來。這些都是巨大的投資。

And so 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. So they've got big transformations going.

因此我可以帶您逐一行業地了解一下。現實情況是，這對我們來說顯然是一個好的成長，因為許多產業的數位化進程仍處於非常早期的階段。例如公共服務，這是另一個很好的例子。所以他們正在進行重大變革。

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 GenAI 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.

歸根究底，如果你是一家像交易這樣的大企業，你知道交易規模較小，對嗎？他們沒有動靜。當你獲得大筆投資時，我們會集中精力，因為他們現在看到了 GenAI 等事物的潛力，每個人都認為我們必須行動起來，這才是真正的推動力。所以這就是為什麼我們沒有進行大量關於迫不及待想要解鎖這些支出的討論。我們的討論完全是為了幫助我們更快實現更大的轉型。這確實是我們關注的重點。

That's very helpful. Thanks. Maybe a follow on. You referenced several verticals there. Can you maybe as you perspectively look into fiscal '25, call out maybe one or two verticals where you expect the most improvement and maybe one or two where you see potential risk of deterioration. Thank you.

這非常有幫助。謝謝。或許可以繼續。您在那裡提到了幾個垂直行業。當您展望 25 財年時，您能否指出您預計會有最大改善的一兩個垂直領域，以及您認為有潛在惡化風險的一兩個垂直領域？謝謝。

Yeah. Hey, Jim. Nice to talk to you. I think that as we look at cost and FY25 in our overall guide of 3% to 6%, 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。嘿，吉姆。很高興和你談話。我認為，當我們以 3% 到 6% 的整體指導價來看待成本和 FY25 時，我們會看到廣泛的成長——它確實廣泛地涵蓋了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，我們還有時間再回答一個問題，然後我們就結束通話。

Bryan Bergin, TD Cowen.

布萊恩·伯金 (Bryan Bergin)，TD Cowen。

Hi. Good morning. Thank you. On GenAI 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, any -- comment on the service lines we are seeing the earliest impacts as it relates to productivity or any metrics that you can share in more advanced programs?

你好。早安.謝謝。關於 GenAI，您能否向我們介紹其中一些最大的單一項目已經達到的規模？然後，就內部生產力進步而言，您對我們看到的與生產力相關的最早影響的服務線有何評論，或者您可以在更高級的計劃中分享任何指標？

Sure. I don't want to start giving tons of data on this. But you went from deals that were -- in GenAI that were, on average, kind of sub-$1 million, right, that you've now got some that are above $10 million, right? So that's still the smaller end because you're sort of moving into production and scale. But you're starting to see these things move from POCs to larger bookings.

當然。我不想就此提供大量數據。但是，您從 GenAI 中的交易開始，平均交易額都在 100 萬美元以下，對吧，現在您獲得的一些交易額已經超過 1000 萬美元了，對吧？所以這仍然是較小的一端，因為你正在進入生產和規模階段。但你開始看到這些事情從 POC 轉向更大的預訂。

And then with respect to internal productivity and our guidance, of course, takes into account what we're seeing. As I've been talking about is that the first area that we anticipate, remember, we're trying to embrace GenAI fastest because we think it's a big differentiator with our clients.

然後，關於內部生產力和我們的指導，當然會考慮到我們所看到的情況。正如我一直在談論的，我們預期的第一個領域是，記住，我們正試圖以最快的速度接受 GenAI，因為我們認為這對我們的客戶來說是一個很大的區別因素。

And so in our managed services is where we're seeing the most because that's where we have platform. So you all remember we used to talk about myWizard. Now we talk about GenWizard, right? But what we're seeing is that the technology and the productivity is like similar ways before. So if you go back to 2015, 2016, when we first introduced myWizard, right? So it's not really different than the kinds of productivity that we've been experiencing.

因此，我們在託管服務中看到最多的是，因為那是我們的平台。所以你們都記得我們曾經談過 myWizard。現在我們討論 GenWizard，對嗎？但我們看到的是，技術和生產力與以前類似。所以如果你回顧 2015 年、2016 年，那時我們第一次推出 myWizard，對嗎？所以它與我們一直以來所經歷的生產力並沒有什麼不同。

And here, of course, there's an added wrinkle in that GenAI, 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 GenAI that's not necessarily in their technology productivity where there are already many of our clients are using our platforms, they're using AI, et cetera.

當然，GenAI 還有一個額外的問題，為了讓我們與客戶一起使用它，他們必須允許我們使用它，並且他們必須確定優先順序。他們還有很多其他領域想要使用 GenAI，而這些領域不一定是他們的技術生產力，我們的許多客戶已經在使用我們的平台，他們正在使用 AI 等等。

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 now in many places. So hopefully, that's helpful because it is a little bit different in that sense because our clients have to prioritize where they want to use GenAI, too.

因此，即使我們現在已經準備好在許多地方使用它，但仍有許多因素影響我們使用它的速度。所以希望這會有所幫助，因為從這個意義上來說它有點不同，因為我們的客戶也必須優先考慮他們想要使用 GenAI 的地方。

Okay. That's helpful. Thank you. And then I appreciate your commentary on the capital returns on the balance sheet and understanding this has overall been a tougher environment, while M&A outlay 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, just any guardrails we should consider.

好的。這很有幫助。謝謝。然後，我很欣賞您對資產負債表上的資本回報的評論，並且我了解到這總體上是一個更加艱難的環境，而併購支出一直處於較高水平。但只是好奇我們應該如何考慮未來模型中槓桿的潛在大小，以及我們應該考慮的任何護欄。

Yeah. A couple of things that I would say around that. We indicated that it's going to be modest. We'll maintain our strong credit ratings, and net leverage will be low. And so -- and included in our guidance that we provided to you, we have also allowed for the potential for the interest expense and in our overall guidance, which is in addition to the variability that we may see in operating margin throughout the year.

是的。圍繞這一點我想說幾件事。我們表示這將是適度的。我們將保持強勁的信用評級，淨槓桿率將保持在較低水平。因此 - 在我們向您提供的指導中，我們還考慮了利息支出的可能性以及我們的整體指導，這是我們全年可能看到的營業利潤率變化的補充。

Okat. Thank you.

好的。謝謝。

Great. Well, thank you, everyone, for joining us. Before I wrap up, I want to thank KC, who's 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 together work with. And so I'm really excited for KC and her next chapter. And KC, would you like to say a few words?

偉大的。好吧，謝謝大家加入我們。在結束之前，我想感謝 KC，過去五年來他一直是我出色的合作夥伴和朋友。已經過去五年了，眾所周知，我們一起合作的環境只有幾件事。因此我對於 KC 和她的下一章感到非常興奮。KC，您願意說幾句話嗎？

I would. Thanks, Julie. I just want to offer my sincere thanks to the 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 to all of you.

我會的。謝謝，朱莉。我只想向投資者和分析師社區十多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。我真的很感激。非常感謝，並向大家致以最良好的祝愿。

So I want to thank everyone for joining us and thank all of our people for what you do every day, 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 you all in the next quarter.

因此，我要感謝所有人的加入我們，感謝我們所有員工每天所做的一切，這使我們能夠創造 360 度的價值，並讓我們對 25 財年的成功充滿信心。再次感謝 KC，歡迎 Angie 擔任新職務，我們將在下個季度與您會面。

Thank you.

謝謝。

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