埃森哲 (ACN) 2025 Q1 法說會逐字稿

Good day and welcome to Accenture's first-quarter fiscal 2025 earnings conference call. (Operator Instructions)

美好的一天，歡迎參加埃森哲 2025 財年第一季財報電話會議。 （操作員說明）

Please note that today's event is being recorded. I would now like to turn the conference over to Katie O'Conor, Managing Director, Head of Investor Relations. Please go ahead.

請注意，今天的活動正在錄製中。現在我想將會議交給董事總經理兼投資者關係主管凱蒂·奧康納 (Katie O'Conor)。請繼續。

Thank you operator, and thanks everyone for joining us today on our first-quarter fiscal 2025 earnings announcement. As the operator just mentioned, I'm Katie O'Conor, Managing Director, Head of Investor Relations.

感謝營運商，也感謝大家今天加入我們，共同發布 2025 財年第一季財報公告。正如剛才操作員所提到的，我是凱蒂‧奧康納 (Katie O'Conor)，董事總經理、投資人關係主管。

On today's call, you will hear from Julie Sweet, our Chair and Chief Executive Officer; and Angie Park, our Chief Financial Officer. We hope you've had an opportunity to review the news release we issued a short time ago.

在今天的電話會議上，您將聽到我們的董事長兼執行長朱莉·斯威特 (Julie Sweet) 的演講；以及我們的財務長安吉·帕克 (Angie Park)。我們希望您有機會閱讀我們不久前發布的新聞稿。

Let me quickly outline the agenda for today's call. Julie will begin with an overview of our results, Angie will take you through the financial details, including the income statement and balance sheet, along with some key operational metrics for the first quarter.

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業績，安吉將向您介紹財務詳細信息，包括損益表和資產負債表，以及第一季的一些關鍵營運指標。

Julie will then provide an update on our market positioning, before Angie provides our business outlook for the second quarter and full fiscal year 2025. We will then take your questions before Julie provides a wrap up at the end of the call.

然後，朱莉將介紹我們市場定位的最新情況，然後安吉提供我們對2025 年第二季度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 discussed in our annual report on Form 10-K and quarterly reports on Form 10-Q and other SEC filings.

我們將在本次電話會議上討論的一些問題，包括我們的業務前景，都是前瞻性的，因此受到已知和未知的風險和不確定性的影響，包括但不限於今天的新聞稿中闡述的以及我們在我們的報告中討論的因素。

These risks and uncertainties could cause actual results to differ materially from those expressed in the call. During our call today, we will reference certain non-GAAP financial measures which we believe provide useful information for investors.

這些風險和不確定性可能導致實際結果與電話會議中表達的結果有重大差異。在今天的電話會議中，我們將參考某些非公認會計原則的財務指標，我們認為這些指標為投資者提供了有用資訊。

We include reconciliations of non-GAAP financial measures where appropriate to GAAP in our news release or in the investor relations section of our website at Accenture.com As always, Accenture assumes no obligation to update the information presented on this conference call.

我們在新聞稿或 Accenture.com 網站的投資者關係部分中納入了適用於 GAAP 的非 GAAP 財務指標的調整表。

Now let me turn the call over to Julie.

現在讓我把電話轉給朱莉。

Thank you, Katie, and everyone joining, and thank you to our nearly 799,000 people around the world for their extraordinary work and commitment to our clients, which resulted in a strong quarter of financial results, creating 360 degree value for all our stakeholders. I am very pleased with our performance this quarter as we delivered on our strategy to position Accenture for strong growth in fiscal year 2025.

謝謝 Katie 和所有加入的人，並感謝我們全球近 799,000 名員工的出色工作和對客戶的承諾，這帶來了強勁的季度財務業績，為我們所有利益相關者創造了 360 度價值。我對我們本季的表現非常滿意，因為我們實施了讓埃森哲在 2025 財年實現強勁成長的策略。

Here are a few highlights of the 360 degree value we created. Our clients continue to prioritize large scale transformations, and we are their reinvention partner of choice, as reflected in our bookings of $18.7 billion, including 30 clients with quarterly bookings greater than $100 million.

以下是我們創造的 360 度價值的一些亮點。我們的客戶繼續優先考慮大規模轉型，我們是他們選擇的重塑合作夥伴，這反映在我們 187 億美元的預訂量上，其中包括 30 個季度預訂量超過 1 億美元的客戶。

We grew 8% in local currency this quarter, with revenue of $17.7 billion, approximately $240 million above the top end of our guided range, and continue 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.

以當地貨幣計算，本季我們的營收成長了8%，營收達到177 億美元，比我們指導範圍的上限高出約2.4 億美元，並且在連續四個季度的基礎上繼續與我們最接近的全球上市競爭對手相比，佔據市場份額，這就是我們計算市場份額的方式。

We had another milestone quarter in GenAI, with $1.2 billion in new bookings and approximately $500 million in revenue. Operating margin was flat compared to adjusted operating margin last year. EPS grew 10% over Q1 adjusted FY24 EPS.

GenAI 迎來了另一個具有里程碑意義的季度，新增預訂量達 12 億美元，營收約 5 億美元。與去年調整後的營業利潤率相比，營業利潤率持平。每股收益比 2024 財年第一季調整後每股收益成長 10%。

While we continue to invest in our business and our people with $242 million deployed primarily across five acquisitions and with approximately 14 million training hours this quarter, designed to help us bring the latest in solutions and technology to our clients, provide our people with marketable skills, and reinvent our services using GenAI. This averages 19 hours per person.

我們繼續對我們的業務和員工進行投資，主要在五次收購中部署了2.42 億美元，本季度提供了約1,400 萬小時的培訓，旨在幫助我們為客戶帶來最新的解決方案和技術，為我們的員工提供適銷對路的技能，並使用 GenAI 重塑我們的服務。這平均每人 19 小時。

We increased our data and AI workforce to approximately 69,000, continuing progress against our goal of 80,000 by the end of fiscal year 2026.

我們將數據和人工智慧員工人數增加到約 69,000 人，繼續朝著 2026 財年末達到 8 萬人的目標邁進。

We are proud to be recognized by Fortune as one of the world's best workplaces, jumping from number 10 to number 6. This recognition is important as it is based on feedback from our people around the world. An essential part of our strategy is having access to the best people, and being an attractive workplace is critical to our success.

我們很榮幸被《財星》雜誌評為全球最佳工作場所之一，從第 10 名躍升至第 6 名。我們策略的一個重要部分是接觸最優秀的人才，而成為一個有吸引力的工作場所對於我們的成功至關重要。

And in recognition of our strong brand, we are proud to earn our highest brand value to date on Interbrand's prestigious best global brands list, increasing to $21.9 billion and ranking number 31. We continue to invest in creating and maintaining thriving communities, which our long term growth depends on.

為了表彰我們強大的品牌，我們很自豪能夠在Interbrand 久負盛名的全球最佳品牌排行榜上獲得迄今為止最高的品牌價值，增至219 億美元，排名第31 位。社區，這是我們長期以來的目標長期成長取決於。

This quarter, among other things, Accenture has partnered with the NGO, Instituto PROA in Brazil, to help transform the lives of low income youth by providing them with digital skills to enter the workforce. I am very pleased with our results this quarter and our return to broad based growth due to our strategy to be our clients' reinvention partner of choice.

本季度，埃森哲與巴西非政府組織 Instituto PROA 合作，透過為低收入青年提供進入勞動市場的數位技能來幫助他們改變生活。我對本季度的業績以及由於我們成為客戶首選的重塑合作夥伴的策略而恢復廣泛增長感到非常滿意。

We also have a resilient business model, with diversity across markets, industries and the types of work our clients come to us for, both consulting type of work and managed services.

我們也擁有彈性的業務模式，在市場、產業和客戶來找我們尋求工作類型（諮詢類型的工作和託管服務）方面具有多樣性。

Over to you, Angie.

交給你了，安吉。

Thank you Julie, and happy holidays to all of you, and thanks for taking the time to join us on today's call. We were very pleased with our results in the first quarter, which exceeded our expectations and reflect momentum across our business.

謝謝朱莉，祝大家節日快樂，謝謝您抽出時間參加我們今天的電話會議。我們對第一季的業績感到非常滿意，這超出了我們的預期，反映了我們整個業務的勢頭。

We are particularly pleased with our strong revenue growth, which was broad based across geographic markets, industry groups, and consulting and managed services, demonstrating we are a leader in the market as a trusted reinvention partner for our clients.

我們對我們強勁的收入成長感到特別滿意，這種成長廣泛地涵蓋了地理市場、行業群體以及諮詢和管理服務，這表明我們是市場的領導者，是客戶值得信賴的重塑合作夥伴。

Based on the strength of our first quarter results, we are increasing our full year revenue outlook, which I will cover in more detail later in our call. So let me begin by summarizing a few highlights in the quarter. Revenues grew 8% in local currency, above the top end of our guided range, with 6 of our 13 industries growing double digits, and we continue to take market share.

基於我們第一季的強勁業績，我們正在提高全年營收預期，我將在稍後的電話會議中更詳細地介紹這一點。首先，讓我總結一下本季的一些亮點。以當地貨幣計算，收入增長了 8%，高於我們指導範圍的上限，我們 13 個行業中有 6 個行業實現了兩位數增長，並且我們繼續佔據市場份額。

We delivered EPS in the quarter of $3.59, reflecting 10% growth over adjusted EPS last year. Operating margin was 16.7% for the quarter, consistent with adjusted Q1 results last year, and includes significant investments in our people and our business.

我們本季的每股盈餘為 3.59 美元，比去年調整後的每股盈餘成長 10%。本季營業利潤率為 16.7%，與去年調整後的第一季業績一致，其中包括對我們的員工和業務的重大投資。

Finally, we delivered free cash flow of $870 million and returned $1.8 billion to shareholders through repurchases and dividends. We also invested $242 million, primarily attributed to five acquisitions in the quarter.

最後，我們交付了 8.7 億美元的自由現金流，並透過回購和股息向股東返還 18 億美元。我們還投資了 2.42 億美元，主要歸因於本季的五次收購。

With those high level comments, let me turn to some of the details starting with new bookings. New bookings were $18.7 billion for the quarter, representing 1% growth in both US dollars and local currency, with an overall book to bill of 1.1. Consulting bookings were $9.2 billion, with a book to bill of 1.0. Managed services bookings were $9.5 billion, with a book to bill of 1.1.

有了這些高水準的評論，讓我談談從新預訂開始的一些細節。本季新預訂量為 187 億美元，以美元和當地貨幣計算均成長 1%，整體預訂比率為 1.1。諮詢預訂額為 92 億美元，預訂完成率為 1.0。託管服務預訂金額為 95 億美元，預訂比為 1.1。

Turning now to revenue. Revenues for the quarter were $17.7 billion, a 9% increase in US dollars, and 8% in local currency, approximately $240 million above the top end of our guided range. The foreign exchange impact for the quarter was approximately positive 1%, compared with the positive 1.5% estimate provided last quarter.

現在轉向收入。本季營收為 177 億美元，以美元計算成長 9%，以當地貨幣計算成長 8%，比我們指導範圍的上限高出約 2.4 億美元。本季的外匯影響約為正 1%，而上季提供的正值估計為 1.5%。

Consulting revenues for the quarter were $9 billion, up 7% in US dollars, and 6% in local currency. Managed services revenue were $8.6 billion, up 11% in both US dollars and local currency, driven by double digit growth in technology managed services, which includes our application managed services and infrastructure managed services, and high single digit growth in operations.

本季諮詢收入為 90 億美元，以美元計算成長 7%，以當地貨幣計算成長 6%。託管服務收入為86 億美元，以美元和當地貨幣計算增長11%，這得益於技術託管服務（包括我們的應用程式託管服務和基礎設施託管服務）的兩位數增長，以及運營的高個位數增長。

Turning to our geographic markets, in the Americas, revenues grew 11% in local currency. Growth was led by industrial, software and platforms, banking and capital markets, and consumer goods, retail and travel services. Revenue growth was driven by the United States and Argentina.

轉向我們的地理市場，在美洲，以當地貨幣計算的收入成長了 11%。工業、軟體和平台、銀行和資本市場、消費品、零售和旅遊服務引領了成長。營收成長由美國和阿根廷推動。

In EMEA, revenues grew 6% in local currency, led by growth in public service, life sciences and health, partially offset by a decline in banking and capital markets. Revenue growth was driven by the United Kingdom and Italy, partially offset by a decline in France.

在歐洲、中東和非洲地區，在公共服務、生命科學和健康領域的成長帶動下，以當地貨幣計算的收入增加了 6%，但部分被銀行和資本市場的下滑所抵消。收入成長由英國和義大利推動，但部分被法國收入下降所抵消。

In Asia Pacific, we delivered 4% revenue growth in local currency, driven by growth in utilities, industrial and health, partially offset by a decline in chemicals and natural resources. Revenue growth was led by Japan, which represents approximately half of Asia Pacific, partially offset by declines in Singapore and Australia.

在亞太地區，受公用事業、工業和健康業務成長的推動，我們以當地貨幣計算的收入成長了 4%，但部分被化學品和自然資源的下降所抵消。收入成長由日本引領，約佔亞太地區的一半，但部分被新加坡和澳洲的下降所抵消。

Moving down the income statement, gross margin for the quarter was 32.9% compared to 33.6% for the first quarter last year. Sales and marketing expense for the quarter was 10.2% compared with 10.5% for the first quarter last year.

從損益表來看，本季毛利率為 32.9%，去年第一季為 33.6%。本季銷售和行銷費用為 10.2%，而去年第一季為 10.5%。

General and administrative expense was 6% compared to 6.4% for the same quarter last year. Before I continue, I want to note that in Q1 of last year, we recorded $140 million in costs associated with our business optimization actions, which decreased operating margin by 90 basis points, and EPS by $0.17.

一般及行政費用為 6%，去年同期為 6.4%。在繼續之前，我想指出，去年第一季度，我們記錄了與業務優化行動相關的 1.4 億美元成本，這使營業利潤率下降了 90 個基點，每股收益下降了 0.17 美元。

Following comparisons exclude these impacts and reflect adjusted results. Operating income was $2.9 billion in the first quarter, reflecting a 16.7% operating margin, consistent with adjusted operating margin in Q1 of last year. Our effective tax rate for the quarter was 21.6% compared with an effective tax rate of 23.2% for the first quarter last year.

以下比較排除了這些影響並反映了調整後的結果。第一季營業收入為 29 億美元，營業利益率為 16.7%，與去年第一季調整後的營業利益率一致。我們本季的有效稅率為 21.6%，而去年第一季的有效稅率為 23.2%。

Diluted earnings per share were $3.59 compared with adjusted EPS of $3.27 in the first quarter last year, reflecting 10% growth over adjusted EPS in Q1 last year. Days services outstanding were 50 days compared to 46 days last quarter, and 49 days in the first quarter of last year.

稀釋後每股收益為 3.59 美元，而去年第一季調整後每股收益為 3.27 美元，較去年第一季調整後每股收益成長 10%。未償還服務天數為 50 天，上一季為 46 天，去年第一季為 49 天。

Free cash flow for the quarter was $870 million, resulting from cash generated by operating activities of $1 billion, net of property and equipment additions of $152 million. Following the completion of our $5 billion inaugural debt offering, our cash balance at November 30 was $8.3 billion compared with $5 billion at August 31.

本季自由現金流為 8.7 億美元，源自經營活動產生的現金 10 億美元，扣除財產設備增加 1.52 億美元。在完成 50 億美元的首次債務發行後，我們截至 11 月 30 日的現金餘額為 83 億美元，而 8 月 31 日為 50 億美元。

With regards to our ongoing objective to return cash to shareholders, in the first quarter we repurchased or redeemed 2.5 million shares for $898 million at an average price of $355.03 per share. As of November 30, we had approximately $5.9 billion of share repurchase authority remaining.

為了實現向股東返還現金的持續目標，第一季我們以 8.98 億美元的價格回購或贖回了 250 萬股股票，平均價格為每股 355.03 美元。截至 11 月 30 日，我們仍有約 59 億美元的股票回購權。

Also in November, we paid a quarterly cash dividend of $1.48 per share for a total of $926 million. This represented a 15% increase over last year. And our Board of Directors declared a quarterly cash dividend of $1.48 per share to be paid on February 14, a 15% increase over last year. So in summary, we are very pleased with our Q1 results, and we are off to a strong start in FY25.

同樣在 11 月，我們支付了每股 1.48 美元的季度現金股息，總計 9.26 億美元。比去年增加了 15%。我們的董事會宣佈於 2 月 14 日支付每股 1.48 美元的季度現金股息，比去年增加 15%。總而言之，我們對第一季的業績非常滿意，我們在 2025 財年有了一個很好的開始。

And now let me turn it back to Julie.

現在讓我把話題轉回朱莉身上。

Thank you, Angie. Starting with the demand environment, we saw more of the same. Our clients are focused on reinvention, which means large scale transformations. We do not currently see an improvement in overall spending by our clients, particularly on smaller deals. When those market conditions improve, we will be well positioned to capitalize on them as we continue to meet the demand for the critical programs our clients are prioritizing.

謝謝你，安吉。從需求環境開始，我們看到了更多相同的情況。我們的客戶專注於重塑，這意味著大規模的轉型。我們目前沒有看到客戶的整體支出有所改善，特別是在較小的交易上。當這些市場狀況改善時，我們將能夠充分利用它們，繼續滿足客戶優先考慮的關鍵項目的需求。

As expected, building the strong digital core required for reinvention was a strong driver of our growth this quarter. GenAI continues to be a catalyst for reinvention across the enterprise, and building out the data foundation necessary to capitalize on AI is an increasing part of that growth. Themes around achieving both cost efficiencies and growth continue across the demand we're seeing.

正如預期的那樣，建立重塑所需的強大數位核心是我們本季成長的強大推動力。 GenAI 繼續成為整個企業重塑的催化劑，而建構利用人工智慧所需的數據基礎是這種成長的一個日益重要的部分。在我們所看到的需求中，圍繞著實現成本效率和成長的主題繼續存在。

Through the examples from Q1, you can see both our strategy to be the reinvention partner of choice, and how we are bringing together our services, our ecosystem relationships, and our scaled investments in cutting edge platforms like SynOps and GenWizard, as well as technologies like GenAI to drive value for our clients.

透過第一季的範例，您可以看到我們成為首選重塑合作夥伴的策略，以及我們如何整合我們的服務、生態系統關係以及我們對 SynOps 和 GenWizard 等尖端平台以及技術的大規模投資像GenAI 一樣為我們的客戶創造價值。

We are helping our clients build their digital core, including in the cloud, which saw double digit growth this quarter. Accenture Federal Services is working with the US Air Force, the nation's military air service air branch, on a cloud monetization journey to manage its complex IT environment, so that military personnel can maintain their competitive edge.

我們正在幫助客戶建立他們的數位核心，包括在雲端中，該核心在本季度實現了兩位數的成長。埃森哲聯邦服務公司正在與美國空軍（美國空軍的軍事航空部門）合作，進行雲端貨幣化之旅，以管理其複雜的 IT 環境，以便軍事人員能夠保持競爭優勢。

We will develop a multi-cloud ecosystem using services from multiple providers to create a robust, secure, and integrated infrastructure. This will enhance how different systems and devices work together and communicate to quickly implement cutting edge tools and technologies.

我們將利用多個供應商的服務開發多雲生態系統，以創建強大、安全和整合的基礎設施。這將增強不同系統和設備的協同工作和通訊方式，以快速實施尖端工具和技術。

We also provide managed services that foster collaboration and enable personnel to quickly make data driven decisions about their cloud usage and costs, while adapting to changing mission requirements. This partnership will enable the US Air Force to get the most out of their cloud investments to achieve real time cross cost transparency, accelerated cost savings, increased efficiency, and improved agility.

我們還提供託管服務，促進協作並使人員能夠快速做出有關雲端使用和成本的數據驅動決策，同時適應不斷變化的任務要求。此次合作將使美國空軍能夠充分利用其雲端投資，實現即時交叉成本透明度、加速成本節約、提高效率和敏捷性。

Our industry expertise is critical to building the right digital core. We are partnering with the BCC Iccrea Group, Italy's largest cooperative banking group, through a joint venture with its IT subsidiary on a reinvention journey to help over 100 affiliated banks grow.

我們的行業專業知識對於建立正確的數位核心至關重要。我們正與義大利最大的合作銀行集團 BCC Iccrea Group 合作，透過其 IT 子公司成立合資企業，踏上重塑之旅，幫助 100 多家附屬銀行發展。

Our managed services will modernize the IT platform and migrate applications to the cloud, enhancing resiliency, stability, and service quality. We will also consolidate data, and build an integrated cloud platform for advanced analytics and AI, strengthening their digital core. GenAI will be applied to increase internal IT efficiency, and reduce customer response time on digital interaction channels.

我們的託管服務將使 IT 平台現代化並將應用程式遷移到雲端，從而增強彈性、穩定性和服務品質。我們也將整合數據，建構高階分析和人工智慧的整合雲端平台，增強其數位核心。 GenAI將用於提高內部IT效率，並減少數位互動管道上的客戶回應時間。

We will expand digital offerings, employee onboarding and payments, using our suite of shared finance services solutions. A change management communications program will offer targeted upskilling and reskilling opportunities to ensure employees use new technologies and methodologies effectively. Together, we will help BCC Iccrea Group reduce costs and drive innovation, enabling the banking group to be more competitive and bring new products and services to market faster.

我們將使用我們的共享金融服務解決方案套件來擴展數位產品、員工入職和付款。變革管理溝通計畫將提供有針對性的技能提升和再培訓機會，以確保員工有效地使用新技術和方法。我們將共同協助 BCC Iccrea Group 降低成本並推動創新，使該銀行集團更具競爭力並更快地將新產品和服務推向市場。

Security is an absolutely essential component of every company's digital core, and we again saw very strong double digit growth. We are the partner of choice in part because we bring both the understanding of cross-industry threats and industry specific threats with our deep experience across 13 industry groups.

安全性是每個公司數位核心的絕對重要組成部分，我們再次看到了非常強勁的兩位數成長。我們之所以成為首選合作夥伴，部分原因是我們憑藉在 13 個行業群體中的豐富經驗，了解跨行業威脅和行業特定威脅。

We are supporting a leading aircraft manufacturer and its cybersecurity across aerospace and defense on critical infrastructure and production systems. We will provide managed services and solutions for their cybersecurity capability, leading to a more powerful and secure program, bringing security by design in industrial assets and the extended enterprise. Our solutions will help provide improved security and meet regulatory compliance.

我們正在支援一家領先的飛機製造商及其在航空航太和國防領域關鍵基礎設施和生產系統的網路安全。我們將為他們的網路安全能力提供託管服務和解決方案，從而形成更強大、更安全的計劃，透過設計為工業資產和擴展企業帶來安全。我們的解決方案將有助於提高安全性並滿足法規遵循。

We are also helping with the digitization of manufacturing and supply chains. Industry X grew double digits this quarter. We are continuing to evolve our long time partnership with a global leader in tire manufacturing to revolutionize the way factories operate and to reduce time to market for new products, accelerating innovation.

我們還幫助實現製造和供應鏈的數位化。 Industry X 本季成長了兩位數。我們正在繼續發展與全球輪胎製造領導者的長期合作夥伴關係，以徹底改變工廠的運作方式，縮短新產品的上市時間，並加速創新。

We will build a hybrid data foundation in the cloud, integrating millions of data points. We will also implement advanced analytics, AI and digital twin technologies to optimize operations processes, such as quality checks.

我們將在雲端建構混合數據基礎，整合數百萬個數據點。我們還將實施先進的分析、人工智慧和數位孿生技術來優化品質檢查等營運流程。

This will enable the company to trace the root cause of a failed batch of tires back to a machine or process in minutes instead of days. And predictive maintenance will pinpoint what parts of their process or machinery may be impacting quality and productivity, preventing costly downtimes.

這將使該公司能夠在幾分鐘而不是幾天內將一批不合格輪胎的根本原因追溯到機器或流程。預測性維護將找出流程或機械的哪些部分可能會影響品質和生產力，從而防止代價高昂的停機。

Engineering teams will benefit from machine learning and simulation tools to generate and optimize the design of new products. We will also implement new ways of working to attract tech savvy talent and cultivate a learning culture, where employees in over 100 factories are upskilled on the AI-powered tools. The company will look to increase growth opportunities and support their digital-first strategy, all while remaining competitive in the market.

工程團隊將受益於機器學習和模擬工具來產生和優化新產品的設計。我們也將實施新的工作方式來吸引精通科技的人才並培養學習文化，讓 100 多家工廠的員工提升人工智慧工具的技能。該公司將尋求增加成長機會並支持其數位優先策略，同時保持市場競爭力。

We are partnering with PUMA India, a leader in sports lifestyle products to reinvent their supply chain and distribution network. This will meet the ever evolving customer demand for order delivery in a highly competitive omnichannel market, where quick commerce is becoming the norm. We will use data and AI to identify and set up localized fulfillment centers, optimizing their size and location based on customer sales.

我們正在與運動生活方式產品領域的領導者 PUMA India 合作，重塑他們的供應鏈和分銷網絡。這將滿足在競爭激烈的全通路市場中不斷變化的客戶對訂單交付的需求，而快速商務正在成為常態。我們將使用數據和人工智慧來識別和建立本地化的履行中心，根據客戶銷售情況優化其規模和位置。

Digital twins of these facilities will simulate various process designs and physical automation scenarios to identify bottlenecks. This will help redefine warehouse layouts and improve material flow for more efficient order and return processing, delivering orders up to 70% faster, with express delivery for online orders expected to double.

這些設施的數位孿生將模擬各種流程設計和實體自動化場景，以識別瓶頸。這將有助於重新定義倉庫佈局並改善物料流，以實現更有效率的訂單和退貨處理，將訂單交付速度提高 70%，線上訂單的快遞預計將增加一倍。

Supply chain costs are also expected to decrease by up to 10%, and additional features like solar power and EV charging stations at fulfillment centers will further reduce costs and support sustainability goals. PUMA India will be the first amongst sports brands in the region to build this type of cutting edge operating model, enhancing customer loyalty to drive future growth.

供應鏈成本預計也將降低高達 10%，而配送中心的太陽能和電動車充電站等附加功能將進一步降低成本並支持永續發展目標。 PUMA India 將成為該地區第一個建立這種尖端營運模式的運動品牌，提高客戶忠誠度以推動未來成長。

We are reinventing all things customer through Song, which grew high single digits this quarter. We have the ability to integrate creative, data and AI, tech and strategy, while leveraging our industry and operations expertise to unlock marketing as a growth enabler for our clients while delivering efficiencies.

我們正在透過 Song 重塑客戶的一切，該公司本季實現了高個位數成長。我們有能力整合創意、數據和人工智慧、技術和策略，同時利用我們的行業和營運專業知識，將行銷作為客戶成長的推動力，同時提高效率。

We are helping Spotify optimize its advertising business by finding opportunities to drive efficiency as it scales globally. Our marketing operations managed services support their ad operations under a single roof, touching a significant amount of their ad revenue across 150 markets.

我們正在協助 Spotify 優化其廣告業務，在其全球擴張過程中尋找提高效率的機會。我們的行銷營運託管服務在同一屋簷下為他們的廣告營運提供支持，影響了他們在 150 個市場的大量廣告收入。

We've infused automation across their operational workflows to help significantly reduce the time and effort required to launch advertisers' campaigns, getting them to market more quickly, to help ensure revenue realization and advertiser satisfaction.

我們在他們的營運工作流程中註入了自動化，以幫助顯著減少啟動廣告商活動所需的時間和精力，讓他們更快地進入市場，從而幫助確保收入實現和廣告商滿意度。

We continue to expand beyond ad operations, actively launching new capabilities across analytics and insights, data integrity and enrichment, customer support and more. Our partnership helps Spotify to focus on its core competencies so it can achieve long-term relevance and growth in an increasingly competitive market.

我們持續擴展到廣告營運之外，積極推出跨分析和洞察、資料完整性和豐富、客戶支援等方面的新功能。我們的合作夥伴關係幫助 Spotify 專注於其核心競爭力，以便在競爭日益激烈的市場中實現長期相關性和成長。

We are collaborating with CaixaBank, a leading financial group in Spain, on their plan to enhance customer and employee experiences. We will increase productivity and efficiency by leveraging AI and GenAI to build multiple solutions, such as the bank's chatbot, which has significantly reduced response times and improved the quality of answers for clients, and an employee assistant tool that utilizes natural language conversations and solution searches.

我們正在與西班牙領先的金融集團 CaixaBank 合作，制定增強客戶和員工體驗的計畫。我們將利用人工智慧和GenAI 來建立多種解決方案來提高生產力和效率，例如銀行的聊天機器人，它可以顯著縮短響應時間並提高客戶答案的質量，以及利用自然語言對話和解決方案搜尋的員工助理工具。

We will also build a customer service claims solution that analyzes documents and supports agents and lawyers in proposing the right responses, reducing processing time and assisting specialized teams. This will help CaixaBank reinvent with GenAI.

我們還將建立一個客戶服務索賠解決方案，分析文件並支持代理人和律師提出正確的回應，減少處理時間並協助專業團隊。這將幫助 CaixaBank 透過 GenAI 進行重塑。

And we are creating real value from GenAI across industries and countries. We are partnering with Vale, a Brazilian mining and logistics company, to transform its environmental licensing program, speeding up permit applications and expanding its sustainability goals.

我們正在透過 GenAI 跨產業和國家創造真正的價值。我們正在與巴西礦業和物流公司淡水河谷合作，改變其環境許可計劃，加快許可申請並擴大其永續發展目標。

We created Smart Licensing, an end-to-end licensing management platform that uses GenAI to scan application materials and environmental studies, to promote compliance with regulatory and environmental requirements. This creates actionable summaries reducing internal document reviews from days to minutes.

我們創建了智慧許可，這是一個端到端許可管理平台，使用 GenAI 掃描申請材料和環境研究，以促進遵守法規和環境要求。這將創建可操作的摘要，將內部文件審查從幾天縮短到幾分鐘。

We've trained over 500 people to use Smart Licensing, and established a change management team to combine previously segmented teams, helping Vale plan and execute more efficiency, while further reducing environmental impact.

我們已經培訓了 500 多名人員使用智慧許可，並建立了一個變革管理團隊來合併先前分散的團隊，幫助 Vale 提高規劃和執行效率，同時進一步減少對環境的影響。

We are partnering with Indosat, a digital telecommunications company, and its subsidiary, Lintasarta, a leading provider of data communication, Internet and IT services, to launch Indonesia's first sovereign AI cloud platform. This will accelerate their AI driven digital transformation and support the country's vision of becoming a digitally empowered nation by 2045.

我們正在與數位電信公司 Indosat 及其子公司 Lintasarta（領先的數據通訊、互聯網和 IT 服務供應商）合作，推出印尼第一個主權人工智慧雲端平台。這將加速人工智慧驅動的數位轉型，並支持該國在 2045 年成為數位賦能國家的願景。

The collaboration will initially focus on AI solutions for Indonesia's financial services sector, one of the key pillars of the country's economy. Accenture's AI Refinery platform will provide scaled AI capabilities with prebuilt solutions that have a modular architecture to meet clients' needs wherever they are in their AI journey, significantly reducing time to value.

此次合作最初將重點放在印尼金融服務業的人工智慧解決方案，該產業是該國經濟的關鍵支柱之一。埃森哲的 AI Refinery 平台將透過預先建置的解決方案提供擴展的人工智慧功能，這些解決方案具有模組化架構，可滿足客戶在人工智慧之旅中的任何需求，從而顯著縮短價值實現時間。

This partnership will help Indonesian companies to drive reinvention by harnessing the power of scaled GenAI, propelling innovation, operational efficiency, and sustainable growth in a competitive market.

此次合作將有助於印尼企業利用規模化 GenAI 的力量推動創新，在競爭激烈的市場中推動創新、營運效率和永續成長。

Talent continues to be at the top of the agenda for CEOs and governments, and our LearnVantage services position us to be able to help clients invest in their workforce. Our partnership with S&P Global, a leading provider of financial data, analytics and ratings is driving GenAI innovation across the financial services industry, empowering their workforce to adopt GenAI at scale to enhance productivity and deliver revenue growth.

人才仍然是執行長和政府的首要議程，我們的 LearnVantage 服務使我們能夠幫助客戶投資他們的勞動力。我們與領先的金融數據、分析和評級提供者 S&P Global 的合作正在推動整個金融服務業的 GenAI 創新，使他們的員工能夠大規模採用 GenAI，以提高生產力並實現收入成長。

They are equipping nearly 40,000 of their employees with the necessary skills, leveraging Accenture LearnVantage services, a comprehensive GenAI learning program. This program includes curate and customized content to drive AI fluency and address the industry's evolving talent requirements.

他們利用 Accenture LearnVantage 服務（一項全面的 GenAI 學習計劃）為近 40,000 名員工提供必要的技能。該計劃包括精心策劃和客製化的內容，以提高人工智慧的流暢度並滿足行業不斷變化的人才需求。

Finally, a quick look at how we're continually using our investments in acquisitions to drive our future growth. To continue to scale LearnVantage, we acquired Award Solutions in the US, which expands our learning offering tailored to the unique needs of the network leaders, network operations, and performance engineers, and IT professionals in the telecom space.

最後，快速了解我們如何不斷利用收購投資來推動未來的成長。為了繼續擴大 LearnVantage 規模，我們收購了美國的 Award Solutions，這擴大了我們針對電信領域網路領導者、網路營運和效能工程師以及 IT 專業人員的獨特需求而客製化的學習產品。

To enable us to scale faster in health, a $70 billion addressable market growing approximately 6%, we acquired consus.health. consus.health, a leading German health care management consultancy. Health is an industry still early in digitalization, and our investments are positioning us for the continued growth we see over the next several years.

為了使我們能夠更快地在健康領域擴大規模（這個價值 700 億美元的潛在市場成長了約 6%），我們收購了 consus.health。 consus.health，德國領先的醫療保健管理顧問公司。健康是一個仍處於數位早期的行業，我們的投資使我們能夠在未來幾年實現持續成長。

And supply chain continues to be early in digitalization, and we are investing to continue to drive growth. This quarter, we acquired Camelot, an international SAP focused management and technology consulting firm from Germany, with specific strengths in supply chain, data and analytics. And Joshua Tree Group in the US, a supply chain consulting firm utilizing in distribution center performance.

供應鏈仍然處於數位化的早期階段，我們正在投資以繼續推動成長。本季度，我們收購了 Camelot，這是一家來自德國的專注於 SAP 的國際管理和技術顧問公司，在供應鏈、數據和分析方面具有獨特的優勢。美國約書亞樹集團（Joshua Tree Group）是一家利用配送中心績效的供應鏈顧問公司。

Back to you, Angie.

回到你身邊，安吉。

Thanks, Julie. Now let me turn to our business outlook. For the second quarter of fiscal '25, we expect revenues to be in the range of $16.2 billion to $16.8 billion. This assumes the impact of FX will be about negative 2.5% compared to the second quarter of fiscal '24, and reflects an estimated 5% to 9% growth in local currency.

謝謝，朱莉。現在讓我談談我們的業務前景。對於 25 財年第二季度，我們預計營收將在 162 億美元至 168 億美元之間。假設與 2024 財年第二季相比，外匯的影響約為負 2.5%，並反映出當地貨幣預計將成長 5% 至 9%。

For the full fiscal year '25, based upon how the rates have been trending over the last few weeks, we now assume the impact of FX on our results in US dollars will be approximately negative 0.5% compared to fiscal '24.

對於 25 財年整個財年，根據過去幾週的利率趨勢，我們現在假設，與 24 財年相比，外匯對我們以美元計算的業績的影響將約為負 0.5%。

For the full fiscal '25, we now expect our revenue to be in the range of 4% to 7% growth in local currency over fiscal '24, which includes an inorganic contribution of a bit more than 3%, which we expect will be about 4% in the first half and about 2% in the second half. And we continue to expect to invest about $3 billion in acquisitions this fiscal year.

對於整個 25 財年，我們現在預計我們的收入將以當地貨幣計算比 24 財年增長 4% 至 7%，其中包括略高於 3% 的無機貢獻，我們預計上半年約為4%，下半年約為2%。我們繼續預計本財年將投資約 30 億美元用於收購。

For operating margin, we continue to expect fiscal year '25 to be 15.6% to 15.8%, a 10 to 30 basis point expansion over adjusted fiscal '24 results. We continue to expect our annual effective tax rate to be in the range of 22.5% to 24.5%. This compares to an adjusted effective tax rate of 23.6% in fiscal '24.

對於營業利潤率，我們繼續預期 25 財年為 15.6% 至 15.8%，比調整後的 24 財年業績成長 10 至 30 個基點。我們仍然預計年度有效稅率在 22.5% 至 24.5% 之間。相較之下，2024 財年調整後的有效稅率為 23.6%。

We now expect our full year diluted earnings per share for fiscal '25 to be in the range of $12.43 to $12.79, or 4% to 7% growth over adjusted fiscal '24 results, reflecting the raise in our revenue outlook and adjusting for the revised FX assumption.

我們現在預計25 財年全年攤薄每股收益將在12.43 美元至12.79 美元之間，即比調整後的24 財年業績增長4% 至7%，這反映了我們收入前景的提高以及針對修訂後的調整的調整外匯假設。

For the full fiscal '25, we continue to 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.

對於整個 25 財年，我們繼續預計營運現金流將在 94 億美元至 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 88 億美元至 9.5 美元之間十億。

Our free cash flow guidance continues to reflect a free cash flow to net income ratio of 1.1 to 1.2. Finally, we continue to expect to return at least $8.3 billion through dividends and share repurchases as we remain committed to returning a substantial portion of our cash to our shareholders.

我們的自由現金流指引持續反映自由現金流與淨利比為 1.1 至 1.2。最後，我們仍然期望透過股息和股票回購獲得至少 83 億美元的回報，因為我們仍然致力於將大部分現金返還給股東。

With that, let's open it up so that we can take your questions. Katie?

現在，讓我們打開它，以便我們回答您的問題。凱蒂？

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

謝謝安吉。我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。接線生，您能為通話中的人員提供說明嗎？

(Operator Instructions) Tien-Tsin Huang, JPMorgan.

（操作員指令）Tien-Tsin Huang，摩根大通。

Thank you. Good morning. It's really encouraging to see the revenue come in here above the guidance range. I think it's the widest margin nearly two years. Julie, you said that the demand environment is more or less the same. So I'm curious what you attribute this this new pattern to, and if market conditions are maybe improving underneath here, any comments?

謝謝。早安.看到收入高於指導範圍確實令人鼓舞。我認為這是近兩年來最大的差距。朱莉，你說需求環境或多或少是一樣的。所以我很好奇你將這種新模式歸因於什麼，如果市場狀況可能正在改善，有什麼評論嗎？

Thanks, Tien-Tsin. This is the strategy that we've been outlining for the last few quarters, where last year when we saw the constrained spending, particularly on the smaller deals, we pivoted to really focusing on getting -- winning more reinvention partners of choice. So increasing the number of our deals that were over $100 million in a quarter.

謝謝田津。這是我們在過去幾季中概述的策略，去年當我們看到支出受到限制，特別是在較小的交易上時，我們轉向真正專注於贏得更多選擇的重塑合作夥伴。因此增加了我們一個季度超過 1 億美元的交易數量。

You'll remember last year, we actually had 125 of those. And the idea was to increase -- go after the demand, which is in the larger reinventions and that would position us to get back to a strong growth in '25 as those deals begin to layer in.

您會記得去年，我們實際上有 125 個。我們的想法是增加——追求需求，這是在更大的改造中，隨著這些交易開始分層，這將使我們在 25 年恢復強勁增長。

And so what you're seeing is the result of -- what we're really proud of was quite a bit of agility last year that when the market changed, we changed because, as you know, these are not easy deals to do quickly. And we quickly pivoted last year, went after the demand and then put ourselves in this position.

所以你看到的是結果 - 我們真正引以為豪的是去年的相當大的敏捷性，當市場發生變化時，我們做出了改變，因為如你所知，這些交易並不容易快速完成。去年我們迅速調整了方向，追隨需求，然後把自己置於這樣的境地。

And that's why we did underscore that the market environment has not changed. This is the result of the strategy we executed, which we're uniquely able to do because we have all the skills and capabilities, we have the mix of consulting and managed services.

這就是為什麼我們強調市場環境沒有改變。這是我們執行策略的結果，我們有能力做到這一點，因為我們擁有所有技能和能力，我們擁有諮詢和託管服務的組合。

And so this is what we were talking about last quarter when we said we're going to get back to strong growth based on execution of this strategy. And of course, these are super critical strategic programs. And so when spending does come back and the market does improve, we're at the heart of our clients' business, and we should be well capitalized to pick up on that spending.

這就是我們上個季度所討論的內容，當時我們表示，我們將在執行這項策略的基礎上恢復強勁成長。當然，這些都是超級關鍵的策略計畫。因此，當支出確實回來並且市場確實改善時，我們就處於客戶業務的核心，我們應該有充足的資本來應對這些支出。

Yeah, no, the last point is important. Short term stuff comes back. Hope you should see that pretty quickly as well on top of this. So good. And as my follow-up, just have to ask it, I get a lot of questions on the US federal government and Accenture's exposure there.

是的，不，最後一點很重要。短期的東西又回來了。希望您也能很快看到這一點。超好的。作為我的後續行動，我不得不問它，我收到了很多關於美國聯邦政府和埃森哲在那裡的曝光的問題。

I think it's about 8% of revenue based on some of your annual report disclosures. So just curious, given some of the change in administration and this discussion around efficiency, have your expectations or are you going to change your strategy here on the US federal government side? Any comments there would be terrific. Thanks for the time.

根據你們披露的一些年度報告，我認為這大約是收入的 8%。因此，我很好奇，考慮到政府的一些變化以及有關效率的討論，您有期望嗎？任何評論都會很棒。謝謝你的時間。

Yeah. Well, we're really excited because our core competencies in federal, right, are around driving efficiencies. They're around helping keep our country secure. We're working with the US federal agency on securing critical infrastructure, right, and on changing citizen services, we work across very important agencies.

是的。嗯，我們真的很興奮，因為我們在聯邦方面的核心能力是圍繞著提高效率的。他們致力於幫助維護我們國家的安全。我們正在與美國聯邦機構合作，確保關鍵基礎設施的安全，並在改變公民服務方面，我們與非常重要的機構合作。

And so we believe that we're super well positioned to continue to help the mission of the federal government to secure itself, to help citizens, and to drive more efficiencies, which will be tied very much to cloud, data and AI.

因此，我們相信，我們完全有能力繼續幫助聯邦政府履行保護自身安全、幫助公民並提高效率的使命，而這將與雲端、資料和人工智慧密切相關。

And what really makes us uniquely positioned is that we believe that there's going to be an even greater appetite of taking commercial solutions to the federal government. And we are very uniquely positioned because we have strong government expertise.

真正使我們處於獨特地位的是，我們相信，向聯邦政府提供商業解決方案的興趣將會更大。我們的地位非常獨特，因為我們擁有強大的政府專業知識。

But we've got commercial and private sector solutions. We're the leader with every major ecosystem partner. And you saw that -- I was talking today about the US Air Force, and what we're doing on the cloud modernization.

但我們有商業和私營部門的解決方案。我們是每個主要生態系統合作夥伴的領導者。你看到了——我今天談論的是美國空軍，以及我們在雲端現代化方面所做的事情。

And our work is mission critical. I mean the vast majority of what we do is mission critical to the federal government. So we see a real opportunity to continue to partner with the new administration as we've partnered with all administrations.

我們的工作至關重要。我的意思是，我們所做的絕大多數工作對聯邦政府來說都是至關重要的任務。因此，我們看到了繼續與新政府合作的真正機會，就像我們與所有政府合作一樣。

And also with all of the leaders in the federal government who every day are waking up to really drive those three things. So really, really feel good about where we are positioned in the federal government to help this agenda.

還有聯邦政府的所有領導人，他們每天都在醒來，真正推動這三件事。因此，我們對聯邦政府在幫助實現這一議程方面所處的位置感到非常非常滿意。

Awesome. Thank you.

驚人的。謝謝。

Jason Kupferberg, Bank of America.

賈森‧庫普弗伯格，美國銀行。

Good morning guys. Happy holidays. I know that last quarter you indicated the high end of the initial revenue guide for this fiscal year did not require any material improvement in consulting. Just wondering if that's still the case as you're now raising the top end a little bit. Or are you now assuming any improvement in consulting since you're almost four months into the new fiscal year?

早安，夥計們。節日快樂。我知道上個季度您表示本財年初始收入指南的高端不需要在諮詢方面進行任何實質改進。只是想知道情況是否仍然如此，因為您現在稍微提高了上限。或者，由於新財年已經過去近四個月了，您現在是否認為諮詢業務會有任何改進？

Yeah. Hi, Jason. Good morning, and I'll take that. For us, with the raise in to 4% to 7% for the full year, there's really no change in what we shared with you before, which is that at the top end of the range, we continue to see more of the same, whereas at the bottom of the range, we see a bit more -- we allow for a little bit more deterioration. So no change there.

是的。嗨，傑森。早安，我會接受的。對我們來說，隨著全年的漲幅達到 4% 到 7%，我們之前與大家分享的內容實際上沒有變化，那就是在範圍的頂端，我們繼續看到更多相同的情況，而在該範圍的底部，我們看到更多一點——我們允許更多一點的惡化。所以那裡沒有變化。

Yeah. And our over delivery, I mean, we're very pleased, obviously, with consulting and managed service growth this quarter. And these large deals came in a little bit better, which is how we overdelivered and are now raising the guidance.

是的。我的意思是，我們的超額交付顯然對本季諮詢和託管服務的成長感到非常滿意。這些大型交易的表現要好一些，這就是我們超額交付的方式，現在正在提高指導。

Great to hear. And then just looking at the net headcount adds cumulatively over the past two quarters, I think we're almost 50,000, that was a pretty big step up from what the prior trend looked like. So can you give us any sense of how much of that was from acquisitions versus organic? And I guess is there any reason to not look at this accelerated hiring as kind of a bullish indicator?

很高興聽到。然後，只要看看過去兩個季度累積增加的淨員工人數，我想我們已經接近 50,000 人，這與之前的趨勢相比是一個相當大的進步。那麼您能否告訴我們其中有多少來自收購，哪些來自有機？我想有什麼理由不將這種加速招募視為看漲指標呢？

So let me take that question. And as it relates to the net people adds that we had in Q1, so we did add about 24,000 people in the first quarter, which is really reflective of the momentum that we see in our business. And managing supply and demand is a core competency of ours, and what you see is the continued high utilization rates at around 90%.

那麼就讓我來回答這個問題。由於它與我們在第一季的淨人員增加有關，因此我們在第一季確實增加了約 24,000 名員工，這確實反映了我們在業務中看到的勢頭。而管理供需是我們的核心能力，你看到的是利用率持續維持在90%左右的高點。

Looking ahead, we'll continue to hire for the demand that we see and the skills that we need. And I would give you a little bit more context that the hiring that we saw this quarter, similar to last was that it was concentrated in India.

展望未來，我們將繼續根據我們所看到的需求和所需的技能進行招募。我想向您提供更多背景信息，我們本季度看到的招聘情況與上一季度類似，主要集中在印度。

Yeah, and I would just say that underlying our guidance, right, you're seeing organic momentum, right? So at the high end of our guidance for the year, we're going to exit at the range of organic growth in our guidance is 1% to 4%, right? So I think that is -- it is a positive sign that we're hiring, and some of it is coming from acquisitions, but we are seeing organic momentum in our business.

是的，我只想說，在我們的指導下，你看到了有機的勢頭，對嗎？因此，在我們今年指導的高端，我們將在指導中的有機增長範圍為 1% 至 4% 時退出，對吧？所以我認為這是一個積極的跡象，我們正在招聘，其中一些來自收購，但我們看到了我們業務的有機動力。

Thanks for the comments.

感謝您的評論。

Bryan Keane, Deutsche Bank.

布萊恩‧基恩，德意志銀行。

Hi guys, congrats on the solid result, and happy holidays. Kind of asking the guidance question a little bit differently. The 4% to 7% constant currency revenue guide for the fiscal year '25 is a touch below just the first quarter number of 8% on a constant currency basis. So just trying to think about if there's any reason why the growth would decelerate off the first quarter level as we get more into fiscal year '25?

大家好，恭喜您取得了良好的成績，祝您節日快樂。詢問指導問題的方式有點不同。 25 財年 4% 至 7% 的固定匯率營收指引略低於第一季 8%（以固定匯率計算）。因此，我們想一下，隨著我們進入 25 財年，成長是否會從第一季的水平放緩？

Yeah. Hey Bryan and happy holidays to you as well and Let me give you -- here's how we were thinking about our guidance for the full year and the raise to 4% to 7%. If you think about where we are, we had a strong start in Q1.

是的。嘿，布萊恩，也祝你節日快樂，讓我告訴你——以下是我們對全年指導以及加薪至 4% 至 7% 的看法。如果你想想我們現在的處境，你會發現我們在第一季有一個強勁的開局。

We have strong guidance in Q2, which was really driven -- it was broad-based and driven by our organic growth. At the same time, you heard Julie say the macro remains the same. There's no change in the overall environment.

我們在第二季度有強有力的指導，這確實受到了推動——它基礎廣泛，並受到我們的有機成長的推動。同時，你聽到朱莉說宏觀保持不變。整體環境沒有變化。

And I want to reinforce importantly what I said in -- what I said earlier, which was we do expect -- we continue to expect inorganic contribution of about -- of a bit over 3%. And one of the things that we provided to you was the -- how that will come in.

我想強調我之前所說的，我們確實預計，我們繼續預期無機貢獻約為 3% 多一點。我們向您提供的內容之一是—它將如何實現。

So H1, we expect somewhere around about 4%, second half about 2%, and that will give you more of an understanding of how we see organic playing out for the year. And we will continue to see organic throughout this fiscal year.

因此，上半年，我們預計約為 4%，下半年約為 2%，這將使您更了解我們如何看待今年的自然發展。我們將在本財年繼續看到有機成長。

And then as it relates to -- if you think about it, we're one quarter in, we've got one quarter under our belt. We've got three more to go. And as Julie said earlier, we're executing on our strategy, and you can count on us to continue to do so.

然後，正如它所涉及的那樣——如果你想一想，我們已經完成了四分之一，我們已經掌握了四分之一。我們還有三個要走。正如朱莉之前所說，我們正在執行我們的策略，您可以信賴我們會繼續這樣做。

Got it, got it. That's helpful. And then maybe you guys could just talk a little bit about the industry group, the financial services. A lot of times, that kind of leads out of economic slowdowns. But it sounds like banking and capital markets was a little bit softer, but some other areas of strength, and just trying to figure out where that is in the industry right now because we're kind of getting mixed messages from some of the other IT service providers. Thanks so much.

明白了，明白了。這很有幫助。然後也許你們可以談談產業集團、金融服務業。很多時候，這種情況會導致經濟放緩。但聽起來銀行和資本市場有點疲軟，但其他一些領域也有優勢，我們只是想弄清楚現在在行業中的位置，因為我們從其他一些 IT 部門那裡得到了混合的資訊服務提供者。非常感謝。

Yes. So and I think it's a little bit different by market, right? So we're seeing the results a bit different by market. I will say, by the way, that we were pleased to see the UK, as you might have heard is coming back as we've repositioned the UK.

是的。所以我認為市場略有不同，對吧？因此，我們看到的結果因市場而異。順便說一句，我們很高興看到英國回歸，正如您可能聽說的那樣，隨著我們重新定位英國，英國正在回歸。

But with the dynamics in the US market where it's a little bit better, in EMEA, it was a little bit worse, and you've got a mixed picture on the interest rates, and what the expectations are. And so I'd say that -- and that is probably not a surprise. Yesterday, probably complicated that a little bit in the US, right?

但美國市場的情況稍好一些，而歐洲、中東和非洲市場的情況則稍差一些，而且你對利率和預期的看法好壞參半。所以我想說——這可能並不奇怪。昨天，在美國可能有點複雜，對吧？

And so on the one hand, we're seeing a lot of interest, for example, in banking and capital markets on things like GenAI. On the other hand, there's a lot that's being kind of processed with what's going to happen with interest rates and that. And so I -- we see -- obviously, it's getting better, but it is a mixed picture by region.

一方面，我們看到了銀行和資本市場對 GenAI 等事物的濃厚興趣。另一方面，還有很多事情正在處理，利率等方面將會發生什麼。所以我——我們看到——顯然，情況正在變得更好，但按地區來看，情況好壞參半。

Yes. And just as a reminder, Bryan, as we look at financial services overall, we exited Q4 last year with a minus 2%, and we saw the uptick in the first quarter at 4% globally, which reflects dynamics that Julie was just describing, and which really plays to our strength if you think about the diversity of our business across markets and industries.

是的。布萊恩，提醒一下，當我們審視整體金融服務時，我們去年第四季的成長率為負 2%，我們看到第一季全球成長率為 4%，這反映了朱莉剛才描述的動態，如果您考慮到我們跨市場和行業的業務多樣性，這確實發揮了我們的優勢。

Great. Thanks again.

偉大的。再次感謝。

Darrin Peller, Wolfe Research.

達林佩勒，沃爾夫研究中心。

Guys, thanks, great results. Could we just touch on your potential for visibility this year into budgets and the timing you'd expect again? I know last -- I think earlier this year, it was generally in the January, February time frame, which had moved back up a little bit. But do you still anticipate that kind of visibility at that part of the year, where we could get a better picture on whether discretionary is really going to pick up or not?

夥計們，謝謝，很好的結果。我們能否談談您今年預算可見度的潛力以及您再次期望的時間？我最後知道——我想今年早些時候，通常是在一月、二月的時間範圍內，時間稍微向後移動了一點。但您是否仍然預計今年那個時候會出現這種可見性，以便我們可以更好地了解全權委託是否真的會回升？

And then maybe just as a dovetail on that, maybe just conversations you're having right now around AI for next year, obviously the bookings keep looking really strong for you guys, which is great. Any more specifics on where you're seeing it incrementally improve? Thanks guys.

然後也許只是為了契合這一點，也許只是你們現在圍繞明年的人工智慧進行的對話，顯然你們的預訂量看起來非常強勁，這很棒。關於您認為它在哪些方面逐步改進的更多細節？謝謝你們。

Sure. Yes. So it's a great understanding of Accenture. January is -- sort of January, February is where we really see what the client budget is going to be looking at, so that's where we get the most visibility. And so we'll be reporting more on that in the next quarter. So you're absolutely right, we do anticipate getting that visibility in January, February.

當然。是的。所以這是對埃森哲的深入了解。一月是——有點一月，二月是我們真正了解客戶預算的時間，所以這是我們獲得最大可見度的時間。因此，我們將在下個季度對此進行更多報道。所以你是完全正確的，我們確實預計在一月、二月獲得這種可見性。

And then with respect to AI, we're continuing to see in our conversations, and I probably talked to 30 CEOs in the last two months, right? So spent a lot of time, and also around the world. So it's been a busy travel quarter. I've been in Europe, I've been in Southeast Asia, Australia, the US.

然後就人工智慧而言，我們將繼續在對話中看到，在過去兩個月裡我可能與 30 位執行長進行了交談，對嗎？於是花了很多時間，也環遊世界。所以這是一個繁忙的旅遊季度。我去過歐洲、東南亞、澳洲、美國。

So and pretty consistently, clients are seeking to do more in AI, but they're in such different places. I mean I'll be with one bank, where we're talking about what is GenAI, AI, why does it matter and the fact that they're not yet in the cloud. And I'll be talking to another bank where they've been fully in the cloud, and they want to be the first out to use GenAI.

因此，客戶一直在尋求在人工智慧領域做更多事情，但他們所處的位置卻截然不同。我的意思是，我將與一家銀行合作，我們討論什麼是 GenAI、AI，為什麼它重要，以及它們尚未進入雲端的事實。我將與另一家銀行交談，他們已經完全進入雲端，他們希望成為第一個使用 GenAI 的銀行。

And so I think it's hard to generalize. You're still seeing that because the overall spending environment is the same that they're -- that those who really want to go into in AI are more prioritizing spending as opposed to spending more, right?

所以我認為很難一概而論。你仍然會看到，因為整體支出環境與他們相同——那些真正想進入人工智慧領域的人會更優先考慮支出而不是花更多錢，對嗎？

Where we see the biggest opportunity when companies start to get more confident to spend more is going to be in moving faster with their data foundation that fuels AI and then AI. But right now, it still generally feels more like a prioritization within current budget.

當公司開始更有信心投入更多資金時，我們認為最大的機會將是更快地利用其數據基礎來推動人工智慧，然後是人工智慧。但目前，它仍然總體感覺更像是當前預算中的優先事項。

And so we'll see what happens in January and February. And that's why our strategy has been to pivot there, right? So to go after more than our fair share of those budgets.

所以我們將看看一月和二月會發生什麼。這就是為什麼我們的策略一直轉向那裡，對吧？因此，我們要追求超出我們應得份額的預算。

All right, that's really helpful. And then just when we look at the opportunity for what you're -- where you're hiring, you mentioned India, but we've heard a lot of customers are starting to think about a little bit even more onshore.

好吧，這真的很有幫助。然後，當我們審視您正在招募的機會時，您提到了印度，但我們聽說許多客戶開始考慮更多的陸上業務。

And so just maybe talk a little bit more about the mix again. It had gone for a while more offshore, looking for better price optimization. But where are we on that right now? Are you seeing any evidence of a shift back to nearshore, onshore? Thanks again guys, great job.

所以也許可以再多談談混音。一段時間以來，它一直在海外發展，尋求更好的價格優化。但我們現在處於什麼階段呢？您是否看到任何證據表明人們正在向近岸、陸上轉移？再次感謝你們，幹得好。

No big trend. What I'd say is we focus on the G2000. So a lot of our companies are global. And so they really are looking for optimization of right skills because a big piece of why people, for example, use India is about skills, right? 10 years ago, it was about labor arbitrage, right? Today, it's about like the ability to get these skills at scale.

沒有大趨勢。我想說的是我們專注於 G2000。所以我們的公司很多都是全球性的。因此，他們確實在尋求正確技能的優化，因為人們使用印度的一個重要原因是技能，對嗎？ 10年前，是勞務套利吧？如今，這就像大規模獲得這些技能的能力。

What I would say is that we, at Accenture are continuing to develop more because in some cases, it's language, right, as you're kind of doing more transformation, new parts of the enterprise where you want maybe language skills or time zones.

我想說的是，我們埃森哲正在繼續開發更多東西，因為在某些情況下，這是語言，對吧，當你正在進行更多轉型時，你可能需要語言技能或時區的企業新部分。

So we have a global network in -- with 100 centers around the world. In the US, for example, we've been opening some new centers in underserved environments. We just -- we opened a center in the Bronx recently.

因此，我們擁有一個全球網絡，在世界各地設有 100 個中心。例如，在美國，我們在服務匱乏的環境中開設了一些新的中心。我們最近在布朗克斯開設了一個中心。

So but all of it is kind of aimed at being very sophisticated, and we see ourselves as part of the integrated talent strategy of our clients. And it's like right skills, right time zone, right price continues to be the guiding with, I would say, an emphasis on skills.

所以，所有這些都是為了變得非常複雜，我們將自己視為客戶綜合人才策略的一部分。就像正確的技能、正確的時區、正確的價格仍然是指導，我想說，強調技能。

Great. Thanks Julie, thanks, Angie.

偉大的。謝謝朱莉，謝謝安吉。

Jim Schneider, Goldman Sachs.

吉姆·施奈德，高盛。

Good morning. Thanks for taking my question. Julie, I understand that your outlook and you're not really seeing any differences on macro side, and your outlook reflects sort of idiosyncratic growth. But can you maybe discuss a little bit about when you talk with clients, what's the sort of range of outcomes for discretionary increases in the 2025 budget outlook?

早安.感謝您提出我的問題。朱莉，我知道你的觀點和你在宏觀方面並沒有真正看到任何差異，你的觀點反映了某種特殊的增長。但您能否在與客戶交談時討論一下 2025 年預算前景中酌情增加的結果範圍是什麼？

And how big a factor is rates specifically as a macro impact when they're thinking about that? And do you think that changes materially given the Fed's message yesterday?

當他們考慮這個問題時，利率具體作為宏觀影響有多大？鑑於美聯儲昨天的訊息，您認為情況會發生重大變化嗎？

The rates definitely depends on industry, right? So if you're a more capital-intensive industry or you're an industry that wants to grow more in acquisitions, the rates -- there's lots of puts and takes in doing the range. I think it's just too early based on yesterday's been a lot of speculation.

費率肯定取決於行業，對嗎？因此，如果你是一個資本密集型行業，或者你是一個希望在收購方面實現更多增長的行業，那麼在這個範圍內就有很多看跌期權和買入期權。基於昨天的大量猜測，我認為現在還為時過早。

I mean our business is very much focused on like -- when there's change, and it doesn't matter what the change is, good or bad change, that's where we really partner with our clients successfully because if they've now got new constraints because the rates are higher, then they want more opportunity to cut costs.

我的意思是，我們的業務非常關注——當發生變化時，無論變化是什麼，好還是壞，這都是我們真正與客戶成功合作的地方，因為如果他們現在有了新的限制因為費率較高，所以他們希望有更多機會來削減成本。

If the rates are going to fuel things like capital projects, we've got our capital projects business, right? So what we focus on, and I think what we're so successful is we have these deep relationships with our clients. Our top 100, we've been with over 10 years. We understand them.

如果利率將推動資本項目等業務，那麼我們就有資本項目業務，對吧？所以我們所關注的，我認為我們如此成功的原因是我們與客戶建立了深厚的關係。我們的前 100 名已經服務了 10 多年。我們理解他們。

And we are always looking at this and say, okay, what does that mean, anticipating what they're helping. So that's -- so whatever the change is, that's where Accenture really can help them pivot. And it's part of our strength that we're so relevant to both growth and cost.

我們總是看著這個並說，好吧，這意味著什麼，並預測他們會提供什麼幫助。因此，無論發生什麼變化，埃森哲都可以真正幫助他們實現轉型。我們與成長和成本都息息相關，這是我們優勢的一部分。

That's helpful. Thank you. And then with respect to the AI work, you talked about some of the context of the client conversations you're having. But quantitatively, are you seeing any kind of major changes in terms of the size and scope of the individual projects? And what are clients saying about sort of their pivot or when they might pivot to sort of larger, more transformative projects within GenAI?

這很有幫助。謝謝。然後，關於人工智慧工作，您談到了您正在進行的客戶對話的一些背景。但從數量上看，您是否看到各個項目的規模和範圍發生了重大變化？客戶對他們的轉型有何看法，或者他們何時可能轉向 GenAI 內更大、更具變革性的專案？

Now we're already starting to see that, right? We're starting to see that clients and the characteristics are pretty clear. If you have a client that's been investing in their digital core, including security and data for many years, and we have many of those that we've helped, they're now able to start to scale, and we're starting to do that, and we're seeing those partnerships.

現在我們已經開始看到這一點了，對吧？我們開始看到客戶和特徵非常清晰。如果您的客戶多年來一直在投資其數位核心（包括安全性和數據），並且我們已經幫助了其中許多客戶，那麼他們現在能夠開始擴展，而我們也開始這樣做我們正在看到這些夥伴關係。

Where you have clients where we've been helping them prove it and maybe scale in a part of the business, but they really haven't got their data foundation or they're not moving into the cloud, then what they're working with us is how do we accelerate that.

如果您有客戶，我們一直在幫助他們證明這一點，並且可能在部分業務中進行擴展，但他們確實沒有數據基礎，或者他們沒有遷移到雲端中，那麼他們正在使用什麼我們的重點是如何加速這一進程。

And what you probably heard as we were talking through some of the examples today is that there's a lot of data foundation now being built along with getting into modern cloud platforms. And so we are seeing an acceleration of the data work, which is absolutely fundamental to using GenAI.

當我們今天討論一些範例時，您可能聽到的是，隨著進入現代雲端平台，現在正在建立大量資料基礎。因此，我們看到數據工作的加速，這對於使用 GenAI 來說絕對是基礎。

Thank you.

謝謝。

Okay, thank you.

好的，謝謝。

Dave Koning, Baird.

戴夫·科寧，貝爾德。

Yeah. Hey guys, great job. And I guess my question just on the fiscal Q2 guide. Historically, Q2 has been a pretty flat sequential quarter. And you're guiding, I believe, to down about $1 billion to $1.5 billion sequentially this quarter.

是的。嘿夥計們，幹得好。我想我的問題只是關於第二季財政指南。從歷史上看，第二季度是一個相當平穩的季度。我相信，您預計本季將季減約 10 億至 15 億美元。

I know a little of that maybe a few hundred million is FX. I get that. But what -- was there anything in Q1 that's kind of naturally falling off in Q2 this year that's a little unnormal, or some sequential pattern that's a little different?

我知道其中可能有幾億是外匯。我明白了。但是，第一季中是否有什麼東西在今年第二季度中自然下降，有點不正常，或者有一些順序模式有點不同？

Yes, David, happy holidays and good morning. As we think about our Q2 guide of 5% to 9%, it's a very solid guide based upon what we see. And there's nothing unique in Q2 that I would call out. And in fact, just anchoring back to our over delivery that we saw in the first quarter was really a function of the larger deals coming online a bit better than we expected, and we continue to see that, which gave us confidence in driving -- in raising our guidance for the full year. So nothing to call out for Q2.

是的，大衛，節日快樂，早安。當我們考慮第二季 5% 到 9% 的指導時，根據我們所看到的情況，這是一個非常可靠的指導。我想指出第二季度沒有什麼獨特之處。事實上，我們在第一季看到的超額交付實際上是由於在線上的大型交易比我們預期的要好一些，我們繼續看到這一點，這給了我們推動的信心——提高我們全年的指導。所以第二季沒有什麼值得稱讚的。

Got you. Yeah, you definitely crushed Q1. And then, I guess one just a nerdy kind of financial question, but now that you fully have like the debt in place, should we think about a sequential pickup in interest expense, I think it was $30 million in Q1, does that go to like $50 million in Q2 or something like that?

明白你了。是的，你絕對碾壓了Q1。然後，我想這只是一個書呆子式的財務問題，但現在你已經完全有了債務，我們是否應該考慮利息支出的連續增加，我認為第一季是 3000 萬美元，這會影響到利息支出嗎？例如第二季5000 萬美元之類的？

And yes, different than giving you the specific numbers in terms of how to think about it, yes, that is correct because when you -- there's certain things, of course, that we see in our income below operations. And what you saw there was the interest, the net interest income was lower as a result of we did have average lower cash balances, also lower interest rates, and then we also had the interest expense from our long term debt. So -- but all of that has been factored in the guidance that we've given, and so it's in there.

是的，與給你具體的數字來思考如何思考它不同，是的，這是正確的，因為當你——當然，我們在低於營運的收入中看到了某些事情。你看到的是利息，淨利息收入較低，因為我們的平均現金餘額確實較低，利率也較低，而且我們的長期債務也有利息支出。所以——但所有這些都已納入我們給出的指導中，所以它就在那裡。

Gotcha. Thanks guys. Great job.

明白了。謝謝你們。幹得好。

James Faucette, Morgan Stanley.

詹姆斯‧福賽特，摩根士丹利。

Great. Thank you very much. I want to just quickly ask a follow-up on capital structure and allocation. It sounds like you're still quite committed to pursuing both acquisitions as well as capital return. Last year, we looked at -- we did some essentially debt raise to help fund those priorities.

偉大的。非常感謝。我想快速詢問有關資本結構和配置的後續情況。聽起來您仍然非常致力於追求收購和資本回報。去年，我們做了一些實質上的債務籌集，以幫助為這些優先事項提供資金。

Where are we at from that perspective? Or do you feel like we're in a pretty good overall cash position, and continue to be able to do that? Or should we expect that at some point, at least over the next couple of years, we can see further increases in debt, and debt raising to fund the capital allocation priorities?

從這個角度來看，我們處於什麼位置？或者您認為我們的整體現金狀況非常好，並且能夠繼續做到這一點？或者我們是否應該期望在某個時候，至少在未來幾年，我們可以看到債務進一步增加，並透過舉債來為資本配置優先事項提供資金？

Yeah. Hey James, nice to talk to you. Why don't I start? We were pleased to execute our inaugural bond offering of $5 billion, which we did in October. And when we step back, it was really a routine review of our capital structure where we tap the long term debt market to increase our liquidity for general corporate accounting purposes.

是的。嘿詹姆斯，很高興和你說話。我為什麼不開始呢？我們很高興在 10 月首次發行 50 億美元的債券。當我們退後一步時，這實際上是對我們資本結構的例行審查，我們利用長期債務市場來增加一般公司會計目的的流動性。

And what it does is ultimately, it optimizes our capital structure and reduces our capital -- our cost of capital. That said, let me just reinforce for you, there is no change to our capital allocation strategy, which also includes how we look at and use D&A.

最終，它的作用是優化我們的資本結構並降低我們的資本——我們的資本成本。也就是說，讓我向您強調，我們的資本配置策略沒有變化，其中還包括我們如何看待和使用 D&A。

And this year, we're going back to kind of more of a business as usual. We think it's going to be somewhere around $3 billion. But as we've always said, if there's opportunities or not, we've got the balance sheet. So we could raise debt, but there's no strategy to increase debt. But we might, if we have the right opportunities.

今年，我們將恢復正常營運。我們認為這將約為 30 億美元。但正如我們一直在說的，無論有沒有機會，我們都有資產負債表。所以我們可以增加債務，但沒有增加債務的策略。但如果我們有合適的機會，我們可能會這麼做。

I mean last year, we had an opportunity to double down on strategic acquisitions, and it served us well as we've gone into this year. But this year we're back to kind of standard around $3 billion, which is kind of the right percentage.

我的意思是，去年我們有機會加倍進行策略性收購，這對我們今年的發展很有幫助。但今年我們又回到了 30 億美元左右的標準，這是一個合適的百分比。

So we'll communicate as we go. We always have that flexibility. And I think that's the strength if you think about Accenture is having a strong balance sheet, and to have the flexibility to go after opportunities in the market that drive long term growth. And that's how we think about the decisions about whether or not to do debt or not.

所以我們會邊走邊溝通。我們始終擁有這種靈活性。如果你認為埃森哲擁有強大的資產負債表，並且能夠靈活地抓住推動長期成長的市場機會，我認為這就是優勢。這就是我們如何考慮是否負債的決定。

That's great color there. And then I wanted to ask about the consulting bookings, seeing nice growth and acceleration there. I'm wondering and I know it's hard given the breadth of Accenture's customer base, but I'm wondering if you can help us maybe generalize what you're seeing in the consulting bookings, and if there's a change there.

那裡的顏色真棒。然後我想詢問諮詢預訂的情況，看到那裡的良好增長和加速。我想知道，而且我知道考慮到埃森哲客戶群的廣度，這很難，但我想知道您是否可以幫助我們概括您在諮詢預訂中看到的內容，以及是否有變化。

And I guess I'm wondering if we're seeing a focus on cost control versus potential revenue generation or new technology evaluation or how it folds into AI. Just any color you could provide on what the tenor of those consulting bookings look like right now?

我想我想知道我們是否看到了對成本控制與潛在創收或新技術評估或它如何融入人工智慧的關注。您可以提供任何顏色來說明這些諮詢預訂目前的情況嗎？

So maybe just keep in mind that what we're generally bringing to our clients are multiservice solutions. So you might do -- as we talked about, we're doing managed services in security, and that requires industry consulting as a part of it to make sure that we're doing all the work. A lot of the reinvention is a lot of process that.

因此，也許請記住，我們通常為客戶提供的是多服務解決方案。所以你可能會這樣做——正如我們所討論的，我們正在安全領域提供託管服務，這需要行業諮詢作為其中的一部分，以確保我們正在完成所有工作。很多重塑都是很多過程。

So I think I would anchor on -- there are really are two themes that at least -- and when they come to us, they want cost efficiency. Every industry wants a cost efficiency now, and they're looking for growth or other outcomes, speed to market. You heard a lot when we talked about like what we're doing with like CaixaBank, that was both speed to market as well as efficiencies.

所以我想我會錨定——至少有兩個主題——當他們來到我們這裡時，他們想要成本效率。現在每個行業都希望提高成本效率，他們正在尋求成長或其他成果，即上市速度。當我們談論我們正在與 CaixaBank 合作時，您聽到了很多，那就是上市速度和效率。

And so that's one of the things that we focus on, and that really gives us -- it's our unique differentiation because we got things like Song that's everything about customer, and we can put to that. We understand the industry. So the twin themes here is cost efficiency and growth.

所以這是我們關注的事情之一，這確實為我們帶來了——這是我們獨特的差異化，因為我們得到了像宋這樣的東西，這就是關於客戶的一切，我們可以投入其中。我們了解這個行業。因此，這裡的雙重主題是成本效率和成長。

Great. Thank you so much.

偉大的。太感謝了。

Thank you.

謝謝。

Keith Bachman, BMO Capital Markets.

Keith Bachman，BMO 資本市場。

Hi, good morning. Many thanks, and happy holidays to everyone. My first question I wanted to ask is around pricing dynamics. And you've indicated that the macro backdrop is fairly steady. You're gaining share through skills, and I wanted to ask specifically about some of the legacy areas such as application maintenance, maybe the BPO work.

嗨，早安。非常感謝，祝大家節日快樂。我想問的第一個問題是關於定價動態的。您也指出宏觀背景相當穩定。您正在透過技能獲得份額，我想具體詢問一些遺留領域，例如應用程式維護，也許是 BPO 工作。

One of your competitors suggested that pricing is pretty challenging, because there aren't enough deals and a lot of folks chasing those deals. But could you specifically address what you're seeing as pricing dynamics during the quarter? Any changes?

您的一位競爭對手錶示，定價相當具有挑戰性，因為沒有足夠的交易，而且很多人都在追逐這些交易。但您能否具體談談您所看到的本季的定價動態？有什麼變化嗎？

It's a very competitive market, which is what we've been saying every quarter, and we did see lower pricing across the business, which has been pretty consistent. What I would say is, which makes sense, right, you're in a constrained -- as we said, the clients have constrained spending, particularly on small deals, and so you'd expect it to be constrained.

這是一個競爭非常激烈的市場，這也是我們每個季度都在說的，我們確實看到整個業務的定價較低，而且一直非常一致。我想說的是，這是有道理的，對吧，你的支出受到限制——正如我們所說，客戶的支出受到限制，特別是在小額交易上，所以你會期望它受到限制。

What I would say, though that AMS, application managed services, is not legacy if you do it the way we do it, right? So what we offer to our clients is we have the talent, the full stack engineers, the GenAI. We have a platform called GenWizard.

我想說的是，儘管 AMS（應用程式託管服務）如果按照我們的方式去做，就不再是遺留問題了，對吧？因此，我們為客戶提供的是我們擁有人才、全端工程師和 GenAI。我們有一個名為 GenWizard 的平台。

And so clients are coming to us not to say, hey, can you take off my old applications? They're coming on us to modernize while taking costs down. And you see that for and what the work we're doing, it's very advanced in how we're doing it.

因此，客戶來找我們並不是說，嘿，你能刪除我的舊應用程式嗎？他們要求我們在降低成本的同時現代化。你會看到我們正在做的工作，我們的工作方式非常先進。

So we basically call it run to the new, right? It's like have us help you run your applications in order to rotate to the new. So we see this as a critical way that we are at the heart of their business in modernizing their digital core. It's not legacy. Same thing with our operations business.

所以我們基本上稱之為“走向新”，對嗎？這就像讓我們幫助您運行您的應用程式以便輪換到新的應用程式。因此，我們認為這是我們成為其數位核心現代化業務核心的關鍵方式。這不是遺產。我們的營運業務也是如此。

Yeah. Okay. That makes a ton of sense. Thank you, Julie. My follow-up question is in some of our recent discussions, and to be fair, with software companies, have suggested that Europe's softened in the last 30, 45 days and which makes sense, if you just read the newspapers about what's going on in Europe.

是的。好的。這很有道理。謝謝你，朱莉。我的後續問題是在我們最近的一些討論中，公平地說，與軟體公司的討論表明，歐洲在過去30、45 天內表現疲軟，如果您只閱讀有關歐洲正在發生的事情的報紙，這是有道理的。

But have you guys seen any change in the dynamics underpinning Europe and/or changed the perspective that you may have as it relates to European demand over the next 12 months? Thanks, and that's it for me. And many thanks again, and happy holidays.

但你們是否看到支撐歐洲的動態發生了任何變化和/或改變了你們對未來 12 個月歐洲需求的看法？謝謝，對我來說就是這樣。再次非常感謝，祝節日快樂。

Thanks. Well, So our view of European demand is -- over the next 12 months, is baked into the rise of in our guidance, right? And we're all reading the same papers. Europe is definitely more -- Middle East is obviously different. Europe is definitely in a more challenging environment.

謝謝。那麼，我們對歐洲需求的看法是──在未來 12 個月內，我們的指導中會考慮到歐洲需求的成長，對嗎？我們都在讀同樣的報紙。歐洲肯定更多——中東顯然不同。歐洲無疑處於更具挑戰性的環境中。

And you see that with our growth rate is there on a relative basis as well. But we feel very good about -- we have an excellent business in EMEA. We're very relevant to our clients. And so we feel good about the us, our demand environment, and that's fully reflected in the raise in guidance that we just gave you.

你會發現我們的成長率也是相對的。但我們感覺非常好——我們在歐洲、中東和非洲地區擁有出色的業務。我們與客戶非常相關。因此，我們對我們自己、我們的需求環境感覺良好，這完全反映在我們剛剛向你們提供的指導意見中。

Thank you. Do we have the next question?

謝謝。我們還有下一個問題嗎？

Operator, we have one more question, and then Julie will wrap up the call.

接線員，我們還有一個問題，然後朱莉將結束通話。

Bryan Bergen, TD Cowen.

布萊恩·伯根，TD·考恩。

Hey guys. Good morning, happy holidays. I wanted to ask on the service lines here. Can you comment on performance across strategy consulting, tech services and operations?

嘿夥計們。早上好，節日快樂。我想問這裡的服務專線。您能否評論一下策略諮詢、技術服務和營運方面的績效？

Yeah. All very -- all strong this quarter.

是的。本季一切都非常強勁。

Yeah, Bryan, the thing that I would add to that is we did see broad based growth. And if you look at it from a consulting and a managed services type of work perspective, we had mid-single digit growth in consulting and 11% growth in managed services.

是的，布萊恩，我要補充的是，我們確實看到了廣泛的基礎成長。如果你從諮詢和託管服務類型的工作角度來看，我們的諮詢業務實現了中個位數成長，託管服務業務實現了 11% 的成長。

And as you think about the rate that we have for the year, which is 4% to 7%, underneath that we see consulting now in the mid-single digit range growth and managed services in the mid to high range growth.

當你想到我們今年的成長率（4% 到 7%）時，我們看到顧問業現在處於中個位數成長，託管服務處於中高成長。

Okay. And then a follow-up here on the workforce and contract profitability. So you noted most headcount was added across India. Can you just comment on what you're seeing there as far as wage inflation dynamics, just given most services companies and GCCs have been leaning in? And particularly amid the competitive pricing environment, just talk about the levers you have here to mitigate gross margin pressure.

好的。然後是關於勞動力和合約盈利能力的後續行動。所以你注意到印度各地增加了大部分員工人數。鑑於大多數服務公司和海灣合作委員會一直在採取行動，您能否評論一下您所看到的薪資通膨動態？尤其是在競爭激烈的定價環境中，只需談談您在這裡擁有的減輕毛利率壓力的槓桿。

Yeah, I'll start, Bryan. No real change in terms of the market dynamics of what we see reflected around wage inflation. And of course, we are always paying market-relevant pay based upon the skills and the locations of our people. And we continue to see that the same.

是的，我要開始了，布萊恩。我們所看到的薪資通膨的市場動態並沒有真正的變化。當然，我們始終根據員工的技能和地點支付與市場相關的薪酬。我們繼續看到同樣的情況。

And then as it relates to pricing, as Julie mentioned, it continues to be highly competitive. At the same time, as you know of us, right, we're managing that. We're focused on pricing as well as on our differentiation, and we're focused on cost and delivery efficiencies in our business and how we operate.

然後，正如朱莉所提到的，就定價而言，它仍然具有高度競爭力。同時，正如您所了解的那樣，我們正在對此進行管理。我們專注於定價和差異化，我們專注於業務的成本和交付效率以及我們的營運方式。

No, I understood. Happy holidays.

不，我明白了。節日快樂。

Thanks. Happy holidays.

謝謝。節日快樂。

Thank you Bryan.

謝謝布萊恩。

Well, in closing, I want to thank all of our shareholders for your continued trust and support, and all of our people for what you do every single day. I wish everyone a very happy and healthy holiday season. Thank you for joining us today, and we look forward to being back here in a quarter. So thanks everyone.

好吧，最後，我要感謝我們所有的股東一直以來的信任和支持，感謝我們所有的員工每天所做的工作。祝大家節日快樂、身體健康。感謝您今天加入我們，我們期待在一個季度內再次來到這裡。所以謝謝大家。

Thank you. This includes today's conference call, and we thank you all for attending today's presentation. You may now disconnect your lines, and have a wonderful day.

謝謝。這包括今天的電話會議，我們感謝大家參加今天的演示。您現在可以斷開線路，度過美好的一天。