埃森哲 (ACN) 2025 Q2 法說會逐字稿

Good day, and welcome to Accenture's second quarter fiscal 2025 earnings conference call. (Operator Instructions) Please note, today's event is being recorded.

您好，歡迎參加埃森哲 2025 財年第二季財報電話會議。（操作員指示）請注意，今天的活動正在被記錄。

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

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 second quarter fiscal 2025 earnings announcement. As the operator just mentioned, I'm Katie O'Conor, Managing Director, Head of Investor Relations. On today's call, you will hear from Julie Sweet, our Chair and Chief Executive Officer; and Angie Park, our Chief Financial Officer. We hope you've had an opportunity to review the news release we issued a short time ago.

謝謝接線員，也謝謝大家今天參加我們的 2025 財年第二季財報公告。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，您將聽取我們的主席兼執行長 Julie Sweet 的演講；以及我們的財務長 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 second quarter. Julie will then provide a brief update on our market positioning before Angie provides our business outlook for the third quarter and full fiscal year 2025. We will then take your questions before Julie provides a wrap-up at the end of the call.

讓我快速概述一下今天電話會議的議程。朱莉將首先概述我們的成果。Angie 將帶您了解財務細節，包括損益表和資產負債表，以及第二季的一些關鍵營運指標。然後，朱莉將簡要介紹我們的市場定位，然後安吉將介紹我們對 2025 年第三季和全年財年的業務展望。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 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因素的影響，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.

在今天的電話會議中，我們將參考某些非 GAAP 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。在適當的情況下，我們會在新聞稿中或網站 accenture.com 的「投資者關係」部分中提供非 GAAP 財務指標與 GAAP 的對帳表。與往常一樣，埃森哲不承擔更新本次電話會議上提供的資訊的義務。

Now, let me turn the call over to Julie.

現在，讓我把電話轉給朱莉。

Thank you, Katie, and everyone joining this morning. And thank you to our more than 800,000 people around the world for their extraordinary work and commitment to our clients which resulted in a very strong quarter, creating 360-degree value for all our stakeholders.

謝謝凱蒂以及今天早上參加活動的所有人。感謝我們遍布全球的 80 多萬名員工，感謝他們的出色工作和對客戶的承諾，使我們本季度業績表現強勁，為我們所有利益相關者創造了 360 度的價值。

Starting with our quarter, we are very pleased with our results as we continue to deliver on our strategy to return to strong growth in FY25. I will share some highlights from the quarter and then turn to an update on new development since we were together in December in our federal business and the current environment more broadly.

從本季開始，我們對我們的業績感到非常滿意，因為我們繼續執行我們的策略，在 25 財年恢復強勁成長。我將分享本季度的一些亮點，然後介紹自去年 12 月我們一起討論聯邦業務以來的新進展以及更廣泛的當前環境。

Our clients continue to prioritize large-scale transformations, and we are their reinvention partner of choice as reflected in our bookings of $20.9 billion, including 32 clients with quarterly bookings greater than $100 million. We grew 8.5% in local currency with revenue of $16.7 billion at the top end of our guided range, and we 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.

我們的客戶繼續優先考慮大規模轉型，我們是他們首選的重塑合作夥伴，這反映在我們的 209 億美元的訂單中，其中包括 32 位季度訂單超過 1 億美元的客戶。我們以當地貨幣計算增長了 8.5%，營收達到 167 億美元，處於指導範圍的最高值，並且我們繼續在連續四個季度的基礎上與我們最接近的全球公開交易競爭對手爭奪市場份額，這就是我們的市場份額計算方式。

We had another milestone quarter in GenAI with $1.4 billion in new bookings and approximately $600 million in revenue. Operating margin contracted 20 basis points compared to adjusted operating margin last year, and we delivered EPS growth of 2% over Q2 FY24 adjusted EPS. We continue to invest significantly in our business to drive additional growth in highly strategic areas with over $250 million deployed primarily across six strategic acquisitions, and we invested in our people with approximately 15 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. We increased our data and AI workforce to approximately 72,000, continuing progress against our goal of 80,000 by the end of FY 2026.

GenAI 本季又創下了里程碑，新訂單量達 14 億美元，營收約 6 億美元。與去年調整後的營業利潤率相比，營業利潤率收縮了 20 個基點，而我們的每股收益較 2024 財年第二季度調整後的每股收益增長了 2%。我們繼續對業務進行大量投資，以推動高度戰略性的領域的額外增長，其中超過 2.5 億美元的投資主要用於六項戰略收購，並且本季度我們對員工進行了大約 1500 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，並利用 GenAI 重塑我們的服務。我們將數據和人工智慧員工隊伍增加到約 72,000 人，繼續朝著 2026 財年末達到 80,000 人的目標邁進。

We continue to invest in creating and maintaining thriving communities, which is a component of our long-term growth strategy. This quarter in India, we launched a transformative hospitality skilling program in collaboration with our client, Marriott International, which prepares disadvantaged youth for entry-level jobs in the hospitality sector, including training for digital skills. Because we help our clients execute on some of their most important priorities and we need to attract and retain the best people, recognition of Accenture as an ethical and admired company is critical for our clients' confidence and to attract these great talent. We are pleased that we have been recognized by Ethisphere as one of the world's most ethical companies for the 18th year in a row, and for the third consecutive year, we ranked number one in our industry and among the top five overall and Just Capital's America's most Just Companies.

我們繼續投資創造和維護繁榮的社區，這是我們長期成長策略的一部分。本季度，我們在印度與客戶萬豪國際合作推出了一項變革性的酒店業技能培訓計劃，為弱勢青年提供酒店業入門級工作的培訓，包括數位技能培訓。因為我們幫助客戶執行一些最重要的優先事項，而且我們需要吸引和留住最優秀的人才，所以將埃森哲評為一家有道德和受人尊敬的公司對於我們的客戶信心以及吸引這些優秀人才至關重要。我們非常高興，我們連續 18 年被 Ethisphere 評為全球最具商業道德的公司之一，並連續第三年位居行業第一、總體排名前五，並被 Just Capital 評為美國最公正公司。

In addition, thanks to our clients, partners and the wider business community, we earned the number one position in our industry for the 12th year in a row and number 30 overall, our highest to date on Fortune's list of the world's Most Admired Companies.

此外，由於我們的客戶、合作夥伴和廣大商界人士的努力，我們連續 12 年蟬聯行業第一，總體排名第 30 位，這也是我們在《財富》全球最受讚賞公司榜單上迄今為止的最高排名。

Now, for two updates. First, Accenture Federal Services. Federal represented approximately 8% of our global revenue and 16% of our Americas revenue in FY24. As you know, the new administration has a clear goal to run the federal government more efficiently. During this process, many new procurement actions have slowed, which is negatively impacting our sales and revenue. In addition, recently, the General Service Administration has instructed all federal agencies to review their contracts with the top 10 highest paid consulting firms contracting with the US government, which includes Accenture Federal Services. The GSA's guidance was to terminate contracts that are not deemed mission-critical by the relevant federal agencies. While we continue to believe our work for federal clients is mission-critical, we anticipate ongoing uncertainty as the government's priorities evolve and these assessments unfold. Based on our significant experience across federal and commercial clients we see major opportunities over time for us to help consolidate, modernize and reinvent the federal government to drive a whole new level of efficiency.

現在，進行兩項更新。首先是埃森哲聯邦服務公司。在 24 財年，聯邦收入約占我們全球收入的 8%，占我們美洲收入的 16%。眾所周知，新政府有一個明確的目標：更有效地管理聯邦政府。在這個過程中，許多新的採購行動放緩，這對我們的銷售和收入產生了負面影響。此外，近日，美國總務管理局指示各聯邦機構審查與美國政府簽約薪資最高的10家顧問公司簽訂的合同，其中包括埃森哲聯邦服務公司。美國總務管理局的指導意見是終止相關聯邦機構認為不重要的任務合約。雖然我們仍然相信我們為聯邦客戶所做的工作至關重要，但隨著政府優先事項的演變和這些評估的展開，我們預計不確定性將持續存在。基於我們為聯邦和商業客戶提供的豐富經驗，我們看到，隨著時間的推移，我們將面臨巨大的機遇，幫助聯邦政府鞏固、現代化和重塑政府，從而提高到全新的效率水平。

Second, in recent weeks, we are seeing an elevated level of what was already a significant uncertainty in the global economic and geopolitical environment, marking a shift from our first quarter FY25 earnings report in December. At the same time, we believe the fundamentals of our industry remain strong, and we are very well positioned with our clients because all strategies continue to lead to reinvention through new ways of working, tech, data and AI. We are confident in executing our strategy to help clients reinvent. As you would expect, we are laser-focused on bringing tremendous value to our clients. Our strengths lie in our agility is the market we operate and changes, utilizing our deep client and ecosystem relationships and our leading position in GenAI and technology more broadly. We are also well diversified across markets, industries and types of work, which enables us to continue to lead in a changing market context as we have done before.

其次，最近幾週，我們看到全球經濟和地緣政治環境中本來就存在的重大不確定性進一步加劇，與我們 12 月發布的 2025 財年第一季財報相比發生了變化。同時，我們相信，我們行業的基本面依然強勁，我們與客戶的關係非常密切，因為所有策略都會透過新的工作方式、技術、數據和人工智慧繼續帶來重塑。我們有信心執行我們的策略來幫助客戶重塑自我。正如您所期望的，我們致力於為客戶帶來巨大的價值。我們的優勢在於我們對所營運和變化的市場的敏捷性，利用我們與客戶和生態系統的深厚關係以及我們在 GenAI 和技術領域的領先地位。我們在市場、行業和工作類型方面也實現了多元化，這使我們能夠像以前一樣在不斷變化的市場環境中繼續保持領先地位。

Over to you, Angie.

交給你了，安吉。

Thank you, Julie, and thanks to all of you for taking the time to join us on today's call. We were very pleased with our results in the second quarter, particularly our continued strong top line growth, which was once again broad-based across geographic markets, industry groups and consulting and managed services.

謝謝你，朱莉，也謝謝大家抽空參加今天的電話會議。我們對第二季的業績非常滿意，特別是我們持續保持強勁的營收成長，這再次廣泛地體現在地理市場、產業群體以及諮詢和管理服務方面。

Let me begin by summarizing a few highlights from the quarter. Revenues grew 8.5% in local currency, which was at the top end of our guided range, with nine of our 13 industries growing high single digits or higher, and we continue to take market share. We delivered EPS in the quarter of $2.82, reflecting 2% growth over adjusted EPS last year. Operating margin of 13.5% for the quarter decreased 20 basis points compared to adjusted Q2 results last year and includes significant investments in our people and our business. Finally, we delivered free cash flow of $2.7 billion and returned $2.4 billion to shareholders through repurchases and dividends.

首先，我來總結本季的一些亮點。以當地貨幣計算，收入增長了 8.5%，處於我們指導範圍的最高端，我們 13 個行業中有 9 個行業實現了高個位數或更高的增長，並且我們繼續佔據市場份額。我們本季的每股盈餘為 2.82 美元，較去年調整後的每股盈餘成長 2%。本季營業利潤率為 13.5%，與去年調整後的第二季業績相比下降了 20 個基點，其中包括對我們的員工和業務的大量投資。最終，我們實現了 27 億美元的自由現金流，並透過回購和股息向股東返還了 24 億美元。

In the first half of the year, we have invested almost $500 million primarily attributed to 11 acquisitions. With those high-level comments, let me turn to some of the details, starting with new bookings.

今年上半年，我們投資近 5 億美元，主要用於 11 項收購。聽完這些高層的評論，讓我來談談一些細節，從新預訂開始。

New bookings were $20.9 billion for the quarter, a 3% decrease in US dollars and flat in local currency with an overall book-to-bill of 1.3. Consulting bookings were $10.5 billion with a book-to-bill of 1.3. Managed services bookings were $10.4 billion with a book-to-bill of 1.2.

本季新訂單金額為 209 億美元，以美元計算下降 3%，以當地貨幣計算持平，整體訂單出貨比為 1.3。諮詢訂單金額為 105 億美元，訂單出貨比為 1.3。託管服務訂單金額為 104 億美元，訂單出貨比為 1.2。

Turning now to revenues. Revenues for the quarter were $16.7 billion, a 5% increase in US dollars and 8.5% in local currency. The foreign exchange impact for the quarter was approximately negative 3% compared with a negative 2.5% estimate provided last quarter. Consulting revenues for the quarter were $8.3 billion, up 3% in US dollars and 6% in local currency. Managed services revenue were $8.4 billion, up 8% in US dollars and 11% in local currency, driven by double-digit growth in technology managed services, which includes application managed services and infrastructure managed services and high single-digit growth in operations.

現在談談收入。本季營收為 167 億美元，以美元計算成長 5%，以當地貨幣計算成長 8.5%。本季的外匯影響約為負 3%，而上季的預測為負 2.5%。本季諮詢收入為 83 億美元，以美元計算成長 3%，以當地貨幣計算成長 6%。託管服務收入為 84 億美元，以美元計算增長 8%，以當地貨幣計算增長 11%，這得益於技術託管服務的兩位數增長（包括應用託管服務和基礎設施託管服務）以及運營的高個位數增長。

Turning to our geographic markets. In Americas, revenues grew 11% in local currency. Growth was led by banking and capital markets, industrial, health and consumer goods, retail and travel services. Revenue growth was driven by the United States. In EMEA, we delivered 8% growth in low currency led by growth in public service, life sciences and consumer goods, retail and travel services. Revenue growth was driven by the United Kingdom. In Asia Pacific, revenue grew 1% in local currency, driven by growth in insurance and utilities, partially offset by a decline in chemicals and natural resources. Revenue growth was led by Japan partially offset by a decline in Singapore.

轉向我們的地理市場。在美洲，以當地貨幣計算的收入增加了 11%。成長主要由銀行和資本市場、工業、健康和消費品、零售和旅遊服務所推動。營收成長主要受美國推動。在歐洲、中東和非洲地區，我們以低貨幣運算實現了 8% 的成長，主要得益於公共服務、生命科學和消費品、零售和旅遊服務的成長。營收成長主要受英國推動。在亞太地區，收入以當地貨幣計算增長了 1%，這得益於保險和公用事業的增長，但化學品和自然資源的下降部分抵消了這一增長。營收成長主要由日本推動，但被新加坡的下滑部分抵銷。

Moving down the income statement. Gross margin for the quarter was 29.9% compared to 30.9% for the second quarter last year. Sales and marketing expense for the quarter was 10.1% compared with 10.3% for the second quarter last year. General and administrative expense was 6.3% compared to 6.9% for the same quarter last year.

降低損益表。本季毛利率為 29.9%，去年第二季為 30.9%。本季銷售和行銷費用為 10.1%，去年第二季為 10.3%。一般及行政開支為 6.3%，去年同期為 6.9%。

Before I continue, I want to note that in Q2 of last year, we recorded $115 million in cost associated with our business optimization actions, which decreased operating margin by 70 basis points and EPS by $0.14. The following comparisons exclude these impacts and reflect adjusted results. Operating income was $2.2 billion in the second quarter, reflecting a 13.5% operating margin, a 20 basis point decrease from adjusted operating margin in Q2 of last year. Our effective tax rate for the quarter was 20.4% compared with an adjusted effective tax rate of 18.8% for the second quarter last year.

在繼續之前，我想指出的是，去年第二季度，我們記錄了與業務優化行動相關的 1.15 億美元成本，這導致營業利潤率下降 70 個基點，每股收益下降 0.14 美元。以下比較排除了這些影響並反映調整後的結果。第二季營業收入為 22 億美元，營業利益率為 13.5%，較去年第二季調整後的營業利潤率下降 20 個基點。我們本季的有效稅率為 20.4%，而去年第二季的調整後有效稅率為 18.8%。

Diluted earnings per share were $2.82 compared with adjusted diluted EPS of $2.77 in the second quarter last year, reflecting 2% growth. Days services outstanding were 48 days compared to 50 days last quarter and 43 days in the second quarter of last year. Free cash flow for the quarter was $2.7 billion, resulting from cash generated by operating activities of $2.9 billion, net of property and equipment additions of $171 million. Our cash balance at February 28 was $8.5 billion compared with $5 billion at August 31.

每股攤薄收益為 2.82 美元，而去年第二季調整後每股攤薄收益為 2.77 美元，成長 2%。服務未償天數為 48 天，而上一季為 50 天，去年第二季為 43 天。本季的自由現金流為 27 億美元，來自經營活動產生的現金 29 億美元，扣除 1.71 億美元的物業和設備增加。截至 2 月 28 日，我們的現金餘額為 85 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 second quarter, we repurchased or redeemed 4 million shares for $1.4 billion at an average price of $361.16 per share. As of February 28, we had approximately $5 billion of share repurchase authority remaining. Also in February, we paid a quarterly cash dividend of $1.48 per share for a total of $929 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 May 15, a 15% increase over last year.

關於我們向股東返還現金的持續目標，在第二季度，我們以每股 361.16 美元的平均價格回購或贖回了 400 萬股，價值 14 億美元。截至 2 月 28 日，我們剩餘的股票回購權約為 50 億美元。此外，在二月份，我們支付了每股 1.48 美元的季度現金股息，總計 9.29 億美元。比去年增加了 15%。我們的董事會宣布將於 5 月 15 日支付每股 1.48 美元的季度現金股息，比去年增加 15%。

And now let me turn it back to Julie.

現在讓我把話題轉回給朱莉。

Thank you, Angie. Starting with the demand environment, our clients continue to be focused on reinvention and GenAI is a catalyst for reinvention. They're focused on building the digital core with more AI being built in, which is driving our growth and in areas such as the customer and core operations, including supply chain and Industry X. For our clients, the twin themes of achieving both cost efficiency and growth continue.

謝謝你，安吉。從需求環境開始，我們的客戶繼續專注於重塑，而 GenAI 是重塑的催化劑。他們專注於建立數位核心，並融入更多人工智慧，這推動了我們的成長，並推動了客戶和核心營運（包括供應鏈和產業 X）等領域的成長。

The number of clients embracing GenAI is increasing significantly, and we are starting to see some tangible examples of scale and data and AI. We are partnering with Telstra, Australia's leading telecommunications company to create a new joint venture to accelerate its data and AI road map and fast track the business into a new era of AI-driven reinvention. Through the joint venture, we will work together to simplify and modernize their data systems and set up a comprehensive AI foundation to deploy advanced AI solutions across their organization. Value driving AI use cases have been identified across the business that are suitable for scaling and will enhance network resilience, deliver seamless connectivity and better customer experience.

採用 GenAI 的客戶數量正在顯著增加，我們開始看到一些規模、數據和人工智慧的具體例子。我們正在與澳洲領先的電信公司 Telstra 合作成立一家新的合資企業，以加速其數據和人工智慧路線圖，並快速推動業務進入人工智慧驅動重塑的新時代。透過合資企業，我們將共同努力簡化和現代化他們的數據系統，並建立全面的人工智慧基礎，以便在他們的整個組織中部署先進的人工智慧解決方案。整個企業已經確定了適合擴展且將增強網路彈性、提供無縫連接和更好的客戶體驗的價值驅動 AI 用例。

Using our AI refinery platform, we will reimagine business processes by implementing Agentic AI. Specialized AI tools will support their employees to work smarter and faster and teams to operate more efficiently and effectively. In addition, we will help evolve Telstra's data and AI Academy, a company-wide upskilling initiative, leveraging our learning and development programs, helping to build data and AI fluency and feature critical skills across its workforce.

利用我們的 AI 精煉平台，我們將透過實施 Agentic AI 重新構想業務流程。專門的人工智慧工具將支援員工更聰明、更快速地工作，並支援團隊更有效率、更有效地運作。此外，我們將幫助 Telstra 的數據和人工智慧學院發展，這是一項全公司範圍的技能提升計劃，利用我們的學習和發展計劃，幫助提高數據和人工智慧的流暢性，並在員工隊伍中培養關鍵技能。

Building on Telstra's globally leading responsible AI practices, the JV is designed to sustain and improve on this by identifying and mitigating AI risks while building trust and adoption as it scales AI across the organization. This partnership with Telstra illustrates to clients that their creative ways to accelerate their own use of data and AI. Clients in Australia from banking, retail and utilities are working with us to design their own innovative ways to jumpstart their reinvention with data and AI.

在 Telstra 全球領先的負責任 AI 實踐的基礎上，該合資公司旨在透過識別和降低 AI 風險來維持和改進這一點，同時在整個組織範圍內擴展 AI 的同時建立信任和採用。與 Telstra 的此次合作向客戶展示了他們加速自身使用數據和人工智慧的創意方法。澳洲的銀行、零售和公用事業領域的客戶正在與我們合作，設計自己的創新方式，利用數據和人工智慧推動他們的重塑。

We continue to see our clients building their digital core as a foundation for reinvention and increasingly asking us to incorporate emerging technologies like AI as well as data into this work. Cloud saw double-digit growth this quarter and security had very strong double-digit growth. We are working together with a multinational food processing company to help reinvent themselves as a data-driven organization, revolutionizing their enterprise. This includes the end-to-end supply chain and frontline sales function to support rapid growth. Our unique partnership model uses our library of AI and GenAI assets to quickly deliver productivity. with the potential of generating over $0.5 billion in value to self-fund their reinvention. The savings are reinvested into an ongoing build-out of a robust digital core, which becomes the foundation to support and enable any new technologies, processes or systems the company may adopt in the future.

我們不斷看到我們的客戶建立他們的數位核心作為重塑的基礎，並越來越多地要求我們將人工智慧和數據等新興技術融入這項工作中。本季雲端運算實現了兩位數的成長，安全也實現了非常強勁的兩位數成長。我們正在與一家跨國食品加工公司合作，幫助其重塑為數據驅動型組織，徹底改變他們的企業。這包括端到端供應鏈和一線銷售功能，以支援快速成長。我們獨特的合作夥伴模式利用我們的 AI 和 GenAI 資產庫來快速提高生產力。有可能創造超過 5 億美元的價值來資助其重塑事業。節省的資金將重新投資於持續打造強大的數位核心，這將成為支持和實現公司未來可能採用的任何新技術、流程或系統的基礎。

For example, the company is using GenAI to forecast inventory risk and generate next best action recommendations saving them millions of dollars annually. So excess inventory on a product is selling slower than expected in a region, GenAI tools proactively prompt to promotional sale or halt production before the inventory results in a margin loss. In another instance, an AI-based communication platform was deployed that eliminates up to five different language barriers between supervisors and frontline workers and plants, reducing costly errors from its communications and delays. With many households having at least one of their products, this company's commitment to ongoing transformation will position them to continue to build, design and run a future-ready enterprise, rethink work and drive innovation.

例如，該公司正在使用 GenAI 預測庫存風險並產生下一步最佳行動建議，每年可為他們節省數百萬美元。因此，當某個地區的某種產品的過剩庫存銷售速度低於預期時，GenAI 工具會在庫存導致利潤損失之前主動提示促銷或停止生產。另一個案例是，部署了一個基於人工智慧的通訊平台，該平台消除了主管和第一線工人與工廠之間多達五種不同的語言障礙，減少了因通訊和延誤而造成的代價高昂的錯誤。許多家庭都至少擁有他們的一款產品，該公司對持續轉型的承諾將使他們能夠繼續建立、設計和經營面向未來的企業，重新思考工作並推動創新。

We are helping one of the world's largest auto manufacturers modernize their security operations to protect the company's critical IT systems and stay ahead of the rapidly evolving security landscape. We will implement a modern threat detection and response platform that will enable the company to integrate its data across the enterprise, identifying cyber-threats and responding to incidents faster.

我們正在幫助世界上最大的汽車製造商之一實現其安全營運的現代化，以保護公司的關鍵 IT 系統並在快速發展的安全形勢中保持領先地位。我們將實施一個現代化的威脅偵測和回應平台，使公司能夠整合整個企業的數據，識別網路威脅並更快地應對事件。

We were building a new GenAI security engine on Accenture's My Security platform, which will help automate cloud migration tests, moving the threat detection capability from the legacy platform to the new one without interruption. This is expected to increase the company's operational excellence, enhance cyber-resiliency, increase risk visibility and drive a significant improvement in efficiency. With the new platform, the company will be able to better safeguard digital assets, including information critical to automotive design and manufacturing. This collaboration will help better protect the company, its partners and customers setting the stage for advanced AI, smart manufacturing and increased innovation.

我們正在埃森哲的 My Security 平台上建立一個新的 GenAI 安全引擎，這將有助於自動化雲端遷移測試，將威脅偵測功能從傳統平台不間斷地轉移到新平台。這有望提高公司的卓越營運水準、增強網路彈性、提高風險可見度並推動效率的大幅提升。借助新平台，該公司將能夠更好地保護數位資產，包括對汽車設計和製造至關重要的資訊。此次合作將有助於更好地保護公司、其合作夥伴和客戶，為先進的人工智慧、智慧製造和加強創新奠定基礎。

To capture the value of technologies like generative AI, companies need a digital core and now to stay ahead and truly scale AI, companies also need what we call a cognitive digital brain. And always on and always learning system as we shared in our Tech Vision 2025. Our industry expertise is critical to building the digital core and digital brain. A deep knowledge of the processes today and how they can be reinvented for tomorrow is key.

為了獲取生成式人工智慧等技術的價值，公司需要一個數位核心；現在，為了保持領先地位並真正擴大人工智慧的規模，公司還需要我們所謂的認知數位大腦。正如我們在 2025 年技術願景中所分享的那樣，我們始終致力於打造一個持續在線、持續學習的系統。我們的行業專業知識對於建立數位核心和數位大腦至關重要。關鍵在於深入了解當今的流程以及如何為未來重塑這些流程。

Our proven track record of digital transformation and our ability to bring experience in strategy, consulting industry, process and technology services and decades of experience in managed services for our clients allows us to truly reinvent using AI, including digital agents to create transformational value at scale. We are deepening our partnership with Repsol, a leading multi-energy company and a client for more than a decade to advance its digital program and scale Agentic AI, reinventing key business operations to drive sustainable growth.

我們在數位轉型方面擁有良好的業績記錄，我們在策略、諮詢行業、流程和技術服務方面擁有豐富的經驗，並且為客戶提供了數十年的託管服務經驗，這使我們能夠真正地利用人工智慧（包括數位代理）進行重塑，從而大規模地創造轉型價值。我們正在深化與領先的多種能源公司和十多年的客戶 Repsol 的合作夥伴關係，以推進其數位化計劃並擴展 Agentic AI 的規模，重塑關鍵業務運營以推動永續成長。

Over the past three years, we have built a secure cloud-based digital core with a unified data foundation. Now, we will use our AI refinery platform to deploy customized AI agents across functions such as planning, forecasting and customer service, making processes more dynamic and less complex. Employees will be able to work more efficiently and provide customers with accurate, personalized products and services.

在過去三年裡，我們建立了基於雲端的安全數位核心和統一的資料基礎。現在，我們將使用我們的 AI 精煉平台在規劃、預測和客戶服務等功能中部署客製化的 AI 代理，使流程更加動態、更簡單。員工將能夠更有效率地工作，並為客戶提供準確、個人化的產品和服務。

For example, AI agents can analyze available data to offer timely and relevant bundled energy solutions enhancing Repsol's position as an integrated provider. We will upskill employees in AI and digital technologies through an expanded training program to support adoption. We are also exploring digital twins and robotic solutions to enhance planned maintenance and other tasks in industrial and logistics centers. Repsol is positioning itself as an early adopter of AI in the energy sector increasing efficiency, boosting productivity and promoting new ways of working to better serve customers.

例如，人工智慧代理可以分析可用數據，提供及時且相關的捆綁能源解決方案，從而增強 Repsol 作為綜合供應商的地位。我們將透過擴大培訓計畫提升員工在人工智慧和數位技術方面的技能，以支援採用。我們也正在探索數位孿生和機器人解決方案，以增強工業和物流中心的計畫維護和其他任務。雷普索爾將自己定位為能源領域人工智慧的早期採用者，以提高效率、提升生產力並推廣新的工作方式，以便更好地服務客戶。

The transformation and digitization of manufacturing is an important area of growth, and Industry X grew high single digits this quarter. We are working with Kion, a global leader in supply chain solutions to use AI-powered digital twins to create smarter, safer and more adaptable warehouses that can evolve with the world around them and handle nearly any supply chain challenge, marking the next digital frontier. Picture of busy warehouse during peak shopping season. Workers navigating narrow aisles and conveyor belts, forklift loading and unloading freight.

製造業轉型和數位化是重要的成長領域，X產業本季實現了高個位數成長。我們正在與供應鏈解決方案領域的全球領導者 Kion 合作，利用人工智慧數位孿生技術創建更智慧、更安全、更適應性的倉庫，這些倉庫可以隨著周圍世界的發展而發展，並應對幾乎任何供應鏈挑戰，標誌著下一個數位化前沿。購物旺季繁忙的倉庫照片。工人在狹窄的走道和輸送帶中穿行，用堆高機裝卸貨物。

Now, imagine robots working seamlessly with human teams to fulfill orders faster and more safely. We are making this a reality by creating digital versions of physical assets such as conveyors and forklifts and integrating autonomous robots with human workers on an AI-driven platform that accurately simulates millions of complex factory processes to help ensure safety and avoid disruptions before robots hit the factory floor.

現在，想像一下機器人與人類團隊無縫合作，以更快、更安全地完成訂單。我們透過創建傳送帶和堆高機等實體資產的數位版本，並在人工智慧驅動的平台上將自動機器人與人類工人結合，將這一目標變為現實，該平台可以準確模擬數百萬個複雜的工廠流程，以幫助確保安全並避免在機器人進入工廠車間之前發生中斷。

We are also predicting and adapting to real-world challenges as they happen, such as how events like Black Friday sales or a product going viral might affect warehouse operations, adjusting robot brains in real time. With these investments -- with these advancements, warehouse workers' responsibilities will evolve as they work alongside AI systems, making them more desirable candidates for higher-skilled roles.

我們也在預測和適應現實世界中發生的挑戰，例如「黑色星期五」促銷或產品病毒式傳播等事件可能如何影響倉庫運營，即時調整機器人大腦。透過這些投資和進步，倉庫工人的職責將隨著他們與人工智慧系統一起工作而發生變化，使他們成為更高技能職位的更理想的候選人。

Song grew double digits this quarter as more clients seek to reinvent customer and experience. We have the unique ability to integrate creative data and AI, tech and strategy while leveraging our industry and operations expertise to unlock marketing and sales as a growth enabler for our clients while delivering efficiencies. We are partnering with a multinational conglomerate in the communications industry to streamline and optimize their media strategy and operations in our mobile division.

由於越來越多的客戶尋求重塑客戶和體驗，本季 Song 的銷售額實現了兩位數成長。我們具有獨特的能力，可以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來釋放行銷和銷售潛力，從而幫助客戶實現成長，同時提高效率。我們正在與通訊產業的跨國企業集團合作，以簡化和優化其行動部門的媒體策略和營運。

We've implemented a new digital platform with a unified data foundation, which will provide transparency and real-time access to expedite campaign position. The company will also reduce the number of media agencies to a single partner Accenture Song, to maximize media spend outcomes. Accenture's marketing operations, managed services will leverage automation and AI to increase efficiencies in manual routine tasks, which will allow employees to focus on more strategic work. These changes will also allow the company to shift from focusing solely on media-related data to incorporating broader insights to make more strategic and informed decisions that benefit the entire company such as predicting customer content preferences, which can drive more efficient media placement and sales.

我們實施了一個具有統一數據基礎的新數位平台，該平台將提供透明度和即時訪問，以加快競選進程。該公司還將減少媒體代理商的數量，僅剩一家合作夥伴埃森哲宋媒體公司，以最大限度地提高媒體支出效益。埃森哲的行銷營運、託管服務將利用自動化和人工智慧來提高手動日常任務的效率，使員工能夠專注於更具策略性的工作。這些變化也將使公司從僅僅關注與媒體相關的數據轉向結合更廣泛的見解，從而做出有利於整個公司的更具策略性和更明智的決策，例如預測客戶內容偏好，從而可以推動更有效的媒體投放和銷售。

Talent continues to be at the top of the agenda for CEOs and governments and reinvention requires working in new ways and the development of new skills. LearnVantage positions us to help -- to be able to help clients develop talent and skills to drive future growth. Our clients are using LearnVantage to strengthen learning development, turbocharging the learner's experience.

人才仍然是執行長和政府議程的首要任務，而重塑需要以新的方式工作和開發新技能。LearnVantage 讓我們能夠幫助客戶培養人才和技能，推動未來成長。我們的客戶正在使用 LearnVantage 來加強學習發展，增強學習者的體驗。

For example, we are bridging the skills gap and creating certification pathways for learners using LearnVantage in the Kingdom of Saudi Arabia. This will fast track their careers and support their adoption of GenAI. And a Big Box retailer has accelerated learning opportunities for entry level to highly technical skill sets, deepened understanding of current industry skills by role -- needs by role and empowered employees with guided learning based on the skills they need for their role.

例如，我們正在彌補技能差距並為沙烏地阿拉伯王國使用 LearnVantage 的學習者創建認證途徑。這將加速他們的職業發展並支持他們採用 GenAI。一家大型零售商加速了從入門級到高技術技能的學習機會，加深了對每個角色的當前行業技能的理解——每個角色的需求，並根據員工的角色所需技能為他們提供指導性學習。

Finally, a look at how we continue to execute on our execute on our goal to strategically deploy $2 billion, $3 billion in D&A this fiscal year. We are investing in our Industry X supply chain capabilities with our acquisitions this quarter of AOX and Staffen AG in Germany. We also acquired IQT Group in Italy, a managed services provider, which will help utility providers build and modernize integrated electricity and water networks.

最後，看看我們如何繼續執行我們的目標，即本財年策略性地部署 20 億美元、30 億美元的 D&A。本季度，我們收購了德國的 AOX 和 Staffen AG，以投資我們的 Industry X 供應鏈能力。我們還收購了託管服務供應商義大利的 IQT 集團，該集團將幫助公用事業供應商建立和現代化綜合電力和水網絡。

To continue to lead in GenAI, we acquired HaSpace in Denmark to help our clients in the Nordics region leverage and scale AI to make better, more informed decisions faster. And to enable us to scale faster in financial services, we acquired Altus Consulting in the UK, a leader in consulting and digital transformation. Also this quarter, we purchased a digital twin technology platform for banks from Precipient, a Singapore-based fintech company with deep expertise in banking, technology transformation.

為了繼續在 GenAI 領域保持領先地位，我們收購了丹麥的 HaSpace，以幫助北歐地區的客戶利用和擴展 AI，從而更快地做出更好、更明智的決策。為了使我們能夠在金融服務領域更快地擴大規模，我們收購了英國諮詢和數位轉型領域的領導者 Altus Consulting。本季度，我們也從 Precipient 購買了銀行數位孿生技術平台，Precipient 是一家總部位於新加坡的金融科技公司，在銀行和技術轉型方面擁有深厚的專業知識。

Back to you, Angie.

回到你身邊，安吉。

Thanks, Julie. Before I get into the details of our outlook, as Julie mentioned, we have seen an elevated level of uncertainty, including in our federal business. Because this change is very recent, our revenue guidance range for both Q3 and the full year reflects our best view based upon what we see today, which may evolve differently from our estimates and assumptions.

謝謝，朱莉。在我詳細介紹我們的前景之前，正如朱莉所提到的，我們已經看到不確定性水平有所提高，包括在我們的聯邦業務中。由於這項變更是最近才發生的，我們對第三季和全年的收入預期範圍反映了我們根據目前的情況所做出的最佳預測，可能與我們的估計和假設有所不同。

With that said, let me turn now to the business outlook. For the third quarter of fiscal '25, we expect revenues to be in the range of $16.9 billion to $17.5 billion. This assumes the impact of FX will be about negative 0.5% compared to the third quarter of fiscal '24 and reflects an estimated 3% to 7% growth in local currency. For the full fiscal year '25, based upon how the rates have been trending over the last few weeks, we continue to assume the impact of FX on our results in US dollars will be approximately negative 0.5% compared to fiscal '24. For the full fiscal '25, we now expect our revenue to be in the range of 5% to 7% growth in local currency over fiscal '24.

話雖如此，現在讓我來談談商業前景。對於 25 財年第三季度，我們預計營收在 169 億美元至 175 億美元之間。假設外匯的影響與 24 財年第三季相比約為負 0.5%，並反映當地貨幣預計將成長 3% 至 7%。對於整個25財年，基於過去幾週的匯率走勢，我們繼續假設外匯對我們以美元計算的業績的影響將比24財年下降約0.5%。就整個25財年而言，我們預計我們的營收將比24財年以當地貨幣成長5%至7%。

We continue to expect an inorganic contribution of a bit more than 3%, with about 4% in the first half and about 2% in the second half. And we now expect to invest about $2 billion to $3 billion in acquisitions this fiscal year.

我們繼續預期無機貢獻將略高於 3%，上半年約為 4%，下半年約為 2%。我們目前預計本財年將投資約 20 億至 30 億美元用於收購。

For operating margin, we now expect fiscal year '25 to be 15.6% to 15.7%, a 10 to 20 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. We now expect our full year diluted earnings per share for fiscal '25 to be in the range of $12.55 to $12.79 or 5% to 7% growth over adjusted fiscal '24 results. For the full fiscal '25, we continue to expect operating cash flow 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.

就營業利益率而言，我們目前預計25財年的營業利益率為15.6%至15.7%，比調整後的24財年業績擴大10至20個基點。我們繼續預期我們的年度有效稅率在 22.5% 至 24.5% 之間。相較之下，24 財年的調整後有效稅率為 23.6%。我們現在預計 25 財年全年每股攤薄收益將在 12.55 美元至 12.79 美元之間，或比調整後的 24 財年業績增長 5% 至 7%。對於整個25財年，我們繼續預期營運現金流在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，自由現金流在88億美元至95億美元之間。

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 shareholders.

我們的自由現金流指引持續反映自由現金流與淨收入比率為 1.1 至 1.2。最後，我們仍然期望透過股利和股票回購還至少 83 億美元，因為我們仍然致力於將大部分現金回饋給股東。

As we move into the second half of the year, we remain laser-focused on managing our business with rigor and discipline. With that, let's open it up so we can take your questions.

隨著進入下半年，我們將繼續嚴格、自律地管理我們的業務。現在，讓我們開始回答您的問題。

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。我要求你們每個人都只提出一個問題和一個後續問題，以便盡可能多的參與者能夠提問。接線生，您能為通話中的人員提供指示嗎？

(Operator Instructions) Jason Kupferberg, Bank of America.

（操作員指示）美國銀行 Jason Kupferberg。

So I just wanted to start outside of US also the other 92% of the business. Can you just clarify to what extent you are or not seeing clients hit the pause button at all on new initiatives? Any change in pace of converting pipeline to backlog or backlog into revenue? I can certainly appreciate that you're tone is a little bit more cautious, maybe the visibility isn't quite as high, but are you seeing tangible signs of any pause in client activity at this point in time?

所以我只是想在美國以外開始其餘 92% 的業務。您能否解釋一下，在多大程度上，您看到或沒有看到客戶暫停新舉措？將通路訂單轉化為積壓訂單或將積壓訂單轉化為收入的速度有任何變化嗎？我當然可以理解您的語氣更加謹慎，也許可見度不是那麼高，但您是否看到此時客戶活動暫停的明顯跡象？

Jason, thanks for your question. And for us, it's really we've seen no change overall.

傑森，謝謝你的提問。對我們來說，總體上我們確實沒有看到任何變化。

Yes. And as you can imagine, some of these changes are relatively recent. And so we're in a lot of discussions. In some cases, these discussions are about accelerating, particularly in the cost discussion like can we go a little faster to get to our programs for places where we're contracting. And we are at the heart of many of the discussions where businesses are trying to process what this might mean. So -- but we're not seeing any pauses now.

是的。你可以想像，其中一些變化是相對較新的。因此我們進行了很多討論。在某些情況下，這些討論是關於加速的，特別是在成本討論中，例如我們能否更快地完成我們簽約地方的計劃。我們處於許多討論的核心，企業正在試圖理解這可能意味著什麼。所以——但我們現在沒有看到任何停頓。

Okay. So we've got a watch and wait on that. So let's go to US Federal just for a minute. Can you just clarify for us what the growth rate was in US Federal revenue in the quarter? And what you're assuming for the second half of the year in US Federal?

好的。因此，我們必須觀察並等待。因此讓我們先去美國聯邦一會兒。您能否為我們澄清一下本季美國聯邦收入的成長率是多少？您對美國聯邦今年下半年有何預期？

Jason, why don't I take that because I think it's important to give a little bit of context on our Q3 and our full year guidance. And certainly, as it relates to Q2, specifically for federal, we really don't provide that during the year. And as you know, we provide that at the end of the year. So let me just start with because I do think this is important.

傑森，我為什麼不接受這個呢，因為我認為有必要對我們的第三季和全年指引提供一些背景資訊。當然，就第二季而言，特別是對於聯邦而言，我們實際上並沒有在年內提供該服務。如您所知，我們將在年底提供此項服務。所以讓我先開始，因為我確實認為這很重要。

When you think about -- we were really pleased with the quarter, our second quarter and the first half of the year. And for the second quarter, we did deliver revenue at the top end of our range. And we're very pleased that we were able to update our guidance to 5% to 7% by taking off the bottom. So -- and why is that? So pleased with how our business is positioned with the larger deals coming online, which was a very deliberate part of our strategy. And then as you think about Q3 and the full year, it includes our current estimates and assumptions as the potential impacts of federal and the overall environment.

如果你想想——我們對本季、第二季和今年上半年的表現真的非常滿意。第二季度，我們的收入確實達到了預期的最高水準。我們非常高興能夠透過取消底部將我們的指導更新為 5％至 7％。那麼——為什麼會這樣呢？我很高興我們的業務能夠定位在更大的交易上線，這是我們策略中經過深思熟慮的一部分。然後，當您考慮第三季和全年時，它包括我們當前的估計和假設以及聯邦和整體環境的潛在影響。

And then if I just break apart organic and inorganic. From an inorganic contribution, we continue to expect a bit over 3% with H2, about 2%, which is consistent with what we shared last quarter in our assumptions. And then for the year, what that means is from an organic perspective, we now expect 2% to 4% in organic growth for the year. And by type of work to provide that context as well, consulting, we continue to expect to be in the mid-single-digit range growth, and we now see managed services at high single digits.

然後，如果我只是將有機物和無機物分開。從無機貢獻來看，我們繼續預計下半年將略高於 3%，約為 2%，這與我們上個季度的假設一致。對於今年來說，從有機角度來看，我們預計今年的有機成長率為 2% 至 4%。從提供這種背景的工作類型來看，諮詢業務，我們預計仍將保持中等個位數的成長，而目前託管服務的成長速度已達到高個位數。

Tien-Tsin Huang, JPMorgan.

摩根大通的 Tien-Tsin Huang。

just maybe instead of demand, I want to ask on the margin outlook, and the change there. How much of that is organic versus inorganic in terms of the change? And is it just -- I'm almost getting question is the cost -- is it just costing more to do business? Is there a cost to execution here going up? Is there a pricing change? What more can you share?

也許我不想問需求，而是想問利潤前景以及那裡的變化。從變化的角度來看，有機變化和無機變化各佔多少？這是否只是——我幾乎要問的是成本——這是否只是增加了經營成本？這裡的執行成本是否會上升？價格有變動嗎？還能分享什麼？

Sure. And as it relates -- thank you, Tien-Tsin. As it relates to inorganic, our capital deployed, we've updated, we may be a bit lighter at $2 billion to $3 billion, but relative from a margin profile, no change there. So let me just peel this back a little bit. This quarter, we do see a decrease in our gross margin primarily to the of contractor costs and the impact of our business optimization actions, which reduced severance costs in Q2 of last year.

當然。如所言－謝謝你，Tien-Tsin。至於無機資本，我們已經更新了部署的資本，可能會少一些，在 20 億到 30 億美元之間，但相對於利潤率而言，沒有變化。讓我稍微回顧一下。本季度，我們的毛利率確實有所下降，這主要歸因於承包商成本以及業務優化行動的影響，這減少了去年第二季度的遣散費。

And as you know, this fluctuates quarter-to-quarter, which is really why we manage the overall operating margin. And as you think about our operating margin for the year, based upon where we are, we now expect 10 to 20 basis points expansion for the year while continuing to invest significantly in our business and our people. And like we're seeing the variability in the operating margin throughout the year that we expected.

如您所知，這個數字每季都會有所波動，這也是我們管理整體營業利潤率的真正原因。當您想到我們今年的營業利潤率時，根據目前的狀況，我們預計今年的營業利潤率將擴大 10 到 20 個基點，同時我們將繼續對我們的業務和員工進行大量投資。我們看到全年營業利潤率的變化與我們預期的一樣。

So what are we focused on? Pricing, which this quarter was relatively stable. How we deliver our contracts and how we run our business, which includes managing supply and demand and digitizing and making our own operations more efficient. So we feel really good about our full year guidance of 10 to 20 basis points, which includes EPS growth at 5% to 7%.

那我們關注的重點是什麼？本季的定價相對穩定。我們如何履行合約以及如何經營業務，包括管理供需、數位化和提高我們自己的營運效率。因此，我們對全年 10 到 20 個基點的預期感到非常滿意，其中包括 5% 到 7% 的每股盈餘成長。

Yes. And Tien-Tsin, we always update -- we typically update about this time. We just don't see -- we didn't see the 30 basis points. It's a super competitive market. So while pricing is relatively stable as we've been talking about, it's a competitive market.

是的。而 Tien-Tsin，我們總是會更新 — — 我們通常在這個時候更新。我們只是沒有看到——我們沒有看到 30 個基點。這是一個競爭極為激烈的市場。因此，儘管正如我們所說，價格相對穩定，但這是一個競爭激烈的市場。

Got it. No, that's all clear. Just my follow-up, I think Jason asked about Federal already. Is there -- maybe I'll ask it a different way. Just is there a way to frame the real revenue at risk? I know mission-critical is maybe hard to find it here on the call. But is there anything that you can share in terms of what's really at risk or not at risk, thinking about duration? Or is it really more of an issue of replenishing work, et cetera? Just trying to get a better understanding of visibility there.

知道了。不，一切都清楚。我只是跟進一下，我認為傑森已經詢問過聯邦的情況了。有沒有——也許我會用不同的方式問。那麼，有沒有辦法可以確定面臨風險的實際收入呢？我知道在通話中可能很難找到關鍵任務。但是，考慮到持續時間，您能分享一下什麼是真正存在風險或不存在風險嗎？或者這實際上更多的是一個補充工作等等的問題？只是想更好地理解那裡的可見性。

Sure. So Tien-tsin, what I would say is -- and what we've been clear about is the guided range we're giving for the quarter and for the year reflects our best view of the impact that's coming from both the slowing of new procurement actions and the assessments of the work that we're doing.

當然。所以天津，我想說的是——我們已經明確的是，我們給出的本季度和全年的指導範圍反映了我們對新採購行動放緩和我們正在做的工作的評估所帶來的影響的最佳看法。

And so we don't get into different pieces of it, but (inaudible) we're looking at -- two things, the range of outcomes, and that's reflected in the range. I mean it is 8% of our business. We have lots of other parts of our business that are about that size that we are always looking at estimates and assumptions. And so this is our best view of it today and the range reflects it.

因此，我們不會深入討論它的不同部分，但（聽不清楚）我們正在關注兩件事，結果的範圍，這反映在範圍內。我的意思是這占我們業務的8%。我們的業務中有很多部分也與此大致相同規模，因此我們一直在研究估計和假設。這是我們今天看到的最佳景觀，該範圍也反映了這一點。

Bryan Keane, Deutsche Bank.

德意志銀行的布萊恩·基恩。

I guess my first one is, Julie, just thinking about how budgets were set and how conversations maybe changed from January, February to March. Could you give us some color on that?

我想我的第一個問題是，朱莉，只是在思考預算是如何設定的，以及談話內容從一月、二月到三月可能發生了怎樣的變化。能給我們詳細解釋一下嗎？

I'd start with as we went into this calendar year, we did not see kind of like kind of across the board a meaningful increase in budgets for our services. So we saw more of the same, which is consistent with what we've been talking about. And as we went into the budget, as the budgets were set was kind of more of the same. And it's pretty early right now in terms of processing, right, what just happen.

首先，隨著今年的到來，我們並沒有看到我們服務的預算全面出現有意義的成長。所以我們看到了更多相同的情況，這與我們一直在談論的情況一致。當我們進入預算時，預算的設定也大致上是相同的。現在就處理剛剛發生的事情來說還為時過早。

And there's a lot of different things that can happen, right? So you sometimes see clients reprioritizing, like maybe they'll go faster on the cost cutting than on some of the building in that. And even those -- that kind of a conversation, its super early, right? And so what we are seeing, though, is a continuation that these conversations always turn to, okay, we got to go faster, and we got to go bigger. And this theme around cost and growth because that's really the unique way that we can help clients.

而且還有很多不同的事情可能發生，對吧？因此，有時您會看到客戶重新調整優先順序，例如，也許他們會更快地削減成本，而不是削減某些建築的成本。即使是那種對話，現在也還為時過早，對吧？然而，我們看到的是這些對話的延續，好吧，我們必須走得更快，我們必須走得更大。這個主題圍繞著成本和成長，因為這確實是我們幫助客戶的獨特方式。

So one of the examples that I gave in the script around a major manufacturer of food supplies is all about like when you are better managing inventory and supply chain, that's both driving growth. And at the same time, self-funding big transformation program. So I think right now, if you think about just what is the impact of an elevated level of uncertainty, it's the same thing as what we've been seeing, like more desire to do larger transformation.

因此，我在腳本中給出的有關一家大型食品供應製造商的例子就是，當你更好地管理庫存和供應鏈時，這兩者都會推動成長。同時，自籌資金實施大型轉型計畫。因此我認為現在，如果你想想不確定性增加的影響是什麼，它和我們所看到的是一樣的，例如人們更渴望更大的轉型。

And while we're at it, because I'm sure the question will come, discretionary spending this quarter, Q2 was overall about the same, still constrained. There were some pockets of improvement, for example, in banking and capital markets in the Americas. But again, going into the calendar year, discretionary spending was overall about the same constraint and particularly in small deals that we've been seeing. So Yes, that's kind of where we are.

既然我們正在討論這個問題，因為我確信問題會出現，本季的可自由支配支出，第二季的支出總體上大致相同，仍然受到限制。一些領域取得了改善，例如美洲的銀行業和資本市場。但是，進入日曆年，可自由支配的支出總體上受到同樣的限制，特別是在我們看到的小額交易中。是的，這就是我們所處的情況。

And I would just add, Julie, thanks for that -- I would just add that as you think about our guidance for the full year as well, what it assumes is discretionary spend does not have to improve at the top end of the range while it continues to allow for further deterioration at the bottom.

我還要補充一點，朱莉，謝謝你——我還要補充一點，當你考慮我們對全年的指導時，它假設可自由支配的開支不必在範圍的高端改善，而它繼續允許底部進一步惡化。

Yes, Angie, as my follow-up, I was going to ask, if you take the midpoint of that third quarter constant currency revenue, you get to about 5. it implies fourth quarter revenue range, looks a little wider than usual and maybe a couple of points lower than the third quarter. So just kind of what's built in? Are you building in a little bit of a slowdown in organic growth that fourth quarter? Or is that just some level of elevated uncertainty that goes into the fourth quarter number.

是的，安吉，作為我的後續問題，我想問的是，如果取第三季度固定匯率收入的中點，你會得到大約 5。 這意味著第四季度的收入範圍看起來比平時要寬一些，可能比第三季度低幾個點。那麼，它到底是內建的嗎？您是否認為第四季度的有機成長將略有放緩？或者這只是第四季度數據中某種程度的高不確定性造成的。

And Bryan, your math is right. So we have seen an elevated level of uncertainty. And so we spoke about that. And you're correct that as you think about our inorganic contribution of a bit more than 3% for the full year, it was roughly 4% in the first half. We're expecting about 2% in the second half, which means really importantly that our organic growth for the full year is now 2% to 4%.

布萊恩，你的計算是正確的。因此，我們看到不確定性程度上升。我們就此談論了這一點。您說得對，考慮到我們全年的無機貢獻略高於 3%，上半年約為 4%。我們預計下半年的成長率約為 2%，這意味著我們全年的有機成長率現在為 2% 至 4%。

David Koning, Baird.

大衛‧科寧，貝爾德。

And I guess my first question, Health and Public Services typically is kind of flattish sequentially in Q2. It was down about 5% sequentially and -- I guess kind of asking Jason's question, too, is some of that US Federal? Or are there other parts of health and public services that were weaker than normal? I'm just trying to understand that.

我的第一個問題是，衛生和公共服務在第二季通常表現較為穩定。它比上一季下降了約 5%——我想 Jason 也會問這個問題，其中是否有一些是美國聯邦政府的？或者衛生和公共服務的其他部分比正常情況更弱？我只是想理解這一點。

David, nothing to read into that. We didn't see any material impact within H&PS, it just ebbs and flows over the quarter so nothing to really comment there. .

大衛，沒什麼好解讀的。我們沒有看到 H＆PS 受到任何實質影響，它只是在本季度起起落落，因此沒有什麼可評論的。。

Okay. And just as a follow-up, I think you might have mentioned pricing was pretty stable. I looked back the last seven quarters, you called pricing as being down a bit. I mean are we starting to get back to a more stable environment for pricing?

好的。作為後續問題，我想您可能提到過價格相當穩定。我回顧了過去七個季度，您說價格有所下降。我的意思是我們是否開始回到更穩定的定價環境？

So as you think about our pricing, we did comment that it was relatively stable. The market continues to be very competitive. And so what you can count on us to do is we're always focused on it. And just as a reminder, pricing is the contract profitability or margin on the work that we sell.

因此，當您考慮我們的定價時，我們確實評論說它相對穩定。市場競爭仍然十分激烈。因此您可以相信我們，我們始終專注於此。需要提醒的是，定價是我們銷售的作品的合約獲利能力或利潤。

James Faucette, Morgan Stanley.

摩根士丹利的詹姆斯·福塞特（James Faucette）。

As we talk about the -- a little bit of the slowdown that you've seen in the recent weeks, how would you characterize it geographically or industry vertical? Just trying to get a little more color there. And what do you think those customers are looking for in terms of their proceeds or continue to pause or hesitate type of decision-making.

當我們談論您在最近幾週看到的一些經濟放緩時，您如何從地理或垂直行業角度來描述它？只是想讓那裡多一點色彩。您認為這些客戶在收益方面尋求的是什麼，或在決策過程中繼續暫停或猶豫什麼。

I want to be clear, we haven't seen a slowdown in the last few weeks. What we commented on, which I think is kind of everyone's well aware of is in the last few weeks, there's been an elevated level of what was already a significant uncertainty. And there's a couple of big themes around that. Obviously, tariffs, and that's a global discussion that is not just an Americas discussion. And also, consumer sentiment, which is a little bit more of an Americas discussion. And so we're really just commenting on what I think we're all seeing, and that's only been in the last few weeks. And so we're already, of course, in the heart of the discussions of clients globally who are talking about it.

我想明確一點，過去幾週我們並沒有看到經濟放緩的跡象。我們所評論的是，我想大家都很清楚，在過去的幾周里，本來就很嚴重的不確定性進一步加劇。圍繞這個主題有幾個大主題。顯然，關稅是一個全球性的討論，而不僅僅是美洲的討論。此外，還有消費者情緒，這比較是美國討論的話題。因此，我們實際上只是對我認為我們都看到的情況進行評論，而這只是過去幾週發生的事情。因此，我們當然已成為全球客戶討論的中心議題。

And you're seeing, for example, in Europe, there was an announcement of like major spending in areas like defense, where we've been investing in our well positioned. And by the way, I do want to shout out to my UK team. Hopefully, all of you noticed that the UK is back, and we're driving our revenue, and it's a great example of how we address challenges by leveraging our ability to invest. We've done a lot of acquisitions there. The agility, the use of data and AI, which are all driving the repositioning that you're starting to now see in the UK. So again, we have a lot of diversification of our business.

例如，您會看到，在歐洲，我們宣布將在國防等領域投入大量資金，而我們一直在這些領域進行投資，我們的戰略定位十分明確。順便說一句，我確實想向我的英國團隊致意。希望大家都注意到英國已經回歸，我們正在推動我們的收入，這是我們如何利用投資能力應對挑戰的一個很好的例子。我們在那裡做了很多收購。敏捷性、數據和人工智慧的使用都在推動英國現在開始看到的重新定位。因此，我們的業務已經高度多樣化。

And when you think about the Americas and the agenda now in federal with respect to consolidating, modernizing and reinventing the federal government, we're incredibly well positioned because we've been driving already a lot of efficiency in the federal government with the work we've been doing for decades. And we're now bringing that reinvention that we've been doing now for a few years, those commercial solutions, we've got the ability to bring that to the federal government as they move forward with their agenda. So the conversation is global, lots of opportunities that depend on the market. And we have a really strong position. And I'll just flag again the 32 clients this quarter who did over $100 million of bookings.

當你想到美洲和現在聯邦政府在鞏固、現代化和重塑聯邦政府方面的議程時，我們處於非常有利的位置，因為透過幾十年來的努力，我們已經大大提高了聯邦政府的效率。現在，我們正在實施幾年來一直在進行的革新，這些商業解決方案，我們有能力在聯邦政府推進其議程時將其帶給他們。因此，對話是全球性的，許多機會都取決於市場。我們的地位確實很強大。我將再次標記本季預訂額超過 1 億美元的 32 位客戶。

That's great. And great clarification. I appreciate that. And then I wanted to touch quickly on your AI and AI initiatives, et cetera. Can you give a little bit of color of how that's developing with your software partners? What kinds of improvements or adjustments in go-to-market that may entail? Just trying to get a sense for how you're working with the broader ecosystem to really drive results?

那太棒了。而且澄清得很清晰。我很感激。然後我想快速談談你們的人工智慧和人工智慧計畫等等。能否稍微介紹一下您與軟體合作夥伴的合作進度？這可能會帶來哪些市場進入的改進或調整？只是想了解您如何與更廣泛的生態系統合作以真正推動成果？

WEll, James, the ecosystem is absolutely critical here, and this is where decades of relationships really matter because this is -- GenAI is a new technology. The adoption of AI more broadly is new. It wasn't being adopted as much. And so we work so closely with our partners and the client really in three-way conversations and work in order to reinvent and do that.

嗯，詹姆斯，生態系統在這裡絕對至關重要，這也是幾十年的關係真正重要的地方，因為這是——GenAI 是一項新技術。人工智慧的更廣泛應用還是新鮮事。但它並沒有被廣泛採用。因此，我們與合作夥伴和客戶密切合作，進行三方對話，努力重塑並實現這一目標。

This is not -- we're not taking things off the shelf and say, here, go do this. And as you know, we are the leader in -- with our ecosystem partners. And that has been a major differentiating factor when you look at our growth, particularly in these large deals where the ecosystem is absolutely at the heart of it.

這並不是——我們不會把東西從架子上拿下來然後說，來，去做這個。如您所知，我們是生態系統合作夥伴領域的領導者。當你看我們的成長時，這是一個主要的區別因素，特別是在這些大型交易中，生態系統絕對是其核心。

And by the way, I'm glad that you look -- you commented on the GenAI because I think it's important as we think about how GenAI is developing that we don't walk past that in H1, we did $1.1 billion in revenue. And last year, in FY24, we did $900 million for the entire year. So you're starting to see the leadership that we have in GenAI really come through on the revenue side.

順便說一句，我很高興你關注——你對 GenAI 發表了評論，因為我認為，當我們思考 GenAI 如何發展時，重要的是我們不要超越 H1 的目標，我們的收入為 11 億美元。去年，也就是 24 財年，我們全年的營收為 9 億美元。因此，您開始看到我們在 GenAI 的領導地位確實在收入方面發揮了作用。

Bryan Bergin, TD Cowen.

布萊恩·伯金（Bryan Bergin），TD Cowen 公司。

I want to start on bookings. Can you just give us a sense on 2Q bookings, how they landed relative to your plan? -- understanding just elevated uncertainty may extend signings. I'm just curious if that did, in fact, play out in 2Q? And can you comment how you feel your set up for the second half in bookings?

我想要開始預訂。您能否向我們介紹第二季的預訂情況，相對於您的計劃，預訂情況如何？ ——了解僅僅是不確定性的增加就可能會延長簽約時間。我只是好奇這是否確實在第二季實現了？您能評論一下您對下半場預訂的安排嗎？

Well, just as a reminder, that elevated uncertainty has been in the last few weeks. And so no impact on our bookings. And Andy, do you want to add anything?

嗯，提醒一下，過去幾週不確定性一直在增加。因此對我們的預訂沒有影響。安迪，您還有什麼要補充嗎？

Brian. So for us, we were pleased with our bookings this quarter of $20.9 billion. And importantly, our book-to-bill was 1.3, and again, reinforcing being the partner of choice for our clients with 32 clients with quarterly bookings over $100 million. So we feel really good about that.

布萊恩。因此對我們來說，我們對本季 209 億美元的訂單量感到滿意。重要的是，我們的訂單出貨比為 1.3，這再次鞏固了我們作為客戶首選合作夥伴的地位，共有 32 個客戶的季度訂單量超過 1 億美元。因此我們對此感到非常高興。

Okay. And then on the workforce, can you comment on how you're managing that mix of subcontractors or employees? And is that higher subcon mix in the quarter, just some form of a transition component as you've taken actions on bench across the organization? Are there certain service types where you're having to lean a little bit more on that subcon mix?

好的。那麼關於勞動力，您能否評論一下您是如何管理分包商或員工組合的？本季的分包商組合增加是否只是您在整個組織內採取行動的某種形式的過渡組成部分？是否存在某些特定的服務類型需要您更依賴分包組合？

Brian, I think that as you think about our subcontractor and our workforce mix, certainly, that can fluctuate quarter-to-quarter based upon the work that we're doing for our clients. And as it relates to this quarter, you saw that we added a little bit over 2,000 people in Q2. And as always, what we are all about is managing our supply and demand, including through the use of technology and reskilling.

布萊恩，我認為，當你考慮我們的分包商和勞動力組合時，肯定會根據我們為客戶所做的工作而逐季度波動。就本季而言，您會發現我們在第二季增加了 2,000 多人。像往常一樣，我們要做的是管理供需，包括透過使用科技和再培訓。

And so for us, as you think about our workforce overall, subcontractors can fluctuate. And at the same time, what we focus on is our utilization, which continues to be 91%, which is exactly the range that we want to be in.

因此對我們來說，當你考慮我們的整體勞動力時，分包商可能會波動。同時，我們關注的是我們的利用率，它仍然保持在 91%，這正是我們想要達到的範圍。

Keith Bachman, BMO Capital Markets.

蒙特利爾銀行資本市場 (BMO Capital Markets) 的 Keith Bachman。

Perhaps, I'll ask my two just concurrently since they're on similar veins. On the first one, one of the previous questions was asking about AI, more from the demand side or revenue side. I wanted to go back to the supply side and delivery side. And while I think it's still really early in the life of GenAI because most of the work is actually still test, not inferencing. But are you seeing any changes in the nature of your economic relationship with your customers? In other words, are customers asking for some of the savings? Or is there any change in that narrative on how the supply side and economic relationship, broadly speaking, with your customers may unfold as GenAI matures a little bit?

也許，我會同時問我兩個問題，因為他們有相似的主題。關於第一個問題，之前的一個問題是詢問人工智慧，更多是從需求方或收入方的角度。我想回到供應方和交付方。但我認為 GenAI 還處於早期階段，因為大部分工作實際上仍處於測試階段，而不是推理階段。但您是否發現您與客戶的經濟關係性質發生了任何變化？換句話說，客戶是否要求節省一些錢？或者，隨著 GenAI 逐漸成熟，從廣義上講，您與客戶的供應方和經濟關係的發展是否會改變？

And then the second part of the question is I wanted to just jump into Song for a bit. And sort of the same type of question. I spent the last day with Adobe at their user group conference, and there's tremendous efficiency gains associated with both marketing and creativity.

然後問題的第二部分是我想稍微談談歌曲。這些都是同一類型的問題。最後一天我參加了 Adob​​e 的用戶群組會議，行銷和創造​​力都獲得了巨大的效率提升。

And just, Julie, any comments -- I know you mentioned Song had double-digit growth, which is quite impressive. How do you see the durable growth rate of Song? And so that's it for me, and Julie all the best to you in particular.

朱莉，有任何評論嗎？您如何看待Song的持續成長率？對我來說這就是全部了，特別是朱莉，祝你一切順利。

Thanks, Keith. So I think in the first question, what we've been seeing with GenAI is what we've seen in the past when we have new technologies, like I take you back to 2015 when we first announced MyWizard, which we now call GenWizard as we've introduced GenAI, and that was that major shift that occurred with respect to automation, which, by the way, is still relevant. And so that -- we are not seeing a different change.

謝謝，基斯。所以我認為在第一個問題中，我們在 GenAI 上看到的與我們在過去擁有新技術時看到的一樣，比如回到 2015 年，當時我們首次宣布 MyWizard，現在我們在引入 GenAI 時將其稱為 GenWizard，這是自動化方面發生的重大轉變，順便說一句，它仍然具有現實意義。因此——我們沒有看到不同的變化。

We've been continuously -- like, particularly on the managed service side, our contracts assume that there's going to be more efficiency driven from technology. GenAI is allowing that to kind of go up over time. But like the way that the model is working is just very similar to what we've seen with prior waves of big efficiencies from technology. So we're not seeing new patterns evolve there.

我們一直在——特別是在託管服務方面——我們的合約假設技術將帶來更多的效率。GenAI 讓這種現象可以隨著時間的推移而不斷增加。但該模型的運作方式與我們先前看到的技術效率大幅提升的浪潮非常相似。因此我們沒有看到那裡出現新的模式。

And of course, we're -- really, our strategy is to lead in both helping our clients use GenAI, but also to lead in our own use of GenAI, and at the same time, it is still early in the technology. It's still expensive. So you have to get to the right ROI in terms of when to use it. It requires our clients to have foundations in place. This isn't just sort of push a button, and we can have GenAI. And so we should expect that -- remember that this is still a very, very early in the technology cycle.

當然，我們的策略實際上是引領幫助客戶使用 GenAI，同時也引領我們自己對 GenAI 的使用，同時，該技術仍處於早期階段。還是很貴啊。因此，您必須在何時使用它方面獲得正確的投資回報。這要求我們的客戶已經打好基礎。這不僅僅是按一下按鈕，我們就可以擁有 GenAI。因此我們應該預料到——請記住，這仍處於技術週期的非常非常早期的階段。

With respect to Song, one of the big areas that we're helping our clients on is build the data foundation in order to use the GenAI because those efficiencies that you're seeing, and as you know, we're Adobe's major partner, require the right data foundation and they require really the reinvention of processes. We've seen that in our own marketing where we've been using Agentic AI, but you had to completely change the way that you're doing marketing. And so, Song's durability is being at the heart of building the digital core and helping them do the reinvention while leading in our own use of GenAI, which is what we continue to be focused on.

對於 Song 來說，我們幫助客戶的一個重要領域是建立資料基礎以使用 GenAI，因為您所看到的那些效率（而且如您所知，我們是 Adob​​e 的主要合作夥伴）需要正確的資料基礎，而且它們確實需要流程的重塑。我們在自己的行銷中看到了這一點，我們一直在使用 Agentic AI，但你必須徹底改變行銷方式。因此，Song 的耐用性是建立數位核心的核心，並幫助他們進行重塑，同時引領我們自己對 GenAI 的使用，這也是我們持續關注的重點。

So I feel very good about Song, and importantly, our diversification is we want to be relevant to all parts of the enterprise and the growth agenda, which is what Song positions us in addition to our entire -- the ability to be at the core operations and at the enterprise. So really very pleased with how our strategy to be relevant across the enterprise continues to give us resilience in the market. .

因此，我對 Song 感到非常滿意，重要的是，我們的多元化是我們希望與企業的各個部分和成長議程相關，這就是 Song 對我們除了整個企業之外的定位——有能力參與核心運營和企業。因此，我真的非常高興看到我們的企業相關策略能夠繼續讓我們在市場上保持韌性。。

Jonathan Lee, Guggenheim Partners.

古根漢合夥人公司的喬納森李 (Jonathan Lee)。

I want to clarify the change in the revenue outlook here. Your original outlook contemplated status quo at the high end of the outlook. Is that still the case? And is that index to what you're seeing today with the elevated uncertainty, but not necessarily any sort of slowdown?

我想在這裡澄清一下收入前景的變化。您原來的觀點是將現狀視為觀點的高端。現在還是這樣嗎？該指數是否與您今天看到的不確定性增加有關，但不一定是某種形式的放緩？

Jonathan, thanks for the question. Yes, that's correct. So with our assumptions, the range of 5% to 7%, which we raised for the full year is that discretionary spend does not have to improve at the top end of the range. And while at the bottom of the range, it allows for further deterioration.

喬納森，謝謝你的提問。是的，正確。因此，根據我們的假設，我們將全年的增幅提高到 5% 到 7% 之間，這意味著可自由支配的支出不必在該範圍的高端有所改善。雖然處於範圍的底部，但它仍允許進一步惡化。

And then on the pricing front, it's good to hear about the pricing stability you're seeing despite the competitive environment. How do we think through the timing in which it takes stable pricing to flow through the P&L, especially if it looks like we're still digesting some of the pricing headwinds we've been seeing over the last few quarters?

在定價方面，儘管競爭激烈，但我們很高興聽到價格保持穩定。我們如何考慮穩定定價流入損益表的時機，尤其是當我們看起來仍在消化過去幾季所看到的一些定價阻力時？

As you think about pricing, it does take time for it to layer in. And certainly, it depends on the mix of the deals that we're selling as well. So we'll see that come through over time.

當您考慮定價時，確實需要花費一些時間來考慮。當然，這也取決於我們銷售的交易組合。因此，隨著時間的推移，我們會看到這一點。

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

接線員，我們還有時間再問一個問題，然後朱莉將結束通話。

Darrin Peller, Wolfe Research.

達林·佩勒（Darrin Peller），沃爾夫研究公司。

Julie, I just want to wish you -- echo that and wish you have asked as well. When we think about what we're seeing in terms of the larger transformational contracts that are benefiting you so much this year despite slower discretionary or not a real improvement in discretionary yet. Just remind us again where you are on that path? I mean, again, bookings was a question before. It was up -- I wondered if it was more or less flat year-over-year, but your book-to-bill is still very strong, obviously. And so just help us understand what you're seeing in terms of the most transformational contracts right now that can give us room despite sort of whatever outcomes are on the discretionary?

朱莉，我只是想祝你——回應這一點，並希望你也問過這個問題。當我們思考我們看到的更大的轉型合約時，儘管自由裁量權的速度較慢或自由裁量權尚未真正改善，但今年這些合約仍然為你帶來了巨大的利益。請再次提醒我們您在那條道路上處於什麼位置？我的意思是，預訂以前是一個問題。它是上升的——我想知道它與去年同期相比是否基本持平，但顯然你的訂單出貨比仍然非常強勁。因此，能否幫助我們了解，就目前最具變革性的合約而言，無論自由裁量權的結果如何，這些合約都能為我們提供空間？

And then one quick follow-up, Julie, I know when we spoke last, you talked about how there was so much in terms of like waiting by executive CIO, CEOs and others on tariffs and some of the policies you talked about earlier. If we do get some resolution on that in the next couple of months, April 2 could be a big day from the administration in terms of explaining. I mean how much have you heard from your customers on how much they're just really waiting? There's pent-up demand budget? Just help us understand that a little more if you can.

然後快速跟進一下，朱莉，我知道我們上次談話時，你談到了執行首席資訊長、首席執行官和其他人等待關稅以及你之前談到的一些政策方面有很多事情要做。如果我們在接下來的幾個月內就此做出解決方案，那麼 4 月 2 日可能會成為政府做出解釋的重要日子。我的意思是，您從客戶那裡聽到多少關於他們真正等待多久的消息？有被壓抑的需求預算嗎？如果可以的話，請幫助我們進一步理解這一點。

Sure. So on the demand side, the 32 clients with bookings over $100 million continue to show that we're executing on that strategy. But what clients want to buy are larger transformational deals, they want the reinvention, and we continue to execute on that to, again, because that's like -- we're going where the demand is, right? So that same sort of view of continuing to make sure having those larger deals that we'll continue to layer in is the strategy and really no change there because that's the demand, right? And we need to be focused on where our clients are buying.

當然。因此在需求方面，32位預訂額超過1億美元的客戶繼續表明我們正在執行該策略。但客戶想要購買的是更大的轉型交易，他們想要重塑，而我們會繼續執行這一目標，因為這就像——我們要去有需求的地方，對吧？因此，我們將繼續確保達成那些更大規模的交易，並持續參與其中，這種觀點就是我們的策略，而且實際上不會改變，因為這就是需求，對嗎？我們需要專注於客戶的購買地點。

And then again, what I would say on the how things might layer in. CEOs are actually focused on, how do I succeed regardless of the level of uncertainty. So the conversations we're having are not, hey, what happens if the tariffs gets resolved, et cetera? It's okay, we have a higher level of uncertainty than we did 90 days ago. And so how do we then reinvent faster, right? What do we need to shift to? CEOs, and this is not from this -- this has been going on for now for a few years, right?

然後我再次想談談事情可能會如何分層。執行長實際上關注的是，無論不確定性程度如何，我如何才能取得成功。因此，我們正在進行的對話不是：嘿，如果關稅問題得到解決會發生什麼？沒關係，我們現在的不確定性程度比 90 天前更高了。那我們要如何才能更快地進行重塑呢？我們需要轉向什麼？執行長們，這並不是這樣的——這種情況已經持續了幾年了，對吧？

They're embracing that their responsibility is to grow regardless of what has been, in my tenure as CEO in the last six years, a series of a lot of different events. And that's why as we think about our own business, right? We continue to anchor on the characteristics that have allowed us to be the leader over these different cycles that the deep client relationships, our top 100 clients we've been with for over 10 years, the diversification of geographies, industries, I do want to give a shout out to all my industry teams.

他們堅信，無論過去六年我擔任執行長期間發生了哪些不同的事件，他們的責任就是發展。這就是我們思考自己的事務的原因，對嗎？我們將繼續堅守那些讓我們能夠在不同周期中保持領先地位的特徵，即深厚的客戶關係、與我們合作超過 10 年的前 100 名客戶、地域和行業的多樣化，我確實想向我所有的行業團隊致以謝意。

The industry groups all, we had broad-based growth, but it allows us for that diversification as well as types of work and then the all important ecosystem relationships and our leadership in GenAI and technology, those are the building blocks of our resilient business, and we all our CEOs and ourselves have to be agile to succeed in whatever market. And that is what our range reflects, the fact that we took the bottom off of the range reflects our belief in our resilient model as we continue to navigate.

整個行業都實現了廣泛增長，但這也使我們能夠實現多樣化，包括工作類型，以及所有重要的生態系統關係和我們在 GenAI 和技術方面的領導地位，這些都是我們業務彈性的基石，我們所有首席執行官和我們自己都必須保持敏捷，才能在任何市場取得成功。這就是我們的範圍所反映的，我們取消了範圍的底部這一事實反映了我們對繼續航行的彈性模型的信念。

That's really helpful, Julie. Just a quick follow-up would be on AI again on DeepSeek, just given the developments. I mean, has there been more of an emphasis around it, just given the ability to use even more efficient systems? Or -- just help us understand in terms of -- I know you've said before, 10% of customers might actually have the infrastructure ready. So still have a lot of work to do to repair. Has there been an acceleration in the momentum? Or is it the same as it was in the last couple of quarters?

這真的很有幫助，朱莉。鑑於目前的發展，我們對 DeepSeek 上的 AI 進行了快速跟進。我的意思是，考慮到使用更有效率的系統的能力，人們是否更加重視這一點？或 — — 只是幫助我們理解 — — 我知道您之前說過，10% 的客戶可能實際上已經準備好了基礎設施。所以還有很多修復工作要做。這種勢頭是否有所加速？還是與前幾季的情況相同？

We are seeing increasing numbers of clients embracing GenAI. And really, that is, in our view, DeepSeek is an interesting development. It's an example of the ongoing technology development. But the reason they're embracing it is that they're seeing the proven value. And that is why we continue to grow because we are the ones in our client base, helping our clients get to that value, and you saw that in a lot of the examples we've been giving. So there's an increasing number of clients embracing it as companies are seeing it. And there is no view that you can sit back, right, and wait on this. And that two years in, is very evident in our conversations with clients.

我們看到越來越多的客戶接受 GenAI。確實，在我們看來，DeepSeek 是一個有趣的發展。這是科技不斷發展的一個例子。但他們接受它的原因是他們看到了其已被證實的價值。這就是我們持續發展的原因，因為我們是客戶群中的一員，我們幫助客戶實現價值，您可以從我們提供的許多例子中看到這一點。隨著公司逐漸意識到這一點，接受它的客戶也越來越多。並且沒有觀點認為你可以坐下來，等待這件事。兩年過去了，這一點在我們與客戶的對話中表現得非常明顯。

Well, thank you again for joining. Before we wrap up, I have two updates for as many as you know, last month, I did announce that I had recently been diagnosed with breast cancer. Just want to let everyone know, I'm feeling good. My treatment is on track, and my prognosis continues to be excellent. I have received so many well wishes including on this call, and I just want to thank everyone for all of their support. It has meant a lot.

好吧，再次感謝您的加入。在我們結束之前，我有兩個更新，正如你們所知，上個月我確實宣布我最近被診斷出患有乳癌。只是想讓大家知道，我感覺很好。我的治療進展順利，預後仍然很好。我收到了很多祝福，包括這次電話會議中的祝福，我只想感謝大家的支持。這意義重大。

I also want to thank Katie O'Conor, our Head of Investor Relations. She has been an amazing partner to me and to KC and to now Angie, for the last three years. We've asked her to take on a very important new role as the CFO of Avanad, our joint venture with Microsoft. I know we're all going to miss her in this role. And we're super excited to see Katie take on this next chapter of her very impressive career. So thank you very much, Katie.

我還要感謝我們的投資者關係主管凱蒂奧康納 (Katie O’Conor)。過去三年來，她一直是我、KC 以及 Angie 出色的合作夥伴。我們請她擔任一個非常重要的新職位：我們與微軟的合資公司 Avanad 的財務長。我知道我們都會懷念她的這個角色。我們非常高興地看到凱蒂開啟她輝煌的職業生涯的新篇章。非常感謝你，凱蒂。

And I'm also very pleased to welcome Alexia Cordani, who will become our new Head of Investor Relations. Alexia joins us from the Walt Disney Company, where she was the Executive Vice President of Investor Relations and Shareholder Services. And prior to that, she spent over 20 years as an equity analyst at JPMorgan. I know she's really looking forward to getting to know all of you in the days ahead, and we're super happy to welcome her to Accenture.

我也非常高興地歡迎 Alexia Cordani，她將成為我們新的投資人關係主管。在加入我們之前，Alexia 曾在華特迪士尼公司擔任投資者關係和股東服務執行副總裁。在此之前，她在摩根大通擔任了 20 多年的股票分析師。我知道她非常期待在未來的日子裡認識你們所有人，我們很高興歡迎她加入埃森哲。

And finally, in closing, I want to thank all of our shareholders for your continued trust and support. We are working every day to continue to earn that trust. And finally, a huge thank you to all of our people for what you're doing every day. And I will speak with all of you next quarter. Thanks again for joining.

最後，我要感謝所有股東一直以來的信任與支持。我們每天都在努力繼續贏得這份信任。最後，衷心感謝我們全體員工每天的辛勤工作。我將在下個季度與大家進行交談。再次感謝您的加入。

Thank you.

謝謝。

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

謝謝。會議現已結束，感謝大家參加今天的演講。現在您可以斷開連接，享受美好的一天。