埃森哲 (ACN) 2025 Q3 法說會逐字稿

Good day, and welcome to Accenture's third-quarter fiscal 2025 earnings call (Operator Instructions). Please note today's event is being recorded. I would now like to turn the conference over to Alexia Quadrani, Executive Director and Head of Investor Relations. Please go ahead.

大家好，歡迎參加埃森哲 2025 財年第三季財報電話會議（操作員指令）。請注意，今天的活動正在記錄。現在，我想將會議交給執行董事兼投資者關係主管 Alexia Quadrani。請繼續。

Thank you, operator, and thanks, everyone, for joining us today on our third quarter fiscal 2025 earnings announcement. As the operator just mentioned, I'm Alexia Quadrani, Executive Director, Head of Investor Relations. On today's call, we 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've issued a short time ago.

謝謝接線員，也謝謝大家今天參加我們的 2025 財年第三季財報公告。正如接線員剛才提到的，我是執行董事、投資人關係主管 Alexia Quadrani。在今天的電話會議上，我們將聽取我們的董事長兼執行長 Julie Sweet 和財務長 Angie Park 的演講。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 third quarter. Julie will then provide a brief update on our market positioning before Angie provides our business outlook for the fourth quarter and our 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，以及第三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第四季和 2025 年全年的業務展望。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 on this call.

我們將在本次電話會議上討論的一些事項（包括我們的業務展望）是前瞻性的，因此受已知和未知風險和不確定性的影響，包括但不限於今天的新聞稿中列出的因素以及我們的 10-K 表年度報告、10-Q 表季度報告和其他 SEC 文件中討論的因素。這些風險和不確定性可能導致實際結果與本次電話會議所表達的結果有重大差異。

During our call today, we will reference certain non-GAAP financial measures, which we believe provide useful information for investors. We include reconciliations of non-GAAP financial measures where appropriate to GAAP in our news release or in the Investor Relations section of our website at accenture.com. As always, Accenture assumes no obligation to update the information presented on this conference call.

在今天的電話會議中，我們將參考某些非公認會計準則財務指標，我們相信這些指標可以為投資者提供有用的信息。我們將在新聞稿或公司網站accenture.com的「投資者關係」板塊中，酌情提供非公認會計準則 (non-GAAP) 財務指標與公認會計準則 (GAAP) 的對帳表。與以往一樣，埃森哲不承擔更新本次電話會議資訊的義務。

Now let me turn the call over to Julie.

現在讓我把電話轉給朱莉。

Thank you, Alexia, and to everyone joining this morning. And thank you to our more than 790,000 people around the world for your extraordinary work and commitment to our clients, which resulted in another strong quarter of reinvention across industries, companies and countries.

謝謝 Alexia，也謝謝今天早上參加的所有人。感謝我們遍佈全球的 79 萬多名員工，感謝你們的出色工作和對客戶的奉獻，使得各行各業、各公司和各個國家又迎來了強勁的重塑季度。

Starting with our quarter. We are very pleased with our results as we continue to deliver on our strategy to be our clients' reinvention partner of choice and lead in Gen AI. Our clients continue to prioritize large-scale reinventions as reflected in our bookings of $19.7 billion, including 30 clients with quarterly bookings greater than $100 million.

從我們的季度開始。我們對我們的結果感到非常滿意，因為我們將繼續執行我們的策略，成為客戶首選的重塑合作夥伴並在 Gen AI 領域處於領先地位。我們的客戶繼續優先考慮大規模的重塑，這反映在我們 197 億美元的訂單中，其中包括 30 位客戶的季度訂單超過 1 億美元。

We grew 7% in local currency with revenue of $17.7 billion, above 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.

我們的收入以當地貨幣計算增長了 7%，達到 177 億美元，高於我們的預期範圍，並且我們繼續以連續四個季度的速度從與我們最接近的全球上市競爭對手手中奪取市場份額，這就是我們計算市場份額的方式。

We are a leader in Gen AI with another milestone quarter of $1.5 billion in bookings and over $700 million in revenues, bringing our Q3 year-to-date GenAI bookings to a total of $4.1 billion and revenue to $1.8 billion. Operating margin expanded 40 basis points compared to adjusted operating margin last year, and we delivered EPS growth of 12% over Q3 FY24 adjusted EPS.

我們是 Gen AI 領域的領導者，本季又創下里程碑，訂單額達 15 億美元，營收超過 7 億美元，使我們今年第三季迄今的 GenAI 訂單總額達到 41 億美元，營收達到 18 億美元。與去年調整後的營業利潤率相比，營業利潤率擴大了 40 個基點，並且我們的每股收益比 2024 財年第三季調整後的每股收益增長了 12%。

We continue to invest significantly in our business to drive additional growth in highly strategic areas. We invested in our people with 38 million training hours year-to-date, up 18% over the same period last year. We increased our data and AI workforce to approximately 75,000, continuing progress against our goal of 80,000 by the end of FY26.

我們將繼續大力投資我們的業務，以推動高度策略性的領域的進一步成長。今年迄今，我們對員工的培訓投資已達 3,800 萬小時，比去年同期成長 18%。我們將數據和人工智慧員工隊伍增加到約 75,000 人，繼續朝著 2026 財年末 8 萬人的目標邁進。

We invested over $297 million across four strategic acquisitions and investments. We are expanding our LearnVantage capabilities through this quarter's acquisitions of TalentSprint in India and Ascendiant in the United States, enhancing our ability to deliver industry-relevant certifications and tailored upskilling and reskilling programs.

我們在四次策略性收購和投資中投資了超過 2.97 億美元。我們透過本季收購印度的 TalentSprint 和美國的 Ascendiant 來擴展我們的 LearnVantage 功能，增強了我們提供行業相關認證和客製化技能提升和再培訓計劃的能力。

In Japan, we acquired Yumemi, which strengthens Song's ability to craft, launch and scale digital products that are both intelligent and impactful. We are also investing in our Industry X capabilities with the acquisition of Soben in Scotland, expanding our infrastructure and capital projects expertise globally and across Europe.

在日本，我們收購了 Yumemi，這增強了 Song 製作、推出和擴展智慧且有影響力的數位產品的能力。我們也透過收購蘇格蘭的 Soben 來投資我們的 Industry X 能力，從而在全球和整個歐洲擴展我們的基礎設施和資本項目專業知識。

We are proud to have earned the number six spot on the Great Place to Work list of the World's Best Workplaces, and to have been recognized as a Great Place to Work in 12 individual countries, representing nearly 80% of our people.

我們很榮幸能在全球最佳工作場所最佳工作場所榜單中名列第六，並在 12 個國家/地區被評為最佳工作場所，占我們員工總數的近 80%。

And in recognition of our strong brands, we are proud to earn the number 20 position on Kantar BrandZ prestigious list of the top 100 most valuable global brands. Our brand value has increased by 27% to $103.8 billion, up from $81.9 billion last year. A key component of our long-term strategy is investing and maintaining thriving communities and creating pipelines of talent, the skills we need, which are important for businesses to thrive.

為了表彰我們強大的品牌，我們很榮幸在 Kantar BrandZ 全球最有價值品牌 100 強榜單中名列第 20 位。我們的品牌價值從去年的 819 億美元成長了 27%，達到 1,038 億美元。我們的長期策略的關鍵組成部分是投資和維護繁榮的社區，並創造人才管道，培養我們所需的技能，這對企業的發展至關重要。

In the UK, one of our largest markets, we are supporting a government initiative to create a coalition with 10 other companies focused on upskilling 7.5 million people, 1/5 of the UK workforce in AI skills, breaking down barriers to opportunity and unlocking economic growth. I'm also thrilled to congratulate our 97,000 people who were promoted this fiscal year, including more than 800 who were promoted to Managing Director. In summary, we had a strong quarter.

英國是我們最大的市場之一，我們正在支持一項政府倡議，與其他 10 家公司建立聯盟，致力於提高 750 萬人（佔英國勞動力的 1/5）的人工智慧技能，打破機會並釋放經濟成長。我也非常高興地祝賀我們本財年晉升的 97,000 名員工，其中包括 800 多人晉升為董事總經理。總而言之，我們本季表現強勁。

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 are very pleased with our third quarter results with revenue above our guided range as well as very strong margin expansion, EPS growth and free cash flow. These results reflect the diversity and resilience of our business and demonstrate our ability to deliver significant value for our shareholders.

謝謝你，朱莉，也謝謝大家抽空參加今天的電話會議。我們對第三季的業績非常滿意，營收超出了我們的預期範圍，利潤率成長、每股盈餘成長和自由現金流也非常強勁。這些結果反映了我們業務的多樣性和彈性，並證明了我們為股東創造重大價值的能力。

Based upon the strength of our results, we once again raised our full year revenue outlook, and we are on track to deliver or exceed all aspects of our guidance provided in September. Let me summarize a few highlights from the quarter. Revenues grew 7% in local currency and continued to be broad-based across geographic markets, industry groups and both types of work.

基於我們強勁的業績，我們再次上調了全年收入預期，並且我們有望實現或超過 9 月提供的所有方面的預期。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 7%，並且繼續在各個地理市場、行業群體和兩種類型的工作中保持廣泛增長。

Seven of our 13 industries grew high single digit or higher in the quarter, and our federal business had an immaterial impact to our overall growth in Q3. And we continue to take market share, reflecting the strength of our diversified portfolio and execution. Operating margin of 16.8% for the quarter, an increase of 40 basis points compared to adjusted Q3 results last year and includes significant investments in our people and our business.

我們 13 個行業中有 7 個在本季度實現了高個位數或更高的成長，而我們的聯邦業務對我們第三季的整體成長影響不大。我們繼續佔領市場份額，這反映了我們多元化投資組合和執行力的實力。本季營業利潤率為 16.8%，與去年第三季調整後的業績相比增加了 40 個基點，其中包括對員工和業務的大量投資。

We delivered EPS in the quarter of $3.49, reflecting a 12% growth over adjusted EPS last year. Finally, we delivered free cash flow of $3.5 billion and returned $2.7 billion to shareholders through repurchases and dividends. Nine months into the fiscal year, we have invested $789 million, primarily attributed to 15 acquisitions.

本季我們的每股盈餘為 3.49 美元，比去年調整後的每股盈餘成長了 12%。最終，我們實現了 35 億美元的自由現金流，並透過回購和股息向股東返還了 27 億美元。本財年已過九個月，我們已投資 7.89 億美元，主要歸功於 15 次收購。

With those high-level comments, let me turn to some of the details, starting with new bookings. New bookings were $19.7 billion for the quarter, a 6% decrease in US dollars and 7% in local currency with an overall book-to-bill of 1.1. Consulting bookings were $9.1 billion with a book-to-bill of 1.0. Managed Services bookings were $10.6 billion with a book-to-bill of 1.2.

聽完這些高層的評論後，讓我來談談一些細節，首先是新的預訂。本季新訂單金額為197億美元，以美元計算下降6%，以當地貨幣計算下降7%，整體訂單出貨比為1.1。諮詢業務訂單金額為91億美元，訂單出貨比為1.0。託管服務業務訂單金額為106億美元，訂單出貨比為1.2。

Turning now to revenues. Revenues for the quarter were $17.7 billion, an 8% increase in US dollars and 7% in local currency, above our FX-adjusted guided range as the foreign exchange impact for the quarter was approximately positive 0.5% compared with a negative 0.5% estimate provided last quarter.

現在談談收入。本季營收為 177 億美元，以美元計算成長 8%，以當地貨幣計算成長 7%，高於我們經外匯調整後的指導範圍，因為本季的外匯影響約為正 0.5%，而上季提供的估計為負 0.5%。

Consulting revenues for the quarter were $9 billion, up 7% in US dollars and 6% in local currency. Managed services revenues were $8.7 billion, up 9% in both US dollars and in local currency, driven by double-digit growth in technology managed services, which includes application managed services and infrastructure managed services and mid-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 87 億美元，按美元和當地貨幣計算均增長 9%，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）以及運營的中等個位數增長。

Turning to our geographic markets. In the Americas, revenue grew 9% in local currency. Growth was led by Banking and Capital Markets, Industrial and Health. Revenue growth was driven by the United States. In EMEA, we delivered 6% growth in local currency, led by growth in Life Sciences, Banking and Capital Markets and Insurance.

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 9%。銀行和資本市場、工業和醫療保健領域引領了成長。收入成長主要由美國推動。在歐洲、中東和非洲地區，我們實現了 6% 的當地貨幣成長，其中生命科學、銀行和資本市場以及保險業的成長最為顯著。

Revenue growth was driven by the United Kingdom, Germany and Italy. In Asia Pacific, revenue grew 4% in local currency, driven by growth in public service, banking, capital markets and insurance, partially offset by a decline in Chemicals and Natural Resources. Revenue growth was led by Japan and Australia, partially offset by a decline in Singapore.

營收成長主要受英國、德國和義大利的推動。在亞太地區，收入以當地貨幣計算增長了 4%，這得益於公共服務、銀行、資本市場和保險業的增長，但化學品和自然資源業的下滑部分抵消了這一增長。收入成長主要由日本和澳洲推動，但新加坡的下滑部分抵消了這一增長。

Moving down the income statement. Gross margin for the quarter was 32.9% compared to 33.4% for the third quarter last year. Sales and marketing expense for the quarter was 9.9% compared to 10.6% for the third quarter last year. General and administrative expense was 6.1% compared to 6.3% for the same quarter last year.

向下移動損益表。本季毛利率為 32.9%，去年第三季為 33.4%。本季銷售和行銷費用為 9.9%，而去年第三季為 10.6%。一般及行政開支為 6.1%，去年同期為 6.3%。

Before I continue, I want to note that in Q3 of FY24, we recorded $77 million in costs associated with our business optimization actions, which decreased operating margin by 40 basis points and EPS by $0.08. The following comparisons exclude these impacts and reflect adjusted results. Operating income was $3 billion in the third quarter, reflecting a 16.8% operating margin, a 40 basis points increase from adjusted operating margin in Q3 of last year.

在繼續之前，我想指出，在2024財年第三季度，我們記錄了與業務優化措施相關的7700萬美元成本，這導致營業利潤率下降了40個基點，每股收益下降了0.08美元。以下比較不包括這些影響，反映的是調整後的結果。第三季營業收入為 30 億美元，營業利益率為 16.8%，較去年第三季調整後的營業利潤率增加 40 個基點。

Our effective tax rate for the quarter was 24% compared with an adjusted effective tax rate of 25.5% for the third quarter last year. Diluted earnings per share were $3.49 compared with adjusted diluted EPS of $3.13 in the third quarter last year, reflecting 12% growth.

本季我們的有效稅率為 24%，而去年第三季的調整後有效稅率為 25.5%。每股攤薄收益為 3.49 美元，而去年第三季調整後每股攤薄收益為 3.13 美元，成長 12%。

Days services outstanding were 47 days compared to 48 days last quarter and 43 days in the third quarter of last year. Free cash flow for the quarter was $3.5 billion, resulting from cash generated by operating activities of $3.7 billion, net of property and equipment additions of $169 million.

未償服務天數為 47 天，而上一季為 48 天，去年第三季為 43 天。本季自由現金流為 35 億美元，來自經營活動產生的現金 37 億美元，扣除 1.69 億美元的財產和設備增加。

Our cash balance at May 31 was $9.6 billion compared with $5 billion at August 31. With regards to our ongoing objective to return cash to shareholders, in the third quarter, we repurchased or redeemed 6 million shares for $1.8 billion at an average price of $302.35 per share. As of May 31, we had approximately $3.3 billion of share repurchase authority remaining.

截至 5 月 31 日，我們的現金餘額為 96 億美元，而 8 月 31 日為 50 億美元。關於我們持續向股東返還現金的目標，在第三季度，我們以每股 302.35 美元的平均價格回購或贖回了 600 萬股，總價值 18 億美元。截至 5 月 31 日，我們剩餘的股票回購權約為 33 億美元。

Also in May, we paid a quarterly cash dividend of $1.48 per share for a total of $924 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 August 15, a 15% increase over last year.

此外，5 月份，我們支付了每股 1.48 美元的季度現金股息，總計 9.24 億美元。比去年增加了 15%。我們的董事會宣布將於 8 月 15 日支付每股 1.48 美元的季度現金股息，比去年增加 15%。

In closing, we feel very good about our results in Q3 and are now working hard to deliver Q4 and continuing to operate our business with rigor and discipline. And now let me turn it back to Julie.

最後，我們對第三季的業績感到非常滿意，現在我們正在努力實現第四季度的業績，並繼續嚴格、自律地經營我們的業務。現在讓我把話題轉回給朱莉。

Thank you, Angie. Let me start with the environment in which our clients are operating today. Stating the obvious, as we shared last quarter, we continue to see a significantly elevated level of uncertainty in the global economic and geopolitical environment as compared to calendar year 2024.

謝謝你，安吉。讓我先介紹一下我們的客戶目前的營運環境。顯而易見的是，正如我們上個季度所分享的，與 2024 年相比，我們繼續看到全球經濟和地緣政治環境的不確定性顯著增加。

In every boardroom and every industry, our clients are not facing a single challenge. They are facing everything at once, economic volatility, geopolitical complexity, major shifts in customer behavior. In these times, our clients need us more than ever. They look to us to help them build resilience and deliver results.

在每個董事會會議室和每個行業中，我們的客戶面臨的不僅僅是單一的挑戰。他們同時面臨各種問題：經濟波動、地緣政治複雜性、客戶行為的重大轉變。在這些時候，我們的客戶比以往任何時候都更需要我們。他們期望我們幫助他們增強韌性並取得成果。

To not really navigate the environment, they want to thrive and be the first to reshape their industries. To do so, all roads lead to reinvention. Gen AI has been a catalyst for reinvention because the power of Gen AI has created the opportunity to meet challenges in new ways and is creating new opportunities to achieve even better results than any single technology in the Internet era. And yet Gen AI alone is just a tool.

他們並不真正掌控環境，而是希望蓬勃發展，成為重塑產業的第一人。為了實現這一目標，所有道路都通往革新。人工智慧已成為重塑的催化劑，因為人工智慧的力量創造了以新方式應對挑戰的機會，並且正在創造新的機會，以實現比網路時代任何單一技術更好的結果。然而，人工智慧本身只是一種工具。

The work needed to use Gen AI to create value at scale is substantial. We are working with our clients using all of our reinvention expertise, our deep understanding of how to build a cognitive brain for the enterprise and our deep understanding of data, every function in the enterprise, industries and change as well as our own experience reinventing Accenture.

使用 Gen AI 大規模創造價值所需的工作非常艱鉅。我們與客戶合作，利用我們所有的重塑專業知識、對如何為企業構建認知大腦的深刻理解、對數據、企業每個功能、行業和變化的深刻理解以及我們自己重塑埃森哲的經驗。

The breadth and depth of our capabilities across industries and solutions that use all of our services is clear in the examples I will highlight today. We are working with Air France-KLM, a global leader in aviation on a digital transformation that will redefine how they operate and serve millions of travelers worldwide by using the power of cloud, data and AI.

我今天將重點介紹的例子中，清楚地展示了我們在使用所有服務的行業和解決方案中的能力的廣度和深度。我們正在與全球航空業領導者法航荷航集團合作進行數位轉型，利用雲端、數據和人工智慧的力量重新定義他們的營運方式並為全球數百萬旅客提供服務。

As part of a multiyear partnership, we will help them move away from proprietary data centers and migrate their legacy applications to the cloud. This work is expected to unlock new efficiencies across passenger flights, cargo services and aircraft maintenance to improve the traveler experience.

作為多年合作的一部分，我們將幫助他們擺脫專有資料中心，並將其遺留應用程式遷移到雲端。這項工作可望提高客運航班、貨運服務和飛機維護的效率，從而改善旅客體驗。

It will drive faster decision-making using real-time insights and a scalable platform to quickly deploy additional resources when there is a spike in demand. And we have already delivered value by successfully deploying over 400 apps using a proven governance model that accounts for the company's need for safety, reliability and resilience to disruptions.

它將利用即時洞察和可擴展平台來推動更快的決策，以便在需求激增時快速部署額外資源。我們已經透過使用經過驗證的治理模型成功部署了 400 多個應用程序，滿足了公司對安全性、可靠性和應對中斷的能力的需求，從而實現了價值。

With a more agile digital foundation in place, Air France-KLM will be setting the stage for growth through continuous reinvention and the creation of new value. We are advancing our partnership with Fincantieri, one of the world's largest shipbuilders to accelerate digital transformation across the maritime industry, helping the sector navigate growing complexity, rising operational demands and the urgent need for sustainability.

憑藉更靈活的數位化基礎，法國航空荷航集團將透過不斷革新和創造新價值為成長奠定基礎。我們正在推動與全球最大的造船商之一 Fincantieri 的合作，以加速整個航運業的數位轉型，幫助該行業應對日益增長的複雜性、不斷增長的營運需求和迫切的可持續發展需求。

Combining our deep expertise in digital platforms, AI and connected and intelligent operations, we're building Navis Sapiens, an AI-powered ecosystem designed to make ships smarter and more integrated. This includes building application services that streamline how ships operate and are maintained, creating a secure AI-powered platform and establishing a marketplace where maritime companies can share digital solutions.

結合我們在數位平台、人工智慧以及互聯智慧營運方面的深厚專業知識，我們正在建構 Navis Sapiens，這是一個由人工智慧驅動的生態系統，旨在讓船舶更加智慧、更加整合。這包括建立簡化船舶運營和維護方式的應用服務、創建安全的人工智慧平台以及建立海運公司可以共享數位解決方案的市場。

For example, a next-generation cruise or naval ship will use a digital twin and IoT sensor network to simulate and monitor vessel core systems. This, coupled with real-time data exchange between ports, ships and shipyards will support AI-driven diagnostics like predictive maintenance and energy management such as fuel efficiency to create a more resilient and sustainable infrastructure.

例如，下一代遊輪或海軍艦艇將使用數位孿生和物聯網感測器網路來模擬和監控船舶核心系統。再加上港口、船舶和船廠之間的即時數據交換，將支援人工智慧驅動的診斷（如預測性維護）和能源管理（如燃油效率），以創建更具彈性和永續性的基礎設施。

The first AI-equipped ship is expected to launch by the end of 2025, demonstrating how we're helping Fincantieri set a new benchmark for innovation in capital-intensive industries. We partnered with Nationwide Building Society, one of the UK's leading financial institutions and the world's largest building society transform their cybersecurity operations and stay ahead of evolving threats.

第一艘配備人工智慧的船舶預計將於 2025 年底下水，這表明我們正在幫助 Fincantieri 為資本密集型產業的創新樹立新的標竿。我們與英國領先的金融機構之一、全球最大的建築協會 Nationwide Building Society 合作，轉變其網路安全營運並始終領先於不斷演變的威脅。

We built a cloud-based Gen AI-powered security information and event management capability and migrated hundreds of terabytes of security logs and detection use cases to help them achieve a streamlined security infrastructure. This is expected to fast track the deployment process by 40% compared to traditional methods while maintaining full operational continuity.

我們建立了基於雲端的 Gen AI 驅動的安全資訊和事件管理功能，並遷移了數百 TB 的安全日誌和偵測用例，以幫助他們實現精簡的安全基礎設施。與傳統方法相比，這有望使部署流程加快 40%，同時保持完全的營運連續性。

Now Nationwide has a future-ready security operations center that can detect cyber threats faster than before, reduce manual effort required from its cybersecurity team and enhance business resilience, laying the foundation for future adoption of automation and Gen AI in its security ecosystem. Our clients continue to take advantage of Gen AI as one of the ways they can accelerate their reinvention, and we see many clients successfully scaling GenAI to create value today.

現在，Nationwide 擁有一個面向未來的安全營運中心，可以比以前更快地檢測網路威脅，減少網路安全團隊所需的手動工作量並增強業務彈性，為未來在其安全生態系統中採用自動化和 Gen AI 奠定基礎。我們的客戶繼續利用 Gen AI 作為加速其重塑的方式之一，我們看到許多客戶成功擴展 GenAI 以創造價值。

We are deepening our partnership with Pfizer, one of the world's top pharmaceutical and biotech companies to lead the next wave of reinvention using Gen AI and Agentic technologies to transform operations, empower talent and accelerate digital maturity. Through our GenWizard platform, we are reimagining how technology managed services are delivered by embedding AI into the process to reduce redundancy, lower costs and increase efficiencies.

我們正在深化與世界頂級製藥和生物技術公司之一輝瑞公司的合作，利用 Gen AI 和 Agentic 技術引領下一波重塑浪潮，轉變營運方式、增強人才能力並加速數位化成熟度。透過我們的 GenWizard 平台，我們正在重新構想如何透過將 AI 嵌入到流程中來提供技術管理服務，以減少冗餘、降低成本並提高效率。

We are also integrating components of AI refinery (inaudible) freeing up support teams to focus on higher-value work. For example, when an employee encounters a system issue, an Agentic AI agent can instantly identify similar past cases, resolve the ticket automatically and take steps to prevent such issues in the future, reducing manual effort and improving speed to resolution.

我們也整合了人工智慧精煉廠的組件（聽不清楚），讓支援團隊專注於更高價值的工作。例如，當員工遇到系統問題時，Agentic AI 代理可以立即識別類似的過去案例，自動解決問題並採取措施防止將來出現此類問題，從而減少人工工作並提高解決速度。

And through our LearnVantage services, we are training the company's digital employees on leveraging Agentic AI to drive operational facilities, efficiencies, foster joint ownership and enable seamless adoption. This transformation is helping Pfizer set a new standard for how digital and AI technologies and capabilities accelerate innovation and drive efficiencies to bring medicines to patients faster.

透過我們的 LearnVantage 服務，我們正在培訓公司的數位員工利用 Agentic AI 來推動營運設施、提高效率、促進共同所有權並實現無縫採用。這項轉型正在幫助輝瑞為數位和人工智慧技術和能力如何加速創新、提高效率、更快地將藥物送達患者樹立新的標準。

We are continuing our work with Tronox, an integrated mine to pigment global market leader to reimagine operations using AI-driven solutions that will enhance data trust, productivity and operational agility.

我們將繼續與 Tronox（從礦山到顏料的綜合性全球市場領導者）合作，使用人工智慧驅動的解決方案重新構想運營，以增強數據信任、生產力和營運敏捷性。

Together, we will build a cloud-based standardized data foundation as the backbone for the company's digital core. Using our AI refinery platform, we will launch a new set of services based on high-value priority Gen AI and agentic use cases, focusing on productivity, site efficiency and workforce enablement.

我們將共同建構基於雲端的標準化資料基礎，作為公司數位核心的骨幹。利用我們的人工智慧精煉平台，我們將推出一套基於高價值優先級 Gen AI 和代理用例的新服務，重點關註生產力、現場效率和勞動力支援。

For example, a sales and marketing adviser to streamline customer segmentation, a knowledge assistant to unify institutional knowledge across global sites and an asset management tool to proactively identify and resolve operational issues. The platform will also support process control and decision-making, using data to enable predictive insights, faster response times and improved operational stability.

例如，銷售和行銷顧問可以簡化客戶細分，知識助理可以統一全球站點的機構知識，資產管理工具可以主動識別和解決營運問題。該平台還將支援流程控制和決策，利用數據實現預測洞察、加快回應時間並提高營運穩定性。

Our collaboration means Tronox is positioned to achieve long-term differentiation in the pigment manufacturing industry. We are continuing our work with Vale, a Brazilian mining and logistics company to transform its environmental licensing program, accelerating permit applications and advancing its sustainability goals. We've now expanded smart licensing, an end-to-end management platform to support greater scale and functionality.

我們的合作意味著 Tronox 有能力在顏料製造業實現長期差異化。我們正繼續與巴西礦業和物流公司淡水河谷合作，轉變其環境許可計劃，加快許可證申請並推進其永續發展目標。我們現在已經擴展了智慧許可，這是一個端到端的管理平台，可以支援更大的規模和功能。

Using generative AI, the platform scans application materials and environmental studies to help ensure compliance with regulatory and environmental requirements. Building on this foundation, we've continually introduced new features that enhance the platform's intelligence and business value.

該平台使用生成式人工智慧掃描申請材料和環境研究，以幫助確保符合監管和環境要求。在此基礎上，我們不斷推出新功能，增強平台的智慧性和商業價值。

These include tailoring checklists for applicants based on project type and location, automating document validation steps and deploying AI-powered chatbots to assist users throughout the licensing process. Together, these improvements have significantly reduced internal review time and improved submission quality while minimizing rework with demand areas.

這些措施包括根據專案類型和位置為申請人自訂清單、自動化文件驗證步驟以及部署人工智慧聊天機器人以協助用戶完成整個許可流程。總而言之，這些改進大大減少了內部審查時間，提高了提交質量，同時最大限度地減少了需求領域的返工。

With our broad capabilities across everything needed to serve the customer from creative to industry expertise to technology, and of course, the latest in AI, we are helping clients shape new growth opportunities. We are collaborating with Nestle, a global leader in food and beverage with well-known brands like Purina, Nescafe, Dolce Gusto and Nespresso to accelerate its digital transformation journey using AI-powered digital twins to meet the growing demand for personalized high-quality content.

我們擁有為客戶提供服務所需的一切能力，從創意到行業專業知識到技術，當然還有最新的人工智慧，我們正在幫助客戶創造新的成長機會。我們正在與雀巢合作，雀巢是食品和飲料領域的全球領導者，擁有普瑞納、雀巢咖啡、Dolce Gusto 和 Nespresso 等知名品牌，利用人工智慧數位孿生加速其數位轉型之旅，以滿足對個性化高品質內容日益增長的需求。

In partnership with Accenture Song, we've developed a secure cloud-based platform that creates 3D virtual replicas of physical products to streamline content creation and localization. Nestle's marketing experts can now generate campaign-ready assets without repeated (inaudible) digitally adjusting packaging and integrating products into formats tailored to each channel and market.

我們與 Accenture Song 合作開發了一個安全的基於雲端的平台，可以創建實體產品的 3D 虛擬複製品，以簡化內容創建和本地化。雀巢的行銷專家現在可以產生可用於行銷活動的資產，而無需重複（聽不清楚）以數位方式調整包裝並將產品整合為適合每個管道和市場的格式。

With thousands of digital assets already created, Nestle is reducing the time and cost of scaling digital twins by over 70%, accelerating production, enhancing quality and keeping their iconic brands top of mind. Accenture Song also is helping a Fortune 100 high-tech company transform its sales and marketing functions to meet the demands of a fast-evolving business landscape.

雀巢已創建了數千項數位資產，將擴展數位孿生的時間和成本減少了 70% 以上，從而加快了生產速度，提高了質量，並使其標誌性品牌保持領先地位。Accenture Song 也幫助一家財富 100 強高科技公司轉變其銷售和行銷職能，以滿足快速發展的商業環境的需求。

With increasing pressure to improve execution, the company is focused on simplifying structure, reducing costs and unifying efforts across regions under a leaner, more agile approach powered by an integrated customer data layer. Together, we're shaping a future-ready model that brings greater integration across sales and marketing, accelerating speed to market, increasing efficiency through automation and shared services, driving value through Gen AI and Agentic architecture.

隨著執行力提升的壓力不斷增大，公司致力於簡化結構、降低成本，並透過整合客戶資料層，以更精簡、更靈活的方式統一各地區的工作。我們正在共同塑造一個面向未來的模式，實現銷售和行銷的更大整合，加快產品上市速度，透過自動化和共享服務提高效率，透過 Gen AI 和 Agentic 架構推動價值。

By focusing on data, AI, customer experience and simplified ways of working, Song is helping this leading company strengthen execution, enhance creative impact and deliver lasting business results. I hope these examples have brought to life the amazing work on which we have the privilege of partnering with our clients and the technology ecosystem.

透過專注於數據、人工智慧、客戶體驗和簡化的工作方式，宋正在幫助這家領先的公司加強執行力、增強創意影響力並實現持久的業務成果。我希望這些例子能讓我們有幸與客戶和技術生態系統合作完成的出色工作變得生動起來。

We are able to do this quarter in and quarter out because we invest in having great people and in building extraordinary capabilities across our services, developing deep industry and functional expertise, creating world-class AI-enabled assets and platforms like GenWizard, the AI refinery and SynOps and by investing in our unmatched technology ecosystem partnerships.

我們之所以能夠每季都實現這一目標，是因為我們投資於擁有優秀的人才，並在我們的服務中建立非凡的能力，發展深厚的行業和職能專業知識，創建世界一流的人工智慧資產和平台，如 GenWizard、人工智慧精煉廠和 SynOps，並投資於我們無與倫比的技術生態系統合作夥伴關係。

And then we bring all of these capabilities together as solutions for our clients that deliver measurable value, which brings me to the exciting news we announced today for how we are changing our growth model so that we can be the most AI-enabled, client-focused, great place to work in the industry and capture the massive opportunity we see for our clients, technology partners and Accenture.

然後，我們將所有這些功能整合在一起，為客戶提供可衡量價值的解決方案，這讓我想到了我們今天宣布的令人興奮的消息，即我們如何改變我們的成長模式，以便我們能夠成為行業中最人工智能化、最以客戶為中心、最適合工作的地方，並抓住我們看到的、對客戶、技術合作夥伴和埃森哲來說巨大的機會。

Starting September 1, we are bringing all of our services, strategy, consulting, Song, technology and operations together into a single integrated business unit called Reinvention Services. Once we fully implement our new model, we will be able to bring more leading solutions faster and embed data and AI more easily into our solutions and delivery.

從 9 月 1 日起，我們將把所有服務、策略、諮詢、歌曲、技術和營運整合到一個名為「重塑服務」的綜合業務部門。一旦我們全面實施新模式，我們將能夠更快地帶來更多領先的解決方案，並更輕鬆地將資料和人工智慧嵌入到我們的解決方案和交付中。

We will also be able to help our people learn and apply AI more easily as this technology continues to evolve quickly. We will continue to manage our business through our geographic markets, the Americas, EMEA and APAC and go to market by industry. I'm excited about these changes and how they will fuel our growth.

隨著人工智慧技術的快速發展，我們也將能夠幫助我們的人民更輕鬆地學習和應用人工智慧。我們將繼續透過我們的地理市場、美洲、歐洲、中東和非洲以及亞太地區來管理我們的業務，並按產業進入市場。我對這些變化以及它們將如何推動我們的成長感到興奮。

Back to you, Angie.

回到你身邊，安吉。

Thanks, Julie. Now let me turn to our business outlook. For the fourth quarter of fiscal '25, we expect revenues to be in the range of $17 billion to $17.6 billion. This assumes the impact of FX will be approximately positive 2.5% compared to the fourth quarter of fiscal '24 and reflects an estimated 1% to 5% growth in local currency. I'd also like to provide some additional context on our guidance for Q4.

謝謝，朱莉。現在讓我來談談我們的業務展望。對於 25 財年第四季度，我們預計營收將在 170 億美元至 176 億美元之間。假設外匯的影響與 24 財年第四季相比約為正 2.5%，並反映出當地貨幣預計將成長 1% 至 5%。我還想提供一些有關我們第四季度指導的額外背景資訊。

As it relates to our federal business, we saw an immaterial impact to our overall growth in Q3, and our best estimates right now include about a 2% headwind overall in Q4. Moving to full fiscal '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 positive 0.2% compared to fiscal '24.

就我們的聯邦業務而言，我們看到第三季的整體成長受到了微不足道的影響，而我們目前的最佳估計是第四季度整體成長將面臨約 2% 的逆風。全面邁向 25 財年。根據過去幾週的匯率趨勢，我們現在假設外匯對我們以美元計算的業績的影響將比 24 財年增加 0.2%。

For the full fiscal '25, we now expect our revenue to be in the range of 6% to 7% growth in local currency over fiscal '24. We expect our inorganic contribution for the full year to be about 3%, and we now expect to invest about $1 billion to $1.5 billion in acquisitions this fiscal year. For operating margin, we now expect fiscal year '25 to be 15.6%, a 10 basis points expansion over adjusted fiscal '24 results.

對於整個 25 財年，我們預計我們的營收將比 24 財年以當地貨幣成長 6% 至 7%。我們預計全年無機貢獻約 3%，目前我們預計本財年將投資約 10 億至 15 億美元用於收購。對於營業利益率，我們現在預期 25 財年的營業利潤率為 15.6%，比調整後的 24 財年業績成長 10 個基點。

We now expect our annual effective tax rate to be in the range of 23% to 24%. 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 $12.77 to $12.89 or 7% to 8% growth over adjusted fiscal '24 results.

我們現在預計年度有效稅率將在 23% 至 24% 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 12.77 美元至 12.89 美元之間，或比調整後的 24 財年業績增長 7% 至 8%。

For the full fiscal '25, we now expect operating cash flow to be in the range of $9.6 billion to $10.3 billion, property and equipment additions to be approximately $600 million and free cash flow to be in the range of $9 billion to $9.7 billion. Our free cash flow guidance continues to reflect a free cash flow to net income ratio of 1.1 to 1.2.

對於整個 25 財年，我們現在預計營運現金流將在 96 億美元至 103 億美元之間，財產和設備增加額約為 6 億美元，自由現金流將在 90 億美元至 97 億美元之間。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。

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 cash to our shareholders.

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向股東返還大量現金。

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

好了，我們現在就開始回答你們的問題吧。亞歷克西亞？

Thanks, Angie. I would ask that you please keep to one question and 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。我請求您只提出一個問題並進行跟進，以便盡可能多的參與者能夠提出問題。接線生，您能為通話中的人員提供指示嗎？

(Operator Instructions)

（操作員指示）

Tien-Tsin Huang, JP Morgan.

黃天進，摩根大通。

Thanks so much. Good morning. I want to ask about the leadership changes in talent retention, if that's okay, voluntary and involuntary is what I'm thinking about. Given some of the headcount numbers this quarter, we're getting some questions on that and some departures from the leaders with today's reorg. I'm just curious, Julie, are you observing any change in talent retention or shift in talent delivery overall?

非常感謝。早安.我想問一下關於人才保留方面的領導層變動，如果可以的話，我正在考慮自願和非自願。考慮到本季度的一些員工人數，我們對此產生了一些疑問，並且今天的重組中一些領導層也離職了。我只是好奇，朱莉，你是否觀察到人才保留或人才交付總體上發生了任何變化？

No. So maybe just separate the two. Attrition ticked up a little bit this quarter, but as you know, that goes up and down. It's well within kind of what we normally see. And Tien-Tsin, over time, we have leaders who leave Accenture and pursue other opportunities.

不。所以也許只需將兩者分開即可。本季員工流動率略有上升，但如你所知，這是有漲有跌的。這完全符合我們通常所見的情況。Tien-Tsin，隨著時間的推移，我們的一些領導者離開埃森哲並尋求其他機會。

Our leaders are in demand, as you might imagine. And we have a deep bench of leaders. And of course, and we can talk a little bit more about that. We have a great track record of putting in place new growth models and driving growth.

正如您可能想像的那樣，我們的領導者很受歡迎。我們擁有一批實力雄厚的領導人。當然，我們可以就此進一步討論一下。我們在建立新的成長模式和推動成長方面有著出色的業績。

Yes. That history is definitely there. Okay, my follow-up question, just -- I know you've called out now a couple of quarters of heightened uncertainty, but you're still generating revenue above your guidance. Public sector, I think I heard immaterial couple of points on overall growth in the fourth quarter and products were generally fine. I know that was a worry.

是的。那段歷史確實存在。好的，我的後續問題是——我知道您已經指出現在幾季的不確定性加劇，但您的收入仍然高於您的預期。公共部門，我認為我聽到了關於第四季度整體成長的幾個無關緊要的觀點，而且產品總體上還不錯。我知道這令人擔心。

I'm just curious if this heightened uncertainty is translating at all in any way, and how you're guiding or how you're seeing clients interact with you? How did bookings come in versus plan? And any other considerations as you exit the year given the 1% to 5% growth guide?

我只是好奇這種高度的不確定性是否以某種方式轉化，以及您如何引導客戶或如何看待客戶與您互動？與計劃相比，預訂情況如何？鑑於今年的成長預期為 1% 至 5%，您還有什麼其他考慮嗎？

Sure. Tien-Tsin, it's a great question, and it really speaks to the resilience of our model. When we think about resilience, we think about what are the building blocks that we have built over decades that we can bring together and quickly shift to meet clients' needs. And so if you think about fiscal year '24, when we saw this sort of continuation of lower discretionary spending, we said what clients want is reinvention, right?

當然。Tien-Tsin，這是一個很好的問題，它確實說明了我們的模型的彈性。當我們思考韌性時，我們會思考幾十年來我們建立的基石是什麼，我們可以將它們整合在一起並快速轉變以滿足客戶的需求。因此，如果您考慮一下 24 財年，當我們看到這種可自由支配支出持續下降的情況時，我們會說客戶想要的是重塑，對嗎？

They want the big transactions, and we pivoted over the sort of three quarters or so in FY24 to say, if that's what they want, let's bring all of our services, let's focus on that right? Because the discretionary spending wasn't there, and we didn't have an expectation. And we told you all when we came into this year that even at the top end of our guided range, right, we were making allowances for lower discretionary spending.

他們想要大額交易，我們在 24 財年的三個季度左右的時間裡一直在努力，如果這是他們想要的，那麼我們就提供所有的服務，讓我們專注於此，對嗎？因為沒有可自由支配的開支，而且我們也沒有預期。我們告訴大家，當我們進入今年時，即使在我們指導範圍的最高端，我們也在考慮降低可自由支配的開支。

That -- our ability to do that, right, is because we have, for decades, trusted relationships. We have an incredible list of clients, right? We have large relationships with those clients. And uniquely in the market, we have strategy, consulting, we have technology, operations, Song, all of this is what's bringing together. And you see that in the examples we give quarter after quarter.

我們之所以能夠做到這一點，是因為我們幾十年來一直保持著信任的關係。我們有一個令人難以置信的客戶名單，對吧？我們與這些客戶保持著良好的關係。在市場上，我們擁有獨特的策略、諮詢、技術、運營，所有這些都結合在一起。您可以從我們每個季度給出的例子中看到這一點。

And so what we do is in tough markets is we focus on what our clients need, and we see that trend. And you'll remember, back in April of 2022, when we had our first Investor and Analyst Day, this is what we predicted, right? We introduced our strategy to be the reinvention partner of choice.

因此，在艱難的市場中，我們所做的就是專注於客戶的需求，而我們看到了這種趨勢。您會記得，早在 2022 年 4 月，當我們舉辦第一個投資人和分析師日時，這就是我們所預測的，對嗎？我們推出了我們的策略，以成為首選的重塑合作夥伴。

And since that quarter, we have had nearly 400 $100 million or more bookings in a quarter since that quarter, which is our proxy for reinvention. And so what you're seeing is the benefits of the agility that we have built into our model from diversification, from client relations built over decades and very importantly, our ability to change fast.

自該季度以來，我們每季的訂單量已接近 400 筆，金額達到或超過 1 億美元，這是我們重塑業務的代表。因此，您所看到的是我們在模型中融入的靈活性所帶來的好處，這種靈活性來自於多樣化、數十年來建立的客戶關係，以及非常重要的我們快速變化的能力。

Well done. Thank you.

做得好。謝謝。

Thanks.

謝謝。

David Koning, Baird.

大衛‧科寧，貝爾德。

Good job. And I guess my first question, Gen AI bookings remain very strong, but sequentially grew a little slower than in some previous quarters. And just wondering kind of the backdrop of Gen AI demand relative to other types of projects in the current environment?

好工作。我的第一個問題是，Gen AI 的預訂量仍然非常強勁，但環比成長速度比前幾季略慢。只是想知道在當前環境下，相對於其他類型的項目，Gen AI 的需求背景如何？

The Gen AI demand continues to be very, very strong. And now it's getting big enough that it's going to fluctuate a little bit, right? But you'll see it even as we went through a lot of examples today, Gen AI is just being more and more embedded into everything we do.

對通用人工智慧的需求持續非常強勁。現在它已經變得足夠大了，會發生一點波動，對嗎？但正如我們今天所討論的許多例子一樣，你會看到，人工智慧正越來越多地融入我們所做的一切事情中。

Yes. Okay. And then I guess just a numbers question. Secondly, pace of acquisitions, a lot slower this year than last year, obviously. Still the 3% or a little over 3% guide for this year's contribution, is that intact? And then maybe what could we expect maybe into next year based on a little slower pace of acquisitions this year?

是的。好的。然後我猜這只是一個數字問題。其次，今年的收購步伐明顯比去年慢了許多。今年的貢獻率仍為 3% 或略高於 3%，這個數字是否保持不變？那麼，基於今年收購速度稍慢的情況，我們對明年的前景有何預期？

Hi, David, thanks for the question. I'll start here. I do want just to ground us on the fact that our acquisition strategy remains exactly the same. We've been doing acquisitions to scale and expand our capabilities now for over a decade. And what's really important is the discipline that we use, right?

你好，大衛，謝謝你的提問。我就從這裡開始。我只是想讓我們相信我們的收購策略完全相同。十多年來，我們一直在透過收購來擴大規模和增強我們的能力。真正重要的是我們所遵循的紀律，對嗎？

So as you think about this year, we've not seen the level of acquisitions given the tough market. And you've seen us we can flex up, we can flex down based upon the opportunities. But what you do -- what you should note is that what remains the same is our acquisition strategy is core, and it's a continuing part of our growth strategy. So we'll continue to target about 2% year in and year out in inorganic contribution.

因此，想想今年，由於市場艱難，我們還沒有看到如此大規模的收購。你已經看到，我們可以根據機會靈活變通，也可以根據機會縮減規模。但是你所做的事——你應該注意的是，保持不變的是我們的收購策略是核心，它是我們成長策略的持續組成部分。因此，我們將繼續以每年約 2% 的無機貢獻為目標。

But of course, that can ebb and flow. And you saw that last year with the volume of acquisitions that we did last year. And this year, it's a little wider based -- based upon what we see. And for this year, we continue to expect about 3% for the year.

但當然，這種情況可能會有所起伏。從我們去年的收購數量就可以看出這一點。根據我們所看到的情況，今年的範圍更加廣泛了。對於今年，我們預計成長率仍為 3% 左右。

Yes. And let me just add a little bit. Obviously, we're not going to guide for next year. But if our target is roughly 2%, it goes up and down, the thing that's very important is that we don't buy acquisitions if they don't have good economics, right? So it's -- we have an economic focus and then they help us either scale, bring new capabilities or build our industry and functional capabilities.

是的。讓我再補充一點。顯然，我們不會為明年做出指導。但如果我們的目標大約是 2%，那麼這個數字就會上下波動，非常重要的一點是，如果收購的公司經濟效益不好，我們就不會購買，對嗎？所以，我們關注的是經濟，然後他們幫助我們擴大規模、帶來新的能力或建立我們的產業和功能能力。

And the industry has been tough this year, and we just haven't seen the kinds of economics that we think makes sense to bring in. And we see that as being more of a market -- sort of a market condition right now, not something that changes our view of acquisitions over the long term.

今年該行業情況嚴峻，我們還沒有看到我們認為值得引入的經濟效益。我們認為這更多的是一種市場——一種當前的市場狀況，而不是改變我們對長期收購看法的因素。

And we'll give you a view of what we see at the beginning of the year next year, but things change over time. And so we saw more last year, but kind of as things have developed, we just haven't seen the right targets this year that makes sense.

我們將在明年年初向您介紹我們所看到的情況，但情況會隨著時間而改變。去年我們看到了更多，但隨著事態的發展，今年我們還沒有看到合理的正確目標。

Yeah, that's great. Thanks guys, good job.

是的，太棒了。謝謝大家，幹得好。

James Faucette, Morgan Stanley.

摩根士丹利的詹姆斯·福塞特。

Hi, good morning, thanks for all the details. I wanted to just quickly follow up on that question around acquisitions and contribution. I understand you're not seeing kind of the -- it sounds like you're not seeing the financial profile.

你好，早上好，謝謝你提供的所有詳細資訊。我想快速跟進一下有關收購和貢獻的問題。我知道你沒有看到——聽起來你沒有看到財務狀況。

But how are you feeling about any change that you may need to make or want to make in terms of types of companies or skill sets, et cetera, that you're looking at? Is that changing at all? Or does that remain relatively consistent with how you've evaluated acquisitions from a capability standpoint in the past?

但是，就您所關注的公司類型或技能組合等而言，您對可能需要或想要做出的改變有何感想？這一切有改變嗎？或者這與您過去從能力角度評估收購的方式相對一致？

Yes. I mean the categories remain the same. So we start with our business strategy, and then we are always looking at, okay, what's hot and what makes sense to build versus buy. I mean remember, our primary growth strategy is organic growth. And I might just add, organic growth is back, something we committed to you at the end of last year as we come into this year.

是的。我的意思是類別保持不變。因此，我們從商業策略開始，然後我們一直在關注什麼是熱門，什麼是值得自主開發而不是購買的。我的意思是記住，我們主要的成長策略是有機成長。我還要補充一點，有機成長又回來了，這是我們去年年底在進入今年時向大家做出的承諾。

That's our primary growth. But what we're always making an estimate is when do you build, when do you buy? And it really ties to our strategy. So you saw us make a capital projects acquisition again this quarter with Soben, that's a multiyear strategy to go into a new addressable market, right?

這是我們主要的成長。但我們總是在估計你什麼時候建造，什麼時候購買？這確實與我們的策略息息相關。所以您看到我們本季再次與 Soben 進行了資本項目收購，這是進入新目標市場的多年策略，對嗎？

And we've talked about how successful that has been, right? When you think about where do we -- what are we seeing in data and AI, that's a really great area, but we have an incredible ability to build those skills ourselves and the latest skills are not available at many of the companies that we're buying.

我們已經討論過它有多成功了，對吧？當你思考我們在哪裡——我們在數據和人工智慧方面看到了什麼，這是一個非常棒的領域，但我們擁有令人難以置信的能力來自己建立這些技能，而我們收購的許多公司都不具備最新的技能。

And so we're very clear what is our business strategy, what are the capabilities that we need in order to drive that strategy. And then we're disciplined about do we build it or we buy it. And so we're not seeing anything different with how we exercise that strategy. And every year, we're dynamically evolving it based on the strategy and our needs.

因此，我們非常清楚我們的業務策略是什麼，以及我們需要哪些能力來推動該策略。然後我們會嚴格決定是自己建造還是購買。因此，我們在實施該策略時並沒有發現任何不同。每年，我們都會根據策略和需求動態地改進它。

That's great articulation of that. And then my follow-up question is back on the point around organic growth. As we're exiting this fiscal year, are you anticipating that we're going to be able to maintain that organic growth rate even on a year-over-year basis exiting this fiscal fourth quarter? We've got a few questions given the amount of inorganic vis-a-vis your overall guided range of growth for the fiscal fourth quarter.

這真是太棒了。然後我的後續問題又回到了有機成長的問題。隨著本財年即將結束，您是否預期我們能夠在本財年第四季結束時保持同比有機成長率？考慮到無機資產的數量與第四財季整體成長預期之間的對比，我們有幾個問題。

Hi James, thanks for the question. So look, when we -- as we think about FY26, and I get it, it's on the top of your mind. We'll update you in September on that. But let me just give you some underneath in terms of our guidance for the fourth quarter in particular. Julie mentioned that our goal was to return to organic growth this year, and you're seeing that in our results.

你好，詹姆斯，謝謝你的提問。所以，當我們考慮 26 財年時，我明白，這是你們最關心的問題。我們將在九月向您通報最新情況。但是，請允許我向您提供一些有關我們對第四季度的具體指導。朱莉提到，我們的目標是今年恢復有機成長，您可以從我們的業績中看到這一點。

So if you think about our guidance for the year at 6% to 7%, that implies organic growth of 3% to 4% right? So super important to understand. At the same time, as you think about our fourth quarter guidance that we just gave you, 1% to 5%, that implies 4% at the top end of our range for organic growth.

因此，如果您認為我們對今年的預期是 6% 到 7%，那就意味著有機成長率為 3% 到 4%，對嗎？所以理解這一點非常重要。同時，正如我們剛剛給出的第四季度預測（1% 至 5%）所示，這意味著有機成長率的最高範圍是 4%。

Thank you so much.

太感謝了。

Bryan Bergin, TD Cowen.

布萊恩·伯金（Bryan Bergin），TD Cowen。

Hi, good morning. Thank you. So I appreciate the color on the growth headwind you provided on DOGE for the fourth quarter. I'm curious how much clarity or just visibility you have right now on the potential cancellations or reductions of scope across the portfolio of the work that you do for the government, just given the timing of their fiscal year-end, really less concerned about this year, but just going forward, I'm trying to just make sure we're all kind of aligned on expectations. Should we kind of be thinking about that two-point headwind in 4Q as a run rate? Or any other color you can share?

嗨，早安。謝謝。因此，我很欣賞您對 DOGE 第四季成長逆風的預測。我很好奇，您現在對於政府工作中可能取消或縮減的範圍有多少了解，考慮到政府財政年度結束的時間，我對今年的情況不太擔心，但展望未來，我只是試圖確保我們都對預期保持一致。我們是否應該將第四季的兩點逆風視為運行率？或者可以分享其他顏色嗎？

We're going to update you on '26 at the end of next quarter. And it's just too early to be making -- kind of making the assumptions, right? But we're giving you the data as we see it. This is our best data point we have right now.

我們將在下個季度末向您更新 26 的情況。現在做出這些假設還為時過早，對嗎？但我們會向您提供我們所看到的數據。這是我們目前擁有的最佳數據點。

Okay. Understood. My follow-up on the growth model changes. So are there implications on the financial model here? Just understanding this is being made for client delivery on the integration of services, but are there savings for you also on the back end and the delivery org? If so, how should we be thinking about that?

好的。明白了。我對成長模式變化的追蹤。那麼這對財務模型有什麼影響嗎？只是要了解這是為客戶交付服務整合而製定的，但是對於後端和交付組織來說是否也能節省成本？如果是這樣，我們應該如何考慮這個問題？

Yes. The way I would think about the change in the growth model, it is being driven by what we see in the market in terms of our ability to grow. It is not being driven by cost cutting, right? And of course, we are always looking for efficiencies in that, and we will look about those, but the driver is growth. And just a quick reminder, right?

是的。我認為成長模式的變化是由我們在市場上看到的成長能力所驅動的。這不是由削減成本引起的，對嗎？當然，我們一直在尋求提高效率，我們也會關注這些，但驅動力是成長。這只是快速提醒一下，對吧？

We have made growth model changes when there have been inflections in the market where we believe that working in a different way is going to fuel growth. So back in 2013, when we said every business would be a digital business, we put in a new growth model to incubate digital, to create strategy and to drive the digital transformation of Accenture. And from 2013 to 2019, which was our ambition, we grew at a CAGR of 9%, right?

當市場出現變化時，我們會改變成長模式，因為我們相信以不同的方式工作將促進成長。因此，早在 2013 年，當我們說每個企業都將是數位化企業時，我們就引入了一種新的成長模式來孵化數位化、制定策略並推動埃森哲的數位轉型。從 2013 年到 2019 年（這是我們的目標），我們的複合年增長率為 9%，對嗎？

Then I became the CEO in 2019, and we put in, in March of 2020, the next growth model, which was all about scaling, right? We said the next decade is going to be about scaling digital transformation. We dissolved digital because it was everywhere. And we said we need to be able to scale. So we went to a geographic P&L in order to be able to scale.

然後我在 2019 年成為首席執行官，我們在 2020 年 3 月引入了下一個成長模式，那就是擴大規模，對嗎？我們說過，未來十年將是數位轉型的十年。我們取消了數位化，因為它無所不在。我們說我們需要能夠擴大規模。因此，我們採用了地理損益表，以便能夠擴大規模。

From March of 2020 through March of 2025, that's been a 10% CAGR. As you sit here today, we all talk about the massive opportunity from AI. We have, for the last three years, demonstrated that our reinvention partner of choice strategy and our lead in Gen AI strategy is working. And what is working about it is what makes us most unique that we have all of these different services that we've been bringing together for these big transactions.

從 2020 年 3 月到 2025 年 3 月，複合年增長率為 10%。今天，當你們坐在這裡時，我們都在談論人工智慧帶來的巨大機會。過去三年來，我們已經證明，我們的首選重塑合作夥伴策略和我們在 Gen AI 領域的領先策略正在發揮作用。我們所做的工作最獨特之處在於，我們為這些大額交易整合了所有這些不同的服務。

We have a proven strategy. And now what we're saying is that's what's differentiating us in the market. Let's bring it together so that we can more easily create those solutions and scale them to all of our clients across all of our sizes, across all of our markets and embed Gen AI because the kinds of skills that you have to have, whether you're in strategy or in technology or operations are much more common, right?

我們有一個行之有效的策略。現在我們要說的是，這就是我們在市場上的差異化優勢。讓我們將它們整合在一起，以便我們能夠更輕鬆地創建這些解決方案，並將它們擴展到我們所有規模、所有市場的所有客戶，並嵌入 Gen AI，因為您必須具備的技能種類繁多，無論您是在戰略、技術還是運營方面，都更為常見，對嗎？

And we are uniquely able to embed that data and AI. And so this is all about the ability to rotate our offerings, our delivery and to bring kind of the magic of Accenture that we're bringing to our largest clients across our client base faster, and that's exactly what clients need today.

我們以獨特的方式能夠嵌入這些數據和人工智慧。所以這一切都是為了能夠輪換我們的產品和交付，並將埃森哲的魔力更快地帶給我們客戶群中最大的客戶，而這正是當今客戶所需要的。

And we expect this to be fueling the next chapter of growth. And we've got a very good track record of seeing where the market is going, making the big changes to get there and then executing very well.

我們預計這將推動下一階段的成長。我們對市場走向有著非常好的了解，能夠做出重大改變以達到目標，並出色地執行。

Yeah, that's clear. Thank you.

是的，很清楚。謝謝。

Darrin Peller, Wolfe Research.

達林·佩勒（Darrin Peller），沃爾夫研究公司。

Guys, thanks again. Maybe we just start off a little bit more around bookings composition. And just if you can give us a little bit more sense as to what types of contracts from a size standpoint you're seeing and also where the priorities are from a budget standpoint from your customers at this point?

夥計們，再次感謝。也許我們只是從預訂構成方面稍微開始一些。您能否從規模角度向我們進一步介紹一下您所看到的合約類型，以及從目前客戶的預算角度來看，優先考慮的事項是什麼？

And then I also want to kind of go in a little bit more into tariffs just because I know, Julie, we talked in the past about uncertainty on the tariff side keeping customers on the sidelines. Are you seeing any change in that yet? And what could be the change if we get more and more clarity as time goes on in terms of where position contracts could be geographically?

然後，我還想更深入地談談關稅問題，因為我知道，朱莉，我們過去曾談到關稅方面的不確定性，導致客戶持觀望態度。您看到有什麼改變嗎？隨著時間的推移，如果我們對職位合約的地理位置越來越清楚，那麼會發生什麼變化？

So let me take the second part first because I've been super clear. I am talking to CEOs every day, and there was this whole narrative that about like a pause and sitting on the sidelines. And I would tell you, it was very short, right? Our clients have moved from pause to focus and leapfrog. Focus being even more they want to do the biggest things that are going to make a difference, which is what plays into our strengths.

因此，讓我先講第二部分，因為我已經非常清楚了。我每天都和執行長們交談，他們總說他們好像在暫停，然後坐在場邊。我會告訴你，它很短，對吧？我們的客戶已從停頓轉為專注並跨越式發展。他們更專注於做能夠帶來改變的最大的事情，而這正是我們的優勢所在。

And that's what you continue to see in these large bookings and big deals that we're doing. Leapfrog is -- and this whole idea of AI, like how can we be the first, right? How can we lead? And you saw that, for example, the platform we're building for Fincantieri, like right, that is a first of its kind.

這就是您在我們進行的這些大額預訂和大交易中不斷看到的。Leapfrog 是——以及整個人工智慧的想法，例如我們如何成為第一個，對吧？我們如何領導？例如，您看到了，我們為 Fincantieri 建造的平台，這是同類平台中的第一個。

Now the nature of the work is really important to understand because it depends on where the company is. And so for example, we gave you the example of Air France-KLM, which is all about migrating to the cloud and creating the cloud foundation because that's where their digital core is, whereas there are other places where they're already in the cloud, but now we're building that cognitive brain.

現在，了解工作的性質非常重要，因為它取決於公司所在地。舉個例子，我們給你舉了法國航空荷航的例子，它完全是關於遷移到雲端並創建雲端基礎，因為那是他們的數位核心所在，而在其他地方他們已經在雲端了，但現在我們正在建立認知大腦。

In almost all cases, though, we're now doing things in parallel. So KLM Air France has got data, AI embedded from the beginning, which is a shift than when you saw cloud migration a few years ago, right, because everybody wants to get to AI faster. That, of course, is why we're so differentiated because when we're now doing migrations, we're building in what is needed to have that cognitive brain.

不過，在幾乎所有情況下，我們現在都在並行做事。因此，荷蘭皇家航空公司從一開始就嵌入了資料和人工智慧，這與幾年前的雲端遷移相比是一個轉變，因為每個人都希望更快地獲得人工智慧。當然，這就是為什麼我們如此與眾不同，因為當我們進行遷移時，我們正在建立認知大腦所需的東西。

So it really depends on where the company is. But there's a lot of focus on cost. And so you have us, in some cases, doing major deals where in one part of the organization, we're driving efficiencies, applying AI, using our platforms like SynOps, our managed services so they can leverage our people and our platforms and then reinvesting it in the core of the business, right, whether that's in how they're engaging with customers or in product development, in R&D in the grid.

所以這實際上取決於公司所在地。但人們非常關注成本。因此，在某些情況下，我們會在組織的某個部分進行重大交易，提高效率，應用人工智慧，使用 SynOps 等平台和託管服務，以便他們可以利用我們的人員和平台，然後將其重新投資於業務的核心，對吧，無論是在與客戶互動的方式上，還是在產品開發、電網研發方面。

So the themes, though, are tech, data and AI, really rewiring organizations, so working in new ways, being future-ready so that no matter where they are on their curve, we're helping them get to the point where they can use AI.

因此，主題是技術、數據和人工智慧，真正重塑組織，以新的方式工作，為未來做好準備，這樣無論他們處於曲線的哪個位置，我們都會幫助他們達到可以使用人工智慧的程度。

That's really great color, thank you. And then just a quick follow-up would just be around hiring plans, maybe incorporating how you're thinking about the bench for AFS or what you need there. But just more broadly, if you can give us a sense of what you're looking at going forward. Thanks again guys.

顏色確實很棒，謝謝。然後，簡單的跟進將圍繞著招聘計劃，也許包括您對 AFS 的職位或您在那裡需要什麼的看法。但更廣泛地說，如果您能讓我們了解您對未來的展望。再次感謝大家。

Hey Darrin, it's Angie. Let me take that. And just on our headcount, right, we ended our Q3 with about 790,000 people. It was an increase of about 5% year-over-year. And you saw that our utilization ticked up to 92%, and that was even with us delivering revenue above our guided range.

嘿，達林，我是安吉。讓我來接手吧。就我們的員工人數而言，截至第三季度，我們的員工總數約為 79 萬人。與去年同期相比，成長了約5%。您會發現，我們的利用率上升到了 92%，而且我們的收入也高於預期範圍。

As it relates to AFS and certainly, they're in the mix. And so it's all encompassing. I will say, I know that you guys think about headcount as part of a consideration for your models. And we've said for years that there's not a direct correlation between revenue and headcount. So the best way to think about the demand for our services is the guidance that we just gave.

因為它與 AFS 相關，而且它們確實混合在一起。所以它是包羅萬象的。我想說的是，我知道你們將員工人數作為模型考慮的一部分。多年來我們一直說收入和員工人數之間沒有直接的關聯。因此，思考我們服務需求的最佳方式就是我們剛剛給予的指導。

Great thanks guys.

非常感謝大家。

Ramsey El-Assal, Barclays.

巴克萊銀行的拉姆齊‧埃爾-阿薩勒 (Ramsey El-Assal)。

Hi, thank you for taking my question. I wanted to follow up on, I think, Bryan's question earlier about sort of DOGE impact. What degree did federal contracting or sort of lack thereof on bookings in the quarter? And I guess, are the Q4 headwinds coming more from cancellations? Or is it the result of less new procurement for maybe shorter-term deals?

你好，謝謝你回答我的問題。我想跟進一下 Bryan 之前關於 DOGE 影響的問題。聯邦承包或缺乏承包對本季的預訂量有何影響？我猜，第四季的阻力是否更多來自於訂單取消？還是這是由於短期交易的新採購減少所致？

Hi, Ramsey, good morning. As it relates to bookings, like we won't give you specific color on our context around the specificity of a part of our business. But for -- as you think about --

你好，拉姆齊，早安。由於它與預訂有關，我們不會向您提供有關我們業務某一部分特殊性的具體資訊。但是——正如你所想的--

Yes, right. Let me just take this quickly. So on -- as we said earlier, federal was kind of immaterial on kind of all aspects of our bookings, sales revenue in terms of negative impact. And then when you think about Q4, the impact is coming from both, right? We've talked about slower procurement, (inaudible) and we've talked about cancellations. And so that's -- all of that is kind of in the mix when we anticipate what the impact is for Q4.

是的，對。讓我快速地處理一下。所以 - 正如我們之前所說，聯邦對我們的預訂、銷售收入等各方面都沒有產生負面影響。然後，當您考慮第四季度時，影響來自兩者，對嗎？我們討論了採購速度放緩的問題（聽不清楚），也討論了取消採購的問題。所以，當我們預測第四季的影響時，所有這些都會綜合在一起。

Okay. A follow-up for me. Blockchain technology sort of shifted in our favor over the past few years. It seems to be having another moment currently. I'm just curious if you're seeing any renewed demand or interest from your clients on Blockchain, how you guys play in the space, maybe particularly in the financial services vertical, but elsewhere as well.

好的。對我來說是後續行動。過去幾年裡，區塊鏈技術發生了一些對我們有利的變化。目前它似乎正處於另一個時刻。我只是好奇，您是否看到客戶對區塊鏈有了新的需求或興趣，你們在該領域如何發展，特別是在金融服務垂直領域，但也包括其他領域。

Yes. And in fact, Blockchain comes back and then it gets renamed because people didn't like Blockchain, et cetera. One of the things that you're pointing out, though, is that technology is continuing to involve quantum. There's a lot of interest in quantum. Blockchain continues to be part of solutions, particularly, as you said, in the financial services vertical.

是的。事實上，區塊鏈又回來了，然後被重新命名，因為人們不喜歡區塊鏈等等。不過，您指出的一件事是，科技正在繼續涉及量子。人們對量子很有興趣。區塊鏈仍然是解決方案的一部分，特別是正如您所說，在金融服務垂直領域。

I don't think you're going to start to see tons of headlines around that because people are so focused on AI. But in the places where it makes sense, particularly in banking, particularly in some of the -- as you start to see more industry-wide solutions, right, the Blockchain -- underlying Blockchain technology is going to be important for security in that.

我認為你不會開始看到大量有關此內容的頭條新聞，因為人們太關注人工智慧了。但在有意義的地方，特別是在銀行業，特別是在一些——當你開始看到更多全行業的解決方案時，區塊鏈——底層區塊鏈技術對於其中的安全性將非常重要。

We don't see it as like an independent big driver of our growth in the way that we see AI because AI affects literally every part of the enterprise and can drive growth and productivity. We see that as a very important enabling technology in certain industries and certain solutions.

我們並不認為它像人工智慧那樣是我們成長的獨立巨大驅動力，因為人工智慧實際上影響著企業的每個部分，並能推動成長和生產力。我們認為這是某些行業和某些解決方案中非常重要的支援技術。

And that's where our clients come to us to really be able to understand that. So it's a mix, but I would say quantum is as important to understand right now. And both of them are not going to be independent big drivers in the near term, but very important that we understand them and put them in the right places.

這就是我們的客戶來找我們真正了解這一點的原因。所以這是一個混合體，但我想說現在理解量子同樣重要。雖然它們在短期內都不會成為獨立的巨大推動力，但我們必須了解它們，並將它們放在正確的位置，這一點非常重要。

Thank you very much.

非常感謝。

Thanks.

謝謝。

Jim Schneider, Goldman Sachs.

高盛的吉姆·施耐德。

Good morning. Thanks for taking my question. Julie, I was wondering if you can maybe kind of extend on your commentary around clients pivoting from pause to being maybe a little bit more proactive in their posture. Can you maybe talk about that in the context of your pipeline and your visibility in terms of bookings pipeline into the next quarter and beyond directionally relative to maybe last quarter?

早安.感謝您回答我的問題。朱莉，我想知道您是否可以就客戶從暫停到採取更積極主動的姿態這一問題發表一些評論。您能否根據您的管道以及您對下一季及以後預訂管道的可見性來談論這個問題，相對於上個季度而言？

Yes. We have a strong pipeline overall going into Q4. Very pleased with where we're seeing, and you can see that reflected in raising the bottom of our guidance and where we see ourselves landing for the year.

是的。總體而言，我們在第四季度擁有強大的產品線。我們對目前的情況非常滿意，您可以看到，這反映在我們提高指導底線以及我們對今年目標的預期上。

And we continue to see the themes that I've been talking about, both the cost building the digital core, embedding AI, really getting into everything from both customer to deep into the industrial space, driving energy efficiency. I mean it's really across the enterprise, and those themes continue. We're seeing the same themes in the bookings ahead.

我們繼續看到我一直在談論的主​​題，包括建立數位核心的成本、嵌入人工智慧，真正滲透到從客戶到深入工業領域的一切，提高能源效率。我的意思是它確實貫穿整個企業，而這些主題還在繼續。我們在未來的預訂中看到了同樣的主題。

Thank you. And then as a follow-up, maybe one for Angie, sort of a housekeeping question. I realize you do not sort of manage the business to gross margins, but instead operating margins. But there has been a little bit of gross margin pressure in the business last couple of quarters. I believe you may have called out some kind of increased use of subcontractors last quarter. I'm wondering if you saw that again this quarter and how you sort of expect that to trend over the next few quarters if that reverses.

謝謝。然後作為後續問題，也許可以問安吉一個類似家務的問題。我知道你不是根據毛利率來管理業務，而是根據營業利潤率來管理業務。但在過去幾個季度，該業務的毛利率出現了一些壓力。我相信您可能已經在上個季度呼籲增加使用分包商的力度。我想知道您是否在本季度再次看到了這種情況，以及如果這種情況發生逆轉，您預計未來幾季的趨勢會如何。

Okay. Hi, Jim, how are you? As it relates to gross margins, I did mention subcontractors last quarter because it was a driver. And as we look at -- and as I -- as we think about our subs, we had shared that, look, it can ebb and flow based upon the client work that we're doing. And so for this quarter, we didn't call it out because while they were a driver, they weren't a material driver overall to our gross margins.

好的。嗨，吉姆，你好嗎？至於毛利率，我在上個季度確實提到了分包商，因為它是一個驅動因素。當我們看到——當我——當我們思考我們的潛艇時，我們已經分享過，看，它可以根據我們正在做的客戶工作而起伏。因此，對於本季度，我們並沒有提及這一點，因為雖然它們是驅動因素，但它們並不是我們毛利率的實質驅動因素。

And importantly, I know that you're looking at gross margins and SG&A. But remember, we look at our business from an operating margin standpoint overall. And so for us, this quarter, we were very pleased with the 40 basis points of margin expansion and EPS growth of 12%. We work hard at it, and we were super pleased with that result.

重要的是，我知道您正在關注毛利率和銷售、一般及行政費用。但請記住，我們總體上是從營業利潤率的角度來看待我們的業務。因此，對我們來說，本季度，我們對利潤率擴大 40 個基點和每股收益成長 12% 感到非常滿意。我們為此付出了很大的努力，並且對結果非常滿意。

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

接線員，我們還有時間再回答一個問題，然後朱莉將結束通話。

Jason Kupferberg, Bank of America.

美國銀行的傑森‧庫普弗伯格（Jason Kupferberg）。

Good morning, guys. Thank you. I just wanted to start on the consulting side. I know the book-to-bill was 1.0 in the quarter, and you typically target something a little higher. Your tone on the impact of macro on client decision-making does sound a little bit better. So would you expect this metric to improve in Q4?

大家早安。謝謝。我只是想從諮商方面開始。我知道本季的訂單出貨比是 1.0，而你的目標通常會稍微高一些。您對宏觀對客戶決策的影響的語氣聽起來確實好一點。那麼您是否預期該指標在第四季會有所改善？

Why don't I start, if that's okay. Good morning. And so when you look at our bookings overall, $19.7 billion, 1.1 book-to-bill, we were very pleased. And you know that our bookings can be lumpy, and you see that over time, which is why we focus on the trailing 12 months book-to-bill, and we have a strong 1.2. As it relates to consulting, same point that I'm going to make, which is the trailing 12 months for consulting is a strong 1.1, and so we're very pleased with that overall.

如果可以的話，為什麼我不開始呢？早安.因此，當您查看我們的整體訂單量時，我們會發現，訂單總額為 197 億美元，訂單出貨比為 1.1，我們對此感到非常高興。你知道，我們的訂單量可能不穩定，而且隨著時間的推移，你會看到這一點，這就是為什麼我們關注過去12個月的訂單出貨比，我們的訂單出貨比達到了強勁的1.2。至於諮詢業務，我想強調的是，過去12個月的諮詢業務訂單出貨比達到了強勁的1.1，所以我們對此總體非常滿意。

Okay. Just as a follow-up, some other IT services companies have been saying that upwards of 20% or so of their code is now being written by AI and wondering if something similar would be true for Accenture these days? And if so, are you sharing AI-related savings back with the clients and seeing them reinvest those savings in other projects with Accenture? Or are there instances where there's some net deflationary pressure on revenue? How is all that kind of netting out?

好的。作為後續報道，其他一些 IT 服務公司也表示，他們現在大約有 20% 的程式碼是由 AI 編寫的，他們想知道埃森哲現在是否也會有類似的事情發生？如果是這樣，您是否會與客戶分享與人工智慧相關的節省，並看到他們將這些節省的資金再投資於埃森哲的其他專案？或是是否有收入面臨淨通貨緊縮壓力的情況？所有這些淨收入是如何計算出來的？

Thank you.

謝謝。

Thanks. Well, first of all, our guidance takes into account how we deliver and any effects on how Gen AI is being built into our commercial models. And so again, that's why it's really important to stay focused on what are we delivering. I've seen a lot of things out there, and I think you kind of get confusing about code or not because as you think about Accenture, right, we're not doing a lot of greenfield code because we're developing like new apps, right? We do very sophisticated difficult integration.

謝謝。首先，我們的指導考慮了我們如何交付以及對如何將 Gen AI 融入我們的商業模式的任何影響。所以，再次強調，這就是為什麼專注於我們所交付的內容非常重要。我已經看到了很多東西，我想你對程式碼有點困惑，因為當你想到埃森哲時，我們並沒有做很多綠地程式碼，因為我們正在開發新的應用程序，對吧？我們進行非常複雜且困難的整合。

And so we actually look at how you use Gen AI across the entire life cycle. And we are increasing and embracing as quickly as possible our use of it in delivery in order to be really at the cutting edge.

因此，我們實際上研究如何在整個生命週期中使用 Gen AI。我們正在盡快增加並接受它在交付中的使用，以便真正處於領先地位。

And we have built that into our guidance. Of course, you're also seeing our pricing improve as well this quarter. So remember, we keep talking about this. This kind of technology wave where it drives efficiency and allows us to deliver more efficiently is something we have managed over and over again. And the way that we manage it is by focusing on the value delivered to the client, and you're seeing that come through in our numbers.

我們已將其納入我們的指導中。當然，您也會看到本季我們的定價也有所提高。所以請記住，我們一直在談論這個。這種能夠提高效率並使我們能夠更有效率地交付的技術浪潮是我們已經一次又一次管理的事情。我們管理它的方式是專注於交付給客戶的價值，您可以從我們的數字中看到這一點。

Thanks.

謝謝。

Great. Well, thanks, everyone, for joining. In closing, I just 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 a huge thank you to all of our people because you are why we are able to deliver these results. So thanks, everyone, and we'll see you next quarter.

偉大的。好吧，謝謝大家的參與。最後，我只想感謝所有股東的持續信任與支持。我們每天都在努力繼續贏得這種信任。衷心感謝我們所有的員工，因為正是你們，我們才能夠達到這些成果。謝謝大家，我們下個季度再見。

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

謝謝。今天的電話會議到此結束。感謝大家參加今天的演講。現在您可以斷開線路並享受美好的一天。