埃森哲 (ACN) 2025 Q4 法說會逐字稿

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

大家好，歡迎參加埃森哲 2025 財年第四季財報電話會議。（操作員指示）請注意，今天的活動正在被記錄。現在，我想將會議交給執行董事、投資者關係主管 Alexia Quadrani。請繼續。

Thank you, operator, and thanks, everyone, for joining us today on our fourth quarter and full year fiscal 2025 earnings announcement.

謝謝接線員，也謝謝大家今天參加我們的 2025 財年第四季和全年財報公告。

As the operator just mentioned, I'm Alexia Quadrani, Executive Director and 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, and we also have an earnings presentation, which will be made available on our website after the call.

正如接線員剛才提到的，我是執行董事兼投資者關係主管 Alexia Quadrani。在今天的電話會議上，您將聽到我們的董事長兼執行長 Julie Sweet 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，我們還有一份收益報告，將在電話會議後在我們的網站上發布。

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 fourth quarter and fiscal year. Julie will then provide a brief update on the market position before Angie provides our business outlook for the first quarter and full year fiscal 2026. 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業績；安吉將帶您了解財務細節，包括損益表和資產負債表，以及第四季度和財政年度的一些關鍵營運指標。然後，朱莉將簡要介紹市場狀況，然後安吉將介紹我們對 2026 財年第一季和全年的業務展望。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 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，因此會受到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 from non-GAAP financial measures where appropriate to GAAP in our news release or in the Investor Relations section on 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。我們將在新聞稿或網站 accenture.com 的「投資者關係」版塊中，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) 財務指標的對帳表。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 779,000 reinventors around the world for your extraordinary work and commitment to our clients.

謝謝 Alexia，也感謝今天上午參加會議的所有人，也感謝我們遍布全球的 779,000 多名重塑者為我們的客戶所做的傑出工作和做出的承諾。

In fiscal year 2025, we delivered a strong year financially. We significantly elevated our competitive positioning, and we took our next big steps to position us for growth in the age of AI. We grew 7% last year, which was adding $5 billion in revenue with over $80 billion in bookings, and we did so again to back economic -- macroeconomic backdrop that did not improve over FY24. And of that 7% growth, the majority was organic, and the growth was broad-based across markets, industries, and types of work.

2025 財年，我們的財務狀況表現強勁。我們大幅提升了我們的競爭地位，並採取了下一步重大舉措，為人工智慧時代的成長做好準備。去年我們的成長了 7%，營收增加了 50 億美元，預訂量超過 800 億美元，我們再次實現了這一成長，以支持 2024 財年沒有改善的宏觀經濟背景。在這 7% 的成長中，大部分是有機成長，並且成長範圍廣泛，涵蓋各個市場、行業和工作類型。

We also delivered strong earnings per share growth and generated strong free cash flow, both above our guidance on an adjusted basis and we returned a significant amount of cash to shareholders, an increase of 7% over FY24. And we took share at more than 5x our investable basket. How did we do it?

我們也實現了強勁的每股盈餘成長並產生了強勁的自由現金流，均高於我們調整後的預期，並且我們向股東返還了大量現金，比 24 財年增長了 7%。我們的份額是可投資籃子的 5 倍以上。我們是如何做到的？

We built on the rapid shift in our business we made by the end of FY24 to address the challenging market conditions. We then took action to fully capitalize on the competitive advantages we have built over a long period of time to deliver these results. These advantages include our ecosystem partnerships, our breadth of capabilities, our deep and trusted client relationships, our track record of investing in new skills and rotating our business with successive technology revolutions, and of course, our ability to invest.

我們在 24 財年末實現了業務的快速轉變，以應對充滿挑戰的市場環境。我們隨後採取行動，充分利用我們長期建立的競爭優勢來取得這些成果。這些優勢包括我們的生態系統合作夥伴關係、我們廣泛的能力、我們深厚且值得信賴的客戶關係、我們投資新技能和透過連續的技術革命轉變業務的記錄，當然還有我們的投資能力。

Our strategy for more than a decade has been to be the number one partner for the tech ecosystem, and it's serving us well. Technology is front and center for every client and in FY25, we continued to be the number one partner for all of our top 10 ecosystem partners buy revenue. 60% of our revenue is from work that we do with these partners which grew 9%, outpacing our overall revenue growth in FY25.

十多年來，我們的策略一直是成為技術生態系統的頭號合作夥伴，而這項策略為我們帶來了良好的效果。科技是每位客戶的重中之重，在 2025 財年，我們繼續成為所有前 10 個生態系統合作夥伴購買收入的第一個合作夥伴。我們 60% 的收入來自與這些合作夥伴的合作，成長了 9%，超過了 2025 財年我們整體收入的成長。

These partners are the world's largest technology tech companies by revenue and they're seeking deeper and deeper partnerships with us as they look for help to turn their technology into business outcomes and scale the adoption of AI. We continue to be the reinvention partner of choice for our clients. Our deep and long-standing relationships means we know our clients and their industries inside out.

這些合作夥伴是全球收入最高的科技公司，他們正在尋求與我們建立越來越深入的合作夥伴關係，以尋求幫助將他們的技術轉化為商業成果並擴大人工智慧的採用。我們將繼續成為客戶首選的重塑合作夥伴。我們深厚而長期的關係意味著我們對客戶及其行業瞭如指掌。

Our global footprint and breadth of capabilities means we can serve more of our clients' needs for large scale transformations than any other player in the industry. We added 37 clients with quarterly bookings greater than $100 million in Q4 alone, bringing us to a record of 129 such bookings for the year, and we finished the year with 305 Diamond clients, our largest relationship.

我們的全球業務範圍和廣泛的能力意味著我們比業內任何其他參與者都能滿足客戶對大規模轉型的需求。僅在第四季度，我們就新增了 37 個季度訂單額超過 1 億美元的客戶，使我們全年的訂單額達到 129 個，創下了歷史記錄，而我們今年結束時擁有 305 個鑽石客戶，這是我們最大的客戶關係。

Our early and decisive decision in FY23 to invest significantly to become the leader in GenAI with a $3 billion multiyear investment is clearly paying off, as we capture this new area of spend for our clients. In FY25, we've tripled our revenue over FY24 from GenAI and increasingly agentic AI to $2.7 billion, and we nearly doubled our GenAI bookings to $5.9 billion.

我們在 23 財年做出了早期且果斷的決定，即投入大量資金，以 30 億美元的多年期投資成為 GenAI 領域的領導者，這一決定顯然獲得了回報，因為我們為客戶佔領了這一新的支出領域。在 25 財年，我們從 GenAI 和日益增長的代理 AI 中獲得的收入比 24 財年增長了兩倍，達到 27 億美元，而我們的 GenAI 預訂量幾乎翻了一番，達到 59 億美元。

And as a reminder, these numbers only reflect revenue and bookings specifically related to advanced AI which is GenAI, agentic AI and physical AI and do not include data, classical AI or AIUs in delivery of our services.

提醒一下，這些數字僅反映與高級人工智慧（即 GenAI、代理人工智慧和實體人工智慧）相關的收入和預訂量，並不包括我們服務交付過程中的數據、經典人工智慧或 AIU。

We are now going to use the term advanced AI as it encompasses the latest developments that are starting to gain traction. In addition to all we're doing around advanced AI: for over a decade, we have made disciplined inorganic investments to expand our market and fuel organic growth. For example, our capital projects business, which was initially built through several acquisitions around the world is now a $1.2 billion business for us.

我們現在將使用高級人工智慧這個術語，因為它涵蓋了開始獲得關注的最新發展。除了我們在先進人工智慧領域所做的一切之外，十多年來，我們還進行了嚴格的無機投資，以擴大我們的市場並推動有機成長。例如，我們的資本項目業務最初是透過在世界各地進行多次收購而建立起來的，現在已成為我們價值 12 億美元的業務。

And in FY25, it grew 49% year on year, largely organically. While delivering these results, we also took the next big steps in our reinvention for the age of AI. We are reinventing what we sell, how we deliver, how we partner and how we operate Accenture. In short, on the ground, advanced AI is becoming a part of everything we do.

2025 財年，該公司年增 49%，主要是有機成長。在取得這些成果的同時，我們也在人工智慧時代的重塑中邁出了重要的一步。我們正在重塑埃森哲的銷售產品、交付方式、合作方式以及營運方式。簡而言之，在實際應用中，先進的人工智慧正在成為我們所做一切的一部分。

Let's review our reinvention to date. By definition, every new wave of technology has a time where you have to train and retool. Accenture's core competency is to do that at scale. Our clients cannot possibly build all of the expertise they need on their own. They need us to go first and fast.

讓我們回顧一下迄今為止的重塑。顧名思義，每一次新科技浪潮的到來都需要你來訓練和重新裝備。埃森哲的核心競爭力就是大規模地實現這個目標。我們的客戶不可能獨自建立他們所需的所有專業知識。他們需要我們先行並快速行動。

In FY23, we had 40,000 AI and data professionals with roughly 30 people working on a handful of Geni projects with negligible revenue. Today, we have 77,000 AI and data professionals. We've worked on more than 6,000 advanced AI projects just this year, and we delivered meaningful revenue in FY25. We're also in the process of recouping all of our reinventors with the latest AI skills.

在 23 財年，我們擁有 40,000 名人工智慧和資料專業人員，其中約 30 人從事少數 Geni 項目，但收入微不足道。今天，我們擁有 77,000 名人工智慧和數據專業人員。光是今年，我們就開展了 6,000 多個先進的人工智慧項目，並在 25 財年實現了可觀的收入。我們也正在利用最新的人工智慧技能重新招募所有重塑者。

Over 550,000 of our reinventors are already trained in the fundamentals of GenAI. We've already significantly embedded advanced AI into key platforms like so that we are now delivering differently for our clients. And we've reinvented our corporate functions to create additional investment capacity among other benefits and will now increasingly use advanced AI in the next chapter.

我們的 55 萬多名重塑者已經接受過 GenAI 基礎知識的培訓。我們已經將先進的人工智慧嵌入到關鍵平台中，以便我們現在可以為客戶提供不同的服務。我們重塑了公司職能，以創造額外的投資能力以及其他優勢，並將在下一章中越來越多地使用先進的人工智慧。

In FY25, we focused our new actions on the ecosystem, our talent strategy, and our growth model. We expanded our partnerships beyond the top 10 in AI and data and created new ones with companies that are becoming critical to many of our clients who also want to work with us to help scale them scale their relationships and our revenue is growing in double digits with many of these partners.

在25財年，我們將新行動重點放在生態系統、人才策略和成長模式。我們將合作夥伴關係擴展到人工智慧和數據領域的前 10 名之外，並與對我們的許多客戶至關重要的公司建立了新的合作夥伴關係，這些客戶也希望與我們合作，幫助他們擴大關係，並且我們與許多合作夥伴的收入都實現了兩位數的成長。

In FY26, we expect to increase our headcount overall across our three markets, including in the US and Europe, reflecting the demand we see in our business. In addition to continuing to hire world-class talent, in FY25, we developed and are implementing a refreshed robust three-pronged talent strategy to rotate our workforce. We are investing in upskilling our reinventor which is our primary strategy.

在 2026 財年，我們預計將增加包括美國和歐洲在內的三個市場的員工總數，以反映我們業務中看到的需求。除了繼續聘用世界級的人才外，在 2025 財年，我們還制定並實施了一項全新的、強有力的三管齊下的人才戰略來輪換我們的員工隊伍。我們正在投資提升我們的重塑者的技能，這是我們的主要策略。

We are exiting on a compressed time line. People were reskilling based on our experience is not a viable path for the skills we need. And we're continuously identifying areas of how we operate Accenture to drive more efficiencies, including through AI in order to create more investment capacity.

我們正在按照壓縮的時間線退出。根據我們的經驗，人們重新學習技能並不是獲得我們所需技能的可行途徑。我們不斷探索埃森哲營運的領域，以提高效率，包括透過人工智慧創造更多的投資能力。

Finally, our growth model. On September 1, we launched reinvention services, which brings all of Accenture's capabilities into a single unit. Nearly 80% of our large deals are multi-service. The model, as we fully roll it out, will make it faster and simpler to sell and deliver everything Accenture offers and to rotate our offering to embed more AI and data and equip our people.

最後，我們的成長模式。9 月 1 日，我們推出了重塑服務，將埃森哲的所有功能整合到一個部門。我們近 80% 的大宗交易都是多服務交易。隨著我們全面推廣該模型，我們將能夠更快、更簡單地銷售和交付埃森哲提供的所有產品，並輪換我們的產品以嵌入更多的人工智慧和數據並裝備我們的員工。

In summary, I am pleased with our strong results in FY25 and are positioning for FY26 and beyond. Over to you, Angie.

總而言之，我對我們 25 財年的強勁業績感到滿意，並為 26 財年及以後做好了準備。交給你了，安吉。

Thank you, Julie, and thanks to all of you for joining us on today's call. We were very pleased with our results in the fourth quarter, which were at the top of our guided range and completed another strong year for Accenture. Our results reflect a relentless focus to consistently deliver on our shareholder value proposition while investing for long-term market leadership and reinforce our role as a trusted reinvention partner for our clients and a leader in AI.

謝謝你，朱莉，也謝謝大家參加今天的電話會議。我們對第四季度的業績非常滿意，該季度的業績達到了我們預期的最高水平，為埃森哲又一個強勁的一年畫上了圓滿的句號。我們的業績體現了我們堅持不懈地致力於始終如一地實現股東價值主張，同時投資於長期市場領導地位，並鞏固我們作為客戶值得信賴的重塑合作夥伴和人工智慧領導者的角色。

Now let me summarize a few highlights for the quarter. Revenues grew 4.5% in local currency. Excluding the 1.5% impact from our federal business, our revenues grew 6% in Q4, and we continue to take significant market share at more than 5x reflecting the relevance of our services and the strength of our diversified portfolio and execution.

現在讓我總結一下本季的一些亮點。以當地貨幣計算，收入增加了 4.5%。除去聯邦業務帶來的 1.5% 的影響，我們的收入在第四季度增長了 6%，並且我們繼續佔據超過 5 倍的顯著市場份額，這反映了我們服務的相關性以及我們多元化投資組合和執行的實力。

As a reminder, we assess market growth against our investable basket, which is roughly two dozen of our closest public global public competitors, which represents about a third of our addressable market. We use a consistent methodology to compare our financial results to do theirs adjusted to exclude the impact of significant acquisitions through the date of their last publicly available results on a rolling four-quarter basis.

提醒一下，我們根據可投資組合來評估市場成長，該組合大約包括我們最接近的二十幾家全球公開競爭對手，約占我們可尋址市場的三分之一。我們採用一致的方法來比較我們的財務結果，並對他們的財務結果進行調整，以排除重大收購的影響，直至他們最後公開發布結果之日，以滾動的四個季度為基礎。

Adjusted operating margin was 15.1%, an increase of 10 basis points compared to adjusted Q4 results last year. We continue to drive margin expansion while making significant investments in our business and our people. We delivered adjusted EPS in the quarter of $3.03, which represents 9% growth compared to adjusted EPS last year.

調整後的營業利潤率為 15.1%，與去年第四季調整後的業績相比增加了 10 個基點。我們繼續推動利潤率的擴大，同時對我們的業務和員工進行大量投資。本季我們的調整後每股收益為 3.03 美元，與去年調整後的每股收益相比成長了 9%。

And finally, we delivered free cash flow of $3.8 billion and returned $1.4 billion to shareholders through repurchases and dividends this quarter. Before I move on to the details of the quarter, I want to spend a moment on the six-month business optimization program we initiated in Q4, for which we recorded a charge of $615 million and expect to record an additional approximately $250 million in Q1 for a total of approximately $865 million over the period.

最後，本季我們實現了 38 億美元的自由現金流，並透過回購和股息向股東返還了 14 億美元。在介紹本季的細節之前，我想先花點時間介紹一下我們在第四季度啟動的為期六個月的業務優化計劃，該計劃我們記錄了 6.15 億美元的費用，並預計在第一季度將再記錄約 2.5 億美元的費用，因此在此期間總計約為 8.65 億美元。

The business optimization program has two parts. One related to rapid talent rotation that Julie mentioned, which reflects severance associated with headcount reductions that we are making in a compressed time line; and second, related to the divestiture of two acquisitions that are no longer aligned with our strategic priorities. These actions will result in cost savings, which will be reinvested in our people and our business.

業務優化方案分為兩部分。一是與朱莉提到的快速人才輪換有關，這反映了我們在壓縮的時間內進行裁員所產生的遣散費；二是與剝離兩項不再符合我們戰略重點的收購有關。這些措施將節省成本，並將其重新投資於我們的員工和業務。

In FY26, we expect to increase our headcount overall across all three markets, including in the US and in Europe, reflecting the demand we see in our business. Now let me turn to some of the details. New bookings were $21.3 billion for the quarter, representing 6% growth in US dollars and 3% growth in local currency, which is on top of the 24% growth in Q4 of last year. Overall book-to-bill was 1.2. Consulting bookings were $8.9 billion with a book-to-bill of 1.0. Managed services bookings were $12.4 billion with a book-to-bill of 1.4.

在 2026 財年，我們預計將增加包括美國和歐洲在內的所有三個市場的員工總數，以反映我們業務中看到的需求。現在讓我來談談一些細節。本季新訂單金額為 213 億美元，以美元計算成長 6%，以當地貨幣計算成長 3%，高於去年第四季 24% 的增幅。整體訂單出貨比為1.2。諮詢業務訂單金額為89億美元，訂單出貨比為1.0。託管服務業務訂單金額為124億美元，訂單出貨比為1.4。

Turning now to revenues. Revenues for the quarter were $17.6 billion at the top of our guided range, reflecting a 7% increase in US dollars and 4.5% in local currency. Consulting revenues for the quarter were $8.8 billion, up 6% in US dollars and 3% in local currency.

現在談談收入。本季營收為 176 億美元，處於我們預期範圍的最高水平，以美元計算成長 7%，以當地貨幣計算成長 4.5%。本季顧問收入為 88 億美元，以美元計算成長 6%，以當地貨幣計算成長 3%。

Managed services revenues were $8.8 billion up 8% in US dollars and 6% in local currency, driven by high single-digit growth in technology managed services, which includes application managed services and infrastructure managed services and mid-single-digit growth in operations.

託管服務收入達到 88 億美元，以美元計算增長 8%，以當地貨幣計算增長 6%，這得益於技術託管服務（包括應用託管服務和基礎設施託管服務）的高個位數增長以及運營的中等個位數增長。

Turning to our geographic markets. In the Americas, revenue grew 5% in local currency, led by growth in banking and capital markets, industrials and software and platforms, partially offset by a decline in public service. Revenue growth was driven by the United States.

轉向我們的地理市場。在美洲，以當地貨幣計算，收入增長了 5%，主要得益於銀行和資本市場、工業以及軟體和平台的增長，但公共服務的下滑部分抵消了這一增長。收入成長主要由美國推動。

Excluding the 3% impact from our federal business, Americas grew 8% in local currency in the quarter. In EMEA, we delivered 3% growth in local currency, led by growth in insurance, life sciences, utilities and consumer goods, retail, and travel services, partially offset by a decline in public service.

除去聯邦業務 3% 的影響，美洲地區本季以當地貨幣計算成長了 8%。在歐洲、中東和非洲地區，我們實現了 3% 的當地貨幣成長，其中保險、生命科學、公用事業和消費品、零售和旅遊服務的成長最為顯著，但公共服務的下滑部分抵消了這一增長。

Revenue growth was driven by the United Kingdom and Spain, partially offset by a decline in Italy. In Asia Pacific, revenues grew 6% in local currency, driven by growth in banking and capital markets, public service, and utilities, partially offset by a decline in energy. Revenue growth was led by Japan and Australia.

收入成長主要由英國和西班牙推動，但被義大利的下滑部分抵消。在亞太地區，收入以當地貨幣計算增長了 6%，這得益於銀行和資本市場、公共服務和公用事業的增長，但能源業務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。

Moving down the income statement. Gross margin for the quarter was 31.9% compared with 32.5% for the same period last year. Sales and marketing expense for the quarter was 10.2% compared with 10.7% for the fourth quarter last year. General and administrative expense was 6.6% compared to 6.8% for the same quarter last year.

向下移動損益表。本季毛利率為31.9%，去年同期為32.5%。本季銷售和行銷費用為 10.2%，而去年第四季為 10.7%。一般及行政開支為 6.6%，去年同期為 6.8%。

Before I continue, I want to note that results in Q4 FY25 and Q4 FY24 include costs associated with business optimization actions, which impacted operating margin, tax rate and EPS. The following comparisons exclude these impacts and reflect adjusted results.

在繼續之前，我想指出，25 財年第四季和 24 財年第四季的業績包括與業務優化行動相關的成本，這影響了營業利潤率、稅率和每股收益。以下比較排除了這些影響並反映調整後的結果。

Adjusted operating income was $2.7 billion in the fourth quarter, reflecting a 15.1% adjusted operating margin, up 10 basis points compared with adjusted results in Q4 last year. Our adjusted effective tax rate for the quarter was 27.9% compared with an adjusted effective tax rate of 26.2% for the fourth quarter last year.

第四季調整後營業收入為 27 億美元，調整後營業利潤率為 15.1%，與去年第四季調整後結果相比上升了 10 個基點。本季調整後有效稅率為 27.9%，而去年第四季調整後有效稅率為 26.2%。

Adjusted diluted earnings per share were $3.03 compared with adjusted EPS of $2.79 in the fourth quarter last year, reflecting 9% growth. Days services outstanding were 47 days compared to 47 days last quarter and 46 days in the fourth quarter of last year. Free cash flow for the quarter was $3.8 billion, resulting from cash generated by operating activities of $3.9 billion, net of property and equipment additions of $108 million.

調整後每股攤薄收益為 3.03 美元，而去年第四季調整後每股收益為 2.79 美元，成長 9%。未償服務天數為 47 天，而上一季為 47 天，去年第四季為 46 天。本季自由現金流為 38 億美元，來自營運活動產生的 39 億美元現金，扣除 1.08 億美元的財產和設備增加。

Our cash balance at August 31 was $11.5 billion compared with $5 billion at August 31 last year. With regards to our ongoing objective to return cash to shareholders, in the fourth quarter, we repurchased or redeemed 1.6 million shares for $474 million at an average price of $295.45 per share. Also in August, we paid our fourth quarterly cash dividend of $1.48 per share for a total of $922 million.

截至 8 月 31 日，我們的現金餘額為 115 億美元，而去年 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，在第四季度，我們以每股 295.45 美元的平均價格回購或贖回了 160 萬股，總價值 4.74 億美元。同樣在 8 月份，我們支付了第四季度現金股息，每股 1.48 美元，總計 9.22 億美元。

Now I'd like to take a moment to summarize the year as we successfully executed our business to deliver or exceed all aspects of our original guidance that we provided by September on an adjusted basis. We delivered bookings at $80.6 billion with a record 129 quarterly client bookings over $100 million and a book-to-bill of 1.2. Revenues of $69.7 billion for the year reflects growth of 7% in local currency with nearly $5 billion in incremental revenue added this year.

現在，我想花點時間總結這一年，我們成功地開展了業務，在調整的基礎上實現或超越了我們在 9 月份提供的原始指導的各個方面。我們實現了806億美元的訂單量，其中129家客戶季度訂單量超過1億美元，訂單出貨比達到1.2，創歷史新高。全年營收達697億美元，以當地貨幣計算成長7%，新增營收近50億美元。

Our federal business was a 20 basis point headwind to our overall growth for the year. Consulting revenues were $35.1 billion, up 6% in US dollars and 5% in local currency. Managed Services revenues were $34.6 billion, up 9% in both US dollars and in local currency, driven by 10% growth in Technology Services and 6% growth in Operations.

我們的聯邦業務對我們全年的整體成長造成了 20 個基點的阻力。諮詢收入為 351 億美元，以美元計算成長 6%，以當地貨幣計算成長 5%。託管服務收入為 346 億美元，以美元和當地貨幣計算均增長 9%，這得益於技術服務增長 10% 和營運增長 6%。

The following comparisons exclude the impact of business optimization actions I noted earlier and reflect adjusted results. Adjusted operating margin of 15.6% was a 10 basis point expansion over our adjusted FY24 results. Adjusted earnings per share were $12.93, reflecting 8% growth over adjusted FY24 EPS.

以下比較不包括我之前提到的業務優化行動的影響，並反映調整後的結果。調整後的營業利益率為 15.6%，比我們調整後的 FY24 表現擴大了 10 個基點。調整後每股收益為 12.93 美元，較調整後的 FY24 每股收益成長 8%。

Free cash flow of $10.9 billion was up 26% year over year, reflecting a very strong free cash flow to net income ratio of 1.4. And with regards to our ongoing objective to return cash to shareholders, we returned $8.3 billion of cash to shareholders while investing approximately $1.5 billion across 23 acquisitions.

109億美元的自由現金流年增26%，反映出強勁的自由現金流與淨收入比率，達到1.4。我們持續致力於向股東返還現金，目前已向股東返還83億美元現金，同時在23項收購中投資約15億美元。

In closing, we feel good about how we manage our business while navigating the macro environment in '25. And now we are laser-focused on executing and delivering fiscal '26.

最後，我們對如何在 25 年宏觀環境中管理我們的業務感到滿意。現在我們正全神貫注於執行和實現 26 財年目標。

Back to you, Julie.

回到你身邊，朱莉。

Thank you, Angie. Today, we work across every major market with more than 9,000 clients, including the world's largest companies, three quarters of the Fortune Global 100 and 500. And as we look at the market, we have not seen any meaningful change, positive or negative in the overall market. We are focused on delivering results regardless of the market conditions by being the most relevant to our clients and relevance today requires leadership in AI.

謝謝你，安吉。如今，我們的業務遍及各大主要市場，擁有超過 9,000 名客戶，其中包括全球最大的公司，佔《財星》全球 100 強和 500 強企業的四分之三。當我們觀察市場時，我們沒有看到整體市場出現任何有意義的變化，無論是正面的還是負面的。無論市場狀況如何，我們都致力於為客戶提供最相關的服務，從而取得成果，而如今，相關性要求在人工智慧領域處於領先地位。

We're working with companies early in their journey to use AI, which want our help to get them AI ready and to leverage our assets and platforms to accelerate their ability to deploy AI as well as to help them do what they can now to use AI even when they're not fully ready across the enterprise.

我們正在與處於 AI 應用初期的公司合作，這些公司希望我們幫助他們做好 AI 準備，並利用我們的資產和平台來加速他們部署 AI 的能力，並幫助他們盡其所能地使用 AI，即使他們還沒有在整個企業完全準備好的情況下。

We also are working with companies far along their journey to be AI ready and wanting to be the first to change the game with AI even as this potential is still emerging. The technology itself is new and rapidly changing. So across companies, they need help in understanding the tech landscape. This is where we are in age of AI.

我們也與許多公司合作，為人工智慧做好準備，並希望成為第一個利用人工智慧改變遊戲規則的公司，儘管這種潛力仍在顯現。這項技術本身很新且變化很快。因此，各家公司都需要協助來了解技術格局。這就是我們所處的人工智慧時代。

It is very early innings, however you look at it, which means there is massive opportunity ahead for our clients, our ecosystem partners and us. It is well recognized that advanced AI has taken the mind share of CEOs, the C-suite and Board faster than any technology development we've seen in the past two decades.

無論如何，這只是個開始，這意味著我們的客戶、生態系統合作夥伴和我們自己都面臨著巨大的機會。眾所周知，先進的人工智慧已經佔據了執行長、高階主管和董事會的注意力，其速度比過去二十年中我們所見過的任何技術發展都要快。

At the same time, as reported widely, value realization has been underwhelming for many, and enterprise adoption at scale is slow other than with digital natives. This is why our clients are turning to us. We know that the gap between mind share and faster actual adoption is because the enterprise reinvention required to truly unlock the value of advance AI is hard and has significant costs.

同時，正如廣泛報導的那樣，許多人的價值實現並不令人滿意，除了數位原生世代之外，企業大規模採用的速度也很慢。這就是我們的客戶選擇我們的原因。我們知道，心智份額和更快的實際採用之間的差距是因為真正釋放先進人工智慧的價值所需的企業重塑是困難的，而且成本巨大。

There is a huge difference between how we're all using AI in our individual lives that is incredibly easy and what it takes to use it in an enterprise. The opportunity for AI is at the intersection of business strategy and tech and org readiness. For most companies, the biggest gap between mind share and adoption is tech and org readiness.

我們在個人生活中使用人工智慧的方式非常簡單，但在企業中使用人工智慧則存在巨大差異。人工智慧的機會存在於商業策略與技術和組織準備的交匯處。對大多數公司來說，心智佔有率和採用率之間最大的差距是技術和組織準備。

We're still in the thick of cloud, ERP, and security modernization. Data preparedness is nascent at many companies and companies gravel with fragmented processes and siloed organizations. Generations of leaders need new skills to understand how AI should inform their business strategy.

我們仍處於雲端、ERP 和安全現代化的浪潮之中。許多公司的資料準備工作才剛起步，而且公司面臨流程分散、組織孤立的困境。一代又一代的領導者需要新的技能來了解人工智慧如何為他們的商業策略提供資訊。

The workforce needs new skills to use AI and new talent strategies and related competencies must be developed. Helping clients with all of this work is what is driving our growth and our pipeline of large-scale transformation continues to grow. We're also starting to see early signals of an inflection point with more clients looking for true enterprise-wide plans and activation and seeking out our successful experience with scaling in enterprises and at Accenture.

勞動力需要掌握使用人工智慧的新技能，並且必須制定新的人才策略和相關能力。幫助客戶完成所有這些工作是推動我們成長的動力，我們的大規模轉型管道也不斷成長。我們也開始看到轉折點的早期訊號，越來越多的客戶尋求真正的企業範圍計劃和激活，並尋求我們在企業和埃森哲擴展方面的成功經驗。

Two years into this AI journey, we also are seeing a pattern in how AI can expand our opportunities with our clients. As some companies are making progress in creating AI readiness, it leads to even more work. Long-standing partnerships are deepening and the demand for transformation is accelerating. For example, take a major financial services client we've worked with for over a decade.

在人工智慧之旅的兩年裡，我們也看到了人工智慧如何擴大我們與客戶之間的機會的模式。隨著一些公司在人工智慧準備方面取得進展，這帶來了更多的工作。長期夥伴關係不斷深化，轉型需求不斷加速。例如，以我們合作了十多年的一個主要金融服務客戶為例。

Their reinvention began with digital operations and cloud modernization. Now they've asked us to modernize their data estate, the foundation for scaling AI across the enterprise from the contact center and marketing to finance and the trading floor. As we begin to implement AI into many facets of their business, our relationship continues to grow as we retire legacy systems, transform core functions like HR and risk, and build AI-centric capabilities to keep them ahead of shifting customer expectations.

他們的重塑始於數位化營運和雲端現代化。現在，他們要求我們對他們的資料資產進行現代化改造，這是在整個企業（從聯絡中心和行銷到財務和交易大廳）擴展人工智慧的基礎。隨著我們開始將人工智慧應用到他們業務的許多方面，我們之間的關係也不斷加強，因為我們淘汰了遺留系統，轉變了人力資源和風險等核心功能，並建立了以人工智慧為中心的能力，以使他們能夠領先於不斷變化的客戶期望。

This has meaningfully expanded the amount of work we do for this client. And in fact, over the past five years, the value of our contract has more than doubled. We're seeing more stories like this across our portfolio, where AI is extending across the enterprise and adjacent work is following.

這大大增加了我們為該客戶所做的工作量。事實上，在過去五年裡，我們的合約價值已經增加了一倍以上。在我們的投資組合中，我們看到了更多這樣的故事，人工智慧正在擴展到整個企業，而相關的工作也隨之而來。

Our contracts are expanding and our client relationships are compounding, creating a powerful, sustainable growth engine for Accenture. Building the digital core remains our biggest growth driver. Only now, our clients understand that Accenture is bringing even more capabilities because we understand how the digital core will enable them to use advanced AI, and advanced AI is now a new catalyst for doing the large-scale transformations of the digital core in the first place.

我們的合約不斷擴大，我們的客戶關係也不斷增強，為埃森哲創造了強大、可持續的成長引擎。建立數位核心仍然是我們最大的成長動力。直到現在，我們的客戶才明白埃森哲正在帶來更多的能力，因為我們了解數位核心將如何使他們能夠使用先進的人工智慧，而先進的人工智慧現在首先是進行數位核心大規模轉型的新催化劑。

Taking an industry lens, let's look at banking. In banking, investment in digital core modernization remains strong with cloud adoption accelerating as AI demand grows. Here's what it looks like in practice. And I'm particularly proud of this work because the scale is frankly breathtaking, and we were trusted by this client with mission-critical work.

讓我們從產業角度來看銀行業。在銀行業，隨著人工智慧需求的成長，雲端運算的採用也正在加速，對數位核心現代化的投資依然強勁。以下是實際操作的情況。我對這項工作特別自豪，因為坦白說，它的規模令人驚嘆，而且我們得到了客戶的信任，承擔了關鍵任務。

The Bank of England's real-time settlement service, which lies at the heart of most electronic payments in the UK was rebuilt on a modern digital core using private cloud and end-to-end automation. This upgrade improved security, reliability, speed, and scale. The system now offers faster onboarding and secure APIs giving more financial institutions safe access.

英格蘭銀行的即時結算服務是英國大多數電子支付的核心，它使用私有雲和端到端自動化在現代數位核心上重建。此次升級提高了安全性、可靠性、速度和規模。該系統現在提供更快的入職和安全的 API，讓更多金融機構可以安全存取。

It processes about $1 trillion in transactions every day. And in its first five months up to today has handled 22.5 million transactions worth $110 trillion. For people, that means big payments like buying a home, go through quickly and safely. This modernization strengthens a national platform, reducing risk and creating a trusted foundation for innovation. Now the system is ready for what's next, even the potential for the market adopting AI-driven payment services.

它每天處理約 1 兆美元的交易。截至目前的前五個月內，該公司已處理了 2,250 萬筆交易，價值 110 兆美元。對人們來說，這意味著像購買房屋這樣的大筆付款可以快速安全地完成。這一現代化進程加強了國家平台，降低了風險並為創新創造了值得信賴的基礎。現在，該系統已為下一步做好了準備，甚至為市場採用人工智慧驅動的支付服務做好了準備。

Now let's take a horizontal lens across industries with security. Security is essential to a digital core, which is reflected in our 16% growth for the year. We're seeing increased demand for advanced cyber protection and more integrated intelligent security solutions that can fully harness AI's potential and keep pace with emerging threats.

現在讓我們從橫向角度來審視一下安全產業。安全對於數位核心至關重要，這反映在我們今年 16% 的成長率上。我們看到對先進的網路保護和更整合的智慧安全解決方案的需求不斷增加，這些解決方案可以充分利用人工智慧的潛力並跟上新興威脅的步伐。

To further strengthen our position in the past quarter, we agreed to acquire CyberCX, our largest cybersecurity acquisition to date, which helps us in geographic expansion, bringing approximately 1,400 specialists in APAC and also bringing AI-powered security platforms, which are applicable globally.

為了進一步鞏固我們在過去一個季度的地位，我們同意收購 Cyber​​CX，這是我們迄今為止最大的網路安全收購，這有助於我們進行地理擴張，為亞太地區帶來約 1,400 名專家，並帶來可在全球範圍內應用的人工智慧安全平台。

We also acquired IM Concept, a Canadian identity security specialist, serving critical infrastructure, expanding the depth and regional reach of our managed security and identity capabilities that underpin secure AI adoption.

我們也收購了加拿大身分安全專家 IM Concept，為關鍵基礎設施提供服務，擴大了我們託管安全和身分功能的深度和區域覆蓋範圍，為安全採用人工智慧奠定了基礎。

Now let's look through the lens of our unique industry functional process and talent and org capabilities. These, coupled with our technology expertise are making a difference to our clients. And these next two examples also demonstrate the pattern or see in expanding our relationships due to advanced AI.

現在讓我們透過我們獨特的行業功能流程和人才和組織能力來看看。這些，加上我們的技術專長，正在為我們的客戶帶來改變。接下來的兩個例子也展示了先進的人工智慧如何擴大我們的關係。

Ecolab, a global sustainability leader has been a client for 15 years. Three years ago, we partnered with Ecolab to lay the foundation for their growth transformation, One Ecolab bringing the company together as one team to better serve customers, drive cross-sell and upsell and improve operational efficiency.

全球永續發展領導者藝康集團 (Ecolab) 已是我們的客戶 15 年了。三年前，我們與藝康集團合作，為他們的成長轉型奠定了基礎，「一個藝康」將公司凝聚成一個團隊，以更好地服務客戶、推動交叉銷售和追加銷售並提高營運效率。

A year into that journey, we started working with Ecolab and its leadership to accelerate value with AI. Instead of executing one-off use cases, we redesigned the entire lead to cash process, the steps from generating a lead to collecting payment, using nine scaled agentic AI agents.

在這段旅程開始一年後，我們開始與藝康及其領導階層合作，利用人工智慧加速價值。我們沒有執行一次性用例，而是使用九個規模化的代理 AI 代理重新設計了整個從產生潛在客戶到收取付款的整個流程，即步驟。

These agents clean core data, resolve billing errors and automatically match customer payments to the right billing invoices. In cash application alone, work that used to be 100% manual is now about 60% automated, reducing errors and speeding up processes. By using AI to streamline operations, Ecolab is on path -- is on a path to deliver an estimated 5% to 7% sales growth and 20% operating income margin without increasing costs at the same pace.

這些代理商清理核心數據，解決計費錯誤並自動將客戶付款與正確的計費發票進行配對。僅在現金應用方面，過去 100％ 手動完成的工作現在已實現約 60％ 的自動化，從而減少了錯誤並加快了流程。透過使用人工智慧來簡化經營，藝康集團預計將在不增加成本的情況下實現預計 5% 至 7% 的銷售額成長和 20% 的營業收入利潤率。

Big picture, it supports the company's mission to deliver water, hygiene, and infection prevention solutions to more customers worldwide. We're partnering with a leading energy company, which has been a client for nearly two decades, to reinvent field operations with cloud, data, and GenAI. The challenge was scale, safety, cost, and sustainability, running thousands of wells with fragmented data and a leaner field workforce.

從總體上看，它支持公司向全球更多客戶提供水、衛生和感染預防解決方案的使命。我們正在與一家領先的能源公司合作，該公司是我們近二十年的客戶，我們將利用雲端、數據和 GenAI 重塑現場營運。挑戰在於規模、安全性、成本和永續性，需要利用分散的數據和精簡的現場勞動力來運作數千口油井。

We unified data from more than 25 legacy systems into a single cloud-based digital core. On top of that, we built AI-powered scaled digital twins that monitor, optimize, and control the field in real time using our Accenture Industrial Intelligence Suite solution. That live view speed decisions and improved safety, often without sending a technician on-site, while emissions are continuously monitored for compliance.

我們將來自 25 多個遺留系統的資料統一到一個基於雲端的數位核心。除此之外，我們還利用埃森哲工業智慧套件解決方案建構了人工智慧驅動的規模化數位孿生，可以即時監控、優化和控制現場。即時查看可以加快決策速度並提高安全性，通常無需派遣技術人員到現場，同時持續監控排放情況以確保合規。

This solution is expected to reduce lost production by up to 2% to 4%, increase productivity by up to 28% and decreased costs by up to 22%. Field exposure and unplanned visits are also reduced and emissions are expected to be lower. People can now focus on higher value work and the business can respond faster to a changing energy landscape.

預計解決方案可將生產損失減少 2% 至 4%，生產率提高 28%，並將成本降低 22%。現場暴露和計劃外訪問也會減少，預計排放量也會降低。現在人們可以專注於更高價值的工作，企業也可以更快地應對不斷變化的能源格局。

Our scaled example sets the North Star. Here's an example of how our clients are starting to work with us for broader AI adoption across multiple areas to enable their business strategy. We've partnered with UOB, a leading bank in Acion for nearly two decades, on various initiatives, including multi-country application services rollouts to omnichannel enhancement.

我們的縮放範例設定了北極星。以下是我們的客戶如何開始與我們合作，在多個領域更廣泛地採用人工智慧來實現其業務策略的一個例子。我們與 Acion 的領先銀行大華銀行合作了近二十年，開展了多項計劃，包括推出多國應用服務以及全通路增強。

Today, we're helping them scale GenAI and use agentic AI to transform customer experience and core operations. Using our AI refinery platform, we're supporting them empowering high-value use cases and customer engagement, risk management and workforce enablement. This transformation enables faster, more personalized service; strengthens decision-making with predictive insights; accelerates response times and enhances operational resilience. Together, we're positioning UOB to lead and create sustainable impact in the financial services industry.

今天，我們正在幫助他們擴展 GenAI 並使用代理 AI 來改變客戶體驗和核心營運。利用我們的人工智慧精煉平台，我們支援他們實現高價值用例和客戶參與、風險管理和勞動力支援。這種轉變可以實現更快、更個人化的服務；透過預測洞察力加強決策；加快回應時間並增強營運彈性。我們共同致力於使大華銀行成為金融服務業的領導者並創造可持續的影響力。

Now an important part of our growth strategy is to be relevant to the core of our clients' industries such as digital manufacturing and to be relevant to their growth agenda. Industry X grew 10% and SON grew 8% in FY25, both follow a similar pattern of meeting a strong digital core and reinvention.

現在，我們成長策略的一個重要部分是與客戶產業的核心（例如數位製造）相關，並且與他們的成長議程相關。X 產業在 25 財年成長了 10%，SON 成長了 8%，兩者都遵循了類似的模式，即滿足強大的數位核心和重塑。

The digitization of digital manufacturing and engineering and the use of AI and data to reinvent customer experience is still in the early days. We're seeing strong demand across both areas and continue to invest both organically and inorganically. For example, we recently acquired Momentum ABM in the UK and Superdigital in the US, extending our edge in B2B and social and influencer marketing.

數位製造和工程的數位化以及利用人工智慧和數據重塑客戶體驗仍處於早期階段。我們看到這兩個領域的需求強勁，並將繼續進行有機和無機投資。例如，我們最近收購了英國的 Momentum ABM 和美國的 Superdigital，擴大了我們在 B2B 以及社交和影響力行銷方面的優勢。

Over to you, Angie.

交給你了，安吉。

Thanks, Julie. Now let me turn to our business outlook. For the first quarter of fiscal '26, we expect revenues to be in the range of $18.1 billion to $18.75 billion. This assumes the impact of FX will be approximately positive 1% compared to the first quarter of fiscal '25. Our Q1 guidance reflects an estimated 1% to 5% growth, including about a 1.5% impact from our federal business with AFS contracting mid-teens.

謝謝，朱莉。現在讓我談談我們的業務展望。對於 26 財年第一季度，我們預計營收將在 181 億美元至 187.5 億美元之間。這假設外匯的影響與 25 財年第一季相比約為正 1%。我們的第一季指引反映了預計 1% 至 5% 的成長，其中包括來自聯邦業務的約 1.5% 的影響，其中 AFS 的收縮幅度達到十幾歲。

For the full fiscal year '26, based upon how the rates have been trending over the last few weeks, we currently assume the impact of FX on our results in US dollars will be approximately positive 2% compared to fiscal '25. For the full fiscal '26, we expect revenue to be in the range of 2% to 5% growth in local currency over fiscal '25, including an estimated 1% to 1.5% impact from our federal business.

對於整個 26 財年，根據過去幾週的匯率走勢，我們目前假設外匯對我們以美元計算的業績的影響與 25 財年相比將約為正 2%。對於整個 26 財年，我們預計營收將比 25 財年以當地貨幣成長 2% 至 5%，其中包括聯邦業務預計 1% 至 1.5% 的影響。

Excluding the impact of Federal, our revenue is expected to be an estimated 3% to 6%. This year, we expect an inorganic contribution of about 1.5%, and we expect to invest about $3 billion in acquisitions this fiscal year. For adjusted operating margin, we expect fiscal year '26 to be 15.7% to 15.9%, a 10 to 30 basis point expansion over adjusted fiscal '25 results.

排除聯邦的影響，我們的收入預計將成長3%至6%。今年，我們預計無機貢獻約為 1.5%，我們預計本財年將投資約 30 億美元用於收購。對於調整後的營業利潤率，我們預計 26 財年為 15.7% 至 15.9%，比調整後的 25 財年業績擴大 10 至 30 個基點。

We expect our annual adjusted tax rate -- effective tax rate to be in the range of 23.5% to 25.5%. This compares to an adjusted effective tax rate of 23.6% in fiscal '25. We expect our full year adjusted diluted earnings per share for fiscal '26 to be in the range of $13.52 to $13.90 or 5% to 8% growth over adjusted fiscal '25 results.

我們預計年度調整後稅率—有效稅率將在 23.5% 至 25.5% 之間。相較之下，25 財年的調整後有效稅率為 23.6%。我們預計 26 財年全年調整後每股攤薄收益將在 13.52 美元至 13.90 美元之間，或比 25 財年調整後業績增長 5% 至 8%。

For the full fiscal '26, we expect operating cash flow to be in the range of $10.8 billion to $11.5 billion, property and equipment additions to be approximately $1 billion and free cash flow to be in the range of $9.8 billion to $10.5 billion. Our free cash flow guidance reflects a very strong free cash flow to net income ratio of 1.2.

對於整個 26 財年，我們預計營運現金流將在 108 億美元至 115 億美元之間，財產和設備增加額約為 10 億美元，自由現金流將在 98 億美元至 105 億美元之間。我們的自由現金流指引反映出非常強勁的自由現金流與淨收入比率，為 1.2。

We expect to return at least $9.3 billion through dividends and share repurchases, an increase of $1 billion or 12% from fiscal '25. Our Board of Directors declared a quarterly cash dividend of $1.63 per share to be paid on November 14, a 10% increase over last year and approved $5 billion of additional share repurchase authority. We remain committed to returning a substantial portion of our cash generated to shareholders.

我們預計透過股利和股票回購返還至少 93 億美元，比 25 財年增加 10 億美元或 12%。我們的董事會宣布將於 11 月 14 日支付每股 1.63 美元的季度現金股息，比去年增加 10%，並批准 50 億美元的額外股票回購權。我們仍然致力於將大部分現金回饋給股東。

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

好了，讓我們開始回答你們的問題。亞歷克西亞？

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

謝謝，安吉。（接線生指示）接線員，請您為通話人員提供指示好嗎？

(Operator Instructions) Tien-Tsin Huang, JPMorgan.

（操作員指令）Tien-Tsin Huang，摩根大通。

Good presentation here. My first question, I'll ask on visibility on revenue growth, if that's okay. Just would love to hear your thoughts on visibility compared to the last couple of years, given the backlog, which is quite big with large deals. You have the pipeline, of course. And then what you're seeing on discretionary spending given the economic backdrop as you see it?

這裡的介紹很精彩。我的第一個問題是，如果可以的話，我想問一下收入成長的可見性。我很想聽聽您對與過去幾年相比的可見性的看法，考慮到積壓的訂單，大型交易的積壓量相當大。當然，你有管道。那麼，考慮到您所看到的經濟背景，您對可自由支配的支出有何看法？

Let me start with that. As we look at FY26, we feel really good about our positioning. And so as you said, you saw our strong bookings of $80.6 billion in FY25, that positions us for FY26, we can see our backlog from the large deals and if you look at our pipeline and looking at our pipeline, it's solid overall, and we see strong demand for our large transformation deals.

讓我從那開始。展望 26 財年，我們對自己的定位感到非常滿意。正如您所說，您看到我們在 2025 財年的訂單量高達 806 億美元，這為我們在 2026 財年奠定了基礎，我們可以看到大宗交易的積壓訂單，如果您查看我們的管道並查看我們的管道，就會發現它總體上是穩固的，我們看到對大型轉型交易的強勁需求。

From a discretionary perspective, what we've assumed is at the top end of the range, there's no change in discretionary spend; while at the bottom of the range, it allows for deterioration. And by the way, as you think about our guidance of two to five excluding AFS, we're at three to six for the year.

從可自由支配的角度來看，我們假設在範圍的頂端，可自由支配的支出沒有變化；而在範圍的底部，可自由支配的支出則會出現惡化。順便說一句，考慮到我們的指導價為 2 到 5 美元（不包括 AFS），那麼我們今年的目標價是 3 到 6 美元。

Okay. Just maybe, Julie, I'd like your AI remarks. Can you guess -- I want to dig in a little bit more, if you don't mind. Just give us your latest thoughts on AI-driven productivity and those gains and how they might unfold? I get that question quite a bit from investors.

好的。朱莉，也許我喜歡你的人工智慧評論。你能猜到嗎——如果你不介意的話，我想深入挖掘一下。請告訴我們您對人工智慧驅動的生產力和這些收益的最新看法以及它們將如何發展？我常聽到投資者問這個問題。

Do you see potential deflationary effects? And how might that impact Accenture services, both positively and negatively?

您是否看到了潛在的通貨緊縮效應？這會對埃森哲的服務產生什麼正面和負面的影響？

Great. Thanks, Tien-Tsin. So we don't see AI as deflationary. We do see and are seeing it as expansionary similar to every tech evolution we've been through. The move from an analog to digital, from on-prem to cloud and SaaS and -- as many of you who've been with us over the course of the years have known in every successive tech evolution, we've become stronger.

偉大的。謝謝，Tien-Tsin。所以我們並不認為人工智慧會導致通貨緊縮。我們確實看到並且正在將其視為與我們經歷過的每一次科技革命類似的擴張性變革。從類比到數位、從本地到雲端和 SaaS 的轉變——正如多年來一直與我們合作的許多人所知道的那樣，在每一次連續的技術變革中，我們都變得更加強大。

And so if you look at AI, we see the same thing. Yes, AI absolutely boosts efficiency in areas like coding or operations. But those savings don't disappear. They're being reinvested into new priorities. The list of what our clients want to do with technology is truly virtually unlimited.

所以如果你觀察人工智慧，我們會看到同樣的事情。是的，人工智慧確實提高了編碼或操作等領域的效率。但這些儲蓄不會消失。它們正被重新投資於新的優先事項。我們的客戶希望利用科技實現的事情幾乎是無限的。

And so when we can save the money by delivering our services with advanced AI that frees up their budget to do the next things on their list and that's what they're doing. They're always going to those next priorities, and we're best positioned then to help them. That is how we delivered our 7% growth last year. I mean two years in, we're seeing the pattern for how that journey to advanced AI is expanding our business.

因此，當我們透過提供先進的人工智慧服務來節省資金時，他們就可以騰出預算來做他們清單上的下一件事，而這正是他們正在做的事情。他們總是會考慮下一個優先事項，而我們則處於最佳位置來幫助他們。這就是我們去年實現 7% 成長的原因。我的意思是，兩年過去了，我們看到了先進人工智慧之旅如何擴展我們的業務的模式。

And by the way, I will add that one of the most consistent things that I'm telling CEOs today is that their AI strategy has to focus on both growth and productivity. And almost every CEO that I've talked to says they pivoted way too far towards productivity and not enough to grow, which, of course, we are helping them list with things like Song.

順便說一句，我今天告訴執行長們最一致的事情之一是，他們的人工智慧策略必須同時專注於成長和生產力。幾乎每位與我交談過的執行長都表示，他們過於注重生產力，而沒有充分考慮成長，當然，我們正在幫助他們列出像 Song 這樣的東西。

And we give that advice really from our own experience and how we have successfully grown through every tech evolution, embracing the productivity on one side and then capturing the opportunity it creates on the other side by helping our clients.

我們給出的建議實際上是基於我們自身的經驗以及我們如何在每一次技術變革中成功成長，一方面擁抱生產力，另一方面透過幫助我們的客戶來抓住它所創造的機會。

Dave Koning, Baird.

戴夫·科寧，貝爾德。

Yes, great job and great to see GenAI bookings reaccelerate. A question, I guess, a little like Tien-Tsin's question. Just wanted to ask about the balance between GenAI and managed services. You do a ton of managed services work. You get to know client operations really well.

是的，幹得好，很高興看到 GenAI 的預訂量再次加速。我猜這個問題有點像 Tien-Tsin 的問題。只是想問一下 GenAI 和託管服務之間的平衡。您做了很多託管服務工作。您非常了解客戶營運。

. You can probably go in and recommend GenAI work and gain a lot of share there, but then maybe display some managed services, and how does that really balance between consulting and managed services over time? And does the net of it all push revenue and margins higher?

。您可能可以推薦 GenAI 的工作並在那裡獲得很多份額，但隨後可能會展示一些託管服務，那麼隨著時間的推移，諮詢和託管服務之間如何真正實現平衡？所有這些因素加起來是否會推高收入和利潤率？

So well, first, let me just kind of ground you in how we're thinking about consulting and managed services in FY26, just so we all have like kind of the facts of how we're thinking about FY26. And then I'll give you some more color on how we see those things actually work in the market. So Angie, why don't you just ground them in the FY26.

那麼，首先，讓我先向您介紹我們對 26 財年諮詢和託管服務的看法，這樣我們就能了解我們對 26 財年的看法。然後我會給你進一步解釋我們如何看待這些東西在市場上的實際運作。那麼安吉，為什麼不把它們放在 FY26 上呢？

So overall, for our guidance for FY26, both Consulting and Managed Services are balanced. We see both of them in the low to mid-single-digit range. So that's the context.

因此，總體而言，對於 26 財年我們的指導，諮詢和託管服務都是平衡的。我們看到它們都處於低至中等個位數範圍內。這就是背景。

And then as -- and how it actually works out on the ground, right, is that as you think about enterprise-wide strategies, A lot of times what we're talking to our clients about is where do you invest and build proprietary capabilities, where do you want to buy capabilities and where are you best situated to go faster because you're partnering and buying them through a managed service like Accenture.

然後，當考慮企業範圍的策略時，它實際上如何發揮作用，很多時候我們與客戶討論的是您在哪裡投資和構建專有能力，您想在哪裡購買能力，以及您在哪裡處於最佳位置以更快地發展，因為您正在與埃森哲等託管服務合作併購買它們。

And so what we're seeing a lot of is, for example, companies that are really behind, they're not as far along in their tech journey, they need managed services because they simply can't go fast -- it's not just a cost play. They want the cost takeout, but they want to use everything we've invested in our platforms to get them to the advanced AI. Similarly, in the core operations, things like digital manufacturing, supply chain, we're developing more and more managed services there in order to allow them to go faster.

因此，我們看到很多情況是，有些公司確實落後了，他們在技術旅程中還沒有走那麼遠，他們需要託管服務，因為他們根本無法快速發展——這不僅僅是成本問題。他們想要降低成本，但他們想利用我們在平台上投資的一切來讓他們獲得先進的人工智慧。同樣，在核心營運方面，例如數位製造、供應鏈，我們正在開發越來越多的託管服務，以使它們能夠更快地發展。

And so we see this kind of continuing to develop as we have over the last several years where managed services have become very strategic, they're not just a cost play. And of course, the more we can save the money in the way that we deliver, right, so using advanced AI that allows them to then reinvest into the business.

因此，我們看到這種趨勢正在持續發展，正如過去幾年所看到的那樣，託管服務已經變得非常具有戰略意義，而不只是成本遊戲。當然，我們可以透過交付方式節省更多的錢，對吧，所以使用先進的人工智慧可以讓他們重新投資到業務中。

And so very similar patterns, Managed Services really for the last five or six years has become a very important part to the strategy of companies and how to use advanced technology now with advanced AI faster.

因此，非常相似的模式，託管服務在過去五、六年中確實已成為公司策略中非常重要的一部分，以及如何更快地使用先進技術和先進的人工智慧。

Great. No, that's super helpful. And then maybe just a quick follow-up, are you expecting about a similar Q4 headwind through the first three quarters of this year and then anniversary it in Q4 and then kind of going forward, maybe not having much impact at all? Is that kind of how you're modeling it?

偉大的。不，這非常有幫助。然後也許只是一個快速的跟進，您是否預計今年前三個季度會出現類似的第四季度逆風，然後在第四季度達到週年紀念日，然後向前發展，可能不會產生太大的影響？這就是你建模的方式嗎？

That's exactly right, we're -- we expect it to anniversary at the end of Q3.

完全正確，我們預計它將在第三季末迎來週年紀念日。

James Faucette, Morgan Stanley.

摩根士丹利的詹姆斯·福塞特。

I appreciate all the incremental color and DTL here from everybody. wanted to ask, we see, at least in the forecast a little bit of increase in CapEx, et cetera. Wondering if you can give us a little bit of detail where that investment is going and how we should expect that to play out further?

我感謝大家在這裡提供的所有增量色彩和 DTL。想問一下，我們看到，至少在預測中資本支出會略有增加，等等。想知道您是否可以向我們詳細介紹這筆投資的去向以及我們對其未來發展的預期？

Sure. So Jim, on CapEx, we expect about $1 billion this year, which is about $400 million more than FY25. And this is really about us expanding our real estate and leasehold improvements in certain geographies, certain major markets for us because we're bringing more people back to the office. So that's why.

當然。吉姆，就資本支出而言，我們預計今年約為 10 億美元，比 25 財年多出約 4 億美元。這實際上是關於我們在某些​​地區、某些主要市場擴大我們的房地產和租賃改良，因為我們正在讓更多的人回到辦公室。這就是原因。

Yes, kind of what I suspected. And then the second thing was just you mentioned and we saw the reacceleration in GenAI and bookings, et cetera, how is the pricing of those projects evolving and has the velocity of projects transitioning from proof of concept to production changed at all?

是的，正如我所懷疑的那樣。然後第二件事就是您提到的，我們看到 GenAI 和預訂等的重新加速，這些項目的定價是如何變化的，項目從概念驗證到生產的轉變速度是否有所變化？

Yes. Let me just start on the pricing. And for our GenAI projects and the pure GenAI that we were -- or advanced AI that we've been talking about, we do see pricing that is accretive overall to Accenture's average.

是的。讓我先從定價開始說起。對於我們的 GenAI 專案和純 GenAI，或者我們一直在談論的高級 AI，我們確實看到定價總體上高於埃森哲的平均水平。

Yes. And in terms of acceleration in terms of kind of moving from proof of concept to production, right, we're seeing more and more now move into production because it's just -- we're helping them with the proof of concept and then we're helping them scale.

是的。就從概念驗證到生產的加速而言，我們看到越來越多的企業開始進入生產階段，因為我們正在幫助他們進行概念驗證，然後幫助他們擴大規模。

But you also are just continuously seeing companies that weren't as fast out of the block now starting proof of concept. So it really is a cycle that many companies are going to go through. So -- and you've got leaders who are way ahead. You've got other companies that are just getting started.

但你也會不斷看到那些行動較不迅速的公司現在開始進行概念驗證。所以這確實是許多公司都會經歷的一個週期。所以——你們擁有遙遙領先的領導者。還有其他公司剛起步。

And what I would say is rather than a reacceleration or deceleration, these things are going to be like everything. They're going to be lumpy, right, in terms of it. So -- but what we really look at is the overall trend of how much growth that we are getting and our share of this new spend.

我想說的是，這些事情不會再加速或減速，而是會像一切一樣。從這一點來說，它們將會變得笨重，對吧。所以——但我們真正關注的是我們獲得的成長量以及我們在這些新支出中所佔份額的整體趨勢。

Jamie Friedman, Susquehanna.

薩斯奎漢納的傑米·弗里德曼。

I too appreciate your prepared remarks really thought-provoking. I wanted to ask, Julie, about the way you're defining advanced AI. And I think at the transcript (technical difficulty) physical AI, I'm actually asking about why you're saying you won't -- you're not including data because we've sort of been train the data is foundational. So why is the data component not in the definition of advanced AI?

我也很欣賞您準備好的發言，它確實發人深省。朱莉，我想問你對高階人工智慧的定義。我認為在成績單（技術難度）物理人工智慧方面，我實際上是在問為什麼你說你不會——你不包括數據，因為我們一直在訓練數據是基礎。那為什麼資料組件不在高階人工智慧的定義中呢？

Because what we're trying to share with you is how we're taking spend in a new market. And by the way, data is absolutely critical. In fact, one out of every two projects in GenAI, agentic AI, physical AI is now has significant data pull-through. So our data business is on fire, right?

因為我們想與您分享的是我們如何在新市場中開展業務。順便說一句，數據絕對至關重要。事實上，GenAI、代理AI、物理AI中每兩個項目中就有一個現在具有重要的資料拉通。那麼我們的數據業務很火爆，對嗎？

Like this is an absolutely critical area. Companies are just getting started. It's nascent in many places. It's part of the digital core that we're building. It's just that to date, we wanted to share with all of you transparently the really new areas. So data is part of the digital core that's growing.

這是一個絕對關鍵的領域。公司才剛起步。在許多地方，它還處於萌芽階段。這是我們正在建立的數位核心的一部分。只是到目前為止，我們想與大家透明地分享真正新的領域。因此，數據是不斷增長的數位核心的一部分。

We've shared with you that 60% of our revenue is from the ecosystem partners, that's including the data. And look, going forward, now that advanced AI is, in fact, in all of the work because it's either actual work or we're getting ready for the work, we'll think about how to share that. But just to date since it started for all of us, like really from negligible revenue, we wanted to share how we've been specifically accelerating in the new area of spend.

我們曾與大家分享過，我們 60% 的收入來自生態系統合作夥伴，其中包括數據。展望未來，既然先進的人工智慧實際上已經融入所有工作中，無論是實際工作還是我們正在為工作做準備，我們都會考慮如何分享它。但到目前為止，對我們所有人來說，自從它開始以來，就像真的從微不足道的收入開始一樣，我們想分享我們如何在新的支出領域中具體加速發展。

Got it. And then going further, will you say that every new wave of technology has a time where you have to train and retool and your core competence is to do that at scale. So I'm just wondering, relative to prior technology, and you alluded to some of this in prior architectures, but how do you think about that requirement, which you have tremendous mind share at, which is to do technology at scale, how do you think about this relative to some of the previous technological evolutions?

知道了。然後進一步說，您是否會說，每一次新科技浪潮都需要您進行培訓和重新裝備，而您的核心競爭力就是大規模地做到這一點。所以我只是想知道，相對於之前的技術，您提到了之前的架構中的一些內容，但是您如何看待這個要求，您對此有著巨大的共識，即大規模地實施技術，您如何看待這個相對於之前的一些技術發展？

It's going faster. I mean there is so much demand and the technology is moving faster. So the more advanced skills and the new types of skills is coming faster. And that's why we're being very decisive, right? Upfront, we said we've got to start training everyone in the new skills.

它進展得更快了。我的意思是需求很大而且技術發展得更快。因此更高級的技能和新類型的技能來得更快。這就是我們如此果斷的原因，對嗎？首先，我們說過我們必須開始訓練每個人的新技能。

We're now saying we've got to move faster to that. And also remember that when we went into this, we'd already trained about 500,000 of our people on classical AI because going back to FY19, we said the next decade would be about tech cloud, data, and AI. So we start with a very strong base. And this is definitely moving fast in terms of how fast the demand is coming and the importance of us really winning the talent rotation.

我們現在說我們必須加快步伐實現這一目標。還記得，當我們進入這個領域時，我們已經對大約 50 萬名員工進行了傳統人工智慧培訓，因為早在 2019 財年，我們就說過下一個十年將是關於技術雲端、數據和人工智慧的。因此，我們從一個非常強大的基礎開始。從需求成長速度和我們真正贏得人才輪替的重要性來看，這無疑進展迅速。

Bryan Bergin, TD Cowen.

布萊恩·伯金 (Bryan Bergin)，TD Cowen。

My first question on GenAI impact. Can you just speak about client behavior in seeking to use GenAI and agentic solutions more themselves? You mentioned the efficiencies from the tech in areas like software development. I'm curious if you're seeing more clients seeking to then benefit to do that more themselves versus with third parties?

我的第一個問題是關於 GenAI 的影響。您能否談談客戶在尋求更多使用 GenAI 和代理商解決方案時的行為？您提到了該技術在軟體開發等領域帶來的效率。我很好奇，您是否看到更多客戶尋求透過自己做而不是透過第三方來獲得更多利益？

And also curious if you've seen clients that thought they could do it themselves 6, 12 months ago and then realize they do need help and they return to you.

而且我很好奇您是否見過這樣的客戶：6 個月或 12 個月前，他們以為自己可以做到，然後意識到他們確實需要幫助，所以又回到了您這裡。

Yes. And in fact, especially early on because GenAI seems so simple, right? And then the reality is it's not the technology that is the biggest barrier, it is actually being able to get the mindset reorganize around how best to use it, the ability to do the change management, the process reinvention.

是的。事實上，尤其是在早期，因為 GenAI 看起來很簡單，對吧？而事實是，最大的障礙不是技術，而是能夠重新組織思考方式，如何最好地運用技術，進行變革管理的能力，以及流程重塑的能力。

And if you think about your average company, their core competencies inside are not things like end-to-end process reinvention, right? You're hard-pressed to find a CEO that doesn't say, I feel like my organization is too siloed. I feel like we don't have the right way of managing our data.

如果你考慮一下普通公司，他們內部的核心競爭力不是端到端流程重塑之類的東西，對嗎？你很難找到一位不說「我覺得我的組織太孤立了」的 CEO。我覺得我們沒有正確的方式來管理我們的數據。

And so we've had lots of clients who have started things on their own and then come to us who've got good proof of concept that their team was able to do, but then just can't scale it. I mean, I'm doing right now like just in the next few weeks, I'm personally leading a few different workshops with the entire C-suites of companies where the focus is, share with us how do we actually scale it and what can we really do now, right?

因此，我們有很多客戶，他們自己開始做一些事情，然後來找我們，他們有很好的概念證明，他們的團隊能夠做到，但就是無法擴大規模。我的意思是，我現在正在做的事情，就像在接下來的幾週內，我將親自主持幾個不同的研討會，與整個公司的 C 級高管一起，重點是，與我們分享我們如何實際擴展它以及我們現在真正能做什麼，對嗎？

What is the -- because as -- we're a couple of years into this, like we have a number of solutions, which we're now doing repeatedly within industries and across industries, and our clients are looking for us to share that success so that they can stop just having their own team saying, "Well, I have this idea, this idea," and saying, "How can we actually get scale now?

這是什麼原因呢？因為我們已經在這個領域耕耘了幾年，我們有了一系列的解決方案，現在我們正在各個行業內和跨行業中反复實踐，我們的客戶希望我們分享成功經驗，這樣他們就不會再只是讓自己的團隊說“嗯，我有這個想法，這個想法”，然後說“我們現在怎樣才能真正實現規模化？

Okay. That's helpful. And then a follow-up on the business optimization plan. Can you talk about maybe assumed savings you expect to achieve from this optimization plan and how it may help you evolve your operations? I'm specifically curious if you see that kind of combined with GI adoption internally, allowing you to operate at a sustainably higher utilization as that did tick up this quarter.

好的。這很有幫助。然後跟進業務優化計劃。您能否談談您期望透過該優化計劃實現的節省以及它如何幫助您改進營運？我特別好奇的是，您是否看到這種與內部 GI 採用相結合的方式，使您能夠以可持續的更高利用率運營，因為本季度利用率確實有所上升。

Bryan, I think that for overall, we expect savings of over $1 billion from our business optimization program, which we expect that we will reinvest in our business and in our people because it's so important for our future growth. And so we expect to reinvest that while still delivering mass margin expansion.

布萊恩，我認為總體而言，我們預計透過業務優化計畫可以節省超過 10 億美元，我們預計將把這些資金重新投資於我們的業務和員工，因為這對我們未來的發展非常重要。因此，我們希望進行再投資，同時仍能實現利潤的大幅擴張。

Yes. And then in terms of like kind of the connection, just making sure like this particular -- like these moves are primarily due to our talent strategy and then the other piece was an exit of a couple of nonstrategic acquisitions.

是的。然後就這種連結而言，只是確保像這樣的特別舉措——這些舉措主要歸功於我們的人才策略，而另一部分是退出一些非策略性收購。

But on the talent strategy, it's more around well -- our number one strategy is of skilling, given the skills we need, and we've had a lot of experience in upskilling, we're trying to in a very compressed time line where we don't have a viable path for skilling sort of exiting people so we can get more of the skills in we need.

但在人才策略方面，我們的首要策略是技能培養，考慮到我們所需的技能，我們在提陞技能方面擁有豐富的經驗，我們試圖在非常緊迫的時間內，在沒有可行的途徑讓現有員工獲得技能的情況下，獲得更多我們需要的技能。

That's really not related to kind of the utilization piece in terms of like it ticking up to 93%. We think it will stay in the zone, right, in the low 90s to that, and it will fluctuate a little bit. But to your point around sort of what can we do long term?

就利用率上升至 93% 而言，這實際上與利用率無關。我們認為它會保持在該區域，在 90 度出頭左右，並且會有一點波動。但對於您所提到的我們能長期做些什麼呢？

We are continuously looking at, as the technology matures, our new structure around reinvention services, we'll look to see are there ways that we can use the technology to deliver our services and operate Accenture in its core better. And that's one of the reasons why we have the new reinvention services to like really simplify how we're operating because that makes it much easier to start to use this AI. So more to come as we fully roll out that model and identify new opportunities.

隨著技術的成熟，我們不斷關注圍繞重塑服務的新結構，我們將研究是否有辦法利用技術來提供我們的服務並更好地運作埃森哲的核心。這就是我們推出新的重塑服務的原因之一，它可以真正簡化我們的營運方式，讓我們更容易開始使用人工智慧。隨著我們全面推出該模型並發現新的機會，將會有更多成果。

Darrin Peller, Wolfe Research.

達林佩勒，沃爾夫研究公司。

It's good to hear from what it sounds like, the pace of procurement change has calmed down a bit from the government side such that you can forecast those. I guess, number one, just to verify, that's why you feel more confident around forecasting on it?

聽到這樣的消息是件好事，從政府方面來看，採購變化的步伐已經有所放緩，因此你可以進行預測。我想，首先，只是為了驗證一下，這就是為什麼您對預測更有信心？

But then there's a lot of policy changes, just want to touch on a couple and ask your thoughts lately. Number one, now that we have a little more clarity on tariffs, do you see more capital investment by -- especially in areas like products?

但是有很多政策變化，我只想談其中幾個並詢問您最近的想法。第一，現在我們對關稅有了更清晰的認識，您是否認為資本投資會增加－特別是在產品等領域？

Number two, maybe you could just comment on H-1B changes or potential changes. What are your thoughts around either wages or the pace of hiring of H-1Bs going forward? And how it may or may not impact the business? And then just a quick one on health care and The Big Beautiful Bill, if any impact you're seeing there?

第二，也許您可以評論 H-1B 的變化或潛在的變化。您對未來 H-1B 簽證的薪資或招募速度有何看法？它對業務有何影響？然後簡單談談醫療保健和《美麗新法案》，您是否看到了任何影響？

Great. Well, thanks. So just quickly on Federal. We do see procurement is now starting to pick up, although it's still slower than it has been in the past. The demand in Federal is very much around modernization, consolidation, efficiency.

偉大的。嗯，謝謝。所以，簡單談談聯邦。我們確實看到採購現在開始回升，儘管速度仍然比過去慢。聯邦的需求主要集中在現代化、整合和效率方面。

Tech is at the center. So lots of demand around ERP and platforms. Our position with the ecosystem is really key here and our strategy to expand to that partnership -- those partnerships is also important. We're really pleased with our new partnership with Palantir, which is really playing a critical role in federal. So we feel good about where we are in federal and are relevant to the administration's agenda, and that's what we're really focused on is being relevant to our clients. So that's Federal.

技術是中心。因此，對 ERP 和平台的需求很大。我們在生態系統中的地位在這裡非常關鍵，而我們擴大合作關係的策略——這些合作關係也很重要。我們對與 Palantir 建立的新合作夥伴關係感到非常高興，Palantir 在聯邦政府中發揮著至關重要的作用。因此，我們對自己在聯邦政府中的地位以及與政府議程的相關性感到滿意，而我們真正關注的是與客戶的相關性。這就是聯邦。

On capital investment, I would say it's still a little early, right? I mean we -- obviously, you've seen the improvement in with the cut in interest rates. We're a global company. So there's a lot of stuff going on around the world. And so I think it's just a little bit too early to call yet whether -- how much this is going to open up on the capital investment.

關於資本投資，我想說現在還太早，對嗎？我的意思是——顯然，你已經看到了利率降低的改善。我們是一家全球性公司。世界各地發生了很多事情。因此我認為現在判斷這將對資本投資帶來多大程度的開放還為時過早。

Of course, we're growing very significantly and taking advantage of the investments that are already happening, as you saw in our capital projects business. On H-1B visas, for us, this is really a nonissue because we only have about 5% of our people in the US on H-1B visas and there are four really specialized experience and skills for our clients. So not something that is really a big impact on Accenture. And

當然，正如您在我們的資本項目業務中看到的那樣，我們正在取得顯著成長並利用已經發生的投資。對於 H-1B 簽證來說，這實際上不是什麼問題，因為我們在美國祇有大約 5% 的員工持有 H-1B 簽證，而且我們為客戶提供四種真正專業的經驗和技能。因此，這對埃森哲來說並不是什麼重大影響。和

then whether it's health care or a lot of the different policy changes, remember, our business thrives by helping our clients navigate change, right? So what we're seeing is that every time there's a policy changes, and this has been true for decades, right? That's why in our business, we have industry expertise, we have the functional expertise.

那麼無論是醫療保健還是許多不同的政策變化，請記住，我們的業務是透過幫助客戶應對變化而蓬勃發展的，對嗎？所以我們看到每次政策都會發生變化，幾十年來一直如此，對嗎？這就是為什麼在我們的業務中，我們擁有行業專業知識和功能專業知識。

And -- so when you have new compliance rules, et cetera, like that usually drives more business for us. And so at this point, we see an opportunity to really stay close to our clients and help them navigate and take advantage and comply with new policy changes. And that's true in the health care, and it's really true across the board.

因此，當您有新的合規規則等時，這通常會為我們帶來更多的業務。因此，此時此刻，我們看到了一個真正貼近客戶並幫助他們適應、利用和遵守新政策變化的機會。在醫療保健領域確實如此，在各個領域都是如此。

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。

Jim Schneider, Goldman Sachs.

高盛的吉姆·施耐德。

Julie, I just wanted to follow-on on your comment that you expect headcount to grow during the course of the fiscal year across all regions? Can you maybe kind of frame for us the magnitude of that and the timing for it given the context of some of the other business optimization actions you're seeing, where would you expect headcount growth to land exiting the year perhaps?

朱莉，我只是想繼續你的評論，你預計本財年所有地區的員工人數都會增加？考慮到您所看到的其他一些業務優化行動的背景，您能否為我們描述一下這一舉措的規模和時機，您預計今年年底員工人數的增長將會達到什麼水平？

I'll take that. What I would tell you is, look, we expect it to grow across all markets. We don't have a specific number that we're giving you. But based upon the demand that we see, we expect our headcount to grow.

我會接受的。我想告訴你的是，我們預計它將在所有市場實現成長。我們沒有提供給您具體的數字。但根據我們看到的需求，我們預計員工人數將會增加。

Great. And then as a follow-up on that, if you can sort of maybe talk about the net impact of AI using internally to optimize your own work, your own business. Utilization, as I think you mentioned earlier, 93%, that's basically hitting a new record. But when would we expect that to see that either reflected in even higher utilization or potentially gross margins even though we don't -- you don't manage directly to that?

偉大的。然後作為後續問題，您是否可以談談內部使用人工智慧來優化您自己的工作和業務的淨影響。利用率，我想您之前提到過，是 93%，這基本上創下了新紀錄。但是，我們什麼時候才能看到這一點體現在更高的利用率或潛在的毛利率上，即使我們沒有——你沒有直接做到這一點？

Yes. Remember, right now, our utilization is really a reflection of the kind of momentum and demand that we're seeing. You saw the bookings rate. And so our utilization, we would expect to continue to move around in the low 90s. So we don't have a structural change in utilization due to AI.

是的。請記住，現在，我們的利用率實際上反映了我們所看到的動力和需求。您看到了預訂率。因此，我們預計我們的利用率將繼續保持在 90 左右。因此，我們的利用率並沒有因為人工智慧而發生結構性變化。

We are already embedding AI, particularly in our big platforms like Gen Wizard to drive efficiencies, and that's reflected in both our bookings and in our guide for the year. And we're going to continue to be the leader because that is what works, right? As you lead yourself. We're able to take that to our clients, we're able to show them how we're doing it and then help them do it in their business. So that's kind of how it's developing.

我們已經嵌入人工智慧，特別是在 Gen Wizard 等大型平台中，以提高效率，這反映在我們的預訂量和年度指南中。我們將繼續保持領先地位，因為這是有效的，對嗎？正如你領導你自己。我們能夠將其帶給我們的客戶，我們能夠向他們展示我們是如何做到的，然後幫助他們在他們的業務中做到這一點。這就是它的發展方式。

This concludes the question-and-answer session. I'd like to turn the conference back over to Julie Sweet for closing remarks.

問答環節到此結束。我想將會議交還給朱莉·斯威特 (Julie Sweet) 做結束語。

Terrific. Thanks again, 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 earn your trust and a huge thank you to all of our reinventors because you are why we are able to deliver these results. Thanks again.

了不起。再次感謝大家的參與。最後，我只想感謝所有股東一直以來的信任與支持。我們每天都在努力贏得你們的信任，並向我們所有的重塑者致以誠摯的謝意，因為正是因為你們，我們才能夠取得這些成果。再次感謝。

Thank you. Today's 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。今天的發表會到此結束，感謝大家參加今天的演講。現在您可以斷開線路，享受美好的一天。