埃森哲 (ACN) 2026 Q1 法說會逐字稿

Good morning. Thank you for standing by. Welcome to Accenture's first quarter fiscal 2026 conference call. (Operator Instructions) As a reminder, this conference is being recorded.

早安.感謝您的耐心等待。歡迎參加埃森哲2026財年第一季業績電話會議。（操作說明）提醒各位，本次會議正在錄音。

I'd now like to turn the conference over to Alexia Quadrani, Managing Director and Head of Investor Relations. Please go ahead.

現在我謹將會議交給董事總經理兼投資人關係主管 Alexia Quadrani 主持。請繼續。

Thank you, operator, and thanks, everyone, for joining us today on our first quarter 2026 earnings announcement. As the operator mentioned, I'm Alexia Quadrani, Executive Director, Head of Investor Relations. On today's call, you will hear from Julie Sweet, our Chair and Chief Executive Officer; and Angie Park, our Chief Financial Officer. We hope you've had an opportunity to review the news release we issued a short time ago.

謝謝接線員，也謝謝各位今天收看我們2026年第一季財報發表會。正如接線員所說，我是 Alexia Quadrani，執行董事，投資者關係主管。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 和我們的財務長 Angie Park 的演講。希望您有機會閱讀我們不久前發布的新聞稿。

Let me quickly outline the agenda for today's call. Julie will begin with an overview of our results. Angie will take you through the financial details, including the income statement and balance sheet, along with some key operational metrics for the first quarter. Julie will then provide a brief update on our market positioning before Angie provide our business outlook for the second 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。Julie 將首先概述我們的研究結果。安吉將帶您了解財務細節，包括損益表和資產負債表，以及第一季的一些關鍵營運指標。接下來，Julie 將簡要介紹我們的市場定位情況，然後 Angie 將介紹我們對 2026 財年第二季和全年的業務展望。接下來我們會回答您的問題，最後朱莉會做總結發言。

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 the 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，都是前瞻性的，因此會受到已知和未知風險及不確定性的影響，包括但不限於今天新聞稿中列出的因素，以及我們在 10-K 表格年度報告、10-Q 表格季度報告和其他提交給美國證券交易委員會的文件中討論的因素。這些風險和不確定性可能導致實際結果與電話會議中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, will 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 call.

在今天的電話會議中，我們將提及一些非GAAP財務指標，我們認為這些指標能夠為投資者提供有用的信息。我們將在新聞稿或本公司網站accenture.com的投資人關係欄位中酌情提供非GAAP財務指標與GAAP的調節表。與以往一樣，埃森哲不承擔更新本次電話會議中所提供資訊的義務。

Now let me turn the call over to Julie.

現在我把電話交給茱莉。

Thank you, Alexia and everyone, for joining this morning. Apologies in advance for my voice, I'm getting over a seasonal cold, and my voice is not quite cooperating. And really wanted to start today by thanking our nearly 784,000 people around the world for your extraordinary work and your commitment to our clients, which enabled us to deliver another strong quarter.

謝謝Alexia以及各位今天早上的參與。請提前原諒我的聲音，我正在從季節性感冒中恢復，嗓子不太好使。首先，我要感謝全球近 784,000 名員工，感謝你們的卓越工作和對客戶的奉獻，使我們能夠取得又一個強勁的季度業績。

Let me begin by sharing that we are very proud to have earned the number four spot on the Great Place to Work list of the world's best workplaces, our highest ever ranking on this prestigious list. This recognition reflects our strategy to be the most client-focused, AI-enabled, Great Place to Work for reinventors. It is especially meaningful because it is based on feedback from our people worldwide, our ability to attract and retain great talent is one of our most important competitive advantages.

首先，我要分享的是，我們非常自豪地在「最佳工作場所」榜單中位列第四，這是我們在該權威榜單上取得的最高排名。這項認可體現了我們致力於成為以客戶為中心、人工智慧賦能、創新者理想工作場所的策略。這一點尤其意義重大，因為它是基於我們全球員工的回饋，而我們吸引和留住優秀人才的能力是我們最重要的競爭優勢之一。

Before handing over to Angie, I will briefly highlight the value we delivered this quarter, the importance of our partnership strategy, and this quarter's strategic acquisitions. We are very pleased with our results as we continue executing our strategy to help our clients reinvent every part of their enterprise, reflected in our bookings of $20.9 billion, including 33 clients with quarterly bookings greater than $100 million.

在將發言權交給安吉之前，我將簡要介紹我們本季創造的價值、我們合作策略的重要性以及本季的策略性收購。我們對我們的業績非常滿意，我們將繼續執行我們的策略，幫助我們的客戶重塑企業的各個方面，這體現在我們 209 億美元的訂單額上，其中包括 33 位季度訂單額超過 1 億美元的客戶。

We delivered revenue of $18.7 billion, growing 5% in local currency at the top of our guided range with broad-based growth across markets and both types of work. And we continue to strengthen our competitive position by taking significant 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.

我們實現了 187 億美元的收入，以當地貨幣計算增長了 5%，達到預期範圍的上限，並在各個市場和兩種類型的工作中都實現了廣泛增長。我們透過連續四個季度在與我們最接近的全球上市競爭對手的市場份額基礎上取得顯著的市場份額，不斷鞏固我們的競爭地位，這就是我們計算市場份額的方式。

Adjusted operating margin expanded by 30 basis points year over year, and we delivered adjusted EPS growth of 10% compared to Q1 last year. We continue to invest significantly to execute our talent strategy to rotate our workforce. We have nearly reached our goal of 80,000 AI and data professionals, and our people participated in approximately 8 million training hours this quarter, with a significant focus on building advanced AI technology and industry skills.

經調整後的營業利潤率年增 30 個基點，經調整後的每股盈餘較去年第一季成長 10%。我們將持續投入大量資源來執行人才策略，實現員工輪調。我們已接近實現培養 8 萬名人工智慧和數據專業人員的目標，本季我們的員工參與了約 800 萬小時的培訓，重點是培養先進的人工智慧技術和行業技能。

Advanced AI is increasingly embedded in our large transformation programs, either enabling future enterprise use or being implemented directly as part of our solutions. Our strong leadership in advanced AI is a clear competitive advantage as clients select us to help them capture the value of this technology now and over time and to build the readiness required to adopt it effectively across the enterprise.

先進的人工智慧正日益融入我們的大型轉型計劃中，要么為未來的企業應用提供支持，要么直接作為我們解決方案的一部分進行實施。我們在先進人工智慧領域的強大領導地位是一項明顯的競爭優勢，客戶選擇我們來幫助他們現在和將來獲取這項技術的價值，並建立在整個企業中有效採用這項技術所需的準備工作。

Momentum in the adoption of enterprise AI continues. Our advanced AI bookings this quarter were $2.2 billion, nearly doubling from Q1 last year and also up from Q4. Revenue reached another milestone this quarter at approximately $1.1 billion. As we think about the advanced AI opportunity ahead, as you know, we were the first in our industry to share our bookings and revenue from advanced AI, which we define as GenAI, agentic AI and physical AI and does not include data, classical AI or RPA.

企業人工智慧的應用勢頭持續強勁。本季我們的高級人工智慧預訂金額為 22 億美元，比去年第一季幾乎翻了一番，也比第四季有所成長。本季營收再創新高，達到約11億美元。展望未來先進人工智慧的機遇，如您所知，我們是業內首家分享先進人工智慧（我們將其定義為 GenAI、智能體人工智慧和物理人工智慧，但不包括數據、經典人工智慧或 RPA）預訂量和收入的公司。

We introduced the metrics in Q3 FY23, just months after GenAI burst onto the scene initially to size the reality of the opportunity and to demonstrate our early leadership. At that time, bookings were about $100 million across roughly 100 projects, and revenue was immaterial. We have measured it consistently since that time. To date, we have now delivered approximately $11.5 billion in bookings across 11,000 projects with revenue of $4.8 billion. This will be the last quarter in which we shared these specific metrics.

我們在 2023 財年第三季引入了這些指標，當時 GenAI 剛出現幾個月，目的是為了衡量機會的現實情況，並展示我們早期的領導地位。當時，大約 100 個項目的預訂金額約為 1 億美元，但收入微不足道。自那時起，我們一直持續進行測量。截至目前，我們已完成約 115 億美元的訂單，涵蓋 11,000 個項目，收入達 48 億美元。這將是我們最後一次分享這些具體指標。

The demand for AI is both real and rapidly maturing. We've now reached a point where advanced AI is being embedded in some way across nearly everything we do. And many of our clients are focusing on moving beyond stand-alone price of concept or initiatives. We're shifting to more scaled end-to-end solutions that integrate multiple forms of AI and has become less meaningful to isolate the data specifically for advanced AI as it does not reflect how the demand is evolving on the ground, the full scope of our AI work and the value we're creating.

對人工智慧的需求既真實存在，又正在迅速成熟。我們現在已經到了這樣一個階段：先進的人工智慧正以某種方式融入我們所做的幾乎所有事情中。我們的許多客戶都致力於超越概念或方案的獨立定價。我們正在轉向規模更大的端到端解決方案，這些解決方案整合了多種形式的人工智慧，因此專門針對高級人工智慧隔離資料已經意義不大，因為它不能反映實際需求的演變、我們人工智慧工作的全部範圍以及我們正在創造的價值。

Now turning to our partnership strategy. Our partnership strategy is grounded in client demand. Demand for reinvention remains strong with our clients continuing to prioritize larger transformational programs focused on building their digital core and driving both efficiency and growth. Technology is front and center for every client, and the 60% of our revenue in Q1 from work we do with our top 10 ecosystem partners continue to outpace our overall growth.

現在來談談我們的合作策略。我們的合作策略以客戶需求為基礎。客戶對創新轉型的需求仍然強勁，他們繼續優先考慮規模更大的轉型計劃，重點是建立數位化核心，從而提高效率並促進成長。科技對每位客戶都至關重要，我們第一季 60% 的收入來自與前 10 大生態系統合作夥伴的合作，這一數字繼續超過我們整體的成長速度。

Given the importance of the broader technology ecosystem to our clients, we plan to continue providing insight into the role our top partners play in our growth by maintaining the metric we introduced at the end of FY25, the percentage of our revenue tied to work with our top 10 ecosystem partners and its growth relative to our overall growth as it provides a clear view into our largest, most important partnerships.

鑑於更廣泛的技術生態系統對我們的客戶的重要性，我們計劃繼續提供關於我們頂級合作夥伴在我們成長中所扮演角色的見解，方法是維持我們在 2025 財年末引入的指標，即與前 10 位生態系統合作夥伴合作相關的收入百分比及其相對於我們整體增長的增長情況，因為它可以清晰地展現我們最大、最重要的合作夥伴關係。

We also plan to continue to share our partnership strategy and how we're growing new businesses with an expanded group of partners. Most of our clients operate with a network of ecosystem partners to meet their enterprise needs. They rely on us to help integrate those partners and expect us to be the leader with the most relevant players across their enterprises, including new and emerging players. As a result, it is important that in addition to our top 10, we work with a broad set of partners that play important roles across enterprises.

我們也計劃繼續分享我們的合作策略，以及我們如何與更多合作夥伴共同發展新業務。我們的大多數客戶都與生態系統合作夥伴網路合作，以滿足其企業需求。他們依靠我們來幫助整合這些合作夥伴，並期望我們成為其企業（包括新興企業）中最相關參與者的領導者。因此，除了我們最重要的 10 家合作夥伴之外，與在企業中發揮重要作用的眾多合作夥伴開展合作也至關重要。

Many of you support specific functions such as digital manufacturing, product and engineering, core banking and insurance, supply chain and finance, while others are helping clients advance their AI and data capabilities. Our partnerships are critical to our clients reinventing all parts of their enterprises. Together, they represent meaningful opportunities for growth and further strengthen our ability to deliver comprehensive end-to-end solutions.

你們當中許多人支援特定職能，例如數位製造、產品和工程、核心銀行和保險、供應鏈和金融，而其他人則幫助客戶提升其人工智慧和資料能力。我們的合作夥伴關係對於客戶重塑其企業的各個方面至關重要。它們共同代表著有意義的成長機會，並進一步增強了我們提供全面端到端解決方案的能力。

Over the past year, in response to client demand, we've been expanding and in some cases, forming new partnerships with emerging AI and data companies -- and these -- and we will play a key role in helping our clients use these technologies, including creating new solutions and integrating and leveraging the synergies with their existing ecosystems. These evolving partnerships, which are laid out in our earnings presentation, are a significant competitive advantage for us.

過去一年，為了回應客戶的需求，我們一直在拓展業務，並在某些情況下與新興的人工智慧和數據公司建立了新的合作夥伴關係——我們將發揮關鍵作用，幫助我們的客戶使用這些技術，包括創建新的解決方案，以及整合並利用其與現有生態系統的協同效應。這些不斷發展的合作夥伴關係（已在我們的獲利報告中列出）是我們重要的競爭優勢。

Turning now to our strategic acquisitions. Earlier this week, we announced an agreement to acquire a 65% majority stake in DLB Associates, a US-based leader in AI, data center, engineering, and consulting in the rapidly growing data center professional services market, an estimated $12 billion addressable market expected to double by 2030.

接下來談談我們的策略收購。本週早些時候，我們宣布達成協議，收購 DLB Associates 65% 的多數股權。 DLB Associates 是一家總部位於美國的領先企業，在快速成長的資料中心專業服務市場中，其人工智慧、資料中心、工程和諮詢業務處於領先地位。據估計，資料中心專業服務市場規模為 120 億美元，預計到 2030 年將翻倍。

Along with our FY25 acquisition of UK-based Soben, this meaningfully expands our capital projects capabilities and presence in the high-growth data center consulting market. It also positions us to capture growth not only through the work we do with our -- helping our clients use AI, our primary business, but also in the opportunity created by the company's building the infrastructure to power AI.

加上我們在 2025 財年收購英國 Soben 公司，這將顯著擴大我們在高成長資料中心諮詢市場的資本項目能力和業務範圍。這不僅使我們能夠透過幫助客戶使用人工智慧（我們的主要業務）來抓住成長機遇，而且還能夠抓住公司建立人工智慧基礎設施所帶來的機會。

And this quarter, we also invested $374 million, primarily in six strategic acquisitions. We're scaling our capabilities with SIPAL, integrated product support business in Italy, which brings deep defense and aerospace engineering experience, expertise for mission-critical programs and Total eBiz Solutions in Southeast Asia, which adds AI, cloud, and digital workplace innovation that strengthens Avanade's position in region.

本季度，我們也投資了 3.74 億美元，主要用於六項策略性收購。我們正在透過義大利的整合產品支援業務 SIPAL 擴大我們的能力，SIPAL 帶來了深厚的國防和航空航天工程經驗，以及關鍵任務項目的專業知識；同時，我們還與東南亞的 Total eBiz Solutions 合作，後者帶來了人工智慧、雲端運算和數位化工作場所創新，從而加強了 Avanade 在該地區的地位。

And we're scaling new growth areas with NeuraFlash in the US, a sales force and advanced AI leader whose agentic solutions expand our reach into the mid-market. Yumemi in Japan, which enhances learn advantage with AI learning skilling capabilities to help clients build AI-ready workforces. And Decho in the UK and RANGR Data in the US, which strengthen our Palantir and advanced AI capabilities. In summary, we are pleased with how we delivered the quarter and continue to strengthen our foundation for long-term growth.

我們正在與美國 NeuraFlash 合作，拓展新的成長領域。 NeuraFlash 是一家銷售團隊和先進人工智慧領域的領導者，其代理解決方案將我們的業務拓展到中端市場。日本的 Yumemi 公司利用人工智慧學習技能提昇能力來增強學習優勢，幫助客戶打造具備人工智慧能力的員工團隊。還有英國的 Decho 和美國的 RANGR Data，它們增強了我們的 Palantir 和先進人工智慧能力。總而言之，我們對本季的業績感到滿意，並將繼續加強長期成長的基礎。

Over to you, Angie.

接下來就交給你了，安吉。

Thank you, Julie, and thanks to all of you for joining us on today's call. We are very pleased with our first-quarter result, with revenue at the top of our guided range as well as strong adjusted margin expansion, adjusted EPS growth, and free cash flow. These results reflect the execution of our strategy to be the reinvention partner for our clients. We continue to invest for long-term market leadership while delivering significant value for our shareholders.

謝謝朱莉，也謝謝各位今天參加我們的電話會議。我們對第一季的業績非常滿意，營收達到預期範圍的上限，調整後的利潤率、調整後的每股盈餘和自由現金流也都實現了強勁成長。這些結果反映了我們作為客戶轉型合作夥伴的策略執行情況。我們將繼續投資，以期獲得長期的市場領先地位，同時為股東創造顯著價值。

Now let me summarize a few highlights for the quarter. Revenues grew 5% in local currency, reflecting nearly 4% organic growth and were broad-based across geographic markets and types of work. Excluding the 1% impact from our Federal business, our revenues grew approximately 6% in local currency in Q1. Adjusted operating margin was 17%, an increase of 30 basis points compared to Q1 results last year and continues to include significant investments in our business and our people.

現在讓我總結一下本季的一些亮點。以當地貨幣計算，收入增長了 5%，反映了近 4% 的內生增長，並且增長遍及各個地理市場和各種類型的工作。剔除聯邦業務 1% 的影響，我們第一季的營收以當地貨幣計算成長了約 6%。經過調整後的營業利潤率為 17%，比去年第一季的業績成長了 30 個基點，這也包括了我們對業務和員工的大量投資。

We delivered adjusted EPS in the quarter of $3.94, which represents 10% growth compared to EPS last year. And finally, we delivered free cash flow of $1.5 billion and returned $3.3 billion to shareholders through accelerated repurchases and dividends this quarter. We also invested $374 million, primarily attributed to the six acquisitions in the quarter.

本季調整後每股收益為 3.94 美元，比去年同期成長 10%。最後，本季我們實現了 15 億美元的自由現金流，並透過加速股票回購和分紅向股東返還了 33 億美元。我們也投資了 3.74 億美元，主要用於本季的六項收購。

With those high-level comments, let me turn to some of the details, starting with new bookings. New bookings were $20.9 billion for the quarter, representing 12% growth in US dollars and 10% growth in local currency with an overall book-to-bill of 1.1. Consulting bookings were $9.9 billion with a book-to-bill of 1.0. Managed services' bookings were $11.1 billion with a book-to-bill of 1.2.

綜上所述，接下來我將介紹一些細節，首先是新的預訂情況。本季新增訂單金額為 209 億美元，以美元計算成長 12%，以當地貨幣計算成長 10%，訂單出貨比為 1.1。諮詢服務訂單金額為 99 億美元，訂單出貨比為 1.0。管理服務訂單金額為 111 億美元，訂單出貨比為 1.2。

Turning now to revenues. Revenues for the quarter were $18.7 billion, at the top of our guided range, reflecting a 6% increase in US dollars and 5% in local currency and a foreign exchange impact of 1.4%. Consulting revenues for the quarter were $9.4 billion, up 4% in US dollars and 3% in local currency.

現在來看收入狀況。本季營收為 187 億美元，達到我們預期範圍的上限，以美元計價成長 6%，以當地貨幣計價成長 5%，外匯影響為 1.4%。本季諮詢業務收入為 94 億美元，以美元計算成長 4%，以當地貨幣計算成長 3%。

Managed services' revenues were $9.3 billion, up 8% in US dollars and 7% in local currency, driven by high single-digit growth in technology managed services, which include application managed services and infrastructure managed services and mid-single-digit growth in operations.

管理服務收入達 93 億美元，以美元計算增長 8%，以當地貨幣計算增長 7%，這主要得益於技術管理服務（包括應用管理服務和基礎設施管理服務）的高個位數增長以及運營的中個位數增長。

Turning to our geographic markets. In the Americas, revenue grew 4% in local currency. Excluding the 2% impact from our Federal business, Americas grew 6% in local currency in the quarter. Growth was led by banking and capital markets, industrial, and software platforms, partially offset by a decline in public service. Revenue growth was driven by the United States.

接下來，我們來看看我們的地理市場。在美洲，以當地貨幣計算的收入成長了 4%。剔除聯邦業務 2% 的影響，美洲地區本季以當地貨幣計算成長了 6%。銀行業和資本市場、工業和軟體平台引領了成長，但公共服務業的下滑部分抵消了成長。美國市場是推動營收成長的主要動力。

In EMEA, we delivered 4% growth in local currency, led by growth in banking and capital markets, insurance, and life sciences. Revenue growth was driven by the United Kingdom and Italy. In Asia Pacific, revenue grew 9% in local currency, led by growth in banking and capital markets, communications and media, and public service. Revenue growth was led by Japan and Australia.

在歐洲、中東和非洲地區，我們以當地貨幣實現了 4% 的成長，這主要得益於銀行和資本市場、保險和生命科學領域的成長。英國和義大利是推動營收成長的主要力量。在亞太地區，以當地貨幣計算的收入成長了 9%，主要得益於銀行和資本市場、通訊和媒體以及公共服務業的成長。日本和澳洲引領了營收成長。

Before I move on, I want to briefly update you on the business optimization actions we initiated last quarter and completed in Q1 as part of executing our talent strategy. This year -- this quarter, we recorded $308 million in costs primarily related to employee severance, bringing the total for these actions over the past six months to $923 million. Our business optimization cost impacted operating margin, tax rate, and EPS. The following comparisons exclude these impacts and reflect adjusted results.

在繼續之前，我想簡要地向大家報告我們上個季度啟動、並於第一季完成的業務優化措施，這些措施是我們執行人才策略的一部分。今年本季度，我們記錄了 3.08 億美元的成本，主要與員工遣散費有關，使得過去六個月的此類支出總額達到 9.23 億美元。我們的業務優化成本對營業利潤率、稅率和每股盈餘產生了影響。以下比較排除了這些影響，反映的是調整後的結果。

Now moving down the income statement. Gross margin for the quarter was 33.1% compared with 32.9% for the same period last year. Sales and marketing expense for the quarter was 10% compared with 10.2% for the first quarter last year. General and administrative expense was 6.1% compared to 6% for the same quarter last year. Adjusted operating income was $3.2 billion in the first quarter, reflecting a 17% adjusted operating margin at 30 basis points compared with results in Q1 last year.

現在來看損益表。本季毛利率為 33.1%，去年同期為 32.9%。本季銷售和行銷費用佔 10%，而去年同期為 10.2%。一般及行政費用佔總收入的 6.1%，去年同期為 6%。第一季調整後營業收入為 32 億美元，調整後營業利潤率為 17%，比去年第一季的業績提高了 30 個基點。

Our effective -- our adjusted effective tax rate for the quarter was 23.9% compared with an effective tax rate of 21.6% for the first quarter last year. Adjusted diluted earnings per share were $3.94 compared with diluted EPS of $3.59 in the first quarter last year, reflecting 10% growth.

本季經調整後的實際稅率為 23.9%，而去年第一季的實際稅率為 21.6%。經調整後的稀釋每股收益為 3.94 美元，而去年同期稀釋每股收益為 3.59 美元，年增 10%。

Days services outstanding were 51 days compared to 47 days last quarter and 50 days in the first quarter of last year. Free cash flow for the quarter was $1.5 billion, resulting from cash generated by operating activities of $1.7 billion, net of property and equipment additions of $157 million. Our cash balance at November 30 was $9.6 billion compared with $11.5 billion at August 31.

服務未結清天數為 51 天，而上一季為 47 天，去年第一季為 50 天。本季自由現金流為 15 億美元，其中經營活動產生的現金為 17 億美元，扣除購置物業和設備 1.57 億美元後淨額為 1.57 億美元。截至 11 月 30 日，我們的現金餘額為 96 億美元，而截至 8 月 31 日為 115 億美元。

With regard to our ongoing objective to return cash to shareholders, in the first quarter, we accelerated our share buybacks and repurchased or redeemed 9.5 million shares for $2.3 billion at an average price of $245.32 per share. Also in November, we paid a quarterly cash dividend of $1.63 per share, a 10% increase over last year for a total of $1 billion.

關於我們持續向股東返還現金的目標，在第一季度，我們加快了股票回購速度，以每股 245.32 美元的平均價格回購或贖回了 950 萬股股票，總額達 23 億美元。11 月，我們派發了季度現金股息，每股 1.63 美元，比去年增長 10%，總計 10 億美元。

So in summary, we are very pleased with our Q1 results, and we are focused on delivering Q2 and the year.

總而言之，我們對第一季的業績非常滿意，我們將專注於第二季和全年的業績。

Before I turn it back to Julie, let me provide an update on our commercial models. Our large base of fixed price work continues to grow and is a strong foundation for how we believe our commercial models will continue to evolve. In FY25, about 60% of our work was fixed price, which is up about 10 points over the last three years. This reflects the increasing role of our proprietary platforms over a long period of time and clients wanting greater certainty in cost and delivery. This is where our scale, experience, and strong financials matter.

在把麥克風交還給朱莉之前，讓我先介紹一下我們的商業模式的最新情況。我們龐大的固定價格業務基礎持續成長，這為我們相信商業模式將如何繼續發展奠定了堅實的基礎。在 2025 財年，我們約 60% 的工作是固定價格，比過去三年增加了約 10 個百分點。這反映了我們專有平台在很長一段時間內的作用日益增強，以及客戶希望在成本和交付方面獲得更大的確定性。這正是我們規模、經驗和雄厚財力發揮作用的地方。

And now back to you, Julie.

現在把鏡頭交還給朱莉。

Thank you, Angie. Starting with the demand environment. Clients continue to prioritize their most strategic and large-scale transformational programs, which convert to revenue more slowly but position us at the center of the reinvention agendas. The pace of overall spending and discretionary spend in our market is at the same levels we have seen over the last year. We are delivering strong results and taking market share in this environment because reinvention is critical to our clients, and our clients know we deliver real reinvention with real outcomes.

謝謝你，安吉。首先從需求環境入手。客戶繼續優先考慮最具戰略意義和規模最大的轉型計劃，這些計劃雖然轉化為收入的速度較慢，但卻使我們處於重塑議程的中心。我們市場的整體支出和可自由支配支出成長速度與過去一年的水平持平。在這種環境下，我們取得了顯著的成果並獲得了市場份額，因為創新對我們的客戶至關重要，而我們的客戶也知道我們能夠帶來真正的創新和真正的成果。

Let me turn to four strategic growth areas that are essential for enterprises to use technology, AI and data to achieve these outcomes. First, the digital core. Cloud, data, and platform modernization remains foundational to every reinvention. When companies tell us they want to use AI, they quickly realize that AI is only as powerful as the data underneath it. Most organizations have mountains of data spread across systems, stored in different formats, often unreliable or incomplete. Before AI can create value, underlying data and the processes connected to it need to be simplified, cleaned, connected, and properly governed.

接下來，我將探討企業利用科技、人工智慧和數據來實現這些目標所需的四個策略成長領域。首先是數位核心。雲端、數據和平台現代化仍然是每一次革新的基礎。當企業告訴我們他們想要使用人工智慧時，他們很快就會意識到，人工智慧的效力取決於背後的數據。大多數組織都有大量資料分散在各個系統中，以不同的格式存儲，而且這些資料往往不可靠或不完整。人工智慧要創造價值，就需要簡化、清理、連接和妥善管理底層資料及其相關流程。

We help clients manage all their data wherever it may be and turn it into something we can access and use to make decisions, train models, and uncover insights. We modernize their data platforms and make sure the data flows securely and consistently across the business, so people can trust it and use it with confidence.

我們幫助客戶管理他們所有的數據，無論這些數據位於何處，並將其轉化為我們可以存取和使用的數據，以便做出決策、訓練模型和發現見解。我們將他們的資料平台現代化，確保資料在整個企業中安全、一致地流動，讓人們可以信任並放心地使用它。

We also use AI to improve data quality at scale. In the age of AI, data isn't just an input. It's the advantage. That's why we continue to see at least one out of every two advanced AI projects lead to a data project, and we're the partner that helps our clients unlock it.

我們也利用人工智慧大規模地提高數據品質。在人工智慧時代，數據不僅僅是輸入。這是優勢。這就是為什麼我們看到每兩個高級人工智慧項目中至少有一個會發展成數據項目，而我們正是幫助客戶解鎖這些數據項目的合作夥伴。

For example, Essity, a global leader in hygiene and health is making advanced AI, including agentic AI core to how they run their business, starting with procurement and finance, setting the foundation for company-wide reinvention. We are helping Essity a cloud-based data and AI platform that combines Accenture's deep industry and functional expertise with our ability to scale advanced AI. We're starting in high-volume parts of the business, processing hundreds of thousands of purchase orders a year, the opportunity for double-digit productivity gains is strong. This foundation positions Essity to move decisively beyond pilots and reinvent end-to-end processes, unlocking new pathways to value long-term growth.

例如，全球衛生和健康領域的領導者 Essity 正在將包括智能體人工智慧在內的先進人工智慧作為其業務營運的核心，從採購和財務開始，為公司範圍內的重塑奠定基礎。我們正在幫助 Essity 建立一個基於雲端的數據和人工智慧平台，該平台結合了埃森哲深厚的行業和職能專業知識以及我們擴展先進人工智慧的能力。我們從業務量大的部門入手，這些部門每年處理數十萬份採購訂單，因此有很大的機會實現兩位數的生產力提升。這項基礎使 Essity 能夠果斷地超越試點階段，重塑端到端流程，從而開闢實現長期價值成長的新途徑。

Security remains one of our fastest-growing businesses, growing very strong double digits this quarter. As cloud, data and AI connect more of the enterprise, the threat landscape expands quickly. We are using AI to detect threats earlier, respond faster and simplify complex environments. Companies cannot scale AI unless they can do so safely, and this continues to be an important growth engine.

安全業務仍然是我們成長最快的業務之一，本季實現了非常強勁的兩位數成長。隨著雲端運算、數據和人工智慧將越來越多的企業連接起來，威脅情勢也迅速擴大。我們正在利用人工智慧更早發現威脅、更快做出回應並簡化複雜的環境。如果不能安全地應用人工智慧，企業就無法擴大人工智慧的規模，而這仍然是重要的成長引擎。

Building on our long-standing relationship, we are partnering with one of Saudi Arabia's leading financial institutions to build a robust internal cyber defense capability that is designed to protect the bank, meet wide regulatory expectations, and enable the launch of modern, sustainable digital services. We help the bank move from limited visibility to a far more advanced security position, expanding threat detection, reducing incident response times and are helping to improve their national cyber maturity scores. We are also helping the bank achieve the full regulatory audit readiness, a critical requirement for trust and future growth.

基於我們長期的合作關係，我們正在與沙烏地阿拉伯一家領先的金融機構合作，建立強大的內部網路防禦能力，旨在保護銀行，滿足廣泛的監管期望，並推動推出現代化、可持續的數位服務。我們協助銀行從有限的可見性提升到更先進的安全地位，擴大威脅偵測範圍，縮短事件回應時間，並協助提高其國家網路安全成熟度評分。我們也正在幫助該銀行全面做好監管審計準備，這是建立信任和未來發展的關鍵要求。

Now with Accenture's deep cybersecurity expertise, we will bring in specialized talent, strength in governance, and help with upskilling to accelerate their progress. With the stronger foundation and the internal capability to maintain it, the bank can now introduce new services with far greater confidence and is well positioned for its next phase of innovation.

現在，憑藉著埃森哲深厚的網路安全專業知識，我們將引進專業人才、強大的治理能力，並幫助他們提陞技能，從而加速他們的發展。憑藉更強大的基礎和維護基礎的內部能力，該銀行現在可以更有信心地推出新服務，並為下一階段的創新做好了充分準備。

Accenture Song grew mid-single digits this quarter. Song continues to help B2B and B2C clients drive growth by improving how they connect with and shape the customers' experience, the marketing that first reaches them, the website or store where they buy, the service when they need help and the digital products they use every day by bringing together design, creative, data, technology, and industry expertise to reinvent marketing, commerce, service, and digital products.

埃森哲宋氏業績本季實現了個位數中段成長。Song 持續幫助 B2B 和 B2C 客戶透過改善與客戶的聯繫方式和塑造客戶體驗、首次觸達客戶的行銷、客戶購買的網站或商店、客戶需要幫助時提供的服務以及客戶每天使用的數位產品來推動成長，他融合了設計、創意、數據、技術和行業專業知識，重塑行銷、商業、服務和數位產品。

One example is our partnership with Virgin Media O2, one of the UK's leading telecom providers, where we didn't just modernize technology, we worked together to transform the entire customer experience and how work gets done. By rebuilding their digital core and embedding advanced AI, nearly 10,500 service agents now work on a unified cloud platform with connected data and workflows. More than 300 customer journeys have been redesigned, simplifying processes and bringing the full customer context into a single view. These changes are helping agents resolve issues faster and more accurately, contributing to a 35% increase in Net Promoter Scores in some areas and same-day resolution, improving from approximately 65% two years ago to nearly 90% today.

例如，我們與英國領先的電信營運商之一 Virgin Media O2 建立了合作關係，我們不僅實現了技術現代化，還共同努力改變了整個客戶體驗和工作方式。透過重建數位核心並嵌入先進的人工智慧，近 10,500 名服務代理現在在具有連接數據和工作流程的統一雲端平台上工作。超過 300 個客戶旅程經過重新設計，簡化了流程，並將完整的客戶背景資訊整合到一個視圖中。這些變化有助於代理商更快、更準確地解決問題，使某些地區的淨推薦值提高了 35%，並且當天解決問題的比例從兩年前的約 65% 提高到如今的近 90%。

A cultural shift is also underway, upskilling teams to enhance their customer-first mindset, turning service calls into opportunities to improve customer loyalty and trust. This kind of change takes strategy, process, and talent working in sync with Accenture Song bringing it all together to design experiences that resonate at scale so that Virgin Media O2 can drive innovation and set a new benchmark for customer service excellence.

一場文化變革也在進行中，旨在提昇團隊技能，增強以客戶為中心的理念，將服務電話轉化為提高客戶忠誠度和信任度的機會。這種變革需要策略、流程和人才協同運作，埃森哲宋將所有這些要素整合在一起，設計出能夠引起大規模共鳴的體驗，從而使維珍傳媒O2能夠推動創新，並為卓越的客戶服務樹立新的標竿。

We also continue to grow in the core value chain of many industries through our Industry X offerings, growing mid-single digits this quarter. Manufacturing and engineering remain early in their digital transformation journeys. Digital twins, predictive analytics, robotics, and other AI-enabled technologies are creating new levels of efficiency and resilience. Those same strengths are now propelling our capital projects work where clients need us to design, build, and commission critical infrastructure and extend Accenture deeper into their core value chains.

我們也透過我們的工業 X 產品，在許多行業的核心價值鏈中持續成長，本季實現了中等個位數的成長。製造業和工程業的數位轉型之路仍處於起步階段。數位孿生、預測分析、機器人技術和其他人工智慧技術正在創造新的效率和韌性水平。如今，這些優勢也推動著我們的資本專案工作，客戶需要我們設計、建造和調試關鍵基礎設施，並將埃森哲更深入地融入其核心價值鏈。

Take North America's transit sector, agencies are facing mounting pressure to modernize aging infrastructure and meet growing ridership needs, efforts that require delivering multiyear, multibillion-dollar capital programs.

以北美交通運輸業為例，各機構正面臨越來越大的壓力，需要對老化的基礎設施進行現代化改造，以滿足不斷增長的乘客需求，而這些努力需要實施多年、數十億美元的資本計畫。

Partnering with one of the largest public transit agencies, we're applying our infrastructure and capital projects expertise to help transform how these critical programs are managed, spanning a vast network of subway stations, maintenance facilities, bus garages, and administrative offices. By bringing together multiple data sources across their construction portfolio, we are helping to enable more informed decision-making, supported by rigorous project controls, advanced scheduling, cost and risk management, and safety and financial oversight to improve efficiency, transparency, and forecasting, just as we do in manufacturing. As a result, the agency is strengthening its daily transit operations and supporting safer, more reliable service for millions of riders.

我們與一家大型公共交通機構合作，運用我們在基礎設施和資本項目方面的專業知識，幫助改變這些關鍵項目的管理方式，這些項目涵蓋了龐大的地鐵站、維護設施、公車車庫和行政辦公室網絡。透過整合其建築組合中的多個資料來源，我們正在幫助實現更明智的決策，並輔以嚴格的專案控制、先進的進度安排、成本和風險管理以及安全和財務監督，以提高效率、透明度和預測能力，就像我們在製造業中所做的那樣。因此，該機構正在加強日常公共交通運營，為數百萬乘客提供更安全、更可靠的服務。

Now let me share how we're seeing demand evolve with the work we're doing in advanced AI. It is early innings, which means there is significant opportunity ahead. Technology is rapidly evolving. While enterprise adoption at scale is nascent, demand continues to grow, and IDC estimates that the total addressable market for advanced AI is expected to grow more than 40% through 2029 from roughly $20 billion today to over $70 billion. We are seeing a steady increase in demand.

現在讓我來分享一下，隨著我們在高階人工智慧領域的工作，我們看到的需求是如何演變的。現在還處於比賽初期，這意味著未來還有很大的發展機會。科技發展日新月異。雖然企業大規模採用人工智慧技術尚處於起步階段，但需求持續成長。 IDC 估計，到 2029 年，高階人工智慧的潛在市場總額預計將成長 40% 以上，從目前的約 200 億美元成長到超過 700 億美元。我們看到需求穩定成長。

Over the last nine quarters, we've seen about 100 incremental clients initiate advanced AI projects with us each quarter, but most have a lot of work to do before they will be able to scale across the enterprise, and it is still a relatively small part of our client base, over 1,300 clients to date out of 9,000. So we see lots of opportunity to help those who have initiated and to expand in our existing clients as well as attract new clients.

在過去的九個季度裡，我們看到每個季度大約有 100 個新增客戶與我們啟動高級人工智慧項目，但大多數客戶在能夠在整個企業範圍內擴展之前還有很多工作要做，而且這仍然是我們客戶群中相對較小的一部分，迄今為止，在 9000 個客戶中，只有 1300 多個客戶。因此，我們看到了許多機會，可以幫助那些已經開始行動的人，拓展我們現有的客戶群，並吸引新客戶。

Clients increasingly understand that advanced AI is not a quick fix. Adopting it successfully requires foundational work to deliver P&L impact and other critical outcomes. This is why our clients, and the broader ecosystem are turning to us to help bridge the gap between powerful technology and achieving real, measurable results. The real opportunity is not proving AI works. It is making it work everywhere. Scaling AI means working with all forms of AI and means embedding it across critical processes, so it transforms outcomes.

客戶越來越意識到，先進的人工智慧並非一勞永逸的解決方案。成功採用該方案需要進行基礎性工作，以實現損益影響和其他關鍵成果。正因為如此，我們的客戶以及更廣泛的生態系統都在尋求我們的幫助，以彌合強大的技術與實現真正、可衡量的結果之間的差距。真正的機會不在於證明人工智慧有效。它正在讓這項技術在各地發揮作用。擴大人工智慧的應用規模意味著與各種形式的人工智慧合作，並將其嵌入關鍵流程中，從而改變結果。

For example, we are partnering with Bristol-Myers Squibb, a global biopharmaceutical leader, to transform how therapies move from discovery to market by embedding AI at scale across the organization. Drawing on its deep life sciences experience, BMS is using AI to accelerate innovation and expand its impact for patients. We are also establishing early leadership in Agentic AI with the scale of our deployments working across the ecosystem. We have built an extensive library of over 3,000 reusable agents reflecting our deep industry and functional expertise. These agents have been used in real client environments, giving us a unique foundation of proven solutions to help clients move faster and with more confidence.

例如，我們正在與全球生物製藥領導者百時美施貴寶公司合作，透過在整個組織內大規模嵌入人工智慧，改變療法從發現到上市的方式。憑藉其在生命科學領域的深厚經驗，BMS 正在利用人工智慧加速創新，並擴大對患者的影響。我們憑藉著在整個生態系統中大規模部署的能力，也在智慧體人工智慧領域確立了早期領導地位。我們建立了一個包含 3000 多個可重複使用代理程式的龐大函式庫，體現了我們深厚的產業和功能專業知識。這些代理程式已在真實的客戶環境中使用過，為我們提供了獨特的、經過驗證的解決方案基礎，可以幫助客戶更快、更有信心地採取行動。

Over to you, Angie.

接下來就交給你了，安吉。

Thanks, Julie. Now let me turn to our business outlook. For the second quarter of fiscal '26, we expect revenues to be in the range of $17.35 billion to $18 billion. This assumes the impact of FX will be approximately positive 3.5% compared to the second quarter of fiscal '25. Our Q2 guidance reflects an estimated 1% to 5% growth in local currency, including about a 1% impact from our federal business.

謝謝你，朱莉。現在讓我談談我們的業務前景。我們預計 2026 財年第二季的營收將在 173.5 億美元至 180 億美元之間。這假設外匯的影響將比 2025 財年第二季高出約 3.5%。我們第二季業績預期反映出以當地貨幣計算的1%至5%的成長，其中包括來自聯邦業務的約1%的影響。

For the full fiscal '26, based upon how the rates have been trending over the last few weeks, we continue to assume that 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 continue to expect revenue to be in the range of 2% to 5% growth in local currency over fiscal '25, including an estimated 1% impact from our Federal business. Excluding the impact of Federal, our revenue is expected to be an estimated 3% to 6%. This year, we continue to expect an inorganic contribution of about 1.5% and we continue to expect to invest about $3 billion in acquisitions this fiscal year with the potential to do more.

根據過去幾週的匯率走勢，我們繼續假設，在整個 2026 財年，外匯波動對我們以美元計價的業績的影響將比 2025 財年增長約 2%。對於整個 2026 財年，我們仍然預計以當地貨幣計算的收入將比 2025 財年增長 2% 至 5%，其中包括聯邦業務預計帶來的 1% 的增長。不計聯邦因素的影響，我們的收入預計將成長 3% 至 6%。今年，我們仍然預計非內生性成長貢獻約為 1.5%，並且我們仍然預計本財年將在收購方面投資約 30 億美元，並且有可能進行更多投資。

For adjusted operating margin, we continue to expect fiscal year '26 to be 15.7% to 15.9%, a 10 to 30 basis point expansion over adjusted fiscal '25 results. We continue to expect our annual adjusted 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.

對於調整後的營業利潤率，我們繼續預期 2026 財年為 15.7% 至 15.9%，比 2025 財年調整後的業績成長 10 至 30 個基點。我們仍然預計年度調整後實際稅率將在 23.5% 至 25.5% 的範圍內。相較之下，2025 財年的調整後有效稅率為 23.6%。

We continue to 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. Due to slightly higher business optimization costs in the quarter, which were $58 million above our original Q1 estimates, we now expect GAAP EPS of $13.12 to $13.50.

我們繼續預計 2026 財年全年調整後稀釋每股收益將在 13.52 美元至 13.90 美元之間，比 2025 財年調整後的業績增長 5% 至 8%。由於本季業務優化成本略高，比我們最初第一季的預期高出 5,800 萬美元，我們現在預計 GAAP 每股收益為 13.12 美元至 13.50 美元。

For the full fiscal '26, we continue to 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 2026 財年，我們繼續預期營運現金流將在 108 億美元至 115 億美元之間，物業和設備新增支出約為 10 億美元，自由現金流將在 98 億美元至 105 億美元之間。我們的自由現金流預期反映出非常強勁的自由現金流與淨收入比率為 1.2。

We continue to 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 February 13, a 10% increase over last year. We remain committed to returning a substantial portion of our cash generated to our shareholders.

我們仍預計透過分紅和股票回購至少返還 93 億美元，比 2025 財年增加 10 億美元或 12%。董事會宣布派發季度現金股息，每股1.63美元，將於2月13日支付，比去年成長10%。我們始終致力於將所創造現金流的相當大一部分返還給股東。

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

那麼，現在就讓我們開始提問吧。阿萊克西婭？

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

謝謝你，安吉。我希望每個人只提一個問題和一個後續問題，以便盡可能多的參與者可以提問。接線生，請您向通話中的各位提供一些操作說明。

(Operator Instructions) Tien-Tsin Huang, JPMorgan.

（操作員指令）Tien-Tsin Huang，摩根大通。

Julie, I appreciate your comments on scaling AI and how it's not a quick fix. So I did want to ask or maybe comment that we've noticed a bit of a shift in how people view the consulting industry's role in AI. Do you agree with this, Julie? And if so, why now? What's driving the change? And are you seeing any impact on business activity as a result of that?

Julie，我很欣賞你關於人工智慧規模化發展以及它並非一朝一夕就能解決的問題的評論。所以我想問一下，或者說評論一下，我們注意到人們對諮詢行業在人工智慧領域的作用的看法發生了一些轉變。朱莉，你同意這種說法嗎？如果真是如此，為什麼是現在？是什麼因素推動了這種改變？那麼您是否看到這對業務活動帶來了任何影響？

Thanks, Tien-Tsin. Yes, we're actually seeing the shift. And it's really because of what we've been saying for a while, right? Enterprise AI is fundamentally different than consumer AI. Consumer AI adoption is instant, right?

謝謝你，田進。是的，我們確實看到了這種轉變。這其實是因為我們一直以來都在強調這一點，對吧？企業級人工智慧與消費級人工智慧有著本質差異。消費者對人工智慧的接受度是立竿見影的，對吧？

In the enterprise, you can't adopt it unless you have the right security, you've done the right work around processes, and most companies have fragmented and sale processes. You have to have the right data, and most companies have mountains of data with a lot of issues in the data we call it, they have processed debt, data debt. And of course, they need a modern digital core. And that's why so many companies are still early in the journey.

在企業中，除非你擁有合適的安全措施，並且在流程方面做了正確的工作，否則你無法採用它，而大多數公司的銷售流程都是分散的。你必須擁有正確的數據，而大多數公司都擁有大量數據，這些數據存在許多問題，我們稱之為數據債務，即處理債務、數據債務。當然，他們還需要一個現代化的數位核心。正因如此，許多公司仍處於起步階段。

Clients -- our clients are convinced AI is going to be a very important part of their future, and it's going to allow them to unlock brand new value. And that's why they're coming to us because now they want to actually get there. And that's the foundational work that's driving our business.

我們的客戶—我們的客戶堅信人工智慧將成為他們未來非常重要的一部分，它將使他們能夠釋放全新的價值。這就是為什麼他們來找我們的原因，因為他們現在真的很想實現目標。這就是推動我們業務發展的基礎性工作。

And then when you look at our bigger deals over the last quarter, for example, you see that advanced AI is a bigger part of those deals, but you also see that it's both growth and cost because clients are not only fixated on the productivity side. You cannot cut your way to growth. And in this market, they need to find more growth.

例如，當你查看我們上個季度的較大交易時，你會發現先進的人工智慧在這些交易中佔比越來越大，但你也會發現它既是成長也是成本，因為客戶不僅僅關註生產力方面。你不可能透過削減成本來實現成長。在這個市場中，他們需要尋找更多的成長點。

And this is where our strength really comes in, and that's why we're delivering strong quarters, right? We have great momentum this quarter because we can help them on the growth agenda and the cost agenda, and we're so critical with our ecosystem partners, we understand where the technology is and where it's going. And you saw that again this quarter with our growth of our top 10 ecosystem partners outpacing overall and then, of course, some of the exciting new partnerships.

這就是我們真正的優勢所在，也是我們能夠取得強勁季度業績的原因，對吧？本季我們發展勢頭強勁，因為我們可以幫助他們實現成長目標和降低成本，而且我們與生態系統合作夥伴的關係非常密切，我們了解技術的現狀和發展方向。本季您再次看到了這一點，我們前 10 大生態系統合作夥伴的成長速度超過了整體成長速度，當然，還有一些令人興奮的新合作關係。

All right, perfect. And sort of a related question. You mentioned the partners. I'll ask around these AI partnerships. You announced a bunch, Anthropic, OpenAI, Snowflake, et cetera. Just how might these partnerships on the AI front be different than other tech ecosystem partnerships in terms of we think about time to productivity or investments to certify personnel to scale it up, et cetera. Just your thoughts on that and how quickly might these AI partners get to the top 10 on the partner front? Thanks.

好的，完美。還有一個相關的問題。你提到了合作夥伴。我會向這些人工智慧合作夥伴打聽一下。你宣布了​​一系列項目，例如 Anthropologie、OpenAI、Snowflake 等等。這些人工智慧領域的合作關係與其他技術生態系統合作關係有何不同？例如，在提高生產力所需的時間或人員認證方面的投資，以及擴大規模所需的投資等等。您對此有何看法？這些人工智慧合作夥伴需要多久才能躋身合作夥伴排名前十？謝謝。

Well, first of all, the partnerships really demonstrate our talent advantage. So we've got decades of experience in being able to learn new technologies, skill people, who else could have hundreds of thousands of people, helping our biggest partnerships continue to grow incredibly well and be able to dedicate and commit 30,000 people here, et cetera. So I think that's a really important part of what you're seeing with us in our growth and our ability to grow into new areas is that we've got this foundation of great talent and the ability to upskill.

首先，這些合作關係確實反映了我們的人才優勢。因此，我們在學習新技術、培養人才方面擁有數十年的經驗，還有誰能擁有數十萬員工，幫助我們最大的合作夥伴繼續蓬勃發展，並能夠在這裡投入 30,000 名員工等等。所以我認為，我們能夠成長並擴展到新領域，非常重要的一點是，我們擁有優秀的人才基礎和提陞技能的能力。

And look, we're expanding in these partnerships because of what we see in client demand, but our clients have an ecosystem of partners. And the role that we play is to be -- we really try to be number one with all of the partners so that we can help our clients integrate and use these new technologies with their existing ecosystem, which is absolutely critical to them. So lots of excitement. The market is expanding, and we're going to grow with that market.

你看，我們之所以擴大這些合作關係，是因為我們看到了客戶的需求，但我們的客戶擁有一個合作生態系統。而我們所扮演的角色是——我們努力成為所有合作夥伴中的佼佼者，以便幫助我們的客戶將這些新技術整合到他們現有的生態系統中，這對他們來說至關重要。真是太令人興奮了。市場正在擴張，我們將與市場共同成長。

Thank you.

謝謝。

Jason Kupferberg, Wells Fargo.

傑森庫柏伯格，富國銀行。

I actually wanted to pick up where Tien-Tsin just left off. I was curious as a follow-on regarding these big partnerships in the AI world, when do they start moving the needle on revenue in your view? It's obviously critical to lay the foundation right now, but is this a next 12-month dynamic where we can start to see it showing up in the P&L perhaps? Or is it longer dated? And then I have a follow-up. Thanks.

我其實想接著田心未完成的工作繼續下去。我很好奇，關於人工智慧領域的這些大型合作，您認為它們什麼時候才能真正對收入產生影響？現在打好基礎顯然至關重要，但這是否會在接下來的 12 個月內成為一種動態，讓我們開始在損益表中看到成效呢？還是它的年代更久遠？然後我還有一個後續問題。謝謝。

Jason, what I would say is these partnerships are part of an ecosystem for our clients. And so it's I think more about the market itself, right? So our enterprise adoption is dependent on clients -- these partnerships are all about enterprise adoption. So I would focus more on how the market and enterprise adoption is going as opposed to specifically -- because we can scale as fast as needed. And that is -- our expectations there are reflected in our guidance.

Jason，我想說的是，這些合作關係是我們客戶生態系統的一部分。所以我覺得更多的是關於市場本身，對吧？因此，我們能否成功實現企業級應用取決於客戶－這些合作關係都是為了實現企業級應用。因此，我會更關注市場和企業採用情況的發展，而不是具體到某個方面——因為我們可以根據需要快速擴展規模。也就是說──我們對這方面的期望體現在我們的指導意見中。

Okay. Understood. And then I wanted to pick up on your comments about the increased adoption of the fixed price work because I think it ties in with a trend we've been seeing in your numbers where revenue growth is outpacing headcount growth pretty materially and consistently. So do you feel like that trend is sustainable? And what's really driving that? Because we've all been talking about nonlinear revenue growth for a very long time, and it seems like Accenture is now actually starting to see it.

好的。明白了。然後，我想就您提到的固定價格工作模式日益普及這一點談談我的看法，因為我認為這與我們從您的數據中看到的趨勢相吻合，即收入增長在很大程度上、持續地超過了員工人數增長。所以你覺得這種趨勢能夠持續嗎？而這背後的真正驅動力是什麼？因為我們一直在談論非線性收入成長已經很久了，而埃森哲現在似乎也開始真正意識到這一點了。

It's Angie. Let me take that. We're really pleased with our revenue per person this quarter, which did grow 7%, which is really primarily driven by our talent rotation. We're now hiring -- as we shared with you last quarter, we're hiring for the new skill. And so we expect that revenue per person growth to moderate over the course of the year. And that'll go up and down really based upon when we bring people in.

是安吉。讓我來拿吧。我們對本季的人均收入非常滿意，成長了 7%，這主要得益於我們的人才輪值。我們現在正在招募——正如我們上個季度向您介紹的那樣，我們正在招募掌握這項新技能的人才。因此，我們預計今年人均收入成長將放緩。這個數字會隨著我們何時招人而上下波動。

And Jason, just to add on though, you're right though, the sort of revenue and headcount, that sort of breakage has been going on though for a long time. It really goes back all the way to the introduction of RPA. So we'd expect that to continue, but it's not tied exactly, as Angie said, to like what's happening quarter to quarter.

傑森，補充一點，你說得對，這種收入和員工人數的波動，這種改變已經持續很久了。這一切其實要追溯到RPA（機器人流程自動化）的引進。所以我們預計這種情況會繼續下去，但正如安吉所說，這並不完全取決於每個季度的具體情況。

Thank you, guys.

謝謝大家。

James Faucette, Morgan Stanley.

詹姆斯‧福塞特，摩根士丹利。

I want to follow up on a couple of things that have been said by Tien-Tsin and Jason. First, back on AI and those bookings. I appreciate that those are -- AI is becoming integral to all of your engagements and so maybe define specific bookings, et cetera, on a go-forward basis makes sense. But how should we think about like the mix between what we could think of as proof-of-concept type engagements versus going into full production? And any color you can give on the types of projects that are moving to production, whether that be by industry or type, et cetera?

我想就田進和傑森之前提到的一些事情補充說明一下。首先，讓我們回到人工智慧和那些預訂的話題上來。我理解這些——人工智慧正逐漸成為你們所有業務活動不可或缺的一部分，因此，在未來對特定預訂等進行定義或許是有意義的。但是，我們該如何看待概念驗證型項目與全面投產之間的平衡呢？您能否就正在進入生產階段的專案類型提供一些信息，無論是按行業還是類型等等？

Sure. Great question. So first of all, one of the things that I think is important to understand is that people have moved ahead away from just thinking about models, right? It's about models embedded in solutions, and most of the solutions involve different kinds of AI, right? So you have -- if you have classical AI or RPA that is 100% accurate, right, depending on what you're using, you really have to understand all of that.

當然。問得好。首先，我認為需要理解的重要一點是，人們已經不再只是考慮模型了，對吧？它涉及嵌入解決方案中的模型，而大多數解決方案都涉及不同類型的人工智慧，對嗎？所以，如果你擁有 100% 準確的傳統人工智慧或 RPA，那麼，根據你使用的技術，你真的需要了解所有這些。

And that's what the clients are looking to us for, is to bring them more solutions, which is why our partnerships are really important, and our understanding of the industry and the function is so important. So if you're doing something in banking, which is one of the industries where there's a lot going on at advanced AI, know your customer and compliance. The solution they're looking for, you have to understand the actual compliance, how it works across the bank.

而這正是客戶希望我們為他們帶來的，那就是更多的解決方案，因此我們的合作夥伴關係非常重要，我們對產業和功能的理解也至關重要。因此，如果你從事銀行業（這是人工智慧技術應用最廣泛的行業之一），那麼了解你的客戶和合規性就至關重要。要找到他們想要的解決方案，你必須了解實際的合規性，以及它在整個銀行是如何運作的。

And that's really the importance -- now of you're seeing that people get that these are about solutions, it's about really understanding operations, and that's what we're bringing. If you look at sort of where things are scaling into production, customer -- so a lot of customer service, and I gave one of the examples today on the call with the Virgin Media O2, you're also seeing areas like finance and procurement.

而這才是真正的重要之處──現在你們明白，這些都是關於解決方案的，是關於真正理解營運的，而這正是我們所帶來的。如果你看看哪些領域正在擴大規模投入生產，例如客戶服務——我今天在與 Virgin Media O2 的電話會議上舉了一個例子——你還會看到財務和採購等領域。

And so these are areas where you've got good technology readiness, we have a lot of depth of understanding here, and you can move relatively quickly because it's using a lot of usually pretty good data. We see a lot of value coming and being embedded in the core value chain, the grid and utilities, right, pharma and R&D. But those are the harder areas to crack. And so it's still pretty early in terms of scaling, but that kind of gives you a flavor for it. And so any of the industries that have a lot of customer service are there.

因此，在這些領域，你們的技術準備就緒，我們對此有著深入的了解，而且由於使用了通常相當不錯的數據，你們可以相對快速地採取行動。我們看到許多價值正在湧現並融入核心價值鏈，例如電網和公用事業、製藥和研發。但這些領域更難攻克。所以就規模化而言，現在還處於相當早期的階段，但這可以讓你對它有個大致的了解。因此，任何需要大量客戶服務的行業都包含在內。

Banking has been one of the lighthouses, insurance to some extent already. But one of the things I tell my clients is that in every industry, unlike prior waves of technology, there are leaders in every industry who already had strong digital cores who are leapfrogging. It's very different than cloud where you had some industries like, say, energy lagging behind for quite some time. It's quite different this time. And that really plays to our strengths because we have that diversity of industry expertise, and our clients look to us to really bring it across the board.

銀行業一直是指路明燈之一，保險業在某種程度上也扮演了角色。但我經常告訴我的客戶，與以往的科技浪潮不同，每個產業都有一些產業領導者，他們已經擁有強大的數位化核心，正在實現跨越式發展。這與雲端運算截然不同，雲端運算領域曾出現過一些產業（例如能源產業）發展落後的情況，而且這種情況持續了相當長一段時間。這次的情況大不相同。這充分發揮了我們的優勢，因為我們擁有多元化的行業專業知識，我們的客戶也希望我們能夠全面地運用這些專業知識。

That's great. And then as a follow-up, I mentioned and talked a little bit about the revenue per head and the evolution there. One of the questions that we get from investors a lot is around pricing, particularly on a like-for-like basis and how that may be evolving and how we should think about the puts and takes there, especially as it relates to your margins and margin growth objectives. Thanks.

那太棒了。然後，作為後續討論，我提到並簡單談了談人均收入及其發展演變。投資人經常問我們的一個問題是關於定價的，特別是同類型產品的定價，以及定價將如何演變，我們應該如何看待其中的買賣，尤其是在與利潤率和利潤率成長目標相關的情況下。謝謝。

Yeah. I think -- so as it relates to pricing, so just overall, I think you have to look at it in totality. And so as you think about our pricing, one of the things that we've been seeing -- and it's early, but we're seeing pricing improve in several parts of our business. And as you look, one of the things that we're super pleased about is that our contract profitability, we're starting to see some of that improved pricing show up in the P&L, and we saw that this quarter. So we were really pleased with that, and it's really about balancing those components.

是的。我認為——就定價而言，總的來說，我認為你必須從整體上看待這個問題。因此，在考慮我們的定價時，我們看到的一件事是——雖然現在還處於早期階段，但我們看到我們業務的幾個部分的價格正在改善。我們看到，最令我們欣慰的一點是，我們的合約獲利能力，我們開始看到一些價格上漲帶來的收益體現在損益表中，我們本季就看到了這一點。所以我們對此非常滿意，這其實就是平衡各個組成部分的問題。

Bryan Keane, Citi.

布萊恩‧基恩，花旗銀行。

Wanted to ask about discretionary spend. We're all waiting around for a while here for that to come back. I'd just be curious to know how you're thinking about that heading into next year conversations with clients? And should we be hopeful that discretionary spend comes back and the turn in the calendar year?

想諮詢一下可自由支配支出方面的問題。我們都在這裡等著它回來。我很好奇，您在考慮明年與客戶溝通時會如何看待這個問題？我們是否應該抱持希望，認為隨著新年的到來，可自由支配的支出將會回升？

All right, Bryan, I'm not waiting around for it to come back, okay? So just to be clear, we have not been waiting around for it to come back. So I know you guys are, but we're delivering our results despite it because we really -- at this point, we haven't seen a change in the market. And when you look around, like we're all reading the same thing. We saw what came out in the US this week on jobs. If there isn't some catalyst out there where we're saying, that's the catalyst that's going to change confidence or change industries.

好了，布萊恩，我不會一直等它回來，好嗎？所以說清楚點，我們並沒有一直等著它回來。我知道你們面臨挑戰，但我們依然取得了業績，因為目前為止，我們還沒有看到市場發生變化。當你環顧四周，你會發現我們都在讀同一本書。我們看到了本周美國公佈的就業數據。如果沒有某種催化劑，我們就可以斷言，這就是能夠改變人們信心或改變產業的催化劑。

And look, we work across industries. Every industry right now has got a different set of challenges with a lot of these big macro trends. And so we're not having conversations today that would suggest that there's a big -- going to be a change in discretionary spending. But what the conversations we are having, though, is CEOs who are just like Accenture, they're very resolute that they have to deliver results despite the market. And that's why we're focused on pivoting the way they're spending. We're focused on doing the large transformational deals and then being at the center so that when we hopefully do get tailwinds, we're there to really benefit from them. But we're not seeing a catalyst.

而且，我們的業務遍及各個產業。目前，各行各業都面臨著一系列不同的挑戰，而這些挑戰都源自於許多宏觀趨勢。因此，我們今天並沒有聽到任何暗示可自由支配支出將會發生重大變化的言論。但我們現在討論的是，像埃森哲這樣的CEO們，他們非常堅定地認為，無論市場如何，他們都必須取得績效。所以，我們才致力於改變他們的消費方式。我們專注於達成大型變革性交易，並處於中心地位，這樣，當我們希望迎來順風時，我們就能真正從中受益。但我們還沒有看到催化劑。

We'd love to hear it if you guys are in the external environment and our conversations haven't changed, but people are -- they're going to deliver despite that.

我們很想聽聽你們的看法，如果你們身處外在環境，而我們的對話沒有改變，但人們確實發生了變化——儘管如此，他們仍然會交付成果。

Got it. Got it. And then just as a follow-up, that 60% of work being fixed price is above industry norms, and you guys have been working on that forever, and that's pushed up 10 points in the last three years. How do we think about the -- as AI becomes a bigger piece of that. Does that -- can that number get up to 70% or 80%? And just a little bit of how that pricing works with productivity, how do you pass on some savings and keep it yourselves? Thanks so much.

知道了。知道了。另外，還有一點需要補充的是，固定價格的工作佔比達到 60%，高於行業標準，你們一直致力於此，並且在過去三年中，這一比例提高了 10 個百分點。隨著人工智慧在其中扮演越來越重要的角色，我們該如何看待這個問題？這個數字能達到 70% 或 80% 嗎？那麼，我們再簡單談談這種定價方式是如何與生產力結合的，你們如何將節省下來的成本讓利給客戶，同時又能自己保留這些成本呢？非常感謝。

Yeah. Well, one of the things that I think as you think about our positioning in the market is that these fixed price deals really are about our clients having confidence that we can deliver outcomes. And to do that, you've got to have our scale, our experience, our strong financials. And so we see that it is a real competitive advantage in this market where clients cannot simply experiment, they can't take a flyer. They have to know that when they're investing with a partner, they're going to deliver results. And that's why we feel the market now continue. We're taking market share because of that.

是的。我認為，在考慮我們在市場中的定位時，其中一點是，這些固定價格協議實際上是為了讓我們的客戶相信我們能夠交付成果。而要做到這一點，你必須擁有我們的規模、經驗和雄厚的財力。因此，我們看到，在這個客戶無法隨意嘗試、無法冒險的市場中，這確實是個競爭優勢。他們必須明白，與合作夥伴共同投資，就必須取得成果。這就是我們認為市場現在將繼續發展的原因。正因如此，我們正在搶佔市場份額。

So I can't predict exactly. I mean, I think commercial models are going to continue. We believe they're going to continue to evolve, and we've got a really strong foundation for that. And we are starting to see more focus on trying to get to outcome-based. So I think more to come in the models, but it really strength -- it speaks to the underlying strength of our business.

所以我無法準確預測。我的意思是，我認為商業模式會繼續存在。我們相信它們會繼續發展，而且我們已經為此打下了非常堅實的基礎。我們開始看到越來越多的人開始專注於如何實現以結果為導向的管理。所以我認為未來會有更多模型推出，但這確實體現了我們業務的內在實力。

And then with respect to pricing and passing it along to our clients, remember, this has been a business model for the industry really all the way going back to the introduction of technology and RPA, right, where we're signing contracts that depend on our use of more technology over time to provide productivity. And so that's still the commercial model of the industry right now.

至於定價以及如何將成本轉嫁給客戶，請記住，這其實一直是整個行業的商業模式，可以追溯到技術和 RPA 的引入，對吧？我們簽訂的合約取決於我們隨著時間的推移使用更多技術來提高生產力。所以，這仍然是目前該行業的商業模式。

Got it. Thanks for taking the questions.

知道了。謝謝您回答問題。

Bryan Bergin, TD Cowen.

Bryan Bergin，TD Cowen。

Wanted to ask on the growth side, so just really the moving parts as you consider the fiscal '26 growth outlook from here. So you -- from the 2% to 5% after a solid 1Q at the top end, 2Q looks largely as expected, yet the Federal headwind is actually a bit less than the lower -- than the prior range. So it sounds like demand is broadly consistent.

我想問成長方面的問題，也就是在考慮 2026 財年成長前景時，哪些因素會改變。所以，在第一季表現強勁之後，第二季的成長率從 2% 到 5% 上升，基本上符合預期，但聯準會的不利因素實際上比之前的區間要小一些。看來需求整體較穩定。

So the question is, what may have precluded a low-end raise just considering that low end raise had deterioration assumed before? Just curious, is there anything incremental there or just ongoing uncertainty and just prudent approach just given this early in the fiscal year?

所以問題是，考慮到之前已經假設了低端加薪會惡化，是什麼原因導致低端加薪未能實現？我只是好奇，這方面有什麼新的改變嗎？還是只是因為目前仍處於財政年度初期，所以存在一些不確定性，需要謹慎的做法？

So look, as we think about -- we just had a really strong print in Q1. We had strong bookings two quarters in a row. We can see the backlog from our large deals. We've got a solid pipe. And so our 2% to 5% really reflects what we see going for the remainder of the fiscal year.

所以你看，正如我們所想——我們第一季的業績非常強勁。我們連續兩個季度預訂量都很強勁。我們可以看到大宗交易的積壓情況。我們有一根結實的管道。因此，我們預測的 2% 到 5% 的成長幅度，實際上反映了我們對本財年剩餘時間成長趨勢的預期。

We got three quarters left, and it's our best view. And we were really pleased that Federal came in a bit better than what we had anticipated which is the strength of the work that they do.

我們還剩下四分之三的路程，這是我們能看到的最佳景色。我們很高興看到 Federal 的表現比我們預期的還要好一些，這體現了他們工作的實力。

Okay, understood. And my follow-up on Song. So I heard the mid-single-digit growth that sounds consistent here, which is good. I wanted to dig in, and I appreciate the detail you gave in the slides.

好的，明白了。我對宋的後續報道。我聽到的是一個位數的中等成長率，這聽起來與這裡的預期一致，這是好事。我想深入了解一下，我很欣賞你在幻燈片中提供的細節。

Can you just talk about the implications for Song growth? Just looking ahead, just you consider recent advances in models like SOAR and there's a perception that enterprises can do more of this themselves or just the cost of such services will see material deflation. So how do you navigate that type of a backdrop going forward?

您能談談這對宋氏家族發展的影響嗎？展望未來，考慮到 SOAR 等模型的最新進展，人們普遍認為企業可以更多地自行完成此類工作，或者此類服務的成本將大幅下降。那麼，在這種背景下，你該如何應對未來的挑戰呢？

SOAR is a great example of something we embrace and are helping our clients embrace because what SOAR does is help them accelerate production. And so it's like a really good tool, but it's just a tool, right? So what Accenture does is say, how do you use these tools to actually get productivity differently to, more importantly, create the right new products and the new experience? And that's why one of the things I was mentioning earlier was that if you look kind of at our largest deals this quarter, a big proportion of them have customer and customer service in it because clients need growth.

SOAR 是我們積極擁抱並幫助客戶擁抱的一個很好的例子，因為 SOAR 的作用是幫助他們加快生產速度。所以它就像一個非常好的工具，但它也只是個工具，對吧？因此，埃森哲的做法是，如何利用這些工具來真正提高生產力，更重要的是，如何創造正確的新產品和新體驗？這就是為什麼我之前提到的其中一點是，如果你看一下我們本季最大的幾筆交易，你會發現其中很大一部分都與客戶和客戶服務有關，因為客戶需要發展。

And the tools are just a productivity piece. They're not what you can do to -- how do you actually respond to social media sentiment in an hour, right, which is what we can do in our operations around marketing, for example. So we see Song as critical because again, can't cut your way to growth. The market's not getting better overall for our clients, and they're really turning to us to find the new ways and to help them use these tools in the meantime to get more productivity.

這些工具只是提高生產力的工具而已。它們不是你能做的——你如何在一個小時內真正回應社交媒體的情緒，對吧？而這正是我們在行銷營運中可以做的事情。所以我們認為宋是至關重要的，因為成長不能靠偷工減料。對於我們的客戶來說，市場整體狀況並沒有好轉，他們真的在尋求我們的幫助，希望我們能找到新的方法，並幫助他們利用這些工具來提高生產力。

Makes sense. Thanks, and happy holidays.

有道理。謝謝，祝您節日快樂。

Darrin Peller, Wolfe Research.

Darrin Peller，Wolfe Research。

Julie, what does the revenue opportunity look like at a client that has done all of the digital core work required to be effectively leveraging AI as much as you'd like to see?

Julie，對於一個已經完成了所有必要的數位核心工作，能夠像你希望的那樣有效利用人工智慧的客戶來說，收入機會是什麼樣的？

And then maybe just a quick follow-on would be just around managed service opportunity and what that looks like, really trying to get a sense if you have any customers that are really at that stage that you can give us examples of whether it's a net increase to revenue and the opportunities you have and different services that could help a client out that has the digital core ready.

然後，或許可以快速跟進一下託管服務機會以及它的具體情況，真正想了解一下您是否有任何客戶正處於這個階段，能否舉例說明這是否能帶來淨收入增長，以及您有哪些機會和不同的服務可以幫助已經具備數字化核心的客戶。

Darrin, it's a great question. And what we're seeing is it's really expanding our work. So think about you've built a digital core. Now of course, just keep in mind, there's still a lot to do in the digital core because there's so much new opportunities and new ways of thinking about data, for example, than if you built your data foundation a few years ago. So there's still a fair amount of work to do even if you've got a pretty modernized digital core.

達林，這是一個很好的問題。我們看到的是，它確實拓展了我們的工作範圍。所以想像一下，你已經建立了一個數字核心。當然，請記住，數位核心領域還有很多工作要做，因為與幾年前建立數據基礎相比，現在有很多新的機會和新的數據思維方式。即使你擁有相當現代化的數位核心，仍然有很多工作要做。

But the real work, and this is why I think it's so important to understand how you adopt AI, is that you have to then change the processes. You have to upskill your talent, right? One of the things I talk to CEOs a lot about is that if someone comes to you and says, here's how we do something today, now we're going to use AI and there isn't a big change, then they're not going to get value.

但真正的工作，也是我認為了解如何採用人工智慧如此重要的原因，在於你必須改變流程。你需要提升自己的技能，對吧？我經常和CEO們談論的一件事是，如果有人來找你說，我們今天是這樣做事情的，現在我們要使用人工智慧，但並沒有發生很大的變化，那麼他們就不會獲得價值。

And most of the work today has been around sort of isolated areas. It hasn't been across the enterprise. And so what you're seeing is we talked a little bit also about this last quarter, this inflection point where you've got now clients saying to us, okay, we have to do this across the enterprise. How do we think differently? Like how do we put marketing and sales and service together? And they used to be in different functions. What does that mean then for the use of AI?

如今大部分工作都是在一些相對偏遠的地區進行的。這種情況尚未遍及整個企業。所以你現在看到的是，我們也稍微談到了上個季度，這個轉折點，現在客戶對我們說，好吧，我們必須在整個企業範圍內這樣做。我們有哪些不同的思考方式？我們如何將行銷、銷售和服務結合？他們以前擔任不同的職位。那麼，這對人工智慧的應用意味著什麼？

So the actual rewiring is a huge amount of work. And remember, the technology today, like it's great in some parts of the enterprise. But like if you think about manufacturing or engineering where we've had been investing for decades, it's still early in the digitization journey even for those who have a core. So we have lots of great examples, and that's why I talk about to our clients. Look, where people have already invested a lot, they're investing with us now to try to leapfrog.

所以實際的重新佈線工作量非常大。記住，如今的技術，雖然在企業某些領域非常出色。但想想製造業或工程領域，我們已經投資了幾十年，即使對於那些擁有核心業務的公司來說，數位轉型仍處於早期階段。所以我們有很多很好的例子，這也是我為什麼跟客戶談論這些例子的原因。你看，那些已經投入大量資金的人，現在又投資我們，試圖實現跨越式發展。

And that's where we are so different because we're tech, but we have the industry and the functional and the process and the change management, which is what unlocks the enterprise AI. So we really see a big opportunity over the next decade.

這就是我們與眾不同的地方，因為我們是科技公司，但我們擁有產業、職能、流程和變革管理，而這正是釋放企業人工智慧潛力的關鍵。因此，我們看到未來十年蘊藏著巨大的機會。

That's great. That's really helpful. Just very quickly, following the business optimization, what is your headcount? What do we expect from headcount or your headcount strategy for the remainder of the year now? Thanks again, guys, and happy holidays.

那太棒了。這真的很有幫助。簡單問一下，在業務優化之後，貴公司目前有多少員工？接下來，我們對貴公司今年剩餘時間的人員配置或人員配置策略有何預期？再次感謝各位，祝你們節日快樂。

Thanks, Darrin. I'll take that. So as it relates to our headcount, look, we expect to -- we're doing our talent rotation, and we expect to increase our headcount throughout the year in the US and in Europe. So you should see that come through for the remainder of the year.

謝謝你，達林。我接受。所以就我們的人員編製而言，我們預計——我們正在進行人才輪換，我們預計今年在美國和歐洲的人員編制將會增加。所以你應該會在今年餘下的時間裡看到這種情況發生。

Okay. Thanks again.

好的。再次感謝。

Kevin McVeigh, UBS.

凱文麥克維，瑞銀集團。

Congratulations on the results. I think you had mentioned that advanced AI is 1,300 of your 9,000 clients, and that implies about 14% versus the 6% revenue and 9% bookings. Should we use that in terms of a leading indicator or goalpost of what the revenue and bookings should scale? And if that's the case, any sense of that 14%, how that scales over time, just as we're thinking about the adoption rate?

恭喜取得好成績。我想你曾經提到過，你的 9,000 位客戶中有 1,300 位使用了高級人工智慧，這意味著約佔 14% 的收入和 9% 的預訂量。我們是否應該將其作為衡量收入和預訂量成長速度的領先指標或目標？如果是這樣，那麼這 14% 的比例會如何隨時間而改變呢？就像我們正在考慮採用率一樣？

Yeah. The way I would really just think about it, so it's not meant to be some new metric in that way. What it's really showing you is just how rapidly it's moving, 100 clients initiating a quarter and that it's at the same time, really, really early, right, when you think of our whole client base. But I wouldn't start now creating like kind of a new metric and that, it's just too early to start drawing those correlations. But I'm trying to give some insight into like kind of where is the market right now.

是的。我的想法就是這樣，所以它並不是要成為某種新的衡量標準。它真正向你展示的是它的發展速度有多快，每個季度有 100 位客戶啟動，同時，考慮到我們整個客戶群的情況，這真的還處於非常早期的階段。但我現在不會開始創建某種新的指標，現在開始建立這些相關性還為時過早。但我試著讓大家對目前的市場狀況有所了解。

It's super helpful. And then just real quick, the 17.3% margin, I mean, I went back, I think that's the highest Q1 you've ever had. Is that a function of the efficiencies and again, the fixed pricing? And how should we think about the margin trajectory of the business maybe a little bit longer term to the extent you can comment on that?

非常有用。然後，簡單提一下，17.3% 的利潤率，我的意思是，我查了一下，我認為這是你們有史以來最高的第一季利潤率。這是否與效率以及固定價格有關？那麼，我們該如何看待公司利潤率的長期發展趨勢呢？您能否就此發表一些看法？

Yeah. Hey, Kevin. We're really pleased with the 30 basis points of op margin expansion that we posted this quarter, which was in line with our expectations. And certainly, our operating margin is affected by the level of investments that we do throughout the year. So we're really pleased that we're reconfirming the 10 to 30 basis points for the full year.

是的。嘿，凱文。我們對本季營業利潤率成長 30 個基點感到非常滿意，這符合我們的預期。當然，我們的營業利潤率會受到我們全年投資水準的影響。因此，我們非常高興地再次確認全年利率為 10 至 30 個基點。

As it relates to EPS, I do want to make one point, really pleased with the 10% growth that we posted this quarter, strong operational results, op margin expansion as well as gains on investments. But there's one thing that I do -- there's two things that I want to call out as it relates to Q2 specifically for your awareness and how we're thinking about it. First is that we expect our tax rate in Q2 to be above our full-year guided range due to the tax impact of equity compensation. And then second is that we had higher gains on investments in Q2 of last year, and we don't expect the same for this year.

關於每股收益，我想強調一點，我對本季實現的 10% 的成長、強勁的營運業績、營業利潤率的提升以及投資收益感到非常滿意。但我確實有一件事——有兩件事我想特別指出，這與第二季度有關，以便您了解我們是如何思考這個問題的。首先，由於股權激勵的稅務影響，我們預期第二季的稅率將高於全年預期範圍。其次，去年第二季我們的投資收益較高，但我們預期今年不會有同樣的收益。

But importantly, there's no change to our overall adjusted -- our full-year guidance for adjusted op margin, tax or EPS. This is really timing.

但重要的是，我們整體的調整後全年業績預期（包括調整後的營業利潤率、稅收和每股收益）沒有變化。這真是時機把握得太好了。

Operator, we have time for one more question. Then Julie can wrap up the call.

操作員，我們還有時間再問一個問題。然後朱莉就可以結束通話了。

Dave Koning, Baird.

戴夫·科寧，貝爾德。

The health and public services growth was sequentially, I think, up 7%, the strongest, or I think the second strongest in 12 years, so very, very good. Is a lot of that just the Federal spending headwind dissipating from Q4 into Q1? Was that a lot of it? Or is it just underlying health and Federal spending just getting better than normal?

我認為，衛生和公共服務領域的成長環比增長了 7%，這是 12 年來最強勁的一次，或者說是第二強勁的一次，所以非常好。這其中很大一部分原因是否只是因為第四季聯邦支出逆風逐漸消退到第一季？很多嗎？或者只是因為民眾健康狀況良好以及聯邦政府支出比平常有所改善？

So as it relates to our health and public service, really, we saw strength in -- we told you about Federal, and we know that, and that came in better than we expected. And then the second component is the strength that we're seeing in EMEA and Asia Pacific, really strong, well positioned in terms of that business for us.

所以，就我們的醫療衛生和公共服務而言，我們確實看到了優勢——我們之前已經告訴過你們聯邦政府的情況，我們也知道這一點，而且它的表現比我們預期的要好。第二個組成部分是我們在歐洲、中東和非洲地區以及亞太地區的強勁勢頭，這些地區實力非常強勁，就我們的業務而言，我們佔據了有利地位。

And keep in mind, that's where we've been investing over the last few years, including in acquisitions, and you're seeing that those investments pay off.

請記住，過去幾年我們一直在投資這些領域，包括收購，您也看到了這些投資正在獲得回報。

Great. Thank you. Happy holidays.

偉大的。謝謝。節日快樂。

Happy holidays.

節日快樂。

So thank you, everyone. In closing, I want to thank our shareholders for your continued trust and support. I want to thank all of the people who do this work every day, all of our inventors around the world. I hope everyone has a very safe and happy holiday season. Thank you for joining today.

所以，謝謝大家。最後，我要感謝各位股東一直以來的信任與支持。我要感謝每天從事這項工作的所有人，感謝世界各地的所有發明家。祝大家假期平安快樂。感謝您今天的參與。

Thank you. That 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。感謝各位蒞臨今天的報告會。現在您可以斷開線路了，祝您有美好的一天。