埃森哲 (ACN) 2026 Q4 法說會逐字稿

Good day and welcome to the Accenture fourth-quarter 2026 financial results conference call. (Operator Instructions) Please note today's event is being recorded.

各位好，歡迎參加埃森哲（Accenture）2026 會計年度第四季財務業績電話會議。（接線員指示）請注意，今天的活動將被錄音。

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

現在我想把會議交給投資人關係執行董事暨主管 Alexia Quadrani。請開始。

Thank you, operator, and thanks, everyone, for joining us today on our fourth-quarter and full-year fiscal 2026 earnings call. As the operator just 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 both the earnings release and the accompanying presentation issued prior to this call.

謝謝您，接線員，也謝謝各位今天參加我們的第四季與 2026 會計年度全年財報電話會議。如接線員剛才提到的，我是 Alexia Quadrani，投資人關係執行董事暨主管。今天的電話會議中，您將聽到我們的董事長暨執行長 Julie Sweet，以及我們的財務長 Angie Park 的發言。我們希望各位已經有機會閱讀本次電話會議前發布的新聞稿與隨附簡報。

Let me outline the agenda for today. Julie will begin with an overview of our Q4 results and step back to look at fiscal 2026 overall before following with a brief update on our market positioning. Angie will then take you through the detailed financial numbers, including the income statement and balance sheet, along with key operational metrics for the fourth quarter and full fiscal year before providing a business outlook for the first quarter and full year fiscal 2027. We will then open the line for your questions before Julie closes with a wrap-up.

我先說明今天的議程。Julie 將先概述我們第四季的業績，並回顧 2026 會計年度整體表現，接著簡要更新我們的市場定位。之後 Angie 將帶各位檢視詳細財務數字，包括損益表與資產負債表，以及第四季與全年會計年度的關鍵營運指標，並提供 2027 會計年度第一季與全年展望。接著我們將開放提問，最後由 Julie 作結。

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 earnings 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. During our call today, we will reference certain non-GAAP financial measures, which we believe provide useful information for investors. We include reconciliations of non-GAAP financial measures where appropriate to GAAP in our earnings release or in the Investor Relations section of our website at accenture.com.

我們在本次電話會議中將討論的部分事項（包括業務展望）屬於前瞻性陳述，因此可能受到已知與未知風險及不確定性的影響，包括但不限於今日財報新聞稿所列因素，以及我們在 Form 10-K 年報、Form 10-Q 季報及其他向美國證券交易委員會（SEC）提交文件中所討論的因素。這些風險與不確定性可能導致實際結果與本次電話會議所表達者出現重大差異。在今天的電話會議中，我們將引用若干非 GAAP 財務衡量指標，我們認為這些指標可為投資人提供有用資訊。我們在財報新聞稿中，或在 accenture.com 網站的投資人關係專區，於適當情況下提供非 GAAP 財務衡量指標與 GAAP 之間的調節表。

As always, Accenture assumes no obligation to update the information presented on this conference call. Now let me turn the call over to Julie.

一如既往，埃森哲不承擔更新本次電話會議所呈現資訊的任何義務。現在我把電話交給 Julie。

Thank you, Alexia, and everyone joining us this morning. and thank you to our more than 814,000 reinventors around the world for your extraordinary work and commitment to our clients. Before Angie takes you through the detailed numbers in our FY27 outlook, I will start with Q4 and then step back to look at fiscal 2026 overall.

謝謝你，Alexia，也謝謝今天早上加入我們的各位。同時也感謝我們全球超過 814,000 位「重塑者」（reinventors）為客戶所付出的卓越工作與承諾。在 Angie 帶各位檢視我們對 FY27 的展望細節之前，我將先從第四季談起，接著回顧 2026 會計年度整體表現。

Starting with Q4, revenue was $18.7 billion, growing 7% in local currency, above the top end of our guided range. Growth was broad-based across markets, industries and both types of work and we once again took significant market share. Revenue from work with our top 10 ecosystem partners continue to outpace our overall growth. We had $22.2 billion of bookings in Q4, reflecting the relevance of Accenture to our clients and demonstrating again our strong competitive position.

先看第四季，營收為 187 億美元，以當地貨幣計算成長 7%，高於我們指引區間的上緣。成長動能廣泛分布於各市場、各產業以及兩種工作類型，我們再次取得顯著的市占提升。來自我們前十大生態系夥伴相關工作的營收，持續快於整體成長速度。第四季簽約額（bookings）為 222 億美元，反映埃森哲對客戶的高度相關性，並再次展現我們強勁的競爭地位。

I was particularly pleased with our 37 clients with bookings greater than $100 million. Our focus on being relevant where our clients are spending helped us capture the strong level of bookings even though the overall demand environment, including discretionary spending did not meaningfully change. We also delivered strong margin expansion, EPS growth and free cash flow while continuing to invest in our business and our people.

我尤其對我們有 37 家客戶的簽約額超過 1 億美元感到欣慰。我們聚焦於在客戶支出所在領域保持相關性，讓我們即使在整體需求環境（包括可自由支配支出）未出現明顯變化的情況下，仍能掌握強勁的簽約水準。同時，在持續投資於業務與人才之際，我們也實現了強勁的利潤率擴張、每股盈餘（EPS）成長與自由現金流表現。

In Q4, we deployed $1.9 billion in acquisitions. Approximately $3 billion of capital related to the cyber OT acquisitions, including Dragos shifted into September due to regulatory timing, and we are pleased those transactions have now closed. In Q4, we continued to use our strong balance sheet and acquisition experience as competitive advantages to accelerate our strategy and ultimately fuel organic growth. As a reminder, we use acquisitions to scale in high-growth areas, deepen our industry and functional capabilities and expand into new growth areas, which increasingly include businesses with non-FTE commercial models. In Q4, we closed Ookla, a global leader in network intelligence, competitive benchmarking and customer experience analytics, which is an expansion into a new growth area with a non-FTE commercial model.

第四季我們在併購上投入 19 億美元。由於監管時程因素，與資安 OT 併購（包括 Dragos）相關、約 30 億美元的資本支出延後至 9 月，我們很高興這些交易現已完成交割。第四季我們持續運用強健的資產負債表與併購經驗作為競爭優勢，以加速我們的策略，並最終帶動有機成長。提醒各位，我們透過併購在高成長領域擴大規模、深化產業與職能能力，並拓展新的成長領域；而這些新領域也日益包含採用非 FTE（非全職人力）商業模式的業務。第四季我們完成收購 Ookla。Ookla 是網路智慧、競爭基準分析與客戶體驗分析的全球領導者，這使我們得以以非 FTE 商業模式擴展至新的成長領域。

Ookla also deepens our industry skills in the core value chain of the comms and tech industries. We also closed Whalar, a leading creator and social agency recognized for its creative excellence and ability to deliver measurable business outcomes.

Ookla 也深化了我們在通訊與科技產業核心價值鏈上的產業技能。我們也完成收購 Whalar。Whalar 是領先的創作者與社群代理商，以其創意卓越與交付可衡量的商業成果能力而聞名。

Whalar is part of our focus on expanding our functional skills within our fan business in a high-growth area. To help accelerate our strategy to expand in the mid-market, we closed [Comware,] an end-to-end technology services provider with deep SAP, CRM and manufacturing expertise serving Japan's mid-market. We also announced our agreement to acquire McCoy, a trusted Dutch SAP transformation partner for mid-market companies. Finally, we announced an agreement to acquire Industries Excellence Group, which deepens our engineering skills as part of our supply chain and engineering business. Turning to demand in Q4.

Whalar 符合我們在高成長領域、於粉絲（fan）業務中擴展職能技能的重點方向。為了加速我們拓展中型市場（mid-market）的策略，我們完成收購 [Comware,]。該公司是端到端的科技服務供應商，具備深厚的 SAP、CRM 與製造業專業能力，服務日本的中型市場客戶。我們也宣布已達成協議，將收購 McCoy。McCoy 是荷蘭值得信賴的 SAP 轉型合作夥伴，服務中型企業。最後，我們宣布已達成協議，將收購 Industries Excellence Group，作為我們供應鏈與工程業務的一部分，以深化我們的工程能力。接著談第四季的需求面。

Large-scale reinventions, including many driven by AI, drove strong demand. The spend transforming functions and building out digital cores. Our clients are also focused on AI and believe AI will help them achieve more than previously possible across the enterprise.

大型重塑（reinvention）專案（其中許多由 AI 驅動）帶動了強勁需求。支出主要用於職能轉型以及建置數位核心（digital core）。我們的客戶也聚焦於 AI，並相信 AI 將協助他們在全企業範圍內達成過去難以企及的成果。

The clients remain at very different stages of readiness. Much of our growth today comes from continuing to build their digital core data foundations and the enterprise AI stack that they need to use AI at scale. And many are just starting their AI journey. Nearly 100 additional clients initiated their first advanced AI work with us this quarter, bringing the fiscal 2026 total to more than 400. Because we are investing in our platforms and new solutions, we are able to embed advanced AI earlier into large-scale reinventions.

客戶在準備程度上仍處於非常不同的階段。我們目前相當一部分的成長，來自於持續協助客戶建置其數位核心的資料基礎，以及他們要能大規模運用 AI 所需的企業 AI 技術堆疊（enterprise AI stack）。也有許多客戶才剛開始他們的 AI 旅程。本季又有近 100 家客戶與我們啟動其第一個進階 AI 專案，使 2026 會計年度累計總數超過 400 家。由於我們持續投資於平台與新解決方案，我們得以在大型重塑專案中更早嵌入進階 AI。

Our proprietary assets and platforms, ecosystem relationships and our ability to deliver the work through consulting, managed services or a combination of both allows us to meet clients where they are and help them move at pace. Our managed services led work also includes a significant consulting and AI expertise as many clients use this work to both reinvent and to get greater certainty around outcomes, including cost savings.

我們的自有資產與平台、生態系關係，以及透過顧問服務、委外管理服務（managed services）或兩者結合交付專案的能力，使我們能在客戶所處位置與其對接，並協助他們加速推進。我們以委外管理服務為主導的專案也包含大量顧問與 AI 專業能力，因為許多客戶利用此類專案同時進行重塑，並提升對成果（包括成本節省）的確定性。

Against this backdrop, two things stand out. First, our largest client relationships continue to expand as clients take on broader more strategic transformations. FedEx is a great example of how our largest client relationships grow over time. We began by moving part of its applications to the cloud. As more deliveries shifted to homes FedEx launched One FedEx to create a more connected, flexible and efficient operation.

在此背景下，有兩點特別突出。第一，我們最大的客戶關係持續擴大，因為客戶正承接更廣泛、也更具策略性的轉型。FedEx 是我們最大客戶關係如何隨時間成長的絕佳例子。我們最初從將其部分應用程式遷移至雲端開始。隨著更多配送轉向住家，FedEx 推出 One FedEx，以打造更互聯、更具彈性且更高效率的營運。

Delivering on that vision requires coordinating the technology, data and processes that keep the business running, all while FedEx moves millions of packages every day. Today, we're helping build the digital core behind One FedEx while supporting its investment in its people through enterprise-wide AI fluency programs. Together, this work is helping FedEx make supply chain smarter and embed AI more deeply into the way work gets done. Our partnership has continued to deepen as FedEx has expanded our role with additional managed services and modernization work designed to streamline operations, enhance customer service and support future growth. That is how our relationships grow. Each success creates the opportunity for the next.

要實現這個願景，需要協調維持企業運作的技術、資料與流程，同時 FedEx 每天仍要運送數以百萬計的包裹。如今，我們在協助打造 One FedEx 背後的數位核心，同時透過全企業的 AI 素養（AI fluency）計畫，支持其對人才的投資。這些工作共同協助 FedEx 讓供應鏈更智慧，並將 AI 更深度地嵌入工作完成的方式之中。隨著 FedEx 透過額外的託管服務與現代化工作擴大我們的角色（旨在精簡營運、提升客戶服務並支持未來成長），我們的合作關係也持續深化。這就是我們的關係如何成長。每一次成功都會為下一次創造機會。

The second standout from the quarter is how our AI demand is broadening because of both the depth and breadth of our expertise in the various functions of an enterprise across industry, process, operating model, data, technology and AI. We continue to see AI being embedded in the broader transformations our clients are undertaking. BP, one of the world's largest energy and convenience businesses operates across more than 150 markets with over 10 million customer touch points every day. To turn that scale into a growth advantage, Accenture Song is helping BP build a global marketing engine that combines data, AI and marketing expertise, deepening customer intelligence to move from insight to action, faster. BP's marketing teams operated with hundreds of regional processes, making it harder to scale campaigns consistently across markets.

本季第二個亮點是，我們的 AI 需求正在擴大，原因在於我們在企業各項職能上的專業既有深度也有廣度，涵蓋產業、流程、營運模式、資料、技術與 AI。我們持續看到 AI 被嵌入客戶正在推動的更廣泛轉型之中。BP 是全球最大的能源與便利零售企業之一，業務遍及 150 多個市場，每天有超過 1,000 萬個客戶接觸點。為了把這樣的規模轉化為成長優勢，Accenture Song 正協助 BP 建立全球行銷引擎，結合資料、AI 與行銷專業，深化客戶洞察，讓企業能更快從洞見走向行動。BP 的行銷團隊過去採用數百種區域流程，使得在各市場一致地擴大行銷活動變得更困難。

We replaced that complexity with a single scalable model and the games compound. BP is now producing 2.5x more content with 23% less effort. That benefit is also realized in customer reach. For example, customer engagement activity has grown threefold in the last 12 months alone.

我們以單一、可擴展的模型取代了這種複雜性，而效益也隨之疊加放大。BP 現在能以少 23% 的投入產出 2.5 倍的內容。這項效益也反映在客戶觸及上。例如，僅在過去 12 個月內，客戶互動活動就成長了三倍。

By intelligently optimizing across offer, channel and customer moment, BP has been able to put its marketing budget in the right place at the right time, helping support measurable business results. Over the past year, active loyalty customers grew 12% and loyalty transactions rose 7%. This is what it looks like when marketing becomes a true commercial driver. We also continue to see green shoots of enterprise-wide AI transformations where our clients have been investing in strong digital cores. PPC is one of the leading early examples.

透過在優惠、通路與客戶情境之間進行智慧化最佳化，BP 得以在正確的時間把行銷預算投放到正確的位置，進而支持可衡量的業務成果。過去一年，活躍的忠誠會員客戶成長 12%，忠誠交易量上升 7%。這就是當行銷成為真正商業驅動力時的樣貌。我們也持續看到企業級 AI 轉型的「綠芽」跡象，這些客戶先前已投資打造強健的數位核心。PPC 是其中最早且領先的案例之一。

Over the past several years, we've helped PPC Group, Greece's largest electricity utility, strengthen its digital core and build the foundations to drive continuous reinvention. Today, we're helping PPC put AI at the center of its next phase of growth as it transforms from a traditional utility into a power tech company, using AI to reinvent and expand into new businesses and markets. AI will be infused across the enterprise from power generation and customer experience to renewables and corporate functions, bringing together larger volumes of data to get work done faster.

過去幾年，我們協助 PPC Group（希臘最大的電力公用事業）強化其數位核心，並建立推動持續再造的基礎。如今，隨著 PPC 從傳統公用事業轉型為電力科技公司，我們正協助其在下一階段成長中把 AI 置於核心位置，運用 AI 進行再造並拓展至新的業務與市場。AI 將滲透至全企業，從發電與客戶體驗到再生能源與企業職能，整合更大量的資料以更快完成工作。

For example, in energy management, AI will help to cut analysis time in half, helping traders make faster pricing and hedging decisions. At the same time, AI will help deliver more seamless digital experiences to millions of customers, increasing customer lifetime value and driving top line growth. PPC Group is not inserting AI into its existing processes, it is reinventing them.

例如，在能源管理方面，AI 將協助把分析時間減半，讓交易員能更快做出定價與避險決策。同時，AI 也將協助為數百萬名客戶提供更無縫的數位體驗，提高客戶終身價值並帶動營收成長。PPC Group 並不是把 AI 塞進既有流程，而是在重新發明這些流程。

As the group expands beyond its traditional utility business, it is rebuilding how work gets done around clear outcomes with people in the lead and agents on task, measuring the value of every change and reskilling its workforce in parallel. We're also seeing clients continue to move deeper into functions, particularly in areas such as customer experience, supply chain and finance as they redesign end-to-end processes and ways of working around AI. In customer experience, we're using conversational AI, including voice and chat agents to handle live interactions, resolve increase faster and provide a more personalized experience, helping organizations drive customer satisfaction and retention.

隨著集團擴展至傳統公用事業以外的領域，它正以明確的成果為導向重建工作完成方式：由人主導、由代理（agents）執行任務，同時衡量每一項變更的價值，並同步為員工進行技能再培訓。我們也看到客戶持續更深入各項職能，特別是在客戶體驗、供應鏈與財務等領域，因為他們正圍繞 AI 重新設計端到端流程與工作方式。在客戶體驗方面，我們運用對話式 AI（包含語音與聊天代理）來處理即時互動、更快解決問題並提供更個人化的體驗，協助組織提升客戶滿意度與留存率。

In supply chain, we're using advanced AI to improve demand forecasting across complex distribution networks, enabling more accurate forecasts and faster, more automated decisions, which can optimize costs and improve margins. And in finance, we're building AI reasoning agents that allow CFOs and finance teams to ask questions in plain English and analyze detailed profit and loss data, helping finance leaders get ahead of trends, make faster, better informed decisions and free their teams to focus on the work that drives business results. And increasingly, we are seeing AI move into the core value chain of industries.

在供應鏈方面，我們運用先進 AI 改善跨複雜配送網路的需求預測，使預測更精準，並做出更快速、更自動化的決策，從而最佳化成本並提升利潤率。在財務方面，我們打造 AI 推理代理，讓 CFO 與財務團隊能以白話英文提問並分析細緻的損益資料，協助財務領導者超前掌握趨勢、更快做出更有依據的決策，並讓團隊能把時間投入在推動業務成果的工作上。而且，我們愈來愈常看到 AI 進入各產業的核心價值鏈。

For a leading pharmaceutical company, we're using faculty's Frontier platform to improve a critical part of developing a new medicine, clinical trial planning. The platform simulates different trial scenarios, helping teams decide where to run studies, which sites to use and how to respond when patient enrollment falls behind. In an initial application, the platform reduced the time needed to create and analyze trial scenarios from 10 days to 10 minutes, improved patient enrollment forecast accuracy by 60% identified study designs that could shorten trial time lines by up to three months.

針對一家領先的製藥公司，我們運用 Faculty 的 Frontier 平台來改善新藥開發中的關鍵環節——臨床試驗規劃。該平台可模擬不同的試驗情境，協助團隊決定在哪裡進行研究、使用哪些試驗中心，以及當病患招募落後時該如何應對。在初步應用中，該平台將建立與分析試驗情境所需時間從 10 天縮短至 10 分鐘，將病患招募預測準確度提升 60%，並找出可將試驗時程最多縮短三個月的研究設計。

In an industry where each day of delay can mean up to $1 million in lost revenue faster planning can help therapies reach patients sooner and improve the return on R&D investment. It is a strong example of how we combine our technology with deep life sciences industry expertise to turn faster, better decisions into meaningful business value. You can see in these examples, the breadth of demand, which we expect to continue and the breadth and depth of our expertise. Today, we've covered logistics, energy and pharma, and they span from enterprise functions like finance to growth functions like marketing to the core value chain like clinical dials to the digital core.

在一個每延遲一天就可能意味著高達 100 萬美元營收損失的產業中，更快速的規劃能讓療法更早送達病患，並提升研發投資報酬率。這是我們如何結合自身技術與深厚生命科學產業專業，把更快、更好的決策轉化為具體商業價值的有力例證。從這些案例可以看出需求的廣度（我們預期將持續），以及我們專業能力的廣度與深度。今天我們涵蓋了物流、能源與製藥，範圍從財務等企業職能，到行銷等成長職能，再到臨床試驗等核心價值鏈，以及數位核心。

Turning to our full fiscal year, we had another strong year, delivering profitable growth, taking significant market share, returning record cash to shareholders and investing at scale in our business to strengthen our near- and long-term growth. We did so in a very dynamic macro environment, which we expect to continue. For the full year, we delivered revenue of $74 billion, growing approximately 5% in local currency and adding approximately $4.5 billion of revenue over FY25.

談到我們的完整會計年度，我們又交出強勁的一年：實現獲利性成長、取得顯著市占、向股東返還創紀錄的現金，並以規模化投資強化我們的中短期與長期成長。我們是在非常動態的總體環境中做到這些，而我們預期這種情況將持續。全年我們實現 740 億美元營收，以當地貨幣計約成長 5%，較 FY25 增加約 45 億美元營收。

We delivered these results while absorbing an approximately 1 percentage point impact from our federal business, which sunset at the end of Q3. We had bookings of more than $84 billion, up 5% in US dollars and 3% in local currency. This included 141 quarterly client bookings greater than $100 million, 12 more than last year. These bookings are a proxy for the effectiveness of our reinvention strategy and position us well for future transformations as AI scales.

在達成這些成果的同時，我們也吸收了來自聯邦業務約 1 個百分點的影響，該業務已於第三季末到期結束（sunset）。我們的簽約額（bookings）超過 840 億美元，以美元計成長 5%，以當地貨幣計成長 3%。其中包含 141 筆單季客戶簽約額超過 1 億美元的交易，比去年多 12 筆。這些簽約額可作為我們再造策略成效的替代指標，並在 AI 規模化之際，讓我們為未來轉型做好準備。

We also ended the year with 317 Diamond clients, our largest relationships. We also delivered strong adjusted earnings per share growth and free cash flow, and we returned a record amount of cash to shareholders, 38% more than in fiscal 2025. At the same time, we invested at scale in our business with $4.9 billion in strategic acquisitions, $1 billion in R&D, and $1 billion in learning and development as we continue to upskill and reskill our people for the AI era. In fiscal 2026, our people completed 46 million hours of training, and we now have nearly 110,000 AI and data professionals exceeding our 3-year goal to double our AI and data workforce from 40,000 to 80,000 by the end of fiscal 2026.

我們也在年末擁有 317 家 Diamond 客戶，這是我們最大的客戶關係群。我們同時交出強勁的調整後每股盈餘成長與自由現金流，並向股東返還創紀錄的現金，較 2025 會計年度多 38%。同時，我們以規模化投資於業務：49 億美元用於策略性併購、10 億美元投入研發、以及 10 億美元投入學習與發展，以持續為 AI 時代提升與再培訓我們的人才。在 2026 會計年度，我們的員工完成了 4,600 萬小時的訓練；目前我們擁有近 11 萬名 AI 與資料專業人才，已超越我們的三年目標——在 2026 會計年度末前，將 AI 與資料人力從 4 萬人倍增至 8 萬人。

As we look forward, we are confident in our future. We continue to believe the opportunities related to AI are greater than the impact of AI-related efficiencies in our business, and we expect that to continue as AI enables enterprises to do much more. At the same time, AI is making both our own delivery and the technologies we implement more efficient. Consistent with prior technology waves, we see this in two areas: the additional productivity we achieved in delivering our services which creates greater value for our clients, and faster, more efficient implementations as our ecosystem partners invent more AI capabilities into their platforms. Our strategy is to lean into these efficiencies precisely because they create value for our clients, while continuing to invest and rotate our capabilities to capture the larger growth opportunities AI creates.

展望未來，我們對自身前景充滿信心。我們仍然相信，與 AI 相關的機會大於 AI 相關效率對我們業務的影響，並且我們預期，隨著 AI 使企業能做得更多，這一趨勢將持續。同時，AI 也正在提升我們自身交付以及我們所實施技術的效率。與過往的技術浪潮一致，我們在兩個方面看到了這一點：我們在交付服務方面取得的額外生產力提升，為客戶創造更大價值；以及隨著生態系夥伴在其平台中注入更多 AI 能力，實施速度更快、效率更高。我們的策略是積極擁抱這些效率提升，正因為它們能為客戶創造價值，同時持續投資並調整我們的能力配置，以把握 AI 所帶來的更大成長機會。

That is why we continue to view AI as a tailwind for Accenture. As we look at the AI opportunity, our strong ecosystem position is one of the reasons we are so confident. Our top 10 ecosystem partners represented more than 60% of our revenue in fiscal 2026 and revenue from that work grew 6%, outpacing Accenture overall.

這就是為什麼我們仍然將 AI 視為埃森哲的順風因素。在審視 AI 機會時，我們強大的生態系地位是我們如此有信心的原因之一。我們前 10 大生態系夥伴在 2026 會計年度貢獻了超過 60% 的營收，而來自該等合作的營收成長 6%，增速超越埃森哲整體。

For our 8 emerging AI and data partners, bookings more than tripled and revenue more than doubled compared with fiscal 2025. The tech ecosystem is incredibly dynamic with nearly daily change related to AI. This means our clients have more choices, but they also have more decisions to make and they turn to us to help them make these decisions. to help them bring these technologies together and turn them into business outcomes. To give you a flavor of this dynamic environment, data and AI are now core to all of our partners, both our largest partners and our emerging data and AI partners.

對於我們 8 家新興 AI 與資料夥伴，相較於 2025 會計年度，簽約額（bookings）超過三倍成長，營收也超過倍增。科技生態系極其動態，幾乎每天都因 AI 而發生變化。這意味著我們的客戶有更多選擇，但也需要做出更多決策，他們會求助於我們，協助他們做出這些決策，協助他們將這些技術整合起來並轉化為業務成果。為了讓各位感受這種動態環境，資料與 AI 現在已成為我們所有夥伴的核心，無論是我們最大的夥伴，或是新興的資料與 AI 夥伴。

Our top ecosystem partners, the hyperscalers and the SaaS players, are all introducing new AI features and functionality at speed. The model landscape also continues to evolve with Frontier, specialized smaller and open weight models. We are the number-one partner of the top three Frontier companies, and now we offer full life cycle services for open weight models.

我們的主要生態系夥伴——超大規模雲端服務商（hyperscalers）與 SaaS 業者——都在快速推出新的 AI 功能與特性。模型版圖也持續演進，涵蓋前沿（Frontier）模型、專用的小型模型以及開放權重（open weight）模型。我們是前三大 Frontier 公司的第一大合作夥伴，且目前也為開放權重模型提供全生命週期服務。

Over the last 12 months, the AI ecosystem has become much more interconnected. Clients can now access frontier models directly through hyperscalers and increasingly through the SaaS applications they already use. At the same time, SaaS providers are rapidly embedding AI and agentic capabilities into their applications and workflows. Additionally, private and sovereign AI are increasingly important to our clients, and we are at the heart of creating these solutions. This is why our strong network of ecosystem partnerships is so important to our growth.

在過去 12 個月中，AI 生態系變得更加互聯互通。客戶現在可以透過超大規模雲端服務商直接存取前沿模型，並且愈來愈多地透過他們已在使用的 SaaS 應用程式來存取。同時，SaaS 供應商正迅速將 AI 與代理式（agentic）能力嵌入其應用程式與工作流程中。此外，私有 AI 與主權 AI 對我們的客戶而言愈發重要，而我們正處於打造這些解決方案的核心位置。這也是為什麼我們強大的生態系夥伴網絡對我們的成長如此重要。

Reflecting how the landscape has evolved over the past year, we will now report our top 10 ecosystem partners and emerging AI and data partners together as one group. We have also added Dell, an important partner in private AI. Beginning in FY27, we will provide this update annually.

反映過去一年版圖的演變，我們現在將把前 10 大生態系夥伴與新興 AI 與資料夥伴合併為同一組進行揭露。我們也新增了 Dell——在私有 AI 領域的重要夥伴。自 27 財年起，我們將每年提供一次此更新。

Over to you, Angie.

交給你了，Angie。

Thank you, Julie, and thanks to all of you for taking the time to join us on today's call. Our performance reflects the strength of our fundamentals. We remain focused on delivering results that create value for our clients, our people and our shareholders while continuing to invest for market leadership. Revenue, operating margin, EPS and free cash flow were all very strong. And for the full year, we achieved or exceeded all aspects of our original guidance while returning a record level of cash to shareholders.

謝謝你，Julie，也感謝各位撥冗參加今天的電話會議。我們的表現反映了基本面的強勁。我們仍專注於交付能為客戶、員工與股東創造價值的成果，同時持續投資以維持市場領導地位。營收、營業利益率、每股盈餘（EPS）與自由現金流都非常強勁。而就全年而言，我們達成或超越了原先財測的各項指引，同時以創紀錄的水準向股東返還現金。

Let me turn to some of the details of the quarter. New, bookings were $22.2 billion for the quarter, a 4% increase in US dollars and 5% in local currency with an overall book-to-bill of 1.2. Consulting bookings were $9.4 billion with a book-to-bill of 1.0. Managed Services bookings were a record $12.8 billion after our previous record in Q4 of last year with a book-to-bill of 1.4. Managed services bookings can be lumpy, which is why we focus on the trailing 4 quarter book-to-bill, which was 1.2. Fixed price work, which includes outcome base is now over 65% of bookings and continues to grow.

我來說明本季的一些細節。首先，簽約額（bookings）本季為 222 億美元，以美元計成長 4%，以當地貨幣計成長 5%，整體接單出貨比（book-to-bill）為 1.2。顧問服務簽約額為 94 億美元，接單出貨比為 1.0。受管服務簽約額創下 128 億美元的新高，延續去年第四季的前次紀錄，接單出貨比為 1.4。受管服務簽約額可能呈現波動，因此我們聚焦於過去 4 季的接單出貨比，該數值為 1.2。固定價格業務（包含以成果為基礎的模式）目前已占簽約額的 65% 以上，且持續成長。

Turning now to revenues, revenues for the quarter were $18.7 billion, a 6% increase in US dollars and 7% in local currency. Consulting revenues for the quarter were $9.3 billion, up 6% in US dollars and 7% in local currency. Managed Services revenues were $9.4 billion, up 7% in both US dollars and in local currency, driven by high single-digit growth in technology managed services which includes application managed services and infrastructure managed services as well as high single-digit growth in operations.

接著看營收，本季營收為 187 億美元，以美元計成長 6%，以當地貨幣計成長 7%。本季顧問服務營收為 93 億美元，以美元計成長 6%，以當地貨幣計成長 7%。受管服務營收為 94 億美元，以美元與當地貨幣計皆成長 7%，主要由科技受管服務的高個位數成長所帶動（包含應用程式受管服務與基礎設施受管服務），以及營運業務的高個位數成長。

Turning to our geographic markets. In the Americas, revenues grew 7% in local currency. Growth was led by high tech, software and platforms, utilities and banking and capital markets. Revenue growth was driven by the United States. In EMEA, we delivered 7% growth in local currency, led by growth in public service, banking and capital markets and software and platforms. Revenue growth was driven by the United Kingdom and Italy. In Asia-Pacific, revenue grew 7% in local currency, driven by growth in public service, insurance, and communications and media. Revenue growth was driven by Japan, Australia and Singapore.

接著看各地理市場。在美洲地區，營收以當地貨幣計成長 7%。成長主要由高科技、軟體與平台、公用事業，以及銀行與資本市場所帶動。營收成長主要由美國所驅動。在 EMEA（歐洲、中東及非洲），我們以當地貨幣計實現 7% 成長，主要由公共服務、銀行與資本市場，以及軟體與平台的成長所帶動。營收成長主要由英國與義大利所驅動。在亞太地區，營收以當地貨幣計成長 7%，主要由公共服務、保險，以及通訊與媒體的成長所帶動。營收成長主要由日本、澳洲與新加坡所驅動。

Moving down the income statement. Gross margin for the quarter was 32% compared to 31.9% for the fourth quarter last year. Sales and marketing expense for the quarter was 9.7% and compared with 10.2% for the fourth quarter last year. General and administrative expense was 7% compared to 6.6% for the same quarter last year. Before I continue, I want to note that results in Q4 last year include costs associated with the business optimization actions, which impacted operating margin, tax rate and EPS. The following comparisons exclude these impacts and reflect adjusted results. Operating income was $2.9 billion in the fourth quarter, reflecting a 15.3% operating margin, a 20 basis points increase from adjusted operating margin in Q4 last year.

往下看損益表。本季毛利率為 32%，相較去年第四季的 31.9%。本季銷售與行銷費用率為 9.7%，相較去年第四季的 10.2%。一般與行政費用率為 7%，相較去年同期的 6.6%。在我繼續之前，我想指出，去年第四季的結果包含與業務最佳化行動相關的成本，影響了營業利益率、稅率與每股盈餘（EPS）。以下比較將排除這些影響，並反映調整後結果。第四季營業利益為 29 億美元，營業利益率為 15.3%，較去年第四季調整後營業利益率提高 20 個基點。

Our effective tax rate for the quarter was 27.3% compared with an adjusted effective tax rate of 27.9% for the fourth quarter last year. Diluted earnings per share grew 9% to $3.29 compared with adjusted diluted EPS of $3.03 in the fourth quarter last year. Days services outstanding were 50 days compared to 48 days last quarter and 47 days in the fourth quarter of last year.

本季有效稅率為 27.3%，相較去年第四季調整後有效稅率 27.9%。稀釋後每股盈餘成長 9% 至 3.29 美元，相較去年第四季調整後稀釋 EPS 為 3.03 美元。應收服務款項週轉天數（Days services outstanding）為 50 天，相較上一季為 48 天、去年第四季為 47 天。

Free cash flow for the quarter was $2.8 billion, resulting from cash generated by operating activities of $3.1 billion net of property and equipment additions of $250 million. Our cash balance at August 31 was $12.8 billion, reflecting our $5 billion debt offering in Q4 compared with $11.5 billion at August 31 last year. With regards to our ongoing objective to return cash to shareholders in the fourth quarter, we repurchased 17.6 million shares for $2.3 billion at an average price of $131.89 per share. Also in August, we paid a quarterly cash dividend of $1.63 per share for a total of almost $1 billion. This represented a 10% increase over last year.

本季自由現金流為28億美元，來自營運活動產生的31億美元現金，扣除2.5億美元的不動產及設備新增投資。截至8月31日，我們的現金餘額為128億美元，反映我們在第四季進行的50億美元債務發行；相較之下，去年8月31日為115億美元。就我們在第四季持續將現金回饋股東的目標而言，我們以每股平均131.89美元的價格回購了1,760萬股，金額為23億美元。另外在8月，我們支付了每股1.63美元的季度現金股利，合計接近10億美元。這較去年增加10%。

Now, I'd like to take a moment to summarize the year. We delivered bookings of $84.5 billion with a record 141 quarterly client bookings over $100 million and a book-to-bill of 1.1. These results position us well for near-term growth and the large deals, in particular, for long-term growth with work that layers in over multiple years and positions us to help our clients with the next wave of free inventions. Full year revenue was $74.2 billion with growth of 5% in local currency, reflecting approximately 3% organic growth. We delivered these results while absorbing an approximately 1 percentage point impact from our federal business.

現在，我想花點時間總結本年度。我們達成845億美元的接單額（bookings），其中單季客戶接單超過1億美元的筆數創紀錄達141筆，且接單出貨比（book-to-bill）為1.1。這些成果使我們在短期成長方面處於有利位置；尤其是大型交易，因其工作會在多年期間逐步疊加，讓我們得以在長期成長上占得先機，並協助客戶迎接下一波自由發明（free inventions）。全年營收為742億美元，以當地貨幣計成長5%，其中約3%為有機成長。在吸收我們聯邦業務約1個百分點影響的同時，我們仍交出上述成果。

Looking first at type of work, consulting revenues were $36.9 billion, up 5% in US dollars and 3% in local currency. Managed Services revenues were $37.3 billion, up 8% in US dollars and 6% in local currency driven by mid-single-digit growth in technology managed services and high single-digit growth in operations.

先看工作類型，顧問業務營收為369億美元，以美元計成長5%，以當地貨幣計成長3%。受科技託管服務中個位數中段成長及營運業務高個位數成長帶動，託管服務營收為373億美元，以美元計成長8%，以當地貨幣計成長6%。

Before I continue down the income statement, as a reminder, the following comparisons exclude the impacts of business optimization actions I noted earlier and reflect adjusted results. Adjusted operating margin of 15.8% was a 20 basis point expansion over our adjusted FY25 results. Importantly, we delivered this expansion while significantly investing at scale across acquisitions, learning and development and R&D. Adjusted earnings per share were $13.97, reflecting 8% growth over adjusted FY25 EPS. Free cash flow of $11.6 billion was up 7% year over year, reflecting a very strong free cash flow to net income ratio of 1.4.

在我繼續說明損益表之前，提醒一下：以下比較不包含我先前提到的業務優化行動之影響，並反映調整後結果。調整後營業利益率為15.8%，較我們調整後FY25結果擴張20個基點。重要的是，我們在大規模投入併購、學習與發展以及研發（R&D）的同時，仍實現了這項擴張。調整後每股盈餘為13.97美元，較調整後FY25每股盈餘成長8%。自由現金流為116億美元，年增7%，反映自由現金流對淨利比率達到非常強勁的1.4。

And with regards to our ongoing objective to return cash to shareholders, we returned a record $11.5 billion in fiscal '26, a 38% increase over the prior year, including the $2 billion of additional share repurchases we executed in the fourth quarter. At the same time, we deployed $4.9 billion of capital across 17 acquisitions.

就我們持續將現金回饋股東的目標而言，我們在2026會計年度回饋創紀錄的115億美元，較前一年增加38%，其中包含我們在第四季額外執行的20億美元股票回購。同時，我們在17項併購上投入49億美元資本。

Now, let me turn to the business outlook. For the first quarter of fiscal '27, we expect revenues to be in the range of $18.9 million to $19.6 billion. This assumes the impact of FX will be about negative 1% compared to the first quarter of fiscal '26 and reflects an estimated 2% to 6% growth in local currency.

接下來我談談業務展望。對於2027會計年度第一季，我們預期營收將落在189億美元至196億美元的區間。此預估假設外匯（FX）影響相較於2026會計年度第一季約為負1%，並反映以當地貨幣計估計2%至6%的成長。

Moving to full fiscal year '27, based upon how the rates have been trending over the last few weeks, we assume the impact of FX on our results in US dollars will be about flat compared to fiscal '26. For the full fiscal '27, we expect our revenue to be in the range of 3% to 6% growth in local currency over fiscal '26. This year, we expect an inorganic contribution of 2% to 2.5%. For operating margin, we expect fiscal year 2017 to be 15.9% to 16.1%, a 10 to 30 basis point expansion over adjusted fiscal '26 results. We do expect to see variability in the quarters on our way to 10 to 30 basis points of expansion for the year.

再看2027會計年度全年，根據過去幾週匯率走勢，我們假設外匯對我們以美元呈現的結果之影響，相較於2026會計年度大致持平。對於2027會計年度全年，我們預期營收以當地貨幣計將較2026會計年度成長3%至6%。今年我們預期非有機貢獻為2%至2.5%。就營業利益率而言，我們預期2017會計年度為15.9%至16.1%，較調整後2026會計年度結果擴張10至30個基點。我們確實預期在達成全年10至30個基點擴張的過程中，各季度表現會有所波動。

We expect our annual effective tax rate to be in the range of 24.5% to 26.5%. This compares to an adjusted effective tax rate of 24.9% in fiscal '26. We expect our full year diluted earnings per share for fiscal '27 to be in the range of $14.39 to $14.81 or 3% to 6% growth over adjusted fiscal '26 results. For the full fiscal '27, we expect operating cash flow to be in the range of $11.9 billion to $12.7 billion, property and equipment additions to be approximately $900 million, and free cash flow to be in the range of $11 billion to $11.8 billion. Our free cash flow guidance reflects a very strong free cash flow to net income ratio of 1.2 to 1.3.

我們預期年度有效稅率將落在24.5%至26.5%的區間。相較之下，2026會計年度調整後有效稅率為24.9%。我們預期2027會計年度全年稀釋後每股盈餘將落在14.39美元至14.81美元的區間，或較調整後2026會計年度結果成長3%至6%。對於2027會計年度全年，我們預期營運現金流將落在119億美元至127億美元之間，不動產及設備新增投資約為9億美元，自由現金流將落在110億美元至118億美元之間。我們的自由現金流指引反映自由現金流對淨利比率達到非常強勁的1.2至1.3。

With respect to capital allocation, we will use our strong free cash flow to both invest in the business for the near and long term and return significant cash to shareholders. We will invest both organically and inorganically. Our organic investments include R&D, learning and talent development.

就資本配置而言，我們將運用強勁的自由現金流，一方面在短期與長期投資業務，另一方面向股東回饋可觀現金。我們將同時進行有機與非有機投資。我們的有機投資包括研發（R&D）、學習與人才發展。

With respect to our inorganic investments, as Julie mentioned, we just closed in September the Cyber OT acquisitions, which was about $3 billion of capital that shifted from Q4 of FY26 into Q1 of FY27 due to regulatory timing. Looking ahead, we currently expect to deploy another approximately $5 billion in acquisitions in fiscal '27 based on the opportunities we see today to accelerate our growth strategy. We're planning for this level of investment because we currently see a number of opportunities that will position us for higher organic growth over the long term. And if you look at our history, when we've seen opportunities like this, we've acted on them, and that discipline has served us well. The final amount will depend on the right opportunities and timing.

就非有機投資而言，如Julie所提，我們剛在9月完成Cyber OT的併購案交割，約30億美元的資本因監管時程而由2026會計年度第四季移轉至2027會計年度第一季。展望未來，基於我們目前看到可加速成長策略的機會，我們目前預期在2027會計年度再投入約50億美元用於併購。我們之所以規劃此投資水準，是因為目前看到多項機會可使我們在長期實現更高的有機成長。若回顧我們的歷史，當我們看到這類機會時就會採取行動，而這份紀律一直讓我們受益良多。最終金額將取決於合適的機會與時點。

On shareholder returns, we expect to return at least $9.5 billion, representing approximately 75% of operating cash flow through a combination of dividends, growing 5% per share, and $5.5 billion in share repurchases, which exceed issuances. Given this year's commitment and elevated level of repurchases we executed last year, we expect to reduce our weighted average share count by approximately 3% in FY27. Our Board of Directors declared a quarterly cash dividend of $1.71 per share to be paid on November 13. We now have approximately $7 billion of share repurchase authority remaining.

在股東報酬方面，我們預期至少回饋95億美元，約相當於營運現金流的75%，方式包括股利（每股成長5%）以及55億美元的股票回購（回購金額高於發行）。鑑於今年的承諾以及我們去年執行的較高回購水準，我們預期在FY27將加權平均流通股數減少約3%。董事會已宣告每股1.71美元的季度現金股利，將於11月13日支付。我們目前尚有約70億美元的股票回購授權額度。

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

接下來，我們開放提問，以便回答各位的問題。Alexia？

Thanks, Angie. We ask that each participant keep to one question and a follow-up to allow as many participants as possible. Operator, you may now provide instructions to those on the line.

謝謝，Angie。我們請每位與會者僅提出一個問題並可追問一次，以便讓盡可能多的與會者參與。接線員，請你現在向線上的各位提供說明。

(Operator Instructions) Tien-Tsin Huang, JPMorgan.

(操作員指示) 黃天津，摩根大通。

I want to give a little bit more detail on maybe what drove the upside in the quarter and any surprises across the 3 months as you saw the quarter play out? And how does the that result in form the outlook here in fiscal '27. I heard that the demand environment was steady. So just curious how you're thinking about the quarter and how it landed and how it drives the outlook?

我想請你們再多分享一些細節，這一季有哪些因素推動了業績超預期？在這三個月的過程中，有沒有任何讓你們意外的地方？以及這樣的結果如何影響你們對 2027 財年的展望。我聽到你們說需求環境是穩定的。所以想請教你們如何看待這一季的表現、最終落點，以及它如何推動後續展望？

Thanks, Tien-Tsin. Look, we had a great quarter, and it really demonstrates the growth strategy that we've been executing and the fundamentals of our business. And so when you think about 7% growth in every market and consulting type of work, managed services and positive growth in every industry -- the big growth drivers for the quarter were our large-scale reinventions, the ecosystem and data and AI because it's now embedded across like all of our work, and you saw that with how the ecosystem for the year was greater than our average and where with the emerging data and AI players, we doubled our revenue and tripled our bookings.

謝謝你，天津。你看，我們這一季表現非常出色，這也確實展現了我們一直在執行的成長策略以及我們業務的基本面。所以當你想到各市場 7% 的成長、顧問類工作、託管服務，以及各產業全面正成長——本季最大的成長驅動力來自我們的大型重塑（reinvention）專案、生態系，以及資料與 AI，因為它現在已經嵌入到幾乎我們所有的工作之中；你也從生態系的表現看到了這點，全年表現高於我們的平均水準；而在新興的資料與 AI 參與者方面，我們的營收翻倍、訂單（bookings）成長到三倍。

Now as you look at the quarter, the Middle East, the direct impact of the Middle East continued to be a headwind and in fact, worsened in Q4, but we did see the indirect impacts on discretionary spend for product and resources stabilize. And when you think about the over delivery above the 5% at the top of our guided range, it was a number of factors. So we saw an uptick in small deals. We were able to mobilize faster for some of the new contracts. Our acquisition, some of our acquisitions and our federal business overdelivered, and we allowed our people to carry over PTO, which meant we had people for the demand.

再看本季，中東地區的直接影響仍然是逆風，而且在第四季實際上更為惡化；但我們確實看到，對產品與資源的可自由支配支出（discretionary spend）的間接影響已趨於穩定。至於為何能超出我們指引區間上緣 5% 以上的表現，是多項因素共同作用。我們看到小型交易有所回升。我們也能更快地動員資源來承接一些新合約。我們的收購案（部分收購）以及聯邦業務表現超出預期；另外，我們允許員工將 PTO（帶薪休假）結轉，這代表在需求出現時我們有足夠的人力可用。

So we're really very pleased that this quarter really demonstrates the strong fundamentals in our business.

所以我們非常高興，這一季確實展現了我們業務強勁的基本面。

Tien-Tsin, I would just add that no one factor was material in the outperformance.

天津，我只想補充一點：這次的超預期並不是由任何單一因素所造成的重大影響。

Okay. Good. No, it's nice to see it's broad-based. Just my quick follow-up then. Just, I heard the $5 billion that you plan to employ on acquisitions in '27, but you also bought a lot of stock in the fourth quarter.

好的。很好。不，看到是全面性的表現很不錯。那我快速追問一下。我聽到你們計畫在 '27 年投入 50 億美元用於收購，但你們在第四季也回購了很多股票。

I heard the deferral on by the month on some of the OT deals. But just curious, Julie, here your appetite for doing acquisitions in '27. Do you have good line of sight here on the spend and the areas of focus? Is this more opportunistic? Or again, do you have a good line of sight into it?

我也聽到有些 OT 交易按月遞延。但我想問一下，Julie，你們在 '27 年做收購的意願如何？你們對支出規模與聚焦領域是否有清楚的能見度？這會比較偏機會型（opportunistic）嗎？還是說你們其實已經有很清楚的掌握？

Yes. No, thanks. We do have a good line of sight. And just as a reminder, right, we generate very strong free cash flow, and we use that to invest in our business and return a significant amount of cash to shareholders. We just did this last year, right?

是的。不，謝謝。我們確實有很好的能見度。也提醒一下，我們產生非常強勁的自由現金流，我們會用它來投資業務，同時把相當可觀的現金回饋給股東。我們去年才剛做過一次，對吧？

We're going to do it again. And it's part of our growth strategy when we see significant opportunities in the market through acquisitions to either grow in really high-growth areas like data and AI and to expand into new areas like we've done with data centers. We've done with data and OT security, we go after them because that's how you position for long-term growth.

我們會再做一次。而且當我們透過收購在市場上看到重大機會時，這就是我們成長策略的一部分：要嘛在像資料與 AI 這種高成長領域加速成長，要嘛像我們在資料中心所做的那樣擴展到新領域。我們也在資料與 OT 安全領域做過；我們會積極出手，因為這就是為長期成長做好布局的方式。

And we have a good line of sight to good acquisitions, which is why we plan $5 billion additional investment. And of course, at the end of the day, it will depend on the opportunities come in as we expect and the timing, but we are positioning for long-term growth, and we invest in the business.

而且我們對優質收購標的有很好的能見度，這也是為什麼我們規劃額外投入 50 億美元。當然，最終仍取決於機會是否如我們預期出現以及時點，但我們是在為長期成長做定位，我們也會持續投資於業務。

Darrin Peller, Wolfe Research.

Darrin Peller，Wolfe Research。

Nice results, and thanks for the clarification on the quarter itself. Maybe just go a little further into the guide now just because it does imply an organic deceleration. So maybe just help us understand what you saw this quarter that you want to build in a little more conservatism around in the year ahead. If you could also just touch on the variability in the guide, what factors would be to the low end versus the midpoint or the high end, that would be great.

結果很不錯，也謝謝你們針對本季本身的說明。我想再深入一點談談你們現在的指引，因為它似乎暗示有機成長會放緩。所以能否幫我們理解一下：你們在本季看到了什麼，讓你們在接下來一年想在假設中加入更多保守性？另外也請談談指引區間的變動性：哪些因素會導致落在區間下緣、或中位數、或上緣？那就太好了。

Darrin, nice to talk to you. Let me just start with, I think that relative to whether it's Q1, I think it's important to have the framing of how we're seeing FY27 play out. And look, as Julie mentioned, our fundamentals are really strong. When you look at it across our bookings, our revenue, our profit, our free cash flow. But let me tell you what we see for '27.

Darrin，很高興和你交流。我先從一點開始：相較於只看第一季，我認為更重要的是先建立我們如何看待 FY27 的整體走勢。你看，正如 Julie 提到的，我們的基本面非常強勁。不論是訂單（bookings）、營收、獲利，還是自由現金流。但我來告訴你我們對 '27 年的觀察。

So we just posted $85 billion in bookings, and that included 141 clients with quarterly bookings over $100 million. We see backlog. We see the big deals from those large deals layering in. Our pipeline is solid, and we see continued demand for those large deals. And then as it relates to the macro overall, we expect that dynamic to continue with respect to discretionary spend at the top end of the range we have allowed for a stable to slightly improving discretionary spend environment, while at the bottom, we allow for deterioration.

我們剛公布了 850 億美元的訂單，其中包含 141 位客戶在單季的訂單超過 1 億美元。我們看到在手訂單（backlog）。我們看到那些大型交易所帶來的貢獻正在逐步疊加進來。我們的案源管線（pipeline）很穩健，也看到對這些大型交易的需求持續存在。至於整體宏觀環境，我們預期可自由支配支出仍會延續這樣的動態：在我們區間上緣的假設中，我們納入可自由支配支出環境維持穩定到略有改善；而在區間下緣，我們則納入可能惡化的情境。

And so what I just covered with you for FY27, same holds true for Q1.

所以我剛才對 FY27 的說明，同樣也適用於第一季。

Okay. All right. That's really helpful. Maybe just touch for a moment on pricing in the competitive landscape today. Are you seeing any competitors price more aggressively to win contracts, especially larger deals in the context of some of the changes happening around, obviously becoming more agentic and just in general terms?

好的。明白。這很有幫助。再請你們簡單談一下目前競爭格局下的定價情況。你們是否看到有競爭對手為了拿下合約、特別是大型交易，而採取更激進的價格策略？尤其是在一些變化正在發生的背景下，顯然大家都在走向更 agentic（代理式）的方向，以及更一般性的層面。

Yes, Darrin. Look, we continue to operate in a highly competitive environment. And when you think about pricing in '26, it was overall stable and at the same time, in Q4, we saw lower pricing in many areas of our business. And so as we look to FY27, our guidance, including our 10 to 30 basis point margin expansion assumes that we're going to have continued intense competition and sort of our current expectations are baked in.

是的，Darrin。你看，我們仍然是在高度競爭的環境中運作。談到 '26 年的定價，整體而言是穩定的；但同時在第四季，我們在業務的許多領域看到較低的價格。因此展望 FY27，我們的指引（包含 10 到 30 個基點的利潤率擴張）是假設競爭將持續激烈，我們目前的預期都已經反映在其中。

Brian Keane, Citi.

Brian Keane，花旗。

Congrats on these definitely solid results here. I guess one thing I was thinking about, Julie is just a delivery model. we're kind of pushing for this non-FTE kind of commercial model. And just trying to reconcile that with the growth in head count that was up 5%. To be honest with you, I thought with the genetic we'd be probably decreasing headcount, so just trying to reconcile those two factors going forward.

恭喜，這次結果確實很扎實。我在想的一點是，Julie，關於交付模式：你們正在推動這種非 FTE（非全職人力）類型的商業模式。但同時你們的人頭數成長了 5%。老實說，我原本以為在「genetic」的推動下，你們的人力可能會下降，所以想請你們協助釐清這兩個因素未來如何並存。

Sure. So a couple of things, right? We're experiencing a lot of demand in new areas, right? So we're both upskill and hiring in data and AI. And at the same time -- and you saw that we increased revenue per person this year.

當然。所以有幾件事，對吧？我們在新的領域看到大量需求，對吧？因此我們一方面在資料與 AI 方面進行技能提升並招募人才。同時——你也看到我們今年提高了每人營收。

So you are seeing an increase in revenue per person, which is what you would expect in part due to AI, but we're also in growth mode. So when we look at next year, we expect to hire in every market, but it will be below what we've been hiring this year.

所以你確實看到每人營收增加，這部分符合預期，部分原因來自 AI，但我們也處於成長模式。因此當我們看明年時，我們預期會在每個市場都招募，但招募規模會低於今年。

But very importantly, we still expect to hire more entry-level which is -- because we are very focused on really changing sort of what our entry-level workers do, what our reinventors do. And then -- and so that we expect to also continue. So it came in this year as expected, pleased with higher revenue per person. And next year, we do expect to hire, but it will be at a lower rate in part due to AI.

但非常重要的是，我們仍預期會招募更多入門級人員——因為我們非常專注於真正改變我們入門級員工的工作內容、也就是我們所謂的「再造者」所做的事。然後——因此我們也預期這會持續下去。所以今年的結果如預期落地，且對每人營收更高感到滿意。而明年我們確實預期會招募，但部分因 AI 的關係，招募速度會較低。

Great. That's helpful. And then just as a follow-up, just thinking about the managed services bookings, in particular, that was a source of softness in the third quarter. It sounded like a couple of deals, in particular, were pushed and then of strength this quarter. So just wondering, timing, did any of those deals come actually into the fourth quarter?

很好。這很有幫助。接著作為追問，想談談託管服務（managed services）的訂單（bookings），特別是第三季那是疲弱的來源之一。聽起來有幾筆交易，尤其是其中幾筆，被延後了，而本季則轉為強勁。所以想請教時點上，那些交易是否有任何一部分實際落在第四季？

Just trying to figure out how to model how the managed service bookings since it's I know you guys say it's lumpy, but it's tough to get a handle on where it's going.

我只是想弄清楚該如何建模託管服務的訂單走勢，因為我知道你們說它會有波動（lumpy），但很難掌握它會往哪裡走。

And you went to the right place, right? Our managed services number, we have more -- our strategy are these large-scale deals and those are lumpy. And so that's what we explained in Q3, and you saw in Q4, they went up. They went up in Q4, not because of the deals that got pushed, which will come through. We expect some time in FY27.

你問到重點了，對吧？我們的託管服務數字——我們的策略是做這些大型交易，而這些交易本來就會有波動。所以這就是我們在第三季解釋的，而你在第四季也看到它們上升了。第四季的上升，並不是因為那些被延後的交易——那些交易之後會進來。我們預期大概在 FY27 的某個時間點。

But because of like the deals that we were seeing come through in Q4 came through. And so that is just the nature of our business as we continue to have large-scale transformations drive our business. It's always been lumpy. You've covered us for a long time. It's going to continue to be lumpy, which is why we don't guide to bookings. We really focus on revenue. And so focusing on the three to six and understanding the fundamentals of our business is how we -- it's how we drive our business.

而是因為我們在第四季看到會進來的那些交易確實進來了。因此，隨著我們持續以大型轉型案驅動業務，這就是我們業務的本質。它一直都會有波動。你追蹤我們很久了。它也會持續有波動，這也是為什麼我們不對訂單提供指引。我們真正聚焦的是營收。因此，聚焦 3% 到 6% 並理解我們業務的基本面，就是我們——推動業務的方式。

Yes. And I would just add, as you think about the 3% to 6% for consulting and managed services, they'll both be in the range, the overall range of the guide that we gave. And when you look at it, by market, by industry, by type of work, we do see broad-based and balanced growth in '27.

是的。我再補充一下，當你思考顧問與託管服務的 3% 到 6% 時，兩者都會落在我們所給指引的整體區間內。而當你從市場、產業、工作類型來看，我們確實在 '27 年看到廣泛且均衡的成長。

Jason Kupferberg, Wells Fargo.

Jason Kupferberg，富國銀行（Wells Fargo）。

I just wanted to come back on the point you were making around the Middle East headwind. I think you said it worsened a little bit on the direct side, but it was in line on the indirect side. So I wanted to get a sense of what is assumed in the F27 guidance with respect to the Middle East because presumably, you will start to lap that during the third quarter.

我想回到你剛才提到的中東逆風。我想你說直營端（direct）稍微惡化了一點，但間接端（indirect）則符合預期。所以我想了解，在 F27 指引中，對中東的假設是什麼，因為推測你們在第三季就會開始進入同比基期（lap）。

Yes, so the Middle East, let me just remind you, it's about $1 billion. It's roughly about $1 billion on an annualized basis. Julie talked about what we experienced in Q4. We do expect that to continue, and we baked that in. Overall, the top end of the range doesn't assume any growth in the bottom of the range assumes allows for deterioration.

是的，所以中東——我先提醒一下，大約是 10 億美元。以年化基礎來看大約是 10 億美元。Julie 談到我們在第四季的經歷。我們確實預期那種情況會持續，並且已經把它納入假設。整體而言，區間上緣不假設任何成長；區間下緣則假設並容許進一步惡化。

Okay. Understood. And then I wanted to come back to the point you were making in terms of one of the sources of upside in Q4 itself. You talked about faster-than-expected mobilization. Just looking at utilization rates, it looked like they were steady quarter-over-quarter and year-over-year.

好的。了解。接著我想回到你提到第四季本身上行（upside）來源之一的點。你談到動員（mobilization）速度快於預期。但從利用率（utilization rates）來看，似乎無論季比或年比都持平。

So I was just wondering if you could elaborate a little bit on those mobilization efforts that were a contributor to the strength there in Q4?

所以我想請你再多說一點，這些動員工作是如何成為第四季強勁表現的貢獻因素？

Yes. Mobilization just means that we get the new contracts started sooner. So it doesn't affect the utilization. It's actually just having the people and getting them started on new contracts faster. So it's not about having the same people work harder.

是的。動員的意思只是我們讓新合約更早啟動。所以它不會影響利用率。它其實只是把人員到位，並讓他們更快開始投入新合約。所以這不是讓同一批人工作得更辛苦。

Keith Bachman, BMO Capital Markets.

Keith Bachman，BMO 資本市場（BMO Capital Markets）。

I wanted to ask two questions, if I could. Julie, could you comment on the competitive environment with companies like Palantir and their FTE model, but they're not the only ones. There's others trying to emulate that model and even in the software companies are trying to deploy more FTE engineers. And I just wanted to hear your comments on how that may be influencing the competitive dynamics. It seems like Accenture and others are sort of with Palantir, how should we think about the competitors and then I have a follow-up.

我想問兩個問題，如果可以的話。Julie，你能否評論一下像 Palantir 這類公司及其 FTE 模式的競爭環境——但他們不是唯一的。還有其他公司試圖仿效那個模式，甚至軟體公司也在嘗試部署更多 FTE 工程師。我想聽聽你的看法，這可能如何影響競爭態勢。看起來 Accenture 和其他公司某種程度上與 Palantir 有關聯，我們應該如何看待競爭者？然後我還有一個追問。

I'm sorry. Can you repeat that because you kind of came in and out?

不好意思。你可以重複一次嗎？因為你的聲音有點斷斷續續。

Yes, I will. Thank you. Julie, as you think about the competitive environment, I just wanted to see if you could comment on Palantir in the role of FTEs and how that's influencing the market. It's not just Palantir, also the software companies are deploying more forward deployed engineers? And how is that influencing the competitive dynamics with Accenture and others?

好的，我會的。謝謝。Julie，當你思考競爭環境時，我想請你評論一下 Palantir 以及 FTE 的角色，這如何影響市場。不只是 Palantir，軟體公司也在部署更多前線部署工程師（forward deployed engineers）？這如何影響 Accenture 與其他公司的競爭動態？

Yes. It's a great opportunity. As you know, we have a business group with Palantir, and the FTE model is a growth opportunity for us because we can scale FTEs and we're doing that with Palantir and with many of our other partners, and we've made those announcements publicly. And keep in mind that FTEs are used a lot with the sort of new pioneering things, and then it becomes something -- it's a repeatable offering. And so what Accenture can do with all of these partners, right, is we can help them have more FTEs because we're training and delivering more FTEs as part of our partnerships.

是的。這是一個很好的機會。如你所知，我們與 Palantir 有一個業務團隊（business group），而 FTE 模式對我們而言是一個成長機會，因為我們可以擴大 FTE 規模；我們正與 Palantir 以及許多其他合作夥伴一起這麼做，而且我們也已公開發布過這些公告。另外請記住，FTE 常用於一些新的、開創性的事情，之後它會變成——可重複的產品化服務。因此 Accenture 能為所有這些合作夥伴做的是，我們可以協助他們擁有更多 FTE，因為我們在合作關係中負責訓練並交付更多 FTE。

And then as we create those new solutions, we have then the scale to go repeat them and take them to multiple clients. And this is why you see so many of our partners -- it's why we are the number-one partner for these emerging AI data and our top ecosystem because we have both delivery models.

接著，當我們打造出那些新的解決方案後，我們就具備規模，能夠重複複製並將其推廣到多個客戶。這也是為什麼你會看到我們有這麼多合作夥伴——也是為什麼我們在這些新興的 AI 資料領域是第一大合作夥伴、在我們的生態系中名列前茅，因為我們同時擁有兩種交付模式。

Perfect. And my follow-up relates to renewals. And I wanted to hear if you could speak to the economics, the renewals and how that's changed or any changes that might be occurring? And what I'm really trying to understand is with AI, there has been some deflationary forces. And when you think about the guidance associated with FY27, how are you thinking about the impact of AI on sort of like-for-like renewals and the amount of deflation that you're baking into those due to AI.

很好。我接下來的追問與續約有關。我想請你談談經濟性、續約情況以及這些是否已經改變或正在發生任何變化？我真正想理解的是，隨著 AI 的導入，確實存在一些通縮力量。當你思考與 FY27 相關的指引時，你們如何看待 AI 對於同口徑（like-for-like）續約，以及你們因 AI 而納入的通縮幅度的影響？

Let me start, Keith, I think that as you step back and you think about the productivity, that's always been a part of what we do. that's what we provide to clients, that's why they come to us. And so as we look at the impact overall, it's really been steady, right? So the pace, duration, all of those things remain steady, but what's important for us is we're there with our clients. And while we are helping them, we're also expanding our work with them.

Keith，我先說。我認為當你退一步看、思考生產力時，那一直都是我們工作的一部分。這就是我們提供給客戶的價值，也是他們來找我們的原因。因此，當我們看整體影響時，其實一直都很穩定，對吧？所以節奏、期間等各方面都維持穩定，但對我們而言重要的是，我們與客戶並肩同行。而在協助他們的同時，我們也在擴大與他們的合作範圍。

Yes. So we are definitely giving more productivity due to AI and like overall, though the impact has been steady. And we're offsetting as we have in the past with new kinds of work, more scope, et cetera. So absolutely giving more AI efficiencies and more than offsetting that as a whole.

是的。所以我們確實因 AI 帶來更多生產力提升，而整體而言影響一直很穩定。而我們也像過去一樣，透過新的工作類型、更大的範疇等方式來抵銷。所以我們絕對是在提供更多 AI 效率，且整體上遠遠超過（抵銷）其影響。

Okay. So the FY27 assumes sort of steady efficiency gains. Okay. Perfect.

了解。所以 FY27 的假設是效率提升大致維持穩定。好。非常好。

Yes.

是的。

Jim Schneider, Goldman Sachs.

Jim Schneider，高盛。

I was wondering if you could maybe talk a little bit about some of the AI model safety work you've disclosed, in particular, your partnership with Anthropic, if you could scope anything about that in terms of size, magnitude, duration and whether in light of the recent White House activities around AI safety, whether you've seen inbound inquiries from any other frontier labs or other potential customers around this kind of work?

我想請你談談你們已披露的一些 AI 模型安全相關工作，特別是你們與 Anthropic 的合作夥伴關係。你是否能在規模、量級、期間等方面界定一些內容？另外，鑑於近期白宮在 AI 安全方面的動作，你們是否看到其他前沿實驗室（frontier labs）或其他潛在客戶，針對這類工作主動來詢問？

Thanks for the question. Well, first of all, our acquisition of faculty earlier this year was driven in part because they have deep safety experience already. And so -- and that was us anticipating both the growth of safety as part of serving the Frontier labs, but also even bigger, right? Safety is a big component of what all of the enterprises have to do. And so when you think about our growth drivers today in AI and data, a lot of that growth is us building out that enterprise AI technology platform and embedding safety.

謝謝你的提問。首先，我們今年稍早收購 Faculty，部分原因是他們本來就具備深厚的安全經驗。因此——這是我們在預判：安全將成為服務前沿實驗室成長的一部分，但更重要的是，對吧？安全是所有企業都必須做的一個重要組成。所以當你思考我們今天在 AI 與資料方面的成長驅動因素時，其中很大一部分成長來自我們打造企業級 AI 技術平台並將安全能力嵌入其中。

So safety is a big part of why companies turn to us both on the enterprise side. And as you saw, Anthropic selected us for our AI expertise, our security expertise, our AI safety expertise. And that relationship is nonexclusive. And in fact, it's important that we continue to actually work with multiple labs, which is what our expectation is. And of course, we're not going to comment specifically on any particular contract, but we are investing $1 billion over the next 5 years to build out that safety business, including a safety lab and the team.

因此，安全是企業端客戶轉向我們的一個重要原因。而如你所見，Anthropic 選擇我們，是因為我們的 AI 專業能力、資安專業能力，以及 AI 安全專業能力。而這段合作關係是非排他的。事實上，我們持續與多家實驗室合作很重要，這也是我們的預期。當然，我們不會就任何特定合約做具體評論，但我們將在未來 5 年投資 10 億美元來擴展該安全業務，包括一個安全實驗室與團隊。

And then as a follow-up, if you think about -- and I realize you don't guide for, if you think about your gross margin profile, you turned in some gross margin expansion for the full fiscal year which is the first time, I think, in a couple of years. As you think about the 10 to 30 bps of expansion for fiscal '27, how much of a component of that is gross margins? Can you expand gross margins? And can you maybe talk about some of the levers get there, whether that be fixed-price contracts, pricing, utilization or anything else that would kind of drive the gross margin side of the equation?

接著追問一下，如果你思考——我知道你們不會對此提供指引——如果你思考你們的毛利率輪廓，你們在整個會計年度實現了一些毛利率擴張，我想這是近幾年來第一次。當你思考 2027 會計年度 10 到 30 個基點的擴張時，其中有多少是毛利率的貢獻？你們能擴張毛利率嗎？你能否談談達成的槓桿，例如固定價格合約、定價、稼動率（utilization）或其他任何可能推動毛利率端的因素？

Jim, as it relates to gross margins, so within gross margins, we were really pleased with the 10 basis points expansion for the quarter and for the year, which were certainly a part of our overall expansion of 20 basis points in op margin for the year as well. When you think about gross margin, it's -- we're always focused on the different levers being pricing, contract profitability, efficiencies and how we deliver our services. But importantly, our investments are predominantly embedded in gross margin. So if you think about our acquisitions that we did this year, $4.9 billion. If you think about our talent, and our talent and our learning that we do, our R&D all of that, the majority of that hits gross margin.

Jim，關於毛利率，在毛利率之內，我們對本季與全年各擴張 10 個基點感到非常滿意；這也確實是我們全年營業利益率擴張 20 個基點的一部分。談到毛利率——我們一直關注不同的槓桿，包括定價、合約獲利性、效率，以及我們如何交付服務。但重要的是，我們的投資主要都反映在毛利率之中。所以如果你想到我們今年做的併購，49 億美元。再想到我們的人才、人才培訓與學習，以及我們的研發，這些大多數都會進到毛利率。

So what you don't see is that our contract profitability, which expanded this year, which we were really pleased with is absorb the massive investments that we make year in and year out. And so, the best way to look at that is the guidance that we give for op margin, which is 10 to 30 basis points for the year.

因此，你沒有直接看到的是：我們的合約獲利性今年有所擴張，我們對此非常滿意，而它吸收了我們年復一年所做的大量投資。所以，看待這件事最好的方式，是我們對營業利益率所給的指引，也就是全年 10 到 30 個基點。

Bryan Bergin, TD Cowen.

Bryan Bergin，TD Cowen。

I wanted to ask about kind of broader enterprise IT and hoping you can talk about what you're seeing in overall IT budgets and what your guide is implying about clients' 2027 technology spend. And specifically, I'm curious what you're seeing and how AI costs and all the considerations around tokenomics are unfolding? Are clients getting a better handle whereby services spend can kind of improve or not necessarily see budget reprioritization as you move forward?

我想問的是更廣泛的企業 IT。希望你能談談你們在整體 IT 預算上看到的情況，以及你們的指引對客戶 2027 年科技支出的意涵。特別是，我很好奇你們看到 AI 成本以及圍繞 tokenomics 的各種考量是如何發展的？客戶是否更能掌握狀況，使得服務支出可以改善，或至少在往前走時不一定需要重新調整預算優先順序？

Thanks, Bryan. So we're assuming right now kind of more of the same, so in terms of overall budgets and obviously, the budget cycles for most of our clients who are calendar year-end is only starting now. So we'll kind of know more in January and February. But we're assuming right now kind of more of the same. And you are seeing token costs go down.

謝謝，Bryan。我們目前的假設大致是維持現狀，也就是在整體預算方面；而且很明顯，多數客戶的預算週期是以曆年年底結算，現在才剛開始。所以我們大概會在一月、二月知道更多。但我們目前的假設大致是維持現狀。而你也確實看到 token 成本正在下降。

You've all probably been tracking even just in the last few weeks -- been new models that a big part of them, the new models has been the lower token costs. And of course, we're helping a lot of our clients work on their tokenomics. And what we've seen so far is that with the increase in spending on AI, which is kind of as a net new category, we obviously just posted 5% growth.

大家可能都在追蹤，甚至就在過去幾週——出現了新的模型，而其中很大一部分特點就是更低的 token 成本。當然，我們也在協助許多客戶處理他們的 tokenomics。而我們目前看到的是，隨著 AI 支出增加——這某種程度上是一個全新的類別——我們剛剛也公布了 5% 的成長。

So the way we think about the dynamic is the more that tokens go down over the next couple of years, the more it's going to enable companies to use AI in more places and at scale. And to use AI, they need to change their processes, reinvent their work, build out that AI stack in order to really do it. And all of that is what clients are turning to us. And so the more change there is, the more they turn to us. So we see that dynamic as the token costs going down, and that's going to help generate longer-term demand.

所以我們看待這個動態的方式是：未來幾年 token 越便宜，就越能讓企業在更多場景、以更大規模使用 AI。而要使用 AI，他們需要改變流程、重塑工作方式、建構 AI 技術堆疊，才能真正做到。而這些正是客戶轉向我們的原因。因此，變革越多，他們就越會找我們。所以我們認為這個動態是 token 成本下降，而這將有助於帶來更長期的需求。

Okay. Very good. And then my follow-up on the federal business, can you just comment on how the government demand -- US government demand evolved through the September fiscal year end. And aside from lapping the headwind that you faced last year, the partial headwind, can you just comment on you expecting a recovery of growth and how it may perform relative to commercial?

好的。非常好。接著我想追問一下聯邦業務，您能否評論一下政府需求——美國政府需求——在9月財政年度結束前後的演變情況。另外，除了去年您所面臨的逆風（部分逆風）消退之外，您能否談談您是否預期成長會復甦，以及其表現相較於商業業務可能如何？

Yes. So as I mentioned, one of the many factors that helped us over-deliver in Q4 was over delivery by our federal business. No individual factor was material, but that was one of the factors. As we look at '27, we expect that federal will be a significant contributor too early to talk about sort of exactly whether it's above or at the same commercial but very, very -- we consider it to be very positive. And you've seen some of our big wins that we just announced, like the data platform at the Department of War. So we're very relevant to the agenda of the federal government right now. I'm super pleased with how those things -- federal is shaping up.

是的。如我提到的，幫助我們在第四季超出預期交付的眾多因素之一，是我們聯邦業務的超額交付。沒有任何單一因素是重大的，但那是其中之一。展望'27年，我們預期聯邦業務也將是重要的貢獻者；現在談它是否會高於或與商業業務相同還為時過早，但我們非常、非常——我們認為這是非常正面的。而且您也看到我們剛宣布的一些重大得標案，例如在戰爭部的資料平台。因此，我們目前與聯邦政府的議程高度相關。我對這些進展——聯邦業務的發展態勢——感到非常滿意。

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

接線員，我們還有時間再問一個問題，之後Julie會為本次電話會議作結。

David Koning, Baird.

Baird的David Koning。

When I looked at consulting versus managed services growth, revenue growth, I think this is the first quarter in about 18 quarters or so that consulting grew as fast as managed services. And you also said you're guiding to 3% to 6% for both segments, which is encouraging for consulting. I guess I'm wondering, is there anything about the business where you either have more insight into the year now or maybe more recurring revenue that's kind of allowing it to grow as fast as managed services?

當我看顧問服務相對於託管服務的成長、營收成長時，我認為這大概是約18個季度以來第一次顧問服務的成長速度與託管服務一樣快。而且你們也表示對兩個部門的指引都是3%到6%，這對顧問服務來說很令人鼓舞。我想問的是，業務上是否有任何因素——例如你們現在對今年有更多洞見，或是有更多經常性收入——使其能夠像託管服務一樣快地成長？

One of the things that we're seeing is, David, is that in our managed services business, our clients are really using managed services to transform as well as get certainty around business outcomes. And so we're seeing a lot of consulting even in our managed services deals in addition to the big kind of reinventions, whether it's like moving to the cloud or doing an ERP or transforming functions.

David，我們看到的一點是，在我們的託管服務業務中，客戶確實在使用託管服務來推動轉型，同時也獲得對業務成果的確定性。因此，我們在託管服務的交易中也看到大量顧問服務的需求，除了那些大型的再造專案之外——不論是遷移上雲、導入ERP，或是職能轉型。

And that's why it all comes from our strategy that we want to help our clients really transform the way they work. So you need operating model, need change management, you need process. And that is what makes us, of course, so unique is that we deliver that both in a consulting projects as well as in managed services. And so that's where we're seeing kind of that strength is really across our business now.

這也正是源自我們的策略：我們希望協助客戶真正轉型其工作方式。因此你需要營運模式、需要變革管理、需要流程。而讓我們當然如此獨特的是，我們不僅在顧問專案中交付這些，也在託管服務中交付。所以我們看到的這股強勁動能，現在確實是橫跨我們整個業務。

Got you. And just as a follow-up, acquisition spend relative to revenue contribution is a little higher. So the cost of acquisitions seem a little higher. Is that related to revenue -- like faster revenue growth over the next few years from the acquisitions themselves, so we might not see it in this year in terms of the 2%, 2.5% contribution, but are the underlying acquisition that you're making growing faster than maybe some of the acquisitions you've made in the past?

了解。再追問一下，併購支出相對於營收貢獻略高一些。所以併購成本看起來稍微高一點。這是否與營收有關——也就是這些併購在未來幾年會帶來更快的營收成長，因此今年在2%、2.5%的貢獻上可能還看不到，但你們正在進行的這些併購，其本身的成長速度是否比你們過去做的一些併購更快？

The answer is yes. And so, our spend -- our acquisition spend is putting us into new areas like data centers, our data center acquisition, DLV is growing very high single digits, right? And so, I'm sorry, very high double digits. Angie is like double digits, what are you talking about? So -- and remember, like what we always are thinking about, right, is how do we scale in the areas that are growing now that if we scale inorganically it's going to drive more organic growth because we can do it faster, but we also use them to expand into these areas that start small and then grow.

答案是肯定的。因此，我們的支出——我們的併購支出——正把我們帶入新的領域，例如資料中心；我們的資料中心併購案DLV正以非常高的個位數成長，對吧？所以，抱歉，是非常高的雙位數。Angie在說是雙位數，你在說什麼？所以——而且請記得，我們一直在思考的是，對吧，我們如何在當下正在成長的領域擴大規模；如果我們透過外延式成長來擴張規模，會帶動更多內生成長，因為我們可以更快做到；同時我們也利用這些併購來擴展到這些一開始規模較小、之後會成長的領域。

So think about what we did with Song, what we've done with supply chain and engineering, what we've done with Cloud over time. And so those acquisitions really speak to the long-term growth, and they're all intended to fuel organic growth. So, you're not going to see them as a bigger contribution maybe in the first couple of years. But as we scale, it sets us up for that long-term growth.

所以想想我們在Song上做的事、我們在供應鏈與工程領域做的事，以及我們長期以來在雲端所做的事。因此，這些併購確實反映了長期成長，而且它們的目的都是為了驅動內生成長。所以，你可能不會在前一兩年就看到它們帶來更大的貢獻。但隨著我們擴大規模，它會讓我們為長期成長做好準備。

Thank you, David. So in closing, I want to thank our shareholders for your continued trust and support in all of our reinventors around the world for everything you're doing every day for our clients, our partners and our communities. We will share more about our growth strategy and the opportunities ahead and also provide time to spend with our senior executives at our upcoming Investor Day. So I hope that we can see you in New York on October 14, and thank you for joining us today.

謝謝你，David。最後，我要感謝股東們持續的信任與支持，也感謝全球所有的reinventors每天為我們的客戶、合作夥伴與社區所做的一切。我們將在即將到來的投資人日分享更多關於我們的成長策略與未來機會，並也會安排時間讓大家與我們的資深主管交流。希望10月14日能在紐約見到各位，並感謝大家今天的參與。

Thank you. That concludes today's presentation. We thank you all for attending today's conference. You may now disconnect your lines.

謝謝。今天的簡報到此結束。感謝各位出席今天的會議。您現在可以掛斷電話線。