埃森哲 (ACN) 2022 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to Accenture's Third Quarter Fiscal 2022 Earnings Call. (Operator Instructions) As a reminder, this conference is being recorded.

女士們，先生們，謝謝你們的支持。歡迎參加埃森哲 2022 財年第三季度財報電話會議。 （操作員說明）作為提醒，本次會議正在錄製中。

I would now like to turn the conference over to Angie Park, Managing Director, Head of Investor Relations. Please go ahead.

我現在想將會議轉交給董事總經理兼投資者關係主管 Angie Park。請繼續。

Thank you, operator, and thanks, everyone, for joining us today on our Third Quarter Fiscal 2022 Earnings Announcement.

感謝運營商，感謝大家今天加入我們的 2022 財年第三季度收益公告。

As the operator just mentioned, I'm Angie Park, Managing Director, Head of Investor Relations. On today's call, you'll hear from Julie Sweet, our Chair and Chief Executive Officer; and KC McClure, our Chief Financial Officer. We hope you've had an opportunity to review the news release we issued a short time ago.

正如運營商剛剛提到的，我是 Angie Park，董事總經理，投資者關係負責人。在今天的電話會議上，您將聽到我們的主席兼首席執行官 Julie Sweet 的講話；和我們的首席財務官 KC McClure。我們希望您有機會查看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. KC will take you through the financial details, including the income statement and balance sheet, along with some key operational metrics for the third quarter. Julie will then provide a brief update on our market positioning before KC provides our business outlook for the fourth quarter and full fiscal year 2022. We will then take your questions before Julie provides a wrap-up at the end of the call.

讓我快速概述今天電話會議的議程。 Julie 將首先概述我們的結果。 KC 將帶您了解財務細節，包括損益表和資產負債表，以及第三季度的一些關鍵運營指標。然後，朱莉將簡要介紹我們的市場定位，然後 KC 提供我們對第四季度和 2022 財年的業務展望。然後，我們將在朱莉在電話會議結束時提供總結之前回答您的問題。

Some of the matters we'll discuss on this call, including our business outlook, are forward-looking and as such are subject to known and unknown risks and uncertainties, including, but not limited to, those factors set forth in today's news release and discussed in our annual report on Form 10-K and quarterly reports on Form 10-Q and other SEC filings. These risks and uncertainties could cause actual results to differ materially from those expressed in this call.

我們將在本次電話會議上討論的一些事項，包括我們的業務前景，具有前瞻性，因此受到已知和未知風險和不確定性的影響，包括但不限於今天新聞稿中列出的那些因素和在我們關於 10-K 表格的年度報告和關於 10-Q 表格的季度報告和其他 SEC 文件中進行了討論。這些風險和不確定性可能導致實際結果與本次電話會議中表達的結果大不相同。

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 the news release or in the Investor Relations section of our website at accenture.com. As always, Accenture assumes no obligation to update the information presented on this conference call.

在我們今天的電話會議中，我們將參考某些非公認會計準則財務指標，我們認為這些指標可為投資者提供有用的信息。我們在新聞稿中或在我們網站上的“投資者關係”部分中包括符合 GAAP 的非 GAAP 財務措施的調節。與往常一樣，埃森哲不承擔更新本次電話會議上提供的信息的義務。

Now let me turn the call over to Julie.

現在讓我把電話轉給朱莉。

Thank you, Angie, and thank you, everyone, for joining. And thank you to our 710,000 people around the globe for their extraordinary work and commitment to our clients, which resulted in delivering another very strong quarter of financial results and creating significant 360-degree value beyond our financials for all our stakeholders.

謝謝你，安吉，也謝謝大家的加入。感謝我們在全球的 710,000 名員工的非凡工作和對客戶的承諾，這促成了又一個非常強勁的季度財務業績，並為我們所有的利益相關者創造了超出我們財務狀況的重大 360 度價值。

Here are a few highlights of the 360-degree value we created this quarter. Starting with our people, we continue to invest their skills, and they completed 10.6 million training hours, which averages to 16 hours per person this quarter.

以下是我們本季度創造的 360 度價值的一些亮點。從我們的員工開始，我們繼續投資他們的技能，他們完成了 1060 萬小時的培訓，本季度平均每人 16 小時。

We're incredibly pleased to be recognized as a top 10 Great Place to Work for 2022 in countries representing 76% of our people: Argentina, Brazil, France, India, Japan, Mexico, the Philippines, U.K. and the United States. Specifically on the U.S. list, we are particularly proud that Accenture jumped 38 spots in 1 year to rank #6. Overall, this is the 14th consecutive year that Accenture has been recognized by Great Place to Work.

我們非常高興在代表我們 76% 員工的國家/地區被評為 2022 年十大最佳工作場所：阿根廷、巴西、法國、印度、日本、墨西哥、菲律賓、英國和美國。特別是在美國榜單上，我們特別自豪的是，埃森哲在 1 年內躍升 38 位，排名第 6。總體而言，這是埃森哲連續第 14 年獲得 Great Place to Work 的認可。

Also of particular note, in India, not only were we ranked #10 by Great Place to Work, Business Today recognized India -- Accenture in India as #4 of the best companies to work for, marking our 11th consecutive year on the list. All of these recognitions reflect a tangible demonstration of our commitment to our people.

另外特別值得注意的是，在印度，我們不僅在 Great Place to Work 排名第 10 位，《今日商業》還將印度 - 埃森哲 (India) 評為最佳工作公司的第 4 位，這標誌著我們連續第 11 年上榜。所有這些認可都反映了我們對員工的承諾的切實體現。

The strong demand for our people and services and trust from our clients are once again seen in our strong bookings of $17 billion, which represents 15% growth in local currency. Compressed transformation continues, with another 18 clients with bookings over $100 million, bringing the total year-to-date to 74, which is 20 more than the same time last year. We had revenue growth of 27% in local currency continuing to take significant market share, growing nearly 3x the market while delivering margin expansion of 10 basis points.

我們 170 億美元的強勁預訂再次體現了對我們員工和服務的強勁需求以及客戶對我們的信任，這代表當地貨幣增長了 15%。壓縮轉型仍在繼續，另外 18 家客戶的預訂額超過 1 億美元，使年初至今的總數達到 74 家，比去年同期增加了 20 家。我們以當地貨幣計算的收入增長了 27%，繼續佔據重要的市場份額，增長了近 3 倍的市場份額，同時實現了 10 個基點的利潤率增長。

Our ongoing investment in our communities was reflected this quarter in how we are leveraging our expertise in digital learning and collaboration, partnering with UNICEF's Generation Unlimited on the new Passport to Earning platform program to equip 10 million young people, ages 15 to 24, with digital skills across 10 countries to prepare them for work. This program went live this quarter in India, the first and largest country of the 10.

本季度我們對社區的持續投資體現在我們如何利用我們在數字學習和協作方面的專業知識，與聯合國兒童基金會的 Generation Unlimited 合作開展新的 Passport to Earning 平台計劃，為 1000 萬 15 至 24 歲的年輕人配備數字10 個國家/地區的技能，為他們的工作做好準備。該計劃本季度在印度上線，這是 10 個國家中的第一個也是最大的國家。

As always -- well, as always, we are staying close to our clients and our ecosystem partners to help them succeed today and to anticipate the needs of the future. And our very strong financial results this quarter reinforce the trust our clients and partners have in our ability to do so.

一如既往——嗯，一如既往，我們與我們的客戶和我們的生態系統合作夥伴保持密切聯繫，以幫助他們今天取得成功並預測未來的需求。本季度我們非常強勁的財務業績加強了我們的客戶和合作夥伴對我們這樣做的能力的信任。

Over to you, KC.

交給你了，KC。

Thank you, Julie, and thanks to all of you for taking the time to join us on today's call.

謝謝你，朱莉，也感謝大家抽出寶貴時間加入我們今天的電話會議。

We delivered very strong overall results in the third quarter, reflecting very strong double-digit revenue growth across all dimensions of our business as well as continued operating margin expansion as we continue to invest at scale in our business and our people. We continue to lead the industry with these results, demonstrating the relevance of our services and our trusted client and ecosystem partnerships. We continue to deliver on our shareholder value proposition, including both our financial results and creating 360-degree value for all our stakeholders.

我們在第三季度取得了非常強勁的整體業績，反映出我們業務各個方面的收入都實現了非常強勁的兩位數增長，以及隨著我們繼續對我們的業務和員工進行大規模投資，營業利潤率持續擴大。我們繼續以這些結果引領行業，展示我們的服務以及我們值得信賴的客戶和生態系統合作夥伴關係的相關性。我們將繼續實現我們的股東價值主張，包括我們的財務業績和為所有利益相關者創造 360 度價值。

Let me summarize a few of the highlights of the quarter across our 3 financial imperatives. Revenues grew 27% in local currency and were above the top end of our guided range, driven once again by broad-based over-delivery across all markets, services and industries, with all 13 industries growing double digits. We once again extended our leadership position, adding an incremental $9 billion in revenues year-to-date, with growth estimated to be nearly 3x the market, which refers to our basket of publicly traded companies.

讓我總結一下本季度在我們的 3 項財務要求中的一些亮點。以當地貨幣計算的收入增長了 27%，高於我們指導範圍的上限，這再次受到所有市場、服務和行業廣泛超額交付的推動，所有 13 個行業均實現兩位數增長。我們再次擴大了我們的領導地位，今年迄今增加了 90 億美元的收入，增長估計是市場的近 3 倍，這是指我們的一攬子上市公司。

Operating margin of 16.1% for the quarter was an increase of 10 basis points. We continue to drive margin expansion while making significant investments in our people and our business. We delivered EPS of $2.79, which represents 16% growth over fiscal '21 results and includes $0.15 or 6% negative impact related to the disposition of our business in Russia.

本季度的營業利潤率為 16.1%，增加了 10 個基點。我們繼續推動利潤率擴張，同時對我們的員工和業務進行重大投資。我們的每股收益為 2.79 美元，比 21 財年的業績增長了 16%，其中包括與我們在俄羅斯的業務處置相關的 0.15 美元或 6% 的負面影響。

Finally, we delivered free cash flow of $2.9 billion and returned $1.6 billion to shareholders through repurchases and dividends. We have made investments of $2.2 billion in acquisitions, primarily attributed to 27 transactions year-to-date. And we now expect to invest about $2.5 billion in acquisitions this year, with another $1 billion that we expect to close in Q1 given required regulatory approvals.

最後，我們實現了 29 億美元的自由現金流，並通過回購和分紅向股東返還了 16 億美元。我們在收購方面進行了 22 億美元的投資，主要歸因於年初至今的 27 筆交易。我們現在預計今年將投資約 25 億美元進行收購，鑑於所需的監管批准，我們預計將在第一季度完成另外 10 億美元。

With that, let me turn to some of the details. New bookings were $17 billion for the quarter and overall book-to-bill 1.0. Consulting bookings were $9.1 billion with a book-to-bill of 1. Outsourcing bookings were $7.8 billion with a book-to-bill of 1.1. We were very pleased with our bookings this quarter, which represent our second highest ever and were aligned to our expectations. Our bookings reflect 15% growth in local currency and 18 clients with bookings over $100 million. Looking forward, we continue to have a strong pipeline.

有了這個，讓我談談一些細節。本季度的新預訂量為 170 億美元，整體訂單出貨比為 1.0。諮詢預訂額為 91 億美元，帳單比為 1。外包預訂為 78 億美元，帳單比為 1.1。我們對本季度的預訂感到非常滿意，這是我們有史以來第二高的預訂量，並且符合我們的預期。我們的預訂量以當地貨幣計算增長了 15%，18 家客戶的預訂量超過 1 億美元。展望未來，我們將繼續擁有強大的管道。

Turning now to revenues. Revenues for the quarter were $16.2 billion, a 22% increase in U.S. dollars and 27% local currency, reflecting a foreign exchange headwind of 5% compared to the 4% headwind provided in our business outlook last quarter. Adjusted for the actual foreign exchange impact, we were $160 million above our guided range. Consulting revenues for the quarter were $9 billion, up 24% in U.S. dollars and 30% in local currency. Outsourcing revenues were $7.1 billion, up 19% in U.S. dollars and 23% in local currency.

現在轉向收入。本季度收入為 162 億美元，以美元計算增長 22%，當地貨幣增長 27%，與我們上季度業務展望中提供的 4% 逆風相比，外匯逆風為 5%。根據實際外匯影響調整後，我們比我們的指導範圍高出 1.6 億美元。本季度的諮詢收入為 90 億美元，以美元計算增長 24%，以當地貨幣計算增長 30%。外包收入為 71 億美元，以美元計算增長 19%，以當地貨幣計算增長 23%。

Taking a closer look at our service dimensions. Strategy and consulting and technology services both grew very strong double digits and operations grew strong double digits.

仔細看看我們的服務維度。戰略、諮詢和技術服務均實現了兩位數的強勁增長，運營也實現了兩位數的強勁增長。

Turning to our geographic markets. In North America, revenue growth was 23% local currency, driven by double-digit growth in Consumer Goods, Retail & Travel Services; Public Service; Software & Platforms; and Communications & Media.

轉向我們的地理市場。在北美，在消費品、零售和旅遊服務兩位數增長的推動下，收入增長了 23% 的當地貨幣；公共服務;軟件和平台；和通信與媒體。

In Europe, revenues grew 30% local currency, led by double-digit growth in Industrial; Consumer Goods, Retail & Travel Services; and Banking & Capital Markets. Looking closer at the countries. Europe was driven by double-digit growth in Germany, the U.K., France and Italy.

在歐洲，收入以當地貨幣增長 30%，其中工業業務實現兩位數增長；消費品、零售和旅遊服務；和銀行與資本市場。仔細觀察這些國家。歐洲受到德國、英國、法國和意大利兩位數增長的推動。

In Growth Markets, we delivered 30% revenue growth in local currency, driven by double-digit growth in Consumer Goods, Retail & Travel Services; Banking & Capital Markets; and Public Service. From a country perspective, Growth Markets was led by double-digit growth in Japan and Australia.

在成長型市場，在消費品、零售和旅遊服務兩位數增長的推動下，我們實現了 30% 的本地貨幣收入增長；銀行與資本市場；和公共服務。從國家的角度來看，Growth Markets 在日本和澳大利亞的兩位數增長中處於領先地位。

Moving down the income statement. Gross margin for the quarter was 32.9% compared with 33.2% for the same period last year. Sales and marketing expense for the quarter was 10.3% compared with 10.6% for the third quarter last year. General and administrative expense was 6.5% compared to 6.6% for the same quarter last year. Operating income was $2.6 billion in the third quarter, reflecting a 16.1% operating margin, up 10 basis points compared with Q3 last year. Our effective tax rate for the quarter was 27.1% compared with an effective tax rate of 25% for the third quarter last year. Diluted earnings per share were $2.79, including a $0.15 or 6% negative impact related to the disposition of our business in Russia, compared with diluted EPS of $2.40 in the third quarter last year.

向下移動損益表。本季度毛利率為 32.9%，而去年同期為 33.2%。本季度的銷售和營銷費用為 10.3%，而去年第三季度為 10.6%。一般和行政費用為 6.5%，而去年同期為 6.6%。第三季度營業收入為 26 億美元，營業利潤率為 16.1%，比去年第三季度上升 10 個基點。我們本季度的有效稅率為 27.1%，而去年第三季度的有效稅率為 25%。稀釋後每股收益為 2.79 美元，其中包括與我們在俄羅斯的業務處置相關的 0.15 美元或 6% 的負面影響，而去年第三季度的稀釋後每股收益為 2.40 美元。

Days service outstanding were 44 days compared to 41 days last quarter and 36 days in the third quarter of last year. Free cash flow for the quarter was $2.9 billion, resulting from cash generated by operating activities of $3.1 billion, net of property and equipment additions of $195 million. Our cash balance at May 31 was $6.7 billion compared with $8.2 billion at August 31.

未完成服務天數為 44 天，上一季度為 41 天，去年第三季度為 36 天。本季度的自由現金流為 29 億美元，來自經營活動產生的 31 億美元現金，扣除了 1.95 億美元的財產和設備增加。我們在 5 月 31 日的現金餘額為 67 億美元，而 8 月 31 日為 82 億美元。

With regards to our ongoing objective to return cash to shareholders. In the third quarter, we repurchased or redeemed 3.1 million shares for $972 million at an average price of $313.43 per share. As of May 31, we had approximately $3.7 billion of share repurchase authority remaining. Also in May, we paid a quarterly cash dividend of $0.97 per share for a total of $614 million. This represents a 10% increase over last year. And our Board of Directors declared a quarterly cash dividend of $0.97 per share to be paid on August 15, a 10% increase over last year.

關於我們向股東返還現金的持續目標。第三季度，我們以每股 313.43 美元的平均價格，以 9.72 億美元的價格回購或贖回了 310 萬股股票。截至 5 月 31 日，我們剩餘約 37 億美元的股票回購授權。同樣在 5 月，我們支付了每股 0.97 美元的季度現金股息，總計 6.14 億美元。這比去年增加了 10%。我們的董事會宣布將於 8 月 15 日支付每股 0.97 美元的季度現金股息，比去年增加 10%。

Finally, turning to the 360-degree value we are creating for all our stakeholders. We were very pleased to be ranked #13 on 3BL Media's 100 Best Corporate Citizens in the United States report, which recognizes outstanding ESG transparency and performance against the Russell 1000, which are the largest companies in the U.S. equity market. For more information on the 360-degree value we are creating, go to Accenture's 360-degree value reporting experience, which reflects new information each quarter.

最後，轉向我們為所有利益相關者創造的 360 度價值。我們很高興在 3BL Media 的美國 100 位最佳企業公民報告中排名第 13 位，該報告表彰了與美國股票市場上最大的公司羅素 1000 相比出色的 ESG 透明度和表現。有關我們正在創造的 360 度價值的更多信息，請訪問埃森哲的 360 度價值報告體驗，該體驗會反映每個季度的新信息。

So in summary, we are extremely pleased with our results to date and are now very focused on Q4 and closing out another very strong year.

總而言之，我們對迄今為止的業績感到非常滿意，現在非常專注於第四季度，並結束了又一個非常強勁的一年。

Now let me turn it back to Julie.

現在讓我把它轉回朱莉。

Thank you, KC. As we shared at our recent Investor and Analyst Day, we believe there are 5 forces that our clients must harness over the next decade that -- and that, in turn, will drive our growth: Total enterprise reinvention, talent, sustainability, the Metaverse continuum and the ongoing tech revolution.

謝謝你，KC。正如我們在最近的投資者和分析師日上分享的那樣，我們相信我們的客戶在未來十年必須利用 5 種力量——而這反過來又將推動我們的增長：企業全面重塑、人才、可持續性、元界連續體和正在進行的技術革命。

Today, we continue to see strong demand across our markets, services and industries, which is being driven primarily by 2 of these 5 forces: Total enterprise reinvention, which involves transformation of every part of every business, leveraging technology with new ways of working and engaging with customers and employees and new opportunities for growth; and talent, which requires every business to be able to access talent, be a talent creator, not just a talent consumer and to unlock the potential of their people.

今天，我們繼續看到我們的市場、服務和行業的強勁需求，這主要是由以下 5 種力量中的兩種推動的： 全面的企業重塑，包括對每項業務的每個部分進行轉型，通過新的工作方式利用技術和與客戶和員工互動以及新的增長機會；和人才，這要求每個企業都能夠獲得人才，成為人才創造者，而不僅僅是人才消費者，並釋放員工的潛力。

Compressed transformation continues, with our clients seeking to execute bold programs in accelerated time frames, often spanning multiple parts of the enterprise at the same time, when in the past, they may have taken a more sequential approach. This desire for speed with strong execution is driving our growth as clients partner with us because of the breadth and depth of our capabilities, the insights that come from our scale, global footprint and our deep functional industry and cross-industry expertise. And they partner with us because they trust us and because we are trusted partners with a technology ecosystem which are also critical to our clients' transformation.

壓縮轉型仍在繼續，我們的客戶尋求在更快的時間框架內執行大膽的計劃，通常同時跨越企業的多個部分，而在過去，他們可能採取了更加有序的方法。由於我們能力的廣度和深度、來自我們規模的洞察力、全球足跡以及我們深厚的職能行業和跨行業專業知識，這種對速度和強大執行力的渴望正在推動我們作為客戶合作夥伴的增長。他們與我們合作是因為他們信任我們，因為我們是值得信賴的合作夥伴，擁有對客戶轉型也至關重要的技術生態系統。

While the current macroeconomic environment affects industries and markets differently, the common theme across our clients is that all strategies, whether for growth, cost or resilience, lead to technology, particularly cloud data and AI, and our clients turn to us to be able to effectively use technology to achieve their goals.

儘管當前的宏觀經濟環境對行業和市場的影響不同，但我們客戶的共同主題是，所有戰略，無論是增長、成本還是彈性，都會導致技術，尤其是雲數據和人工智能，我們的客戶求助於我們能夠有效地使用技術來實現他們的目標。

Let me bring this demand environment to life. We help our clients execute total enterprise reinvention by helping them build their digital core, optimize operations and accelerate growth. Cloud, data and AI are fundamental to a strong digital core.

讓我將這種需求環境變為現實。我們通過幫助客戶構建數字核心、優化運營和加速增長來幫助客戶進行全面的企業重塑。雲、數據和人工智能是強大數字核心的基礎。

We are working with The Clorox Company, a leading multinational manufacturer and marketer of home care, household and health and beauty products for consumers, as well as products and technologies for professional customers. The company is undertaking a broad digital transformation that will touch every aspect of the enterprise. We will help the company modernize business processes, streamline their operating model, leverage advanced data and analytic insights and establish a future-ready technology foundation to deliver new levels of customer and consumer experiences, accelerate go-to-market activities and enable a more agile and resilient supply chain so they can lead and shape the consumer goods industry.

我們正在與 The Clorox 公司合作，該公司是一家領先的跨國製造商和營銷商，為消費者提供家庭護理、家居、健康和美容產品，以及為專業客戶提供產品和技術。該公司正在進行廣泛的數字化轉型，將觸及企業的各個方面。我們將幫助公司實現業務流程現代化，簡化運營模式，利用先進的數據和分析洞察力，並建立面向未來的技術基礎，以提供更高水平的客戶和消費者體驗，加速上市活動並實現更敏捷和有彈性的供應鏈，因此他們可以領導和塑造消費品行業。

We are helping New Look, a global fashion retailer, migrate its existing e-commerce platform to the cloud and strengthen its technology foundation to enable a seamless experience across stores, online, mobile and social media. AI and machine learning will create greater efficiency, increase sales and provide the flexibility to scale for growth and overcome industry disruption. The company is committed to infusing sustainability into their transformation road map, using innovation as an accelerator toward their own 2040 sustainability targets, all of which promises to keep the company in step with the store of the future, the speed of the fashion industry and the demands of their stakeholders.

我們正在幫助全球時尚零售商 New Look 將其現有的電子商務平台遷移到雲端，並加強其技術基礎，以實現跨商店、在線、移動和社交媒體的無縫體驗。人工智能和機器學習將創造更高的效率、增加銷售額並提供擴展的靈活性以實現增長並克服行業中斷。公司致力於將可持續發展融入其轉型路線圖，將創新作為加速器實現其 2040 年可持續發展目標，所有這些都有望使公司與未來的商店、時尚行業的速度和其利益相關者的要求。

And as we build the digital cores of our clients, security is more important than ever. Our integrated capabilities, from identity to threat intelligence to managed security services to incident response, are critical as our clients respond to increasing risk and expand their digital footprint.

隨著我們構建客戶的數字核心，安全性比以往任何時候都更加重要。我們的集成能力，從身份到威脅情報，從託管安全服務到事件響應，對於我們的客戶應對不斷增加的風險和擴大他們的數字足跡至關重要。

We are helping a large health care services provider assess their cybersecurity and business resilience levels. With much of their growth coming through mergers and acquisitions, technology and security have become more challenging to manage with multiple security providers, data centers and environments. We helped design a cloud strategy and secured their backups in the cloud with an end-to-end cybersecurity approach that will provide flexibility as they continue to acquire more companies. We are also providing a managed security service, from cyber resilience to threat intelligence, to monitor their infrastructure and their security products, improving their ability to protect against future attacks.

我們正在幫助一家大型醫療保健服務提供商評估其網絡安全和業務彈性水平。由於它們的大部分增長來自併購，因此與多個安全提供商、數據中心和環境一起管理技術和安全變得更具挑戰性。我們幫助設計了雲戰略，並通過端到端的網絡安全方法保護了他們在雲中的備份，這將在他們繼續收購更多公司時提供靈活性。我們還提供託管安全服務，從網絡彈性到威脅情報，監控他們的基礎設施和安全產品，提高他們防範未來攻擊的能力。

Our clients value our unique combination of capabilities, from strategy and consulting to technology to managed services, because it enables us to deliver holistic solutions and expands their access to digital talent.

我們的客戶重視我們獨特的能力組合，從戰略和諮詢到技術再到託管服務，因為它使我們能夠提供整體解決方案並擴大他們對數字人才的訪問。

We are helping Infinera Holdings, a Japan-based infrastructure construction services company, digitally transform operations in finance and HR through a data-driven approach. Through our managed services capabilities and our SynOps platform, we will help the company shift to intelligent operations by standardizing and automating key business processes, driving efficiency and productivity, reducing operating costs and providing greater opportunity for their people to focus on high value and strategic growth areas, such as business design and digital experience.

我們正在幫助總部位於日本的基礎設施建設服務公司 Infinera Holdings 通過數據驅動的方法實現財務和人力資源運營的數字化轉型。通過我們的託管服務能力和 SynOps 平台，我們將通過標準化和自動化關鍵業務流程、提高效率和生產力、降低運營成本並為員工提供更多機會來專注於高價值和戰略增長，從而幫助公司轉向智能運營業務設計和數字體驗等領域。

Shifting to the next digital frontier in the enterprise. Our Industry X capabilities are digitizing engineering and manufacturing to reimagine the products our clients make and how they make them, and to build a greater resiliency, productivity and sustainability.

轉向企業的下一個數字前沿。我們的工業 X 能力正在數字化工程和製造，以重新構想我們的客戶製造的產品及其製造方式，並建立更大的彈性、生產力和可持續性。

We are partnering with a German multinational corporate manufacturer of luxury vehicles to develop an in-car software platform that will power the central intelligence unit for personalized driver interaction, information, convenience functions and entertainment. The platform provides a continuous flow of customer data to the automaker, enabling it to enhance vehicle functionality and create the superior customer experience that the automaker is renowned for.

我們正在與一家德國跨國豪華汽車製造商合作開發一個車載軟件平台，該平台將為中央智能單元提供動力，以實現個性化的駕駛員交互、信息、便利功能和娛樂。該平台為汽車製造商提供持續的客戶數據流，使其能夠增強車輛功能並創造汽車製造商享有盛譽的卓越客戶體驗。

We are helping Albras, the largest producer of primary aluminum in Brazil, to increase its productivity, energy efficiency and minimize greenhouse gas emissions by creating a new smelter control system operated over a new IoT architecture that utilizes cloud platforms for data storage and machine learning. Data insights will enable better visibility of gas emissions around the clock, allowing operations to be proactively managed, leading to increased energy efficiency and operational safety as well as additional sustainability strategies to reduce their carbon footprint.

我們正在幫助巴西最大的原鋁生產商 Albras 通過創建一個新的冶煉廠控制系統來提高其生產力、能源效率並最大限度地減少溫室氣體排放，該系統在新的物聯網架構上運行，該架構利用雲平台進行數據存儲和機器學習。數據洞察力將使全天候更好地了解氣體排放，從而主動管理運營，從而提高能源效率和運營安全性，並製定其他可持續性戰略以減少其碳足跡。

Sustainability, 1 of the 5 forces shaping the next decade, continues to be a growing priority area for our clients. And they value our ability to help them achieve their sustainability goals as part of their larger transformations, such as the Albras example, and directly as part of sustainability-focused engagements, such as the work we are doing for Pos Malaysia's Berhad, the national operator running Malaysia's largest post and parcel delivery network.

可持續發展是塑造未來十年的 5 種力量之一，它將繼續成為我們客戶日益增長的優先領域。他們重視我們幫助他們實現可持續發展目標的能力，作為他們更大轉型的一部分，例如 Albras 的例子，以及直接作為以可持續發展為重點的參與的一部分，例如我們為國家運營商 Pos Malaysia 的 Berhad 所做的工作運營馬來西亞最大的郵政和包裹遞送網絡。

We are helping Pos Malaysia Berhad to embrace a data-driven approach to reducing emissions, cutting waste and upgrading its employees' digital skills. Best-in-class solutions for environmental, social and governance benchmarking plus the sustainability implementation road map and a skills for the future program will lead to dramatic reductions in direct waste in Scope 1 and 2 carbon emissions, along with rapid progress on workforce upskilling.

我們正在幫助 Pos Malaysia Berhad 採用數據驅動的方法來減少排放、減少浪費和提升員工的數字技能。一流的環境、社會和治理基準解決方案加上可持續發展實施路線圖和未來計劃的技能將導致範圍 1 和範圍 2 碳排放中的直接浪費顯著減少，同時在勞動力技能提升方面取得快速進展。

We continue to build our capabilities in this area both organically and inorganically. We are pleased that this quarter, we announced 3 new sustainability acquisitions: Greenfish, akzente and Avieco, extending our reach and enhancing our ability to deliver deep skills and expertise to clients in ESG measurement and nonfinancial reporting, net zero strategy and regulation and real-time data analytics.

我們將繼續有機地和無機地建立我們在這一領域的能力。我們很高興本季度，我們宣布了 3 項新的可持續發展收購：Greenfish、akzente 和 Avieco，擴大了我們的業務範圍並增強了我們為客戶提供 ESG 衡量和非財務報告、淨零戰略和監管以及現實-時間數據分析。

Our unmatched ability to access, create and unlock talent is valued by our clients as a key component of their compressed transformations, such as Pos Malaysia Berhad. In other cases, we help provide our clients access to talent through our managed services, and we help them become talent creators by having their shared services groups join Accenture, where they can benefit from our ability to transform, upskill and provide new career pathways.

我們無與倫比的獲取、創造和釋放人才的能力被我們的客戶視為他們壓縮轉型的關鍵組成部分，例如馬來西亞郵政有限公司。在其他情況下，我們通過我們的託管服務幫助我們的客戶獲得人才，我們通過讓他們的共享服務團隊加入埃森哲來幫助他們成為人才創造者，他們可以從我們的轉型、提陞技能和提供新的職業道路的能力中受益。

For example, we are working with BNL, a leading Italian banking group and subsidiary at BNP Paribas, on a compressed transformation, just 18 months from start to finish, that will leverage our SynOps platform, maximize our client's existing talent and reduce total cost of ownership. We will consolidate data to provide deeper analytic insights and a better customer experience with tailored services and faster fulfillment times for customer requests.

例如，我們正在與 BNL（一家領先的意大利銀行集團和法國巴黎銀行的子公司）合作進行壓縮轉型，從開始到結束僅 18 個月，這將利用我們的 SynOps 平台，最大限度地利用我們客戶的現有人才並降低總成本所有權。我們將整合數據，通過量身定制的服務和更快的滿足客戶要求的時間，提供更深入的分析見解和更好的客戶體驗。

As part of this transformation, more than 500 people from their team will move to Accenture, where we will leverage their industry-specific skills while also providing opportunities for professional development, enabling BNL to focus on strategic growth and benefit from this upskilling.

作為這一轉型的一部分，他們團隊中的 500 多人將搬到埃森哲，在那裡我們將利用他們的行業特定技能，同時也提供專業發展機會，使 BNL 能夠專注於戰略增長並從這種技能提升中受益。

We also do work with our clients that is primarily focused on their talent agenda. For example, we're collaborating with a large utility who is creating thousands of clean energy jobs in areas like renewable electricity generation, energy-saving homes and buildings and sustainable transportation. They are doing so for unemployed, underemployed and low to middle income residents.

我們還與主要關注其人才議程的客戶合作。例如，我們正在與一家大型公用事業公司合作，該公用事業公司在可再生能源發電、節能住宅和建築以及可持續交通等領域創造了數千個清潔能源工作崗位。他們正在為失業、就業不足和中低收入居民這樣做。

We are developing a recruitment, employment and tracking platform that matches people's skills with available positions, leveraging AI and market insights. This solution reduces hiring time, improves the candidate experience and unlocks talent potential to create jobs for the underrepresented residents who need the most.

我們正在開發一個招聘、就業和跟踪平台，利用人工智能和市場洞察力將人們的技能與可用職位相匹配。該解決方案減少了招聘時間，改善了候選人體驗並釋放了人才潛力，為最需要的人數不足的居民創造就業機會。

We are uniquely positioned to help our clients drive cost efficiencies and their growth agenda. As you may have seen, Accenture Interactive will now go to market as Accenture Song to reflect the fundamental change in the way companies must engage with customers and the incredible speed at which they need to operate and innovate. Song is uniquely operating at the intersection of creativity, technology and intelligence to help our clients reinvent connections and meaningful experiences, including sales, commerce, marketing, new business platforms and the Metaverse continuum.

我們具有獨特的優勢，可以幫助我們的客戶提高成本效率和他們的增長議程。正如您可能已經看到的，埃森哲互動現在將作為埃森哲之歌進入市場，以反映公司必須與客戶互動的方式發生根本性變化，以及他們需要以令人難以置信的速度進行運營和創新。 Song 在創意、技術和智能的交叉點上獨樹一幟，幫助我們的客戶重塑聯繫和有意義的體驗，包括銷售、商業、營銷、新業務平台和元界連續體。

We are helping a North American multibrand retailer scale their digital business and accelerate growth while reducing operational costs up to $100 million over the next 5 years. Together, we are designing and implementing a new multiproduct platform to improve the customer experience and enable the use of data and insights to drive increased engagement and better business performance overall.

我們正在幫助一家北美多品牌零售商擴展其數字業務並加速增長，同時在未來 5 年內將運營成本降低多達 1 億美元。我們正在共同設計和實施一個新的多產品平台，以改善客戶體驗，並利用數據和洞察力來推動提高參與度和整體業務績效。

While still very early, we are seeing our clients look to take advantage of the Metaverse, another of the 5 forces. For example, we are collaborating with an international property developer, MQDC, to develop their business model and design their customer experience in the Metaverse.

雖然還很早，但我們看到我們的客戶希望利用五種力量中的另一股元宇宙。例如，我們正在與國際房地產開發商 MQDC 合作，開發他們的商業模式並設計他們在 Metaverse 中的客戶體驗。

As you can tell, this continues to be an exciting time for Accenture as the depth and breadth of our business allows us to help our clients with innovative and impactful work.

如您所知，對於埃森哲來說，這仍然是一個激動人心的時刻，因為我們業務的深度和廣度使我們能夠幫助我們的客戶開展創新和有影響力的工作。

Back to you, KC.

回到你身邊，KC。

Thanks, Julie. Turning to our business outlook. For the fourth quarter of fiscal '22, we expect revenues to be in the range of $15 billion to $15.5 billion. This assumes the impact of FX will be about negative 8% compared to the fourth quarter of fiscal '21 and reflects an estimated 20% to 24% growth in local currency.

謝謝，朱莉。轉向我們的業務前景。對於 22 財年第四季度，我們預計收入將在 150 億美元至 155 億美元之間。這假設與 21 財年第四季度相比，外彙的影響約為負 8%，並反映當地貨幣估計增長 20% 至 24%。

For the full fiscal year '22, based on how the rates have been trending over the last few weeks, we now expect the impact of FX on our results in U.S. dollars will be approximately negative 4.5% compared to fiscal '21. For the full fiscal '22, we now expect our revenue to be in the range of 25.5% to 26.5% growth in local currency over fiscal '21, which continues to assume an inorganic contribution of roughly 5%.

對於整個 22 財年，根據過去幾週的匯率趨勢，我們現在預計，與 21 財年相比，外匯對我們以美元計算的業績的影響約為負 4.5%。對於整個 22 財年，我們現在預計我們的收入將在 21 財年的本地貨幣增長 25.5% 至 26.5% 的範圍內，這繼續假設無機貢獻約為 5%。

For operating margin, we continue to expect fiscal year '22 to be 15.2%, a 10 basis point expansion over fiscal '21 results. We now expect our annual effective tax rate to be in the range of 23.5% to 24.5%. This compares to an adjusted effective tax rate of 23.1% in fiscal '21.

對於營業利潤率，我們繼續預計 '22 財年將達到 15.2%，比 '21 財年的業績增長 10 個基點。我們現在預計我們的年度有效稅率將在 23.5% 至 24.5% 之間。相比之下，21 財年調整後的有效稅率為 23.1%。

For earnings per share, we now expect our full year diluted EPS for fiscal '22 to be in the range of $10.61 to $10.70 or 21% to 22% growth over adjusted fiscal '21 results. This guidance range reflects a negative $0.14 impact from the updated FX guidance, partially offset by the increase in revenue guidance.

對於每股收益，我們現在預計我們的 22 財年全年攤薄後每股收益將在 10.61 美元至 10.70 美元之間，比調整後的 21 財年業績增長 21% 至 22%。這一指導範圍反映了更新後的外匯指導帶來的 0.14 美元的負面影響，部分被收入指導的增加所抵消。

For the full fiscal '22, we continue to expect operating cash flow to be in the range of $8.7 billion to $9.2 billion, property and equipment additions to be approximately $700 million, and free cash flow to be in the range of $8 billion to $8.5 billion. Our free cash flow guidance continues to reflect a very strong free cash flow to net income ratio of 1.1 to 1.2.

對於整個 22 財年，我們繼續預計運營現金流量將在 87 億美元至 92 億美元之間，物業和設備增加量約為 7 億美元，自由現金流量將在 80 億美元至 8.5 美元之間十億。我們的自由現金流指引繼續反映出非常強勁的自由現金流與淨收入之比為 1.1 比 1.2。

Finally, we continue to expect to return at least $6.5 billion through dividends and share repurchases as we remain committed to returning a substantial portion of our cash to shareholders.

最後，我們繼續期望通過股息和股票回購獲得至少 65 億美元的回報，因為我們仍然致力於將大部分現金返還給股東。

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

有了這個，讓我們打開它，以便我們回答您的問題。安吉？

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

謝謝，KC。 （操作員說明）接線員，您會為通話中的人提供說明嗎？

(Operator Instructions) And our first question is from Tien-Tsin Huang.

（操作員說明）我們的第一個問題來自Tien-Tsin Huang。

I wanted to ask on the -- let me ask on bookings, which came in line with your expectations. And the book-to-bill in the quarter looked like more like pre-pandemic levels on tough comps. So KC, I heard the strong pipeline comment. Just wondering, can we expect book-to-bill above 1.0, but maybe below the 1.1? Or higher that we saw during the pandemic? Just trying to better understand how the pace of bookings might be changing here beyond the comps.

我想問一下——讓我問一下預訂，這符合您的期望。本季度的賬面到賬單看起來更像是大流行前的艱難補償水平。所以KC，我聽到了強有力的管道評論。只是想知道，我們能否期望訂單到賬單高於 1.0，但可能低於 1.1？還是比我們在大流行期間看到的更高？只是想更好地了解預訂速度在比賽之外可能會發生怎樣的變化。

Yes. Thanks, Tien-Tsin. So let me just start with anchoring to what we saw this quarter in bookings and our pipeline, and I'll talk then a little bit about what we expect for Q4. So as you mentioned, we were really pleased with our book-to-bill this quarter. And you talked about our tough comps. We did 30% growth in consulting, and we have year-to-date, a 1.1 book-to-bill in consulting through Q3. We're very pleased with that. In outsourcing, we did 23% revenue growth, again, over tough comps from last year in the quarter. And we were 1.2 year-to-date book-to-bill.

是的。謝謝，天真。因此，讓我從本季度在預訂和管道中看到的內容開始，然後我將談談我們對第四季度的預期。因此，正如您所提到的，我們對本季度的帳單結算感到非常滿意。你談到了我們艱難的比賽。我們的諮詢業務實現了 30% 的增長，今年迄今為止，我們在第三季度的諮詢業務訂單比為 1.1。我們對此非常滿意。在外包方面，我們在本季度再次實現了 23% 的收入增長，超過了去年的艱難業績。我們是 1.2 年初至今的帳單到帳單。

So as we look ahead at Q4, we do see continued very strong revenue growth at 20% to 24%. So you heard that in our guidance. And we do think bookings and outsourcing, bookings for both -- excuse me. Revenue for both consulting and outsourcing are both going to be in that range. So we have another strong quarter in consulting and outsourcing revenue growth.

因此，當我們展望第四季度時，我們確實看到了 20% 至 24% 的持續強勁收入增長。所以你在我們的指導中聽到了這一點。我們確實認為預訂和外包，兩者的預訂 - 對不起。諮詢和外包的收入都將在這個範圍內。因此，我們在諮詢和外包收入增長方面又迎來了一個強勁的季度。

And on top of that, Tien-Tsin, we do see another strong bookings quarter in Q4. And we feel good about both our consulting and our outsourcing pipeline. So hopefully, that gave you enough color on where we see bookings and the rest of the year playing out.

最重要的是，天津，我們確實在第四季度看到了另一個強勁的預訂季度。我們對我們的諮詢和外包渠道都感覺良好。所以希望這能讓你對我們看到的預訂情況和今年剩餘時間的表現有足夠的了解。

Got it. So balanced across the 2, which is great. So maybe my quick follow-up that everyone's been asking us, so I thought I'd ask you guys. Julie specifically here, maybe for you, just how recession-ready is Accenture, right? With what the stock market is telling us, how is Accenture different or maybe similarly positioned to what we've seen in past down cycles? Any quick comments on that?

知道了。兩者之間如此平衡，這很棒。所以也許我快速跟進每個人都在問我們，所以我想我會問你們。朱莉特別在這裡，也許對你來說，埃森哲對經濟衰退的準備程度，對嗎？根據股市告訴我們的情況，埃森哲與我們在過去的下行週期中看到的情況有何不同或相似的定位？對此有何快速評論？

Sure. Thanks, Tien-Tsin. So we don't predict the macroeconomics. So what we do is really focus on what has helped us be successful. And obviously, every financial situation is going to be different. The pandemic. We don't know how this is going to be versus what was happening a decade ago. And so let me just focus on why we are in a strong position.

當然。謝謝，天真。所以我們不預測宏觀經濟。因此，我們所做的實際上是專注於幫助我們取得成功的因素。顯然，每種財務狀況都會有所不同。流行病。我們不知道這與十年前發生的情況相比會如何。因此，讓我專注於為什麼我們處於強勢地位。

And that is, first of all, what's driving today is total enterprise reinvention. And so that means companies are trying to transform using tech, data and AI around the enterprise. And we've been investing for a decade to be in the position that we're relevant to the enterprise. And so we can do everything, as you saw in our examples, from HR and finance to manufacturing, right; to -- in the insurance industry, underwriting and claims, right? So -- and it's really the entire enterprise that we're relevant to, and that all gives us a huge power to help our clients.

也就是說，首先，今天推動企業全面革新的動力。這意味著公司正試圖在企業周圍使用技術、數據和人工智能進行轉型。十年來，我們一直在投資，以使我們處於與企業相關的位置。因此，正如您在我們的示例中看到的那樣，我們可以做所有事情，從人力資源和財務到製造，對；到——在保險業，承保和索賠，對嗎？所以 - 它實際上是與我們相關的整個企業，這一切都賦予了我們巨大的力量來幫助我們的客戶。

And you see that's happening right now. With the inflationary environment, you've got consumer goods companies focused very much on cost as well as growth. And we're able to help them do both, right? And on the other hand, you've got, say, the energy companies that have had a really rough cycle who now have the ability to invest more, continuing on their cost discipline, but trying to also drive their transition to clean energy, right, and to advance their digitization. And so our diversity in both what we can do and our diversity in industries is extraordinarily helpful.

你看到現在正在發生這種情況。在通脹環境下，消費品公司非常關注成本和增長。我們能夠幫助他們做到這兩點，對吧？另一方面，你有，比如說，能源公司經歷了一個非常艱難的周期，現在有能力進行更多投資，繼續他們的成本紀律，但也試圖推動他們向清潔能源的過渡，對吧，並推進他們的數字化。因此，我們可以做的事情的多樣性以及我們在行業中的多樣性都非常有幫助。

And then as you think about why we're a leader today, I just want to -- so to make sure people understand the power of the fact that we can do everything, from strategy to consulting to managed services. So if you just take a consumer goods company, one of the biggest areas of spend is in marketing.

然後，當您思考我們今天為何成為領導者時，我只想確保人們了解我們可以做任何事情的力量，從戰略到諮詢再到託管服務。因此，如果您只選擇一家消費品公司，那麼最大的支出領域之一就是營銷。

We have amazing strategists at Accenture, right? It's a huge group. It's really, really relevant. And what they bring is not simply, here, let's go after your marketing spend. That looks like the biggest spend. What they can say is -- and let me explain to you that the trend is to digitize, to use hubs, to not be as geographic-specific. And let me show you where we've actually executed that and are managing that service for some of the leading companies. That's what our strategists can uniquely bring. And we can talk to our clients and say, "And we can either help you build the capability or we can do it on your behalf because we can access to talent, we can move you more quickly."

我們在埃森哲擁有了不起的戰略家，對吧？這是一個龐大的群體。這真的，真的很相關。他們帶來的不僅僅是在這裡，讓我們追求您的營銷支出。這看起來是最大的支出。他們能說的是——讓我向你解釋一下，趨勢是數字化，使用中心，而不是特定於地理區域。讓我向您展示我們在哪裡實際執行了該服務，並正在為一些領先公司管理該服務。這就是我們的戰略家可以獨特地帶來的東西。我們可以與我們的客戶交談並說：“我們可以幫助您建立能力，也可以代表您這樣做，因為我們可以獲得人才，我們可以更快地推動您。”

And so as we think about why are we strong today and how do we deliver on our enduring shareholder value proposition of growing faster than the market, delivering margin expansion, returning to shareholders and delivering 360-degree value, it's really based on this unique set of capabilities, these very strong, tested relationships. And then of course all of this underpinned by technology, where we're a powerhouse, and we are the leading partner of the largest and -- technology companies in the world.

因此，當我們思考為什麼我們今天如此強大，以及我們如何實現我們持久的股東價值主張，即增長速度快於市場、實現利潤率擴張、回報股東並提供 360 度價值時，它確實基於這個獨特的集合能力，這些非常強大的，經過考驗的關係。當然，所有這一切都以技術為基礎，我們是強大的力量，我們是世界上最大的技術公司的主要合作夥伴。

Operator, next question?

接線員，下一個問題？

I apologize. I was talking with my mute on. We will next go to the line of Lisa Ellis with MoffettNathanson.

我道歉。我正在用我的靜音說話。接下來，我們將與 MoffettNathanson 一起前往 Lisa Ellis 的路線。

I guess I'll take the attrition one. It looks like attrition, after coming down a bit the last couple of quarters, re-uptick a bit this quarter. Can you just talk about perhaps any color there or any underlying dynamics? And how is the attrition environment looking going forward?

我想我會接受減員的。看起來像是減員，在過去幾個季度有所下降之後，本季度又有所回升。你能談談那裡的任何顏色或任何潛在的動態嗎？未來的減員環境如何？

Yes, sure, Lisa. I mean, usually, we see an uptick in attrition from Q2 to Q3. We actually also see seasonally another uptick in Q4, which we'll expect to see. So this is kind of in line with prior patterns. And again, it's primarily driven by India at the lower end of our pyramid, which is highly competitive. At the same time, we're able to hire for the demand we see. And so -- and also, as we've commented before, our overall executive retention, which is the people who are driving our business every day, continues to be high. So not a lot of change, and these are really seasonal upticks.

是的，當然，麗莎。我的意思是，通常情況下，我們會看到從第二季度到第三季度的人員流失率上升。實際上，我們還看到第四季度的季節性上漲，我們預計會看到。所以這有點符合先前的模式。再說一次，它主要是由我們金字塔低端的印度推動的，它具有很強的競爭力。同時，我們能夠根據我們看到的需求進行招聘。因此 - 而且，正如我們之前評論過的，我們的整體高管保留率，即每天推動我們業務的人，仍然很高。所以變化不大，這些確實是季節性的上升。

Okay. Got it. And maybe a follow-up on that and then also on Tien-Tsin's question related to the R word, the recession word. What are the types of steps, can you just remind us? Like if you do start to see a slowdown in the business, kind of what are the adjustments that Accenture makes or can make quickly to react to a changing demand environment? Realizing that you're often at the kind of front end of the spear on that, given your strength in consulting and a lot of shorter-duration projects.

好的。知道了。也許是對此的後續行動，然後是 Tien-Tsin 與 R 詞（衰退詞）相關的問題。步驟有哪些類型，你能提醒我們一下嗎？就像您確實開始看到業務放緩一樣，埃森哲做出或可以做出哪些調整以快速應對不斷變化的需求環境？考慮到您在諮詢和許多短期項目方面的實力，意識到您經常處於領先地位。

Sure. I mean, the core of our business is how we manage supply and demand, right? And so we're -- our ability to -- we do have high attrition, right? So our ability to not, for example -- when I say high attrition, meaning, our industry has high attrition. So our ability to not hire to replace that attrition, right?

當然。我的意思是，我們業務的核心是我們如何管理供需，對吧？所以我們 - 我們的能力 - 我們確實有很高的損耗，對吧？所以我們的能力，例如——當我說高損耗時，意思是，我們的行業有高損耗。所以我們有能力不僱傭來代替減員，對吧？

So our core competency is managing supply and demand. And we have an ear to the ground with our clients, but we also have a lot of analytics around what we're seeing in open demand, what we're seeing in our pipeline. So we manage our business with great rigor and discipline, and we'll continue to do that throughout this cycle.

所以我們的核心能力是管理供需。我們密切關注客戶的實際情況，但我們也有很多關於我們在開放需求中看到的東西、我們在管道中看到的東西的分析。因此，我們以非常嚴謹和自律的方式管理我們的業務，我們將在整個週期內繼續這樣做。

And of course, I just want to make sure we're not walking past an incredible quarter from revenue and the bookings. And as KC said, we see continued strong demand going into the next quarter with another strong bookings quarter and another strong revenue quarter.

當然，我只是想確保我們的收入和預訂量不會超過令人難以置信的季度。正如 KC 所說，我們看到下個季度的需求持續強勁，預訂季度又一個強勁的季度和收入另一個強勁的季度。

And next, we go to the line of Jason Kupferberg with Bank of America.

接下來，我們與美國銀行一起前往 Jason Kupferberg。

I just wanted to start with a clarification on the full year EPS guidance. It sounds like you're now absorbing an extra $0.29 of headwind relative to where you were last quarter with the $0.15 from exiting Russia and the $0.14 from incremental FX headwind. Is that accurate?

我只是想先澄清一下全年 EPS 指導。與上一季度相比，您現在正在吸收額外的 0.29 美元逆風，其中 0.15 美元來自退出俄羅斯，0.14 美元來自增加的外匯逆風。那準確嗎？

So Jason, that is accurate in that the $0.15 for Russia, that's absolutely accurate. And then we have an additional $0.14 from the update from the guidance that we gave you last quarter that we are absorbing. So you are correct.

所以傑森，這是準確的，俄羅斯的 0.15 美元，絕對準確。然後，我們從我們正在吸收的上個季度給您的指導更新中獲得了額外的 0.14 美元。所以你是對的。

Right, right. So you're still maintaining the lower half of the EPS guidance from last quarter despite absorbing an extra $0.29. Okay. I just wanted to make...

是的是的。因此，儘管額外吸收了 0.29 美元，但您仍維持上季度每股收益指引的下半部分。好的。我只是想做...

That's right. I mean, I think the key thing that you're asking and the key point I want to make sure that we're getting across is that there's no change to our business, right, fundamentals in our business performance. We actually had a bit of an increase in our revenue guidance, which helps us partially offset the $0.14 drag that we have from FX. So really strong. We continue to see really strong business operations. We just can't absorb completely all of that large FX movement that we saw from last quarter to this quarter, that's all.

這是正確的。我的意思是，我認為您要問的關鍵問題以及我想確保我們能夠解決的關鍵點是我們的業務沒有改變，對，我們的業務績效的基本面。實際上，我們的收入指導有所增加，這有助於我們部分抵消外匯帶來的 0.14 美元拖累。所以真的很強。我們繼續看到非常強勁的業務運營。我們無法完全吸收從上一季度到本季度看到的所有大型外匯波動，僅此而已。

Of course, of course. And I guess, it's encouraging to hear that there doesn't seem to really be much change at all in the demand environment. Obviously, there's been a lot of worry and wonder about that. But can you maybe just talk to us about like nuances of how client conversations have been evolving over the past 3 months? Any change in client decision-making patterns? Or are clients doing more recession preparation on their end?

當然，當然。而且我想，聽到需求環境似乎根本沒有太大變化是令人鼓舞的。顯然，對此有很多擔憂和疑惑。但是，您能否與我們談談過去 3 個月客戶對話如何演變的細微差別？客戶決策模式有什麼變化嗎？或者客戶是否正在為他們的最終衰退做更多的準備？

Sure. So first of all, as always, we call it like we see it. So today, we see strong demand, and we're not seeing a change in decision-making. What we are seeing is a shift, depending on the industry and the market, on what clients are asking for. So for example, in the industries like a consumer goods industry, you're seeing a lot more focus on cost than a year ago, right? With CEOs saying, "Hey, Julie. You know how I always used to talk to you about growth? Can we talk about growth and cost, right?" You're seeing more investment going into help me do more with less. And at the core of that is cloud, data, AI.

當然。所以首先，像往常一樣，我們像我們看到的那樣稱呼它。所以今天，我們看到了強勁的需求，但我們沒有看到決策的變化。我們看到的是一種轉變，取決於行業和市場，取決於客戶的需求。例如，在消費品行業等行業，您會看到比一年前更多地關注成本，對吧？首席執行官們說：“嘿，朱莉。你知道我過去常常和你談論增長嗎？我們可以談談增長和成本，對嗎？”你看到更多的投資幫助我事半功倍。其核心是雲、數據、人工智能。

You also see a big focus on can we go faster? And I was just meeting with a CEO last week who said, "Julie, can you just look at our strategy? And are we being transformational enough, right? Are we challenging ourselves to go fast enough?" And this is where the experience that we have of doing this, particularly over the last 2 years, where we saw this compressed transformation, is so important.

您還看到我們能更快嗎？上週我剛剛與一位首席執行官會面，他說：“朱莉，你能看看我們的戰略嗎？我們是否足夠轉型，對吧？我們是否在挑戰自己以足夠快的速度前進？”這就是我們在這方面的經驗，特別是在過去 2 年中，我們看到了這種壓縮轉型的經驗，非常重要。

I was just speaking with an energy company last week, where they -- like a lot of companies early on, when digital transformation started, say, 5, 6 years ago in the front office, they've been doing a bunch of experiments of digital twins around. And they're saying to us, "Okay, Julie, help us understand, where are we going to get the most value, but how do we scale?"

上週我剛剛與一家能源公司交談，他們 - 就像許多早期的公司一樣，當數字化轉型開始時，比如說，5、6 年前在前台，他們一直在做一堆實驗周圍的數字雙胞胎。他們對我們說，“好的，朱莉，幫助我們了解，我們將在哪裡獲得最大價值，但我們如何擴展？”

And that's that unique combination we have of like we can understand from a strategic perspective, where's the biggest value? But I can then take -- like let me take you this company over here, different industry, that's been doing digital twins that we've just been massively scaling over the 18 months. Let's share with you the lessons learned on how to do that because it is the next digital frontier, there isn't as much experience, and now will help you go faster.

這就是我們所擁有的獨特組合，就像我們可以從戰略角度理解的那樣，最大的價值在哪裡？但我可以接受——就像讓我帶你到這裡的這家公司，不同的行業，它一直在做數字雙胞胎，我們剛剛在 18 個月內大規模擴展。讓我們與您分享如何做到這一點的經驗教訓，因為它是下一個數字前沿，沒有那麼多經驗，現在可以幫助您更快地前進。

So the context is different depending on the industry. I think every CEO is of course focused on the macroeconomic, and people like to use that as a catalyst for doing some of the harder things around cutting costs. And what we do, as Accenture, because we can help on all aspects of that, we also can embed in a growth conversation.

因此，根據行業的不同，上下文是不同的。我認為每個 CEO 都當然關注宏觀經濟，人們喜歡用它作為催化劑，在削減成本方面做一些更難的事情。作為埃森哲，我們所做的，因為我們可以在各個方面提供幫助，我們也可以融入成長對話。

You saw the example we used of a big retailer in the earnings, where we're helping them grow and we're taking out $100 million in costs at the same time, right? And that's what makes us so unique. And that's why we will just continue to stay very focused, and we're doing a lot in supply chain, that those conversations accelerated in Europe for obvious reasons. But they're really -- it's a global phenomenon, and we're doing a ton there.

你看到了我們在收益中使用的一家大型零售商的例子，我們在幫助他們成長的同時，我們正在減少 1 億美元的成本，對吧？這就是讓我們如此獨特的原因。這就是為什麼我們將繼續保持非常專注，並且我們在供應鏈方面做了很多工作，這些對話在歐洲加速了，原因很明顯。但它們確實——這是一種全球現象，我們正在那裡做很多事情。

And of course, as we think about our business, when we look at the demand, we also look at, do we need to upskill any place because we're seeing more demand, say, in supply chain, or more demand in a particular industry? And that's where the agility of our learning, as you may recall, in the first [15] (corrected by the company after the call) months after the pandemic, we upskilled 100,000 people to shift to cloud and collaboration technologies.

當然，當我們考慮我們的業務時，當我們看到需求時，我們也會看到，我們是否需要提升任何地方的技能，因為我們看到了更多的需求，比如說，在供應鏈中，或者在某個特定領域的更多需求行業？您可能還記得，這就是我們學習的敏捷性所在，在大流行後的前 [15] 個月（在電話會議後由公司更正），我們提升了 100,000 人的技能，使其轉向雲和協作技術。

So that's how we stay very close. And then we use these other tools we have, like our ability to upskill to make sure that we are responding to what our clients need.

這就是我們保持密切聯繫的方式。然後我們使用我們擁有的這些其他工具，比如我們提高技能的能力，以確保我們對客戶的需求做出回應。

And our next question is from Ashwin Shirvaikar.

我們的下一個問題來自 Ashwin Shirvaikar。

Good quarter, folks. Demand can still seem strong. I appreciate the qualitative remark on the revenue focus versus cost focus. We already saw a tick down here in the percent of revenues from consulting as well. I guess the question is around whether you believe that consulting/outsourcing balance might maybe get back down to 50-50, if you anticipate an air pocket down the road because outsourcing work just tends to have longer ramps. Could you kind of talk through that?

好季度，伙計們。需求似乎仍然強勁。我很欣賞關於收入重點與成本重點的定性評論。我們已經看到諮詢收入的百分比也有所下降。我想問題在於您是否認為諮詢/外包平衡可能會回到 50-50，如果您預計未來會出現氣穴，因為外包工作往往會有更長的坡道。你能談談嗎？

Yes. Sure, Ashwin, happy to. And so just in terms of -- I'll start with the last part first. In terms of just our mix, right, we -- and I'm not going to guide anything into next year. But if you just look historically at our mix, it can move around 1% or 2% between consulting and outsourcing. It's generally been, as you know, for years, in the zone of like about 55% consulting and about 45% outsourcing. So that -- and we're seeing the same this year. So that's the first point.

是的。當然，阿什溫，很高興。因此，就--我將首先從最後一部分開始。就我們的組合而言，對，我們 - 我不會在明年指導任何事情。但如果你從歷史上看我們的組合，它可以在諮詢和外包之間移動大約 1% 或 2%。如您所知，多年來，它通常處於大約 55% 的諮詢和大約 45% 的外包領域。所以——我們今年也看到了同樣的情況。這是第一點。

And then in terms of consulting, we are really pleased with our performance to date. And as you know, when we gave you some -- I gave guidance for consulting for Q4. But just a reminder, that our book-to-bill is really strong for the year in consulting. And anything, as you know, over 1 or around 1 book-to-bill consulting, we consider strong. We also look at it over a trailing 4 quarters, right?

然後在諮詢方面，我們對迄今為止的表現感到非常滿意。如你所知，當我們給你一些 - 我為第四季度的諮詢提供了指導。但提醒一下，我們的帳單到帳單在諮詢方面今年確實很強大。如您所知，任何超過 1 次或大約 1 次的帳單到帳單諮詢，我們都認為是強大的。我們還會在過去的 4 個季度中查看它，對嗎？

So -- but we'll give guidance for you in September of -- in September for next year. And that's where we can give you some sense of what the outsourcing is, consulting type of work will be next year. But no, you can look at our patterns and see it's about 55%, 45%.

所以 - 但我們會在 9 月 - 明年 9 月為您提供指導。這就是我們可以讓您了解外包是什麼的地方，明年的諮詢工作類型。但是不，你可以看看我們的模式，看到它大約是 55%、45%。

Got it. Got it. And I guess the follow-up is on M&A. I think you might have mentioned in the past quarter that your M&A spend target this year was closer to $4 billion. It looks like you might not get there. Any color around valuations easing? What's sort of going on with regards to sort of the strategic approach to M&A? Are you now looking? Is that also changing given the revenue versus cost focus? Or is that just a longer-term view? Thoughts around that would be great.

知道了。知道了。我想後續是關於併購的。我想你可能在上個季度提到你今年的併購支出目標接近 40 億美元。看起來你可能無法到達那裡。估值放緩有什麼顏色嗎？併購的戰略方法是怎麼回事？你現在在找嗎？考慮到收入與成本的焦點，這種情況是否也會發生變化？或者這只是一個長期的觀點？周圍的想法會很棒。

Yes. I'll let Julie talk about the strategy, but just to recap what I did say. You're right. We had previously said we thought it would be about $4 billion. We now think it's going to -- we've done $2.2 billion to date, 27 transactions year-to-date. We now think it will be about $2.5 billion. And that's because there's about $1 billion, Ashwin, that is going to go into next year because of required regulatory approvals. So that really is the biggest difference between the $2.5 billion and the $4 billion that we talked about.

是的。我會讓朱莉談談策略，但只是回顧一下我說過的話。你是對的。我們之前曾說過，我們認為這將是大約 40 億美元。我們現在認為它會 - 迄今為止我們已經完成了 22 億美元，今年迄今為止有 27 筆交易。我們現在認為這將是大約 25 億美元。那是因為有大約 10 億美元，阿什溫，由於需要監管部門的批准，這將進入明年。所以這確實是我們談到的 25 億美元和 40 億美元之間的最大區別。

Yes. And from a strategic point of view, we continue to believe that the mergers and acquisition, V&A as we call it, is critical to the way we grow. And there's 3 big reasons, right?

是的。從戰略的角度來看，我們仍然相信併購，我們稱之為 V&A，對我們的發展方式至關重要。有3大原因，對吧？

The first is we will do it for scale. So you saw us do a lot of cloud acquisitions, for example, because we wanted to capture the momentum in the market and to build scale in countries. Like we did a big one in France, for example, where we didn't have the scale and we had a lot of market momentum.

首先是我們將按規模進行。例如，您看到我們進行了很多雲收購，因為我們想抓住市場的勢頭並在國家/地區建立規模。就像我們在法國做了一個大的，例如，我們沒有規模，我們有很多市場動力。

The second reason we do it is to move into adjacencies. So you saw us build Accenture Song, then Interactive, over years. We've used that very effectively with Industry X. So you saw that umlaut, a big acquisition last year, for example. And that continues. And you're starting to see that now in sustainability. We just announced 3 acquisitions. So where we're really going into new areas with new skills and capabilities.

我們這樣做的第二個原因是進入鄰接關係。所以你看到我們多年來建立了 Accenture Song，然後是 Interactive。我們在工業 X 中非常有效地使用了這一點。所以你看到了元音變音符號，例如去年的一次大收購。而且這種情況還在繼續。你現在開始在可持續性中看到這一點。我們剛剛宣布了 3 項收購。因此，我們真正進入具有新技能和能力的新領域。

And then third, we're always looking to sort of continue to add in our industry and functional expertise. And that strategy has served us well, and we continue to believe that, that's an important part of our growth going forward.

第三，我們一直在尋求繼續增加我們的行業和職能專業知識。這一戰略對我們很有幫助，我們仍然相信，這是我們未來增長的重要組成部分。

Keep up to good work.

繼續做好工作。

Our next question is from Bryan Keane with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Bryan Keane。

Congrats on the results. I wanted to specifically ask about Europe. Continues to show robust growth, 30% growth. And I think, KC, you called out Germany, France, U.K., Italy. So lots of concern about the unfortunate situation and war in Ukraine. Is there anything that you guys are seeing that could be in the go-forward impact in Europe? Because right now, we're not seeing any weakness in those results.

祝賀結果。我想特別問一下歐洲。繼續呈現強勁增長，增長30%。我認為，KC，你提到了德國、法國、英國、意大利。如此多的關注烏克蘭不幸的局勢和戰爭。你們有沒有看到任何可能對歐洲產生積極影響的東西？因為現在，我們沒有看到這些結果有任何弱點。

Yes. We're not seeing any weakness in those results. And so we continue to really stay close to our clients. There's -- as I talked a little bit about earlier, there's a shift in focus in many of the more impacted industries and across the board around things like energy efficiency, right? And so our strength in, for example, manufacturing and sustainability is helping us drive conversations and helping our clients get more energy efficient for obvious reasons, given the background in Europe.

是的。我們沒有看到這些結果有任何弱點。因此，我們繼續與客戶保持密切聯繫。有——正如我之前談到的，許多受影響較大的行業以及能源效率等問題的焦點都發生了轉變，對吧？因此，鑑於歐洲的背景，出於顯而易見的原因，我們在製造和可持續發展方面的優勢正在幫助我們推動對話並幫助我們的客戶提高能源效率。

Supply chain, lots going on in supply chain as you think about what we're doing there. We're doing everything, from helping them have greater insights. So we're working with a food retailer, for example, to understand how they can anticipate disruptions better and earlier using data and analytics. So supply chain is a big topic. And then cost because everyone is anticipating at least a continuation of the inflationary environment that we're seeing globally. And so cost becomes a big focus.

供應鏈，當您想到我們在那裡所做的事情時，供應鏈中會發生很多事情。我們正在做所有事情，從幫助他們獲得更深刻的見解。因此，我們正在與一家食品零售商合作，例如，了解他們如何使用數據和分析更好、更早地預測中斷。所以供應鍊是一個很大的話題。然後是成本，因為每個人都預計至少會延續我們在全球範圍內看到的通脹環境。因此，成本成為一個大焦點。

So it's today, again, all roads lead to not just technology, data and AI, but how do you use it to transform the business? Which is our sweet spot, right? That is what we do. We partner with the technology companies and our clients to help them use these technologies to get results. And that's what we're doing today. And that's the environment that we're seeing our clients need.

所以今天，再一次，所有的道路都通向技術、數據和人工智能，但你如何使用它來改變業務？哪個是我們的甜蜜點，對吧？這就是我們所做的。我們與技術公司和我們的客戶合作，幫助他們使用這些技術取得成果。這就是我們今天正在做的事情。這就是我們看到客戶需要的環境。

Got it. No, that's helpful. And then maybe just as a quick follow-up, KC. Any thoughts on the latest on pricing and Accenture's ability to maintain or even get pricing increases in some different areas where the demand is strongest? And congrats again.

知道了。不，這很有幫助。然後也許只是作為一個快速跟進，KC。關於定價的最新信息以及埃森哲在需求最強的一些不同領域維持甚至提高定價的能力有什麼想法嗎？並再次祝賀。

Okay. Yes. So we were pleased that we did see, again, improvement, Bryan, in our pricing. And again, reminder that pricing, when we talk about pricing, it's the margin on the work that we sold. And we really need to continue to focus on that, which is what we are doing, to offset what we're continuing to see in wage inflation in our business, which, as we all know, is in all industries, it really is across the globe. So we -- and we are seeing some improvement coming from pricing in our P&L, so I'm pleased with that. And at the same time, as you would expect, we're changing the mix of people on our contracts and also using technology to help offset the impact of wage increases.

好的。是的。所以我們很高興看到我們的定價再次有所改善，Bryan。再次提醒您，定價，當我們談論定價時，它是我們出售的作品的利潤。我們確實需要繼續關注這一點，這就是我們正在做的事情，以抵消我們在業務中繼續看到的工資通脹，眾所周知，這在所有行業中都存在，它確實是跨越全球。所以我們 - 我們看到我們的損益表定價有所改善，所以我對此感到高興。與此同時，正如您所料，我們正在改變合同中的人員組合，並使用技術來幫助抵消工資增長的影響。

So again, very focused on pricing. That's the biggest lever that we have. But they're -- they -- all of these improvements together are still lagging the compensation increases, but we're still very, very focused on it.

再說一次，非常注重定價。這是我們擁有的最大槓桿。但他們 - 他們 - 所有這些改進加在一起仍然落後於薪酬增長，但我們仍然非常非常關注它。

And our next question is from Bryan Bergin with Cowen.

我們的下一個問題來自 Bryan Bergin 和 Cowen。

A follow-up here on bookings. Any changes in bookings profiles as it relates to contract duration? And are you seeing any uptick in any interest of clients to sell captive operations here? I'm curious if that type of transaction has picked up.

這裡是關於預訂的後續行動。與合同期限相關的預訂資料是否有任何變化？您是否看到客戶在這裡出售專屬業務的興趣有所增加？我很好奇這種交易是否已經興起。

There really is no change at all in terms of the profile of our bookings as it relates to duration.

我們的預訂概況與持續時間有關，確實沒有任何變化。

And I'd say on the captive side, it's more of a steady kind of -- it's been steady. I don't think I'd say ticked up or not ticked up. It's been steady for the last couple of years.

我想說的是，在俘虜方面，它更像是一種穩定的——它一直很穩定。我不認為我會說打勾或不打勾。過去幾年一直很穩定。

Okay. And then just a question on Accenture Song. Can you talk about some of the operational changes that have been reported in that business as it relates to the consolidation of agency brands and what that does for you?

好的。然後只是關於埃森哲之歌的問題。您能否談談該業務中報告的一些與代理品牌整合有關的運營變化以及這對您有什麼影響？

I think a couple of things. I'd start with the rebranding is really more around reflecting what we're doing today in Accenture Interactive. And that brand was kind of old because it started a decade ago, right, where -- and it doesn't really reflect kind of the -- particularly post-pandemic, which is really a complete use of technology, bringing in creative, using data and AI and moving very, very fast.

我認為有幾件事。我首先要更名的是更多地反映我們今天在埃森哲互動中所做的事情。這個品牌有點老了，因為它始於十年前，對，它並沒有真正反映那種——特別是大流行後，這確實是對技術的完全利用，帶來創意，使用數據和人工智能的發展非常非常快。

So this is where you've got examples like we've given in the past is like a Jaguar Land Rover, where they're using managed services to personalize experiences and they're moving very, very quickly. And so Song just really captures better what, in fact, we are doing there.

所以這就是我們過去給出的例子，比如捷豹路虎，他們使用託管服務來個性化體驗，而且他們的發展非常非常快。所以宋真的更好地捕捉到了事實上，我們在那裡做的事情。

And from an operational perspective, it's just a natural evolution to bring together some of the brands that we've acquired over the years. As you know, we built Accenture Song through a very deliberate M&A strategy. And so I think a bit more of just kind of the natural evolution.

從運營的角度來看，將我們多年來收購的一些品牌整合在一起只是一種自然的演變。如您所知，我們通過非常深思熟慮的併購策略打造了 Accenture Song。所以我認為更多的是一種自然進化。

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

偉大的。接線員，我們還有時間再問一個問題，然後 Julie 將結束通話。

Very good. That will come from James Faucette with Morgan Stanley.

很好。這將來自摩根士丹利的詹姆斯福塞特。

Great. Thanks for all the details this morning. I wanted to ask a couple of more nuanced questions around Accenture's operations right now. And first, starting with the bench, how would you characterize your bench right now? Are there pockets of resources that are underutilized versus overutilized? And how much of an operational impact could that be having right now, if any?

偉大的。感謝今天早上提供的所有細節。我現在想就埃森哲的運營提出幾個更細微的問題。首先，從替補席開始，你現在如何描述你的替補席？是否存在未充分利用和過度利用的資源？如果有的話，現在會產生多大的運營影響？

Yes. James, thanks for the question. I will just maybe just focus on the key metrics that we look at and we report every quarter, as I talked about our people and the usage of our people at clients. We're at 91%, which is really in the zone of utilization that we like to be in. We were running a little bit hot throughout the past 1.5 years since the pandemic and we're at 91%. So that's a very healthy range that we're good with.

是的。詹姆斯，謝謝你的問題。當我談到我們的員工和我們的員工在客戶中的使用情況時，我可能只會關注我們關注的關鍵指標，並且我們每季度都會報告。我們的使用率為 91%，這確實處於我們希望進入的利用率區域。自大流行以來的過去 1.5 年裡，我們的運行有點熱，我們達到了 91%。所以這是一個非常健康的範圍，我們很擅長。

Got it. And then a lot of the conversation this morning obviously is focused on macro and demand, et cetera. But are there any industry groups and/or service dimensions that you're expecting to accelerate versus decelerate? Especially as the customers seem to be, at least modifying a little bit, the conversations they're having to focus a little more on cost versus growth, et cetera? Are there key parts of that -- those different industries and segments that could see changes as a result?

知道了。然後今天早上的很多談話顯然都集中在宏觀和需求等方面。但是，您是否期望加速與減速的任何行業組和/或服務維度？尤其是客戶似乎，至少稍微修改了一下，他們不得不更多地關注成本與增長的對話，等等？其中是否有關鍵部分——那些可能會因此發生變化的不同行業和細分市場？

Maybe I'll just anchor to what we saw this quarter, and I can give it to Julie to give a little bit of color on that. But we did see all 13 industries this quarter have double-digit revenue growth, right? And when we talk about bookings, we had strength across all of our markets, services and industry.

也許我會錨定我們在本季度看到的內容，我可以把它交給朱莉，讓他們對此有所了解。但我們確實看到本季度所有 13 個行業的收入都實現了兩位數的增長，對吧？當我們談論預訂時，我們在所有市場、服務和行業中都有實力。

Yes. And I would just add that, remember, an industry isn't a monolith, right? So you had, coming out of the pandemic, in almost every industry, you had some percentage, we've talked about this, who went really fast. Now you've got others who are saying, "Wait a minute. We're seeing the impact of some of the leaders move faster on their digital transformations.

是的。我只想補充一點，記住，一個行業不是一個整體，對吧？因此，從大流行中走出來，幾乎在每個行業中，您都有一定的百分比，我們已經討論過這個問題，他們進展得非常快。現在你有其他人在說，“等一下。我們看到一些領導者對他們的數字化轉型的影響越來越大。

And so for example, those who moved early to the cloud, we're now talking about the next phase of how do you utilize the cloud to drive new things? Remember our little formula, cloud is the foundation, data is the driver and AI is the differentiator. And so if you move to the cloud, now you're using the data in that differently, right, as opposed to those who still need to move to the cloud. Like we are very early in the transition.

例如，那些早期遷移到雲的人，我們現在談論的是如何利用雲來推動新事物的下一階段？記住我們的小公式，雲是基礎，數據是驅動力，人工智能是差異化因素。因此，如果您遷移到雲端，那麼您現在使用的數據就不同了，對，與那些仍然需要遷移到雲端的人相反。就像我們處於過渡的早期階段。

And so the way we think about it is, if you have a total enterprise, we walk our clients through, what's the digital core you need to have? Where are you on the maturity scale? And how do you prioritize? And so while we look at the industries as growing double digits, what's actually happening within the industry really depends on where you are in the maturity curve, and that's what drives our business, right? Because we can help the clients who are leaders go to the next level, and we're helping the ones that are behind try to leapfrog.

所以我們的想法是，如果你有一個完整的企業，我們會引導我們的客戶，你需要什麼數字核心？你在成熟度等級上處於什麼位置？你如何優先考慮？因此，雖然我們將行業視為增長的兩位數，但行業內實際發生的事情實際上取決於您在成熟度曲線中的位置，這就是推動我們業務發展的動力，對吧？因為我們可以幫助處於領導地位的客戶更上一層樓，我們正在幫助落後的客戶實現跨越式發展。

And so I think it's important to look at it in that sense, is that you need to have granular, deep understanding of the industries and help our -- and we help our clients with that to know where to go next.

所以我認為從這個意義上看很重要，你需要對行業有細粒度、深入的了解並幫助我們——我們幫助我們的客戶知道下一步該往哪裡走。

Really appreciate that color.

真的很欣賞那個顏色。

Great. Thanks, Jim. All right. In closing, we really appreciate everyone for joining us today, and thank you again to all of our people and our leaders for another outstanding quarter in every dimension, from our financial results to our 360-degree value beyond our financials. And thank you to all of our shareholders for your continued trust and support. We'll work hard every day to continue to earn it. All the best.

偉大的。謝謝，吉姆。好的。最後，我們非常感謝今天加入我們的每一個人，並再次感謝我們所有的員工和我們的領導者在各個方面的另一個出色的季度，從我們的財務業績到我們財務之外的 360 度價值。並感謝所有股東一直以來的信任和支持。我們將每天努力工作以繼續獲得它。一切順利。

Ladies and gentlemen, that does conclude your conference for today. Thank you for your participation. You may now disconnect.

女士們，先生們，今天的會議到此結束。感謝您的參與。您現在可以斷開連接。