埃森哲 (ACN) 2002 Q2 法說會逐字稿

Ladies and gentlemen, good day, and thank you very much for standing by.

女士們先生們，美好的一天，非常感謝你們的支持。

Welcome to the Accenture Q2 Fiscal Year 2002 earnings conference call.

歡迎參加埃森哲 2002 財年第二季度財報電話會議。

At this time, all participants are in a listen-only mode.

此時，所有參與者都處於只聽模式。

Later, we'll conduct a question-and-answer session.

稍後，我們將進行問答環節。

If you have a question, please depress the one on your touch-tone phone.

如果您有任何問題，請按下按鍵式電話上的那個。

You will hear a tone indicating

您將聽到提示音

(place) in queue.

（放置）排隊。

You may remove yourself from queue at any time by pressing the pound key.

您可以隨時按井號鍵將自己從隊列中刪除。

If you're using a speakerphone, please pick up your handset before pressing the one.

如果您使用的是免提電話，請在按下它之前拿起您的聽筒。

As a reminder, today's conference call is being recorded.

提醒一下，今天的電話會議正在錄音中。

Should you require any assistance during today's call, please press zero, followed by star.

如果您在今天的通話中需要任何幫助，請按零，然後按星號。

An operator will assist you.

接線員將為您提供幫助。

I'll now turn the conference call over to Director of Investor Relations, Miss (Carol Myer).

我現在將電話會議轉交給投資者關係總監 Miss (Carol Myer)。

Please go ahead.

請繼續。

Thank you, Operator.

謝謝你，接線員。

And thank you, everyone, for joining us.

感謝大家加入我們。

With me today is Joe Forehand, Accenture's CEO; and Harry You, Accenture's Chief Financial Officer.

今天和我在一起的是埃森哲的 CEO Joe Forehand；和埃森哲首席財務官 Harry You。

By now, I hope you had an opportunity to review the news release that we issued earlier this morning.

到目前為止，我希望您有機會查看我們今天早上早些時候發布的新聞稿。

Joe will begin our call with a summary our results, and then Harry will comment on some of the detailed numbers.

Joe 將以總結我們的結果開始我們的電話會議，然後 Harry 將評論一些詳細的數字。

And we'll follow these remarks with time for Q&A.

我們將在問答時間跟進這些評論。

As a reminder, when we discuss revenues during today's call, we are talking about revenues before reimbursements, not net revenues.

提醒一下，當我們在今天的電話會議中討論收入時，我們談論的是報銷前的收入，而不是淨收入。

Some of the matters we will discuss in the conference call are forward-looking, and I would like to advise you that these forward-looking statements are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements.

我們將在電話會議中討論的一些事項是前瞻性的，我想告知您，這些前瞻性陳述受到已知和未知風險和不確定性的影響，可能導致實際結果與表達或表達的結果大不相同。此類陳述所暗示的。

Such risks and uncertainties include, but are not limited to, general economic conditions and those risks set forth in today's press release and discussed under the (headings) Risk Factors in our registration statement Form (F1) filed with the SEC.

此類風險和不確定性包括但不限於一般經濟狀況以及今天的新聞稿中列出的以及在我們向美國證券交易委員會提交的登記聲明表 (F1) 中的（標題）風險因素下討論的風險。

Accenture assumes no obligation to update the information presented in this call.

埃森哲不承擔更新本次電話會議中提供的信息的義務。

So now let me turn it over to Joe.

所以現在讓我把它交給喬。

Thank you, Carol, and good day to all of you, and thanks for joining us.

謝謝你，卡羅爾，祝大家有美好的一天，感謝你加入我們。

We are here in London this week.

這週我們在倫敦。

Let me begin by saying that I am pleased overall with our second quarter results.

首先讓我說我對我們第二季度的業績總體感到滿意。

As you know from our news release, our operating results exceeded expectations.

正如您從我們的新聞稿中了解到的，我們的經營業績超出預期。

Our year-over-year net revenue growth for the quarter was one percent in U.S. dollars and three percent in local currencies.

我們本季度的淨收入同比增長以美元計算為 1%，以當地貨幣計算為 3%。

Looking at our bottom line, we achieved operating income growth of 10 percent.

從我們的底線來看，我們實現了 10% 的營業收入增長。

Diluted earnings per share were 23 cents, compared to 21 cents on a comparable pro forma basis in the same quarter of the previous fiscal year.

稀釋後每股收益為 23 美分，而上一財年同一季度的可比備考基礎為 21 美分。

Geographically, our Europe, Middle East and Africa area continues to be strong, with revenue growth of 10 percent in U.S. dollars and 16 percent in local currency over Q2 last year.

從地理上看，我們的歐洲、中東和非洲地區繼續保持強勁勢頭，與去年第二季度相比，以美元計算的收入增長了 10%，以當地貨幣計算的收入增長了 16%。

This accounts (up) now for - our business in Europe, Middle East and Africa now accounts for 43 percent of our total Q2 revenue, now making (EMEA) approximately the same size in terms of revenue as our business in the U.S.

現在佔（上升） - 我們在歐洲、中東和非洲的業務現在占我們第二季度總收入的 43%，現在（EMEA）的收入規模與我們在美國的業務大致相同。

In the Americas and Asia/Pacific, we still feel revenue pressure, with a modest improvement in the Americas.

在美洲和亞太地區，我們仍然感到收入壓力，美洲略有改善。

If you look at our operating groups, our government and resources groups once again show the strongest revenue growth with 36 percent, 11 percent - 11 percent (respectively).

如果您查看我們的運營部門，我們的政府和資源部門再次顯示出最強勁的收入增長，分別為 36%、11% 和 11%。

Our government business continues to generate solid growth as we see governments around the world modernize and see the value in our e-government offerings.

隨著我們看到世界各地的政府實現現代化並看到我們的電子政務產品的價值，我們的政府業務繼續實現穩健增長。

And this group also achieved several milestones related to the - some of the large value-based contracts that we have in government.

該團隊還實現了與我們在政府中擁有的一些基於價值的大型合同相關的幾個里程碑。

In resources, we've had steady growth.

在資源方面，我們有穩定的增長。

It's been driven primarily by good consulting work in Europe and Asia, (and) as well as our transformational outsourcing work, particularly in North America.

它主要是由歐洲和亞洲的良好諮詢工作和（和）以及我們的轉型外包工作推動的，尤其是在北美。

We saw slower revenue growth in our products operating group at one percent, due to the softness in the U.S. which has affected demand from our automotive as well as our travel and transportation industry groups.

由於美國的疲軟影響了我們的汽車以及我們的旅行和運輸行業集團的需求，我們的產品運營部門的收入增長放緩了 1%。

On the other hand, our retail, our consumer goods and services, as well as our overall industrial equipment industries, experienced some positive revenue growth.

另一方面，我們的零售、消費品和服務，以及我們的整體工業設備行業，都經歷了一些正的收入增長。

And we also continue to see growth (for) our services in helping pharmaceutical companies and biotech companies improve their performance.

我們還繼續看到我們的服務在幫助製藥公司和生物技術公司提高業績方面的增長。

As we look at communications and high-tech, the continued impact of the U.S. economic slowdown has affected all three of our industries in that particular operating group.

當我們關注通信和高科技時，美國經濟放緩的持續影響已經影響到我們在該特定運營集團中的所有三個行業。

It experienced a seven percent in revenues.

它的收入增長了 7%。

However, that should certainly be viewed in the context of the industries we serve in communications and high-tech.

然而，這當然應該在我們服務於通信和高科技行業的背景下來看待。

In fact, in the past year, if you look at our top 45 clients in this operating group, they've seen their combined market capitalization drop by 25 percent - or approximately $600 billion.

事實上，在過去的一年裡，如果你看看我們在這個運營集團中排名前 45 位的客戶，他們的總市值下降了 25%，即大約 6000 億美元。

So although our revenues were down, these results are impressive given the challenges that our clients are facing in this sector.

因此，儘管我們的收入有所下降，但鑑於我們的客戶在該領域面臨的挑戰，這些結果令人印象深刻。

And finally, our revenues in financial services decreased by six percent, due primarily to the depression of the capital markets industry resulting from the economic slowdown and the events post-September 11th.

最後，我們的金融服務收入下降了 6%，這主要是由於經濟放緩和 9 月 11 日之後的事件導致資本市場行業的蕭條。

And this impact has been greatest in the U.S. and the U.K.

這種影響在美國和英國最為嚴重。

However, we've seen a significant uptake in new bookings based on some of our assets

但是，我們已經看到基於我們的一些資產的新預訂量顯著增加

market options related to integrated bank processing as well as insurance claim offering.

與綜合銀行處理以及保險理賠服務相關的市場選擇。

So gives you a little bit of a color on our five operating groups.

因此，讓您對我們的五個運營組有所了解。

Business transformation outsourcing - which remains a bright spot - helped us achieve 21 percent revenue growth in outsourcing for the quarter.

業務轉型外包——仍然是一個亮點——幫助我們在本季度的外包業務中實現了 21% 的收入增長。

In addition, new bookings for business transformation outsourcing - which is a combination of our consulting and outsourcing services - accounted for nearly 60 percent of the new bookings for the quarter.

此外，業務轉型外包的新預訂——結合了我們的諮詢和外包服務——佔本季度新預訂的近 60%。

In total, we believe these results demonstrate our ongoing ability to provide clients with the services and solutions they require, especially in these challenging times.

總的來說，我們相信這些結果表明我們有能力為客戶提供他們所需的服務和解決方案，尤其是在這些充滿挑戰的時代。

And once again, I want to recognize just the tremendous efforts of our 75,000 people - those who work side by side with our clients each day as well as those who help ensure we manage our operations efficiently.

再一次，我想表彰我們 75,000 名員工的巨大努力——他們每天與我們的客戶並肩工作，以及幫助確保我們有效管理運營的人。

And (it's) really our people that continue to make the difference in our performance.

而且（它）真的是我們的員工繼續在我們的表現中發揮作用。

Let me shift to the future.

讓我轉向未來。

As we look at the near-term outlook, there are clearly mixed signals in the environment.

當我們審視近期前景時，環境中的信號明顯好壞參半。

Overall, we continue to remain very cautious as we believe this growth - that any growth in this economy will surely be gradual.

總體而言，我們繼續保持非常謹慎，因為我們相信這種增長——這種經濟的任何增長肯定是漸進的。

On the positive side, our overall utilization continues to be very high - in the mid- to high 70 percent range.

從積極的方面來看，我們的整體利用率仍然非常高——在 70% 的中高範圍內。

I'm also quite pleased we continue to pursue a number of large opportunities, including 12 of which are over $1 billion in potential contract value.

我也很高興我們繼續尋求許多大型機會，其中包括 12 個潛在合同價值超過 10 億美元的機會。

Because of our strong new bookings of long-term outsourcing agreements in the last six months, our backlog now is at an all-time high.

由於我們在過去六個月中大量新預訂了長期外包協議，我們的積壓訂單現在處於歷史最高水平。

In fact, our outsourcing backlog is approximately 60 percent above where it was six months ago.

事實上，我們的外包積壓工作比六個月前高出大約 60%。

As you know, we have stated that we want to increase the percentage of our total business under long-term contract.

如您所知，我們已經表示，我們希望增加長期合同在我們總業務中的百分比。

This is a very critical part of our strategic platform, as it helps us create a high-quality recurring revenue base on which to grow our business more consistently.

這是我們戰略平台的一個非常關鍵的部分，因為它幫助我們建立了一個高質量的經常性收入基礎，在此基礎上更持續地發展我們的業務。

Last fiscal year, outsourcing revenue represented 17 percent of our total revenue, and outsourcing as a mix now is at a run rate that's in the 20 to 22 percent range this fiscal year so far.

上一財年，外包收入占我們總收入的 17%，而外包作為一個組合，目前的運行率在本財年的 20% 到 22% 之間。

New contract bookings are another source of positive news.

新合同預訂是另一個利好消息來源。

Those of you on the March 19 call heard that Q2 new bookings were $6.46 billion - our highest quarter ever.

參加 3 月 19 日電話會議的人聽說第二季度的新預訂額為 64.6 億美元，這是我們有史以來最高的季度。

New bookings for the first half of fiscal 2002 at $9.8 billion are also the highest for any two consecutive quarters in our company's history.

2002 財年上半年的新預訂額為 98 億美元，也是我們公司歷史上連續兩個季度中最高的。

Let me just give you a flavor of some of these new deals quickly.

讓我快速向您介紹其中一些新交易。

The following examples I'm going to discuss represent about 60 percent of our total new bookings for this past quarter.

我將要討論的以下示例占我們上個季度新預訂總量的 60% 左右。

With AT&T consumer, we signed a five-year agreement to help transform their long-distance sales and customer care operation.

我們與 AT&T 消費者簽署了一項為期五年的協議，以幫助他們轉變遠程銷售和客戶服務運營。

We also signed a five-year agreement with (Centrica) - the British utilities leader - to help develop advanced systems, processes and

我們還與英國公用事業領導者 (Centrica) 簽署了一項為期五年的協議，以幫助開發先進的系統、流程和

to coordinate (Centrica's) customer relationships across its British gas brand.

協調（Centrica 的）其英國燃氣品牌的客戶關係。

Early in the quarter, we booked several big deals we mentioned on the January call - namely our five-year contract with Cable (and) Wireless, expansion of our outsourcing contract with (Bell South) and our new multiyear initiative with our long-term client, DuPont.

在本季度初，我們預訂了我們在 1 月份電話會議上提到的幾項大宗交易——即我們與 Cable (and) Wireless 的五年合同、與 (Bell South) 的外包合同的擴展以及我們與長期合同簽訂的新的多年計劃。客戶，杜邦。

More recently, we began a long-term strategic agreement with KLM Airlines to develop and maintain their web-enabled information systems.

最近，我們與荷蘭皇家航空公司簽訂了一項長期戰略協議，以開發和維護他們的網絡信息系統。

With Thomas Cook - the U.K. travel company - we have a new outsourcing agreement over 10 years to create a shared services center to manage finance and IT.

我們與英國旅遊公司 Thomas Cook 簽訂了一項為期 10 年的新外包協議，以創建一個共享服務中心來管理財務和 IT。

And finally, we have added both new clients and projects with existing clients as companies choose Accenture to replace work done by the consulting affiliates of their auditing firms.

最後，隨著公司選擇埃森哲來取代其審計公司的諮詢附屬公司所做的工作，我們增加了新客戶和現有客戶的項目。

And while the financial impact has been modest, the entrée we have gained with several key companies is important to us in the long term.

雖然財務影響不大，但從長遠來看，我們與幾家關鍵公司的合作對我們很重要。

But again, we don't expect a windfall here.

但同樣，我們不希望在這裡有意外收穫。

So while all these indicators are positive, the economic recovery - as I am sure you're seeing elsewhere - is moving very slowly, very unevenly, across the different industries and geographic regions.

因此，儘管所有這些指標都是積極的，但經濟復甦——正如我相信你在其他地方看到的那樣——在不同的行業和地理區域中進展非常緩慢、非常不均衡。

Our clients continue to face pressure on corporate earnings as well as challenges in the political and economic environment - all of which have resulted in some delays for new projects.

我們的客戶繼續面臨企業盈利壓力以及政治和經濟環境的挑戰——所有這些都導致新項目的一些延誤。

In addition, we still see no sign of a pick-up in IT spending, which is an indicator for our systems integration work.

此外，我們仍然沒有看到 IT 支出增加的跡象，這是我們系統集成工作的一個指標。

Pricing continues to be very competitive, with continued over-capacity in the industry.

定價仍然非常具有競爭力，行業產能持續過剩。

The (resulting) - for us, the results have created about a 300-basis-point erosion in margin that (we've seen) from last year, although we have offset that by very aggressive cost-management actions we've taken.

（結果） - 對我們來說，結果造成利潤率從去年（我們已經看到）下降了大約 300 個基點，儘管我們已經通過我們採取的非常積極的成本管理措施抵消了這一點。

Finally, to update you on the first month of our new quarter's - quarter three bookings - as we've done on each quarterly call - new bookings in March are $1.2 billion - the mix approximately 55 percent consulting and 45 percent outsourcing.

最後，為了讓您了解我們新季度的第一個月——第三季度的預訂——正如我們在每個季度電話會議上所做的那樣——3 月份的新預訂為 12 億美元——大約 55% 的諮詢和 45% 的外包。

And March is our seventh consecutive month of new bookings over $1 billion.

3 月是我們連續第七個月的新預訂量超過 10 億美元。

On balance, we continue to manage our business cautiously in an uncertain economic environment.

總的來說，我們在不確定的經濟環境中繼續謹慎地管理我們的業務。

There are two additional topics I'd like to cover before I hand the call over to Harry.

在我把電話交給哈利之前，我還想討論兩個額外的話題。

First, I want to comment on our share-management program.

首先，我想評論一下我們的股份管理計劃。

One of our objectives with the share-management program and the (planned) secondary offering is to contribute to an orderly and more liquid market for our shares in the long term.

我們的股票管理計劃和（計劃的）二次發行的目標之一是為我們股票的長期有序和更具流動性的市場做出貢獻。

As we said at the time of the IPO, we must enable our partners to achieve reasonable objectives and liquidity and prudent diversification with respect to Accenture shares.

正如我們在首次公開募股時所說，我們必須使我們的合作夥伴能夠在埃森哲股票方面實現合理的目標和流動性以及審慎的多元化。

As you've told us, we need to do this in a way that protects our long-term share price and expands the size of the publicly traded float of Accenture shares to provide greater trading liquidity to both our current as well as future investors.

正如您告訴我們的那樣，我們需要以保護我們的長期股價並擴大埃森哲公開交易股票規模的方式來做到這一點，以便為我們當前和未來的投資者提供更大的交易流動性。

I know you've had some questions about our approach, and let me reiterate that we do not intent - I repeat - we do not intend to change the overall architecture outlined in the IPO prospectus.

我知道您對我們的方法有一些疑問，讓我重申，我們不打算——我重複一遍——我們不打算改變 IPO 招股說明書中概述的整體架構。

By that, I mean the eight-year-old (lockup) and liquidity schedule.

我的意思是八歲（鎖定）和流動性時間表。

There will be no material change in timing, but what we would like to do is have secondary offerings in the first part of the calendar year rather than in July.

時間安排不會有重大變化，但我們想做的是在日曆年的第一部分而不是 7 月進行二次發行。

I do believe that the share-management program in its entirety is in the best (interests) of all of our shareholders.

我確實相信整個股份管理計劃符合我們所有股東的最佳（利益）。

Through this program, Accenture hopes to demonstrate that we are unique in both our vision and commitment to protect and advance the collective financial interests of our shareholders.

通過該計劃，埃森哲希望證明我們在保護和促進股東集體財務利益的願景和承諾方面是獨一無二的。

The second topic that I'd like to address is the Enron/Andersen matter.

我想談的第二個話題是安然/安徒生問題。

There had been some media speculation that Accenture might be named in one or more of the amended complaints filed earlier this week in Houston.

有一些媒體猜測，埃森哲可能會在本週早些時候在休斯頓提交的一項或多項修改後的投訴中被點名。

As we have said before, we are confident that Accenture has no liability whatsoever in this regard.

正如我們之前所說，我們相信埃森哲在這方面不承擔任何責任。

Accenture was not involved in any way in Andersen's relationships with Enron that are alleged to have contributed to Enron's current difficulties.

埃森哲沒有以任何方式參與安徒生與安然的關係，據稱這些關係導致了安然目前的困難。

We have entered into (tolling) agreements with the plaintiffs in the two pending lawsuits involving Enron and Andersen that were amended earlier this week to add a number of additional parties.

我們已與涉及安然和安徒生的兩起未決訴訟的原告達成（收費）協議，本週早些時候對這些訴訟進行了修改，增加了一些額外的當事人。

Under the agreement, Accenture was not named in the consolidated complaint, but the lead plaintiffs do reserve the right to file complaints or add us (to) litigation at a later date.

根據協議，埃森哲未在合併投訴中提及，但主要原告保留在日後提出投訴或將我們（加入）訴訟的權利。

However, we firmly believe that we have no liability whatsoever in the Enron/(Andersen) matters and we're confident that once the plaintiffs fully understand the facts, they will see that any attempt to name Accenture as a party would be inappropriate and misdirected.

但是，我們堅信我們對安然/（安徒生）事件不承擔任何責任，並且我們相信，一旦原告充分了解事實，他們將看到任何將埃森哲命名為當事方的企圖都是不恰當和誤導的.

With that, let me pause here and turn the call over to Harry, and we'll give you more details behind our results.

有了這個，讓我在這裡暫停一下，把電話轉給哈利，我們會給你更多關於我們結果的細節。

Thank you, Joe.

謝謝你，喬。

Net revenues for the second quarter finished at 2.91 billion, representing one percent growth.

第二季度淨收入為 29.1 億美元，增長 1%。

Earnings finished at 23 cents per share, with operating margin at 13.3 percent of net revenue.

每股收益為 23 美分，營業利潤率為淨收入的 13.3%。

Operating income growth for the fiscal year to date is at eight percent.

迄今為止，本財年的營業收入增長率為 8%。

Unbilled services decreased seven million and receivables from clients decreased 149 million from the first quarter.

與第一季度相比，未開票服務減少了 700 萬，應收客戶款項減少了 1.49 億。

Deferred revenues, on the other hand, decreased 210 million from the first quarter due to weakening economic circumstances and our clients' reduced willingness to agree to pre-billing.

另一方面，由於經濟環境疲軟以及我們的客戶同意預先計費的意願降低，遞延收入比第一季度減少了 2.1 億美元。

Our net working capital change for the period is a net increase of 54 million, of which 45 million is attributed both to the acquisition of (E-People-Serve) and the acquisition of a larger interest in (Avenon).

本期我們的淨營運資金變動淨增加5400萬，其中4500萬歸因於收購（E-People-Serve）和收購（Avenon）更大的權益。

Operating cash flow was strong in the second quarter at over 450 million.

第二季度經營現金流強勁，超過 4.5 億。

(Sale day) services outstanding improved to 42 days from 45 days at the end of Q1.

（銷售日）未完成服務從第一季度末的 45 天提高到 42 天。

Cash balances were at 1.13 billion.

現金餘額為11.3億元。

We believe that the company's financial situation is very sound and continues to meet out commitment of having industry-leading credit and cash-flow ratios.

我們認為公司的財務狀況非常穩健，繼續兌現行業領先的信用和現金流比率的承諾。

Yesterday, our board approved a repurchase authorization for the Share Employee Compensation Trust - or SECT.

昨天，我們的董事會批准了股票員工薪酬信託（或 SECT）的回購授權。

We will retain an independent fiduciary to administer the plan.

我們將保留一名獨立的受託人來管理該計劃。

The 300 million repurchase authorization will be effective immediately and will represent a repurchase plan distinct from and independent of Accenture's current 250 million stock buy-back program.

3億股的回購授權將立即生效，並將代表一項與埃森哲當前2.5億股股票回購計劃不同且獨立的回購計劃。

As I described last month, we will be presenting our employees with an exciting array of equity-based instruments that will form the basis of the new partner equity incentive for many years to come.

正如我上個月所描述的，我們將向我們的員工展示一系列令人興奮的基於股權的工具，這些工具將成為未來許多年新合作夥伴股權激勵的基礎。

The SECT will offer a transparent and minimally (dilutive) way to give equity-based compensation to future generations of Accenture partners.

SECT 將提供一種透明且最低限度（稀釋性）的方式，為埃森哲的後代合作夥伴提供基於股權的薪酬。

As Joe described, our global revenue outlook continues to be more restrained than we would like.

正如喬所描述的那樣，我們的全球收入前景繼續比我們想像的更加克制。

At this time, we are tracking to analysts' consensus revenues of about three billion.

目前，我們正在跟踪分析師的共識收入約為 30 億。

There is, however, more volatility around our revenue forecast in the current environment because of earnings pressures on our clients.

然而，由於我們客戶的盈利壓力，我們在當前環境下的收入預測存在更大的波動性。

On (EPS), we are comfortable with analysts' estimates of 26 cents per share for our fiscal third quarter.

在 (EPS) 方面，我們對分析師對我們第三財季每股 26 美分的估計感到滿意。

We are still working through the details of the cost reductions we committed to you in order to offset the losses in the venture and investment portfolio.

我們仍在研究我們向您承諾的降低成本的細節，以抵消風險投資和投資組合的損失。

When appropriate, we will also apprise on progress on the liquidation of the portfolio, which so far is proceeding very well.

在適當的時候，我們還將通報投資組合清算的進展，目前進展順利。

In summary, the challenges in the near term are significant ones, as Joe and I have been consistently saying to all of you over the last several months.

總而言之，正如喬和我在過去幾個月裡一直對你們所有人所說的那樣，近期的挑戰是重大的。

We are confident, though, of our ability to continue to drive toward growth as the global economy improves, and to continue to gain significant market share in the process.

不過，我們有信心隨著全球經濟的改善繼續推動增長，並在此過程中繼續獲得重要的市場份額。

(Carol), why don't we open up the lines for questions.

（卡羅爾），我們為什麼不打開問題線。

All right.

好的。

Very good.

很好。

Ladies and gentlemen, again, as a reminder, if you have a question, please depress the one on your touch-tone phone.

女士們，先生們，再次提醒一下，如果您有任何問題，請按下您的按鍵式電話上的那個。

You'll hear a tone indicating you've been placed in queue.

您會聽到提示音，表明您已排入隊列。

You may remove yourself from queue by pressing the pound key.

您可以通過按井號鍵將自己從隊列中刪除。

Once again, if you have a question, please depress the one at this time.

再一次，如果你有問題，請在這個時候按下那個。

And our first question in queue is from the line of (David Togut), from Morgan Stanley.

我們排隊的第一個問題來自摩根士丹利的 (David Togut)。

Please go ahead.

請繼續。

Hi.

你好。

This is actually (Vivian Cervantes), calling in for (David Togut).

這實際上是（維維安·塞萬提斯）在呼喚（大衛·托古特）。

Good morning.

早上好。

Good morning.

早上好。

(Thanks.)

（謝謝。）

First question I have is what are your expectations of a turnaround for both the financial services and communications and high-tech industries in terms of timing and magnitude?

我的第一個問題是，您對金融服務和通信以及高科技行業在時間和規模方面的轉變有何期望？

Well, I wish I knew the exact answer there.

好吧，我希望我知道那裡的確切答案。

I think the - if you look at financial services and communications in high-tech, you know, my sense is it's bottom out, it's stabilized.

我認為 - 如果你看一下高科技金融服務和通信，你知道，我的感覺是它已經觸底，它已經穩定下來。

Certainly in communications and high-tech there is still significant corporate earnings pressures and I think what we've been able to do is to gain market share in spite of some of the difficulties.

當然，在通信和高科技領域，企業盈利壓力仍然很大，我認為我們能夠做到的是，儘管存在一些困難，但仍能獲得市場份額。

But, (you know), I think it's going to be a while before the economic environment in general for communications and high-tech sectors improves substantially.

但是，（你知道），我認為通信和高科技行業的總體經濟環境要大幅改善還需要一段時間。

And then I think on financial services, (there are) parts of financial services that are picking up.

然後我想到金融服務，（有）部分金融服務正在回升。

And I think the capital markets part of financial services will take some - take some time - particularly the U.S. and U.K.

而且我認為金融服務的資本市場部分將需要一些時間——需要一些時間——尤其是美國和英國。

Great.

偉大的。

And as a follow-up question: The 9.8 billion in new bookings that has been currently reported - what is the time frame in which these bookings are going to convert to revenue?

作為後續問題：目前報告的 98 億新預訂 - 這些預訂將在多長時間內轉化為收入？

Well,

出色地，

...

...

(Or) how quickly?

（或）多快？

The, you know, majority of the bookings come in year one.

你知道，大多數預訂都是在第一年完成的。

However, what we're excited about is that the remainder get put in our backlog in subsequent years.

然而，我們感到興奮的是，其餘的將在隨後的幾年中被放入我們的積壓工作中。

I think obviously there's a different run rate (in) each of the different outsourcing contracts in the new bookings.

我認為顯然在新預訂中每個不同的外包合同都有不同的運行率。

The consulting projects tend to be shorter-lived but are sort of more rapid in terms of revenue (ramp-up).

諮詢項目的壽命往往較短，但在收入（加速增長）方面更快。

And I think, as we've indicated in the past, the challenge of the current environment is that the consulting new bookings have been more modest and our consulting backlog - while it's increased in January, February and March relative to last calendar year, it's still be relatively flat.

而且我認為，正如我們過去所指出的那樣，當前環境的挑戰是諮詢新預訂量更加溫和，我們的諮詢積壓 - 雖然相對於去年的 1 月、2 月和 3 月有所增加，但還是比較平的。

And only when we see the pick-up - the true pick-up in a material way in that consulting backlog will we get some sustained or accelerated growth.

只有當我們看到回升 - 在諮詢積壓中以物質方式真正回升時，我們才會獲得持續或加速的增長。

OK.

好的。

Thank you.

謝謝你。

Thank you.

謝謝你。

Our next question is from the line of (Adam Frisch), from UBS Warburg.

我們的下一個問題來自瑞銀華寶 (Adam Frisch)。

Please go ahead.

請繼續。

Thanks.

謝謝。

And I guess (it's) good afternoon over there.

我想那邊下午好。

Harry, could you give us a little bit of an update on the hiring picture - when people are coming off (of) furlough, and if you still plan to hire - I think in past calls, (you've) said roughly 6,000 people or so give or take, by (the end of the) year.

哈利，你能給我們一些關於招聘情況的最新信息嗎？當人們休假時，如果你仍然打算招聘——我想在過去的電話中，（你）說大約有 6000 人或者在（年底）之前給予或接受。

(Adam), you broke up on the last part there.

（亞當），你在最後一部分分手了。

I'm sorry.

對不起。

Sorry.

對不起。

The - if you still plan to hire - I think (you've) said in past calls about 6,000 people before the end of the year.

- 如果你仍然計劃僱用 - 我認為（你已經）在過去的電話會議中說在今年年底之前大約有 6,000 人。

Yeah, I think we're still tracking on that.

是的，我認為我們仍在跟踪這一點。

Our Q3 headcount forecast is to grow headcount at about one-and-a-half percent. (Flex-leave) people are coming back.

我們的第三季度員工人數預測是員工人數增長約 1.5%。 (Flex-leave) 人們要回來了。

And as we've said before, we have, you know, modest hiring through the end of the year.

正如我們之前所說，您知道，到今年年底，我們的招聘人數很少。

I think our (gross) hiring for Fiscal Year '02 will be about 8,500 people.

我認為我們 02 財年的（總）招聘人數約為 8,500 人。

And the total deferred people is about 4,250 from last fiscal year - Fiscal Year '01.

與上一財年 - 01 財年相比，被延期的總人數約為 4,250 人。

And right now, turnover, (Adam), is roughly running on an annualized rate of about 12 percent.

而現在，營業額（亞當）的年化率大約為 12%。

OK.

好的。

The (BPO pipeline) - good to see that the number of large deals is actually inching up a little bit - I think by about 20, 25 percent or so.

（BPO 管道）——很高興看到大宗交易的數量實際上略有增加——我認為增加了大約 20% 到 25% 左右。

Where are we in terms of the new deals - or how many are (sole-source)?

就新交易而言，我們在哪裡 - 或者有多少（單一來源）？

I guess the usual stats would be helpful here.

我想通常的統計數據在這裡會有所幫助。

Where are some of the newer opportunities?

一些較新的機會在哪裡？

Are they in areas that you're - that are building on things that you've already signed, (or are) you getting into even more newer areas?

他們是否在您所在的領域 - 以您已經簽署的內容為基礎，（或者）您正在進入更多更新的領域？

Well, I think we are getting into some new areas.

好吧，我認為我們正在進入一些新領域。

It's hard to predict when these contracts will get signed.

很難預測這些合同何時會簽署。

But on a couple of them, they're very interesting opportunities with technology clients that will be new areas for us in (BPO).

但在其中一些方面，它們是技術客戶非常有趣的機會，這將成為我們 (BPO) 的新領域。

So we're keeping our fingers crossed that we can, you know, describe these to you hopefully in the near future.

因此，我們希望能在不久的將來向您描述這些內容。

In terms of (sole-source), I think, you know, we're still consistently at a little bit under half of the bigger opportunities - not only the billion-dollar ones, but the ones that are over 500 million - which are not (RFP), which are based on our strong relationships with clients.

就（單一來源）而言，我認為，你知道，我們仍然始終處於較大機會的一半以下——不僅是十億美元的機會，還有超過 5 億美元的機會——它們是不是（RFP），這是基於我們與客戶的牢固關係。

OK.

好的。

And then I guess my last question is an update on Europe.

然後我想我的最後一個問題是關於歐洲的最新情況。

I know (it) grew 12 percent.

我知道（它）增長了 12%。

Where do you see it going from here given your comps get a little easier - not too much so, but a little easier in the next couple quarters.

鑑於你的比賽變得更容易了，你認為它會從哪裡開始 - 不是太多，但在接下來的幾個季度會更容易一些。

Do you see (the) stable growth around still in the low double-digits, or are you expecting maybe a different trend there?

您是否看到（該）穩定增長仍處於兩位數的低位，或者您是否期望那裡可能出現不同的趨勢？

I think the sense we have is Europe is about a quarter behind the U.S. in terms of recovery, but we've doing very well - as we've mentioned to everyone - in terms of gaining market share in Europe.

我認為我們的感覺是歐洲在復蘇方面落後於美國大約四分之一，但我們在獲得歐洲市場份額方面做得非常好——正如我們向所有人提到的那樣。

I think in the last few weeks, Germany's been a little bit softer, but other than that, Europe has been consistently strong. (And) I think we're watching carefully some of the potential financial restructurings in Germany in terms of whether that might affect the business environment.

我認為在過去的幾周里，德國有點軟，但除此之外，歐洲一直很強勁。 （並且）我認為我們正在仔細觀察德國的一些潛在金融重組是否會影響商業環境。

But generally speaking, Europe is still looking good for us.

但總的來說，歐洲仍然對我們有利。

OK.

好的。

So low double-digit growth should be the expectation there?

如此低的兩位數增長應該是預期嗎？

Yeah, I think that's a fair assumption, (Adam).

是的，我認為這是一個公平的假設，（亞當）。

OK, great.

好，很好。

Thanks, guys.

多謝你們。

Thank you.

謝謝你。

Thank you.

謝謝你。

Our next question is from (Greg Gould), from Goldman Sachs.

我們的下一個問題來自高盛（Greg Gould）。

Please go ahead.

請繼續。

Thanks.

謝謝。

Harry and Joe, (can) you talk about purchasing patterns?

哈利和喬，（能）你談談購買模式嗎？

What are you seeing with respect to new customers coming into the pipeline versus

您對進入管道的新客戶有何看法？

(mining) business from existing customers?

（挖掘）現有客戶的業務？

Is there a way to look at that?

有沒有辦法查看它？

Yeah.

是的。

You know, obviously, as we've talked about in the past, if you look at, you know, our business, a bit part of the strength of that is the client base that we've had, (with) relationships that oftentimes (span) a decade or more.

你知道，很明顯，正如我們過去所說，如果你看看，你知道，我們的業務，其中的一部分優勢是我們擁有的客戶群，（與）經常的關係（跨度）十年或更長時間。

You know, there has been new clients that we've brought in, and that's exciting.

你知道，我們已經引進了新客戶，這很令人興奮。

One of the things I think if you look at the buying patterns, we've been focused a lot on - as you may have seen, some of the things around our organization announcement continue to try to look at the assets that we have, our solutions, as we build solution-unit capabilities.

我認為，如果您查看購買模式，我們會非常關註一件事 - 正如您可能已經看到的，圍繞我們組織公告的一些事情繼續嘗試著眼於我們擁有的資產，我們的解決方案，因為我們構建解決方案單元的能力。

For example, (Alnova), our financial services

例如，（Alnova），我們的金融服務

bank offering, we have a claims-processing offering in financial services in those solution units that are driving those

銀行產品，我們在推動這些解決方案單元的金融服務中提供索賠處理產品

provide a good entrée for us to take an asset and then use that to gain entry to new clients.

為我們提供一個很好的入口來獲取資產，然後用它來獲得新客戶的進入。

So there's some of that (that's) - we get new clients because we have a unique set of capabilities or offerings, and that's going (to be a) part of our strategy - and a big part of our strategy - going forward.

所以有一些（那是） - 我們獲得新客戶是因為我們擁有一套獨特的能力或產品，這將（成為）我們戰略的一部分 - 也是我們戰略的重要組成部分 - 向前發展。

And that's part of the organizational changes to continue to get more critical mass around how do we take innovation, scale it up on key areas such as the Accenture Learning Solutions.

這是組織變革的一部分，以繼續獲得更多關於我們如何進行創新的關鍵質量，在埃森哲學習解決方案等關鍵領域擴大規模。

We've got a good pipeline of new e-learning opportunity with some of the technology that we've got patents on. (There's) a good pipeline coming there.

我們已經獲得了很好的新電子學習機會管道，其中包含我們已獲得專利的一些技術。 （那裡）有一個很好的管道。

And that gives us the opportunity to crack into some new clients that we may not have historically done, and that's starting to take shape, as well.

這讓我們有機會接觸一些我們歷史上可能沒有做過的新客戶，而且這也開始形成。

So that's a little bit of the strategy in how we're using the assets that we create to gain some new clients.

這就是我們如何使用我們創建的資產來獲得一些新客戶的策略。

(Greg), it typically runs at about the - if you look over the last several years, about 90 to 95 percent of our revenue base is from existing clients.

（格雷格），它通常運行在大約 - 如果你回顧過去幾年，我們大約 90% 到 95% 的收入基礎來自現有客戶。

And so maybe we'll see, you know, a little bit of increase in the new-client, you know, percentage here with the (order independence) issues which Joe described.

所以也許我們會看到，你知道，新客戶的百分比有所增加，你知道，這裡的百分比與喬描述的（訂單獨立性）問題有關。

And also we have gotten some traction in terms of some of our own, you know, proprietary offerings.

而且，我們在自己的一些專有產品方面也獲得了一些吸引力。

And how about in terms of new contracts - new

以及在新合同方面怎麼樣 - 新

starts?

開始？

Is a lot of your work the new (signing) extensions or expansions of existing engagements, or are they brand-new scope, brand-new contracts?

您的很多工作是現有業務的新（簽署）擴展或擴展，還是全新的範圍，全新的合同？

(You know, it's), I think it's fair to say, is a mix of both.

（你知道，它是），我認為可以公平地說，是兩者的混合。

We've got a lot of new - there's still a lot of - even though the - certainly the buying environment is certainly slow, it's not dead.

我們有很多新的 - 仍然有很多 - 即使 - 購買環境肯定是緩慢的，它並沒有死。

And there's a lot of - there's still a lot of new work beginning.

還有很多——還有很多新的工作開始了。

You know, one of the things I think that's missing in today's environment that we've had over the last several years (is) there's no big, huge, new, scaleable technology event (that's drawing) new buying.

你知道，我認為在過去幾年中我們所擁有的當今環境中缺少的一件事（是）沒有大的、巨大的、新的、可擴展的技術事件（這就是吸引）新的購買。

You know, we've gone through - whether it was enterprise planning (system) surge, the Y2K, the Internet - you know, and right now there's a lot of rationalization of technology that's been bought - trying to get the value of it - you know, (Web) services are certainly forming but (they haven't scaled up).

你知道，我們已經經歷了——無論是企業計劃（系統）激增、千年蟲、互聯網——你知道，現在有很多被購買的技術合理化——試圖獲得它的價值——你知道，（Web）服務肯定正在形成，但（它們還沒有擴大）。

And I think we're - I think to some extent (there's) - (and) from a technology standpoint, we're in a pause period.

而且我認為我們 - 我認為在某種程度上（有） - （並且）從技術的角度來看，我們處於暫停期。

And I think that's a little bit of what we see going on.

我認為這就是我們所看到的一點點。

I think, (Greg), you know, where we've gained a lot of market share is I think we've transformed our business, especially in the outsourcing area.

我認為，（格雷格），你知道，我們獲得大量市場份額的地方是我認為我們已經改變了我們的業務，特別是在外包領域。

And, you know, those are obviously very significantly different engagements with clients - either existing clients or new clients - than what we've had before in consulting.

而且，您知道，與我們以前在諮詢方面的接觸相比，與客戶（無論是現有客戶還是新客戶）的接觸顯然截然不同。

So we've probably done better by shifting the mix and doing newer stuff, so to speak, than some of our competitors.

因此，可以說，我們通過改變組合和做更新的東西可能比我們的一些競爭對手做得更好。

Great.

偉大的。

Thank you.

謝謝你。

Thank you.

謝謝你。

Our next question is from (Dirk Godsey), from JP Morgan.

我們的下一個問題來自摩根大通的（Dirk Godsey）。

Please go ahead.

請繼續。

Good morning.

早上好。

I was wondering, Harry, if you can give us the sense for what your target growth rate would be for fiscal '03.

哈利，我想知道您能否告訴我們您 03 財年的目標增長率。

I think on the last preview call, you had upped your earnings guidance by a couple pennies for fiscal '03, but we didn't get a revenue target.

我認為在上次預覽電話會議上，您將 03 財年的收入指導提高了幾美分，但我們沒有獲得收入目標。

Are you able to do that at this point?

你能做到這一點嗎？

No, we're still working on it.

不，我們仍在努力。

We'll roll that out to you, (Dirk), on July 24th at our first annual analysts meeting - that will not only be the industry research analysts, but all of you in the investment community, as well as our credit-rating agency, so we're looking forward to that.

我們將在 7 月 24 日的第一次年度分析師會議上向您介紹這一點（德克）——這不僅是行業研究分析師，而且是投資界的所有人，以及我們的信用評級機構，所以我們很期待。

I think very frankly, we're going through the normal budget planning process now, but I think any extra time we can get, given (that this) environment is quite uncertain, is going to be helpful to setting the targets for next year that we can be comfortable with.

坦率地說，我們現在正在經歷正常的預算規劃過程，但我認為，鑑於（這種）環境非常不確定，我們可以獲得的任何額外時間都將有助於設定明年的目標我們可以放心。

Understood.

明白了。

On the (call that was) - comment was made that pricing remains competitive - and you put that down in terms of basis-points deterioration there.

在（當時的電話）上——有人評論說定價仍然具有競爭力——你把它放在基點惡化的角度。

Can you give us the trend and bill rates in utilization by the major geographic areas?

您能告訴我們主要地理區域的使用趨勢和賬單率嗎？

Well, I think in terms of utilization, we were up slightly in the last (sort of) two- to four-week period.

好吧，我認為在利用率方面，我們在最後（某種）兩到四個星期內略有上升。

I think most of the geographies are actually up, you know, with the exception I made of Germany, which (has) softened just a little bit.

我認為大多數地區實際上都在上升，你知道，除了我在德國製造的例外，它（已經）軟化了一點。

I think Canada and Spain are down slightly, as is Japan.

我認為加拿大和西班牙略有下降，日本也是如此。

But those, you know, countries are at acceptable utilization levels - Canada - Spain, excuse me, is always at a very good utilization level.

但是，您知道，那些國家的利用率水平處於可接受的水平 - 加拿大 - 西班牙，對不起，總是處於非常好的利用率水平。

So I think in general we're, (you know,) seeing, you know, incremental pick-up in utilization.

所以我認為總的來說，我們（你知道）看到，你知道，利用率的增加。

But I think, you know, once again, the cautionary note is, you know, we still don't have a consistent pattern and I think until - and why we keep emphasizing pricing is until, you know, we see pricing materially improve, then I think it'll be tough to truly call a turnaround in the environment here.

但我認為，你知道，再次提醒一下，我們仍然沒有一致的模式，我認為直到 - 以及為什麼我們一直強調定價是直到，你知道，我們看到定價實質性改善，那麼我認為這裡很難真正實現環境的轉變。

I think the excess capacity which Joe talked about manifests itself in terms of pricing very directly.

我認為喬所說的產能過剩非常直接地體現在定價方面。

And I think when the pipeline starts to fill up for some of the second-tier players in our industry, that's also going to be when the overall industry feels healthier.

而且我認為，當我們行業中的一些二線參與者的管道開始填滿時，這也將是整個行業感覺更健康的時候。

Got you.

得到你。

And is there any overall pricing trend, though, as you were to compare, say, (EMEA) with the United States?

但是，如果您將（EMEA）與美國進行比較，那麼是否有任何總體定價趨勢？

Is it - is the pricing pressure more pronounced in certain areas of Europe, or is it really pretty much across the board?

是 - 歐洲某些地區的定價壓力更加明顯，還是真的幾乎全面？

You know, (our sense is) not any material difference.

你知道，（我們的感覺是）沒有任何實質性的區別。

You know, we look at pricing and we can see that there's about a 300-basis-point - and we really focused more on - more on the (gross) margin, just because we don't price our work to a billing rate card all the time.

你知道，我們看定價，我們可以看到大約有 300 個基點 - 我們真的更關注 - 更多地關注（毛）利潤，只是因為我們沒有將我們的工作定價為計費費率卡每時每刻。

So that 300-basis-point erosion in margin - more is dependent on the particular industry, I think, to some extent, and the situation on a client-by-client basis as to the - what the value we provide, how competitive it is and the unique circumstances.

因此，利潤率下降 300 個基點——我認為，在某種程度上，更多取決於特定行業，以及每個客戶的情況——我們提供的價值是什麼，它的競爭力如何是和獨特的情況。

And we've focused on making up for that erosion in margin just with some aggressive below-the-margin-line cost reductions.

我們專注於通過一些積極的低於利潤率的成本削減來彌補利潤率的下降。

OK. (Thanks.)

好的。 （謝謝。）

(You) basically offset the pricing (issue).

（你）基本上抵消了定價（問題）。

OK.

好的。

Thank you.

謝謝你。

Operator, I think we have time for just one more question, please.

接線員，我想我們還有時間再問一個問題。

Very good.

很好。

Our next question is from (Patrick Burton), from Salomon Smith Barney.

我們的下一個問題來自 (Patrick Burton)，來自 Salomon Smith Barney。

Please go ahead.

請繼續。

Yes.

是的。

Just wanted to know, you know, what (specific) applications you might be seeing any strength in - say, for example, (STM) or (CRM), (ERP)?

只是想知道，您可能會在哪些（特定）應用程序中看到任何優勢 - 例如，（STM）或（CRM），（ERP）？

If you could comment on that, please.

如果你能對此發表評論，請。

Thank (you).

謝謝）。

Well, I think we're seeing consolidation around the larger software players.

好吧，我認為我們正在看到圍繞大型軟件公司的整合。

I think the (ERP) market is fairly robust.

我認為（ERP）市場相當強勁。

I think we're doing a lot of work relative to Microsoft and their new platforms.

我認為我們正在做很多與微軟及其新平台相關的工作。

I think some of the stronger (CRM) players like (Seybol) seem to be doing well.

我認為像 (Seybol) 這樣的一些更強大的 (CRM) 參與者似乎做得很好。

But there still is a lot of flux in the rest of the software market.

但軟件市場的其餘部分仍然存在很多變化。

OK.

好的。

And a follow-up, if I may: You mentioned pricing.

如果可以的話，還有一個跟進：你提到了定價。

Is there - (could) you care to name maybe a (specific) source - say, offshore competitors who are responsible for pricing pressure?

是否有——（是否）你願意說出一個（特定的）來源——比如說，負責定價壓力的離岸競爭對手？

Or is ...

或者是...

(You know what?).

（你知道嗎？）。

I think it's really hard to say that it's any particular competitor.

我認為很難說它是任何特定的競爭對手。

As Joe described, it's not a particular geography, it's really, you know, case by case.

正如喬所描述的，這不是一個特定的地理位置，它真的是，你知道的，逐案。

I mean, we're in, you know, 47 countries and 87 of the top hundred companies in the world, so it's really a broad spectrum.

我的意思是，你知道，我們在 47 個國家和 87 個世界前 10 強的公司中，所以它真的是一個廣泛的範圍。

I think there is a trend towards industrialization of systems integration, which Joe has talked about a lot, and which we're making sure we're prepared for.

我認為存在系統集成工業化的趨勢，Joe 經常談到這一點，我們正在確保我們已做好準備。

But I think, you know, right now we just have a global economic weakness which is driving pricing being lower - either in terms of clients being more sensitive about rates or some of our competitors anxious about maintaining some reasonable capacity utilization.

但我認為，你知道，現在我們只是因為全球經濟疲軟導致價格走低——無論是客戶對費率更加敏感，還是我們的一些競爭對手急於維持合理的產能利用率。

OK.

好的。

Thank you.

謝謝你。

And congratulations on the quarter.

並祝賀本季度。

Thank you.

謝謝你。

Thank you.

謝謝你。

And Operator, that's all the time we have for questions this morning.

接線員，這就是我們今天早上的所有提問時間。

If the analysts have any additional questions, please feel free to call me directly.

如果分析師有任何其他問題，請隨時直接給我打電話。

And members of the press and the industry analysts should direct their questions to (Roxanne Taylor).

媒體成員和行業分析師應該將他們的問題直接提交給 (Roxanne Taylor)。

Thanks very much, everyone.

非常感謝大家。

And ladies and gentlemen, this conference is available for replay beginning today at 1:15 p.m.

女士們先生們，今天下午 1 點 15 分可以重播本次會議。

Eastern Time through Thursday, April 25th, at midnight.

東部時間至 4 月 25 日星期四午夜。

To access the (AT) Executive Playback service from the U.S., call 1-800-475-6701.

要從美國訪問 (AT) Executive Playback 服務，請致電 1-800-475-6701。

The access code, 6-3-3-9-6-7.

訪問代碼 6-3-3-9-6-7。

International participants dial 320-365-3844.

國際參與者撥打 320-365-3844。

And again, the access code, 6-3-3-9-6-7.

再次，訪問代碼 6-3-3-9-6-7。

That does conclude your conference for today.

今天的會議到此結束。

We thank you for your participation and using AT&T Executive Teleconference.

我們感謝您的參與和使用 AT&T 行政電話會議。

You may now disconnect.

您現在可以斷開連接。