| Metric / Quarter                              | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 |
|-----------------------------------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| **Utilization (%)**                           | **91%**  **[0001467373-22-000370_acn-20221130.htm:20]**  | **91%**  **[0001467373-23-000124_acn-20230228.htm:26]**  | **91%**  **[0001467373-23-000221_acn-20230531.htm:25]**  | **91%**  **[0001467373-23-000324_acn-20230831.htm:63]**  | **91%**  **[0001467373-23-000403_acn-20231130.htm:22]**  | **92%**  **[0001467373-24-000108_acn-20240229.htm:25]**  | **92%**  **[0001467373-24-000196_acn-20240531.htm:25]**  | **92%**  **[0001467373-24-000278_acn-20240831.htm:68]**  |
| **Annualized Voluntary Attrition (%)**        | **13%**  **[0001467373-22-000370_acn-20221130.htm:20]**  | **12%**  **[0001467373-23-000124_acn-20230228.htm:26]**  | **13%**  **[0001467373-23-000221_acn-20230531.htm:25]**  | **14%**  **[0001467373-23-000324_acn-20230831.htm:63]**  | **11%**  **[0001467373-23-000403_acn-20231130.htm:22]**  | **13%**  **[0001467373-24-000108_acn-20240229.htm:25]**  | **14%**  **[0001467373-24-000196_acn-20240531.htm:25]**  | **14%**  **[0001467373-24-000278_acn-20240831.htm:68]**  |
| **New Bookings (USD Billion)**                | **16.2**  **[0001467373-22-000369_fy23q1earnings8-kexhibit.htm:0]**  | **22.1**  **[0001467373-23-000123_fy23q2earnings8-kexhibit.htm:0]**  | **17.2**  **[0001467373-23-000220_fy23q3earnings8-kexhibit.htm:0]** **[ACN_3383242_2]** **[0001467373-23-000220_fy23q3earnings8-kexhibit.htm:1]**  | **16.6**  **[0001467373-23-000303_fy23q4plc8-kexhibit.htm:1]**  | **18.4**  **[ACN_3369573_4]**  | **21.6**  **[ACN_3378699_3]**  | **21.1**  **[0001467373-24-000196_acn-20240531.htm:26]**  | **20.1**  **[0001467373-24-000266_fy24q4plc8-kexhibit.htm:2]**  |

da7a80f7a05b66799220daaca2d63045c109865cf050cb4d8979a2d65c82df67

Accenture is a leading global professional services company that offers a diverse range of services and solutions in Strategy & Consulting, Technology, Operations, Industry X, and Song, catering to clients across North America, EMEA (Europe, Middle East, and Africa), and Growth Markets (Asia Pacific and Latin America) **[0001467373-24-000108_acn-20240229.htm:22]** **[0001467373-24-000278_acn-20240831.htm:4]** **[0001467373-24-000278_acn-20240831.htm:64]**. The company's business is structured into five industry groups, providing specialized services to various sectors **[0001467373-24-000278_acn-20240831.htm:4]** **[0001467373-24-000268_acn-20240930_d2.htm:2]**. Accenture's offerings include strategic consulting, technological solutions, and operational support tailored to meet the needs of different industries.

1. **Products** - Provides services to sectors such as Consumer Goods, Retail & Travel Services, Industrial, and Life Sciences, focusing on enhancing business performance and customer experiences.
2. **Health & Public Service** - Delivers solutions aimed at improving healthcare systems and public service operations, driving efficiency and innovation in these sectors.
3. **Financial Services** - Offers consulting and technology services to banking, insurance, and capital markets, helping clients navigate financial challenges and opportunities.
4. **Communications, Media & Technology** - Supports companies in these sectors with digital transformation and technological advancements to enhance connectivity and media delivery.
5. **Resources** - Engages with sectors like Chemicals & Natural Resources, Energy, and Utilities, providing solutions to optimize resource management and sustainability.

657e037d8f587a01c804a170928373c3229d840a33f8a359efefb4e3f7633df9

| Metric (USD Billion) | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 |
|----------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| **Consulting Revenue** | **8.40**  **[ACN_1883206_1]** **[0001467373-22-000373_fy23q1earnings8-kaexhibit.htm:0]** **[0001467373-22-000370_acn-20221130.htm:19]**  | **8.28**  **[0001467373-23-000124_acn-20230228.htm:31]** **[0001467373-23-000123_fy23q2earnings8-kexhibit.htm:1]**  | **8.70**  **[0001467373-23-000220_fy23q3earnings8-kexhibit.htm:0]** **[0001467373-23-000220_fy23q3earnings8-kexhibit.htm:1]**  | **8.20**  **[0001467373-23-000303_fy23q4plc8-kexhibit.htm:1]**  | **8.46**  **[0001467373-23-000403_acn-20231130.htm:25]** **[0001467373-23-000401_fy24q1earnings8-kexhibit.htm:0]**  | **8.02**  **[ACN_3378699_4]** **[0001467373-24-000106_fy24q2earnings8-kexhibit.htm:0]** **[0001467373-24-000108_acn-20240229.htm:22]**  | **8.46**  **[0001467373-24-000195_fy24q3earnings8-kexhibit.htm:1]** **[0001467373-24-000196_acn-20240531.htm:27]**  | **8.26**  **[0001467373-24-000266_fy24q4plc8-kexhibit.htm:1]**  |
| **Managed Services Revenue** | **7.30**  **[ACN_1883206_1]** **[0001467373-22-000373_fy23q1earnings8-kaexhibit.htm:0]** **[0001467373-22-000370_acn-20221130.htm:19]**  | **7.54**  **[0001467373-23-000124_acn-20230228.htm:31]** **[0001467373-23-000123_fy23q2earnings8-kexhibit.htm:1]**  | **7.90**  **[0001467373-23-000220_fy23q3earnings8-kexhibit.htm:0]** **[0001467373-23-000220_fy23q3earnings8-kexhibit.htm:1]**  | **7.79**  **[0001467373-23-000303_fy23q4plc8-kexhibit.htm:1]**  | **7.77**  **[0001467373-23-000403_acn-20231130.htm:25]** **[0001467373-23-000401_fy24q1earnings8-kexhibit.htm:0]**  | **7.78**  **[ACN_3378699_4]** **[0001467373-24-000106_fy24q2earnings8-kexhibit.htm:0]** **[0001467373-24-000108_acn-20240229.htm:22]**  | **8.01**  **[0001467373-24-000195_fy24q3earnings8-kexhibit.htm:1]** **[0001467373-24-000196_acn-20240531.htm:27]**  | **8.15**  **[0001467373-24-000266_fy24q4plc8-kexhibit.htm:1]**  |
| **Communications, Media & Technology** | **2.67**  **[0001467373-23-000403_acn-20231130.htm:25]** **[0001467373-23-000401_fy24q1earnings8-kexhibit.htm:1]**  | **2.88**  **[0001467373-23-000124_acn-20230228.htm:31]**  | **2.88**  **[0001467373-23-000220_fy23q3earnings8-kexhibit.htm:1]**  | **2.71**  **[0001467373-23-000303_fy23q4plc8-kexhibit.htm:2]**  | **2.67**  **[0001467373-23-000403_acn-20231130.htm:25]** **[0001467373-23-000401_fy24q1earnings8-kexhibit.htm:1]**  | **2.65**  **[0001467373-24-000108_acn-20240229.htm:22]**  | N/A | **2.75**  **[0001467373-24-000266_fy24q4plc8-kexhibit.htm:2]**  |
| **Financial Services** | **3.03**  **[0001467373-23-000403_acn-20231130.htm:25]** **[0001467373-23-000401_fy24q1earnings8-kexhibit.htm:1]**  | **3.00**  **[0001467373-23-000124_acn-20230228.htm:31]**  | **3.14**  **[0001467373-23-000220_fy23q3earnings8-kexhibit.htm:1]**  | **3.03**  **[0001467373-23-000303_fy23q4plc8-kexhibit.htm:2]**  | **3.03**  **[0001467373-23-000403_acn-20231130.htm:25]** **[0001467373-23-000401_fy24q1earnings8-kexhibit.htm:1]**  | **2.81**  **[0001467373-24-000108_acn-20240229.htm:22]**  | N/A | **2.87**  **[0001467373-24-000266_fy24q4plc8-kexhibit.htm:2]**  |
| **Health & Public Service** | **3.38**  **[0001467373-23-000403_acn-20231130.htm:25]** **[0001467373-23-000401_fy24q1earnings8-kexhibit.htm:1]**  | **3.02**  **[0001467373-23-000124_acn-20230228.htm:31]**  | **3.27**  **[0001467373-23-000220_fy23q3earnings8-kexhibit.htm:1]**  | **3.27**  **[0001467373-23-000303_fy23q4plc8-kexhibit.htm:2]**  | **3.38**  **[0001467373-23-000403_acn-20231130.htm:25]** **[0001467373-23-000401_fy24q1earnings8-kexhibit.htm:1]**  | **3.33**  **[0001467373-24-000108_acn-20240229.htm:22]**  | N/A | **3.61**  **[0001467373-24-000266_fy24q4plc8-kexhibit.htm:2]**  |
| **Products** | **4.86**  **[0001467373-23-000403_acn-20231130.htm:25]** **[0001467373-23-000401_fy24q1earnings8-kexhibit.htm:1]**  | **4.72**  **[0001467373-23-000124_acn-20230228.htm:31]**  | **4.97**  **[0001467373-23-000220_fy23q3earnings8-kexhibit.htm:2]**  | **4.75**  **[0001467373-23-000303_fy23q4plc8-kexhibit.htm:2]**  | **4.86**  **[0001467373-23-000403_acn-20231130.htm:25]** **[0001467373-23-000401_fy24q1earnings8-kexhibit.htm:1]**  | **4.76**  **[0001467373-24-000108_acn-20240229.htm:22]**  | N/A | **4.95**  **[0001467373-24-000266_fy24q4plc8-kexhibit.htm:2]**  |
| **Resources** | **2.28**  **[0001467373-23-000403_acn-20231130.htm:25]** **[0001467373-23-000401_fy24q1earnings8-kexhibit.htm:1]**  | **2.18**  **[0001467373-23-000124_acn-20230228.htm:31]**  | **2.31**  **[0001467373-23-000220_fy23q3earnings8-kexhibit.htm:2]**  | **2.23**  **[0001467373-23-000303_fy23q4plc8-kexhibit.htm:2]**  | **2.28**  **[0001467373-23-000403_acn-20231130.htm:25]** **[0001467373-23-000401_fy24q1earnings8-kexhibit.htm:1]**  | **2.24**  **[0001467373-24-000106_fy24q2earnings8-kexhibit.htm:2]**  | N/A | **2.22**  **[0001467373-24-000266_fy24q4plc8-kexhibit.htm:2]**  |

2d2a77894c20b65b8e72b2c76013c5c542da402ba542b8518f19201bddde0a1f

| Geographical Segment | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 |
|----------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| **North America** (USD Billion) | **7.62**  **[0001467373-22-000373_fy23q1earnings8-kaexhibit.htm:1]**  | **7.40**  **[0001467373-23-000124_acn-20230228.htm:31]**  | **7.72**  **[ACN_3383242_2]**  | **7.55**  **[0001467373-23-000303_fy23q4plc8-kexhibit.htm:2]**  | **7.56**  **[0001467373-23-000403_acn-20231130.htm:25]**  | **7.38**  **[ACN_3378699_4]**  | **7.83**  **[0001467373-24-000196_acn-20240531.htm:23]**  | **7.97**  **[0001467373-24-000266_fy24q4plc8-kexhibit.htm:2]**  |
| **EMEA** (USD Billion) | **5.07**  **[0001467373-22-000373_fy23q1earnings8-kaexhibit.htm:1]**  | **5.30**  **[0001467373-23-000124_acn-20230228.htm:31]** **[0001467373-23-000123_fy23q2earnings8-kexhibit.htm:1]**  | **5.62**  **[ACN_3254210_1]**  | **5.30**  **[0001467373-23-000303_fy23q4plc8-kexhibit.htm:2]**  | **5.80**  **[0001467373-23-000403_acn-20231130.htm:25]**  | **5.60**  **[0001467373-24-000108_acn-20240229.htm:22]**  | **5.78**  **[0001467373-24-000196_acn-20240531.htm:23]** **[0001467373-24-000196_acn-20240531.htm:27]** **[0001467373-24-000195_fy24q3earnings8-kexhibit.htm:1]**  | **5.64**  **[0001467373-24-000266_fy24q4plc8-kexhibit.htm:2]**  |
| **Growth Markets** (USD Billion) | **3.05**  **[0001467373-22-000373_fy23q1earnings8-kaexhibit.htm:1]**  | **3.12**  **[0001467373-23-000124_acn-20230228.htm:31]** **[0001467373-23-000123_fy23q2earnings8-kexhibit.htm:1]**  | **3.23**  **[ACN_3383242_2]** **[ACN_3254210_1]** **[0001467373-23-000220_fy23q3earnings8-kexhibit.htm:1]**  | **3.13**  **[0001467373-23-000303_fy23q4plc8-kexhibit.htm:2]**  | **2.86**  **[0001467373-23-000403_acn-20231130.htm:25]**  | **2.82**  **[ACN_3378699_4]** **[0001467373-24-000108_acn-20240229.htm:22]** **[0001467373-24-000108_acn-20240229.htm:27]** **[0001467373-24-000106_fy24q2earnings8-kexhibit.htm:1]**  | **2.86**  **[0001467373-24-000196_acn-20240531.htm:27]**  | **2.80**  **[0001467373-24-000266_fy24q4plc8-kexhibit.htm:2]**  |

3d46d184c9a0dc90c1e5488216066774b21524ecf19809d4124173d0e96f4fd8

**Utilization (%)**

**Annualized Voluntary Attrition (%)**

**New Bookings (USD Billion)**

95b0001460685470ee7816e6cb6be3622f8e45d29e3608f3a3f5eaed56c72e3f

1. Despite reporting a 2% revenue growth in local currency for FY '24  **[ACN_3402147_1]** , your guidance for FY '25 suggests an organic revenue growth of up to 3%, excluding the inorganic contribution from acquisitions  **[ACN_3402147_9]** . Can you elaborate on the underlying factors limiting your organic growth, and how do you plan to accelerate it?

2. You invested $6.6 billion in strategic acquisitions and had $3 billion in GenAI bookings in FY '24  **[ACN_3402147_1]** , but GenAI revenue was nearly $900 million  **[ACN_3402147_1]** . Can you explain the gap between your significant investment in GenAI and the actual revenue generated, and what steps are you taking to increase monetization?

3. EMEA revenue growth was partially offset by a decline in banking and capital markets, and a decline in France  **[ACN_3402147_3]** . What are the specific challenges you are facing in these areas, and what strategies are you implementing to address them and return to growth?

4. As cloud migration advances into more complex applications like mainframe  **[ACN_3402147_12]** , with some clients still early in their journey, how confident are you in the sustained growth of your cloud business, and how are you preparing for potential shifts in client spending patterns?

5. Your guidance indicates a modest operating margin expansion of 10 to 30 basis points for FY '25  **[ACN_3402147_9]** , following your cost optimization initiatives  **[ACN_3402147_1]** . Given the investments you've made, what are the barriers to achieving higher margin expansion, and how do you plan to enhance profitability in the coming year?

26ba7d8268af4a976f25f54b5304c55470efd8cdd9bc4ec430e47f1d766de225

Adjustments for Non-Cash Items [USD, Thousands]

Stock-Based Compensation [USD, Thousands]

Changes in Working Capital [USD, Thousands]

Capital Expenditures (CapEx) [USD, Thousands]

Proceeds from / Repayments of Debt [USD, Thousands]

Share Repurchases [USD, Thousands]

Dividend Payments [USD, Thousands]

Net Change in Cash [USD, Thousands]

a14dcec0366b82160e550418aff6d1c6d3d3edbb10c25d646911cb3e8743cea3

| Program Details            | Program 1          |
|----------------------------|--------------------|
| Approval Date              | **August 2001**  **[0001467373-24-000352_acn-20241130.htm:39]** |
| End Date/Duration          | **No expiration date**  **[0001467373-24-000352_acn-20241130.htm:39]**  |
| Total additional amount    | **$54.1 billion**  **[0001467373-24-000352_acn-20241130.htm:39]**  |
| Remaining authorization amount | **$5,922 million**  **[0001467373-24-000352_acn-20241130.htm:39]**  |
| Details                    | Utilizes cash from operations for share repurchases; shares held as treasury shares for employee benefits; flexible program  **[0001467373-24-000352_acn-20241130.htm:31]** **[0001467373-23-000403_acn-20231130.htm:29]** **[0001467373-24-000108_acn-20240229.htm:35]**  |

67ebb081a2326810a20e5fc6325736b2edc2227534ba4a47b500276fab7e0f1a

- Large multinational IT service providers, including the services arms of large global technology providers  **[0001467373-24-000278_acn-20240831.htm:32]** **[0001467373-24-000278_acn-20240831.htm:19]** .
- Off-shore IT service providers in lower-cost locations, particularly in India  **[0001467373-24-000278_acn-20240831.htm:32]** **[0001467373-24-000278_acn-20240831.htm:19]** .
- Accounting firms and consultancies that provide consulting, managed services, and other IT services and solutions  **[0001467373-24-000278_acn-20240831.htm:32]** **[0001467373-24-000278_acn-20240831.htm:19]** .
- Solution or service providers that compete in a specific geographic market, industry, or service area, including advertising agency holding companies, engineering services providers, and technology start-ups  **[0001467373-24-000278_acn-20240831.htm:32]** **[0001467373-24-000278_acn-20240831.htm:19]** .
- In-house IT departments of large corporations that use their own resources, such as global capability centers (GCCs)  **[0001467373-24-000278_acn-20240831.htm:32]** **[0001467373-24-000278_acn-20240831.htm:19]** .

be220d9e60d50cd484236ad67a702c9bb234b79c9edcfa36c7f1d862d10b390f

### Q4 2024 Earnings Call
- **Issued Period**: Q4 2024
- **Guided Period**: Q1 2025 and FY 2025
- **Guidance**:
  1. **Revenue Growth**:
     - Q1 2025: $16.85 billion to $17.45 billion, FX impact of +1.5%, 2% to 6% growth in local currency  **[ACN_3402147_9]** .
     - FY 2025: 3% to 6% growth in local currency, inorganic contribution of more than 3%  **[ACN_3402147_9]** .
  2. **Operating Margin**: 15.6% to 15.8%  **[ACN_3402147_9]** .
  3. **Effective Tax Rate**: 22.5% to 24.5%  **[ACN_3402147_9]** .
  4. **Diluted EPS**: $12.55 to $12.91, 5% to 8% growth  **[ACN_3402147_9]** .
  5. **Operating Cash Flow**: $9.4 billion to $10.1 billion  **[ACN_3402147_9]** .
  6. **Property and Equipment Additions**: $600 million  **[ACN_3402147_9]** .
  7. **Free Cash Flow**: $8.8 billion to $9.5 billion  **[ACN_3402147_9]** .
  8. **Capital Returns**: At least $8.3 billion  **[ACN_3402147_9]** .
  9. **Acquisitions**: About $3 billion  **[ACN_3402147_9]** .
  10. **Debt**: Modest amount expected to be raised  **[ACN_3402147_9]** .

### Q3 2024 Earnings Call
- **Issued Period**: Q3 2024
- **Guided Period**: Q4 2024 and FY 2024
- **Guidance**:
  1. **Fourth Quarter Revenue**: $16.05 billion to $16.65 billion, FX impact of -2%, 2% to 6% growth in local currency  **[ACN_3392602_11]** .
  2. **Full Fiscal Year Revenue**: 1.5% to 2.5% growth in local currency, inorganic contribution approaching 3%  **[ACN_3392602_11]** .
  3. **FX Impact for FY 2024**: -0.7%  **[ACN_3392602_11]** .
  4. **GAAP Operating Margin Impact**: 70 basis points  **[ACN_3392602_11]** .
  5. **Adjusted Operating Margin**: 15.5%  **[ACN_3392602_11]** .
  6. **Adjusted Tax Rate**: 23.5% to 24.5%  **[ACN_3392602_11]** .
  7. **Adjusted EPS**: $11.85 to $12, 2% to 3% growth  **[ACN_3392602_11]** .
  8. **Operating Cash Flow**: $9.3 billion to $9.9 billion  **[ACN_3392602_11]** .
  9. **Property and Equipment Additions**: $600 million  **[ACN_3392602_11]** .
  10. **Free Cash Flow**: $8.7 billion to $9.3 billion  **[ACN_3392602_11]** .
  11. **Return to Shareholders**: At least $7.7 billion  **[ACN_3392602_11]** .

### Q2 2024 Earnings Call
- **Issued Period**: Q2 2024
- **Guided Period**: Q3 2024 and FY 2024
- **Guidance**:
  1. **Revenue Growth**:
     - Q3 2024: $16.25 billion to $16.85 billion, FX impact of -1%, -1% to 3% growth in local currency  **[ACN_3378699_8]** .
     - FY 2024: 1% to 3% growth in local currency, inorganic contribution approaching 3%  **[ACN_3378699_8]** .
  2. **Operating Margin**: 70 basis points impact, adjusted margin 15.5%  **[ACN_3378699_8]** .
  3. **EPS**: $11.97 to $12.20, 3% to 5% growth  **[ACN_3378699_8]** .
  4. **Tax Rate**: 22.5% to 24.5%  **[ACN_3378699_8]** .
  5. **Operating Cash Flow**: $9.3 billion to $9.9 billion  **[ACN_3378699_8]** .
  6. **Property and Equipment Additions**: $600 million  **[ACN_3378699_8]** .
  7. **Free Cash Flow**: $8.7 billion to $9.3 billion  **[ACN_3378699_8]** .
  8. **Shareholder Returns**: At least $7.7 billion  **[ACN_3378699_8]** .

### Q1 2024 Earnings Call
- **Issued Period**: Q1 2024
- **Guided Period**: Q2 2024 and FY 2024
- **Guidance**:
  1. **Revenue Guidance**:
     - Q2 2024: $15.4 billion to $16 billion, FX impact of -0.5%, -2% to 2% growth in local currency  **[ACN_3369573_9]** .
     - FY 2024: 2% to 5% growth in local currency, inorganic contribution more than 2%  **[ACN_3369573_9]** .
  2. **Operating Margin**: 15.5% to 15.7%  **[ACN_3369573_9]** .
  3. **EPS**: $11.97 to $12.32, 3% to 6% growth  **[ACN_3369573_9]** .
  4. **Effective Tax Rate**: 23.5% to 25.5%  **[ACN_3369573_9]** .
  5. **Operating Cash Flow**: $9.3 billion to $9.9 billion  **[ACN_3369573_9]** .
  6. **Free Cash Flow**: $8.7 billion to $9.3 billion  **[ACN_3369573_9]** .
  7. **Property and Equipment Additions**: $600 million  **[ACN_3369573_9]** .
  8. **Shareholder Returns**: At least $7.7 billion  **[ACN_3369573_9]** .
  9. **Business Optimization Impact**: 70 basis points on margin, $0.56 on EPS  **[ACN_3369573_9]** .

b630ebbba2af2914ea2864bd9e336e514dd3c1a465907a01e97ac65a239cdad9

North America

EMEA

Europe

Growth Markets

Americas

Asia Pacific

Total Revenue

7a5175afec3e95835d59d6a047657a6396ac727967af78ac6e0d9f2fa03f626b

fa361dc8a71975e418f222000c560cbf8c6d558bf8d2ac056b609e21606df673

63f961b134c82fa89f7d6f7d0c23fe0c358689cf5f6a849e48a79380e8532d90

**Quarterly guidance for Q2 2025:**
- **Revenue**: $16.2B to $16.8B  **[ACN_3411943_9]**  (no prior guidance)

**Annual guidance for FY 2025:**
- **Revenue growth**: 4% to 7%  **[ACN_3411943_9]**  (raised from 3% to 6%  **[ACN_3402147_9]** )  
- **Operating margin**: 15.6% to 15.8%  **[ACN_3411943_9]**  (no change from 15.6% to 15.8%  **[ACN_3402147_9]** )  
- **Effective tax rate**: 22.5% to 24.5%  **[ACN_3411943_9]**  (no change from 22.5% to 24.5%  **[ACN_3402147_9]** )  
- **Diluted EPS**: $12.43 to $12.79  **[ACN_3411943_9]**  (lowered from $12.55 to $12.91  **[ACN_3402147_9]** )  
- **Operating cash flow**: $9.4B to $10.1B  **[ACN_3411943_9]**  (no change from $9.4B to $10.1B  **[ACN_3402147_9]** )  
- **Property and equipment additions**: $600M  **[ACN_3411943_9]**  (no change from $600M  **[ACN_3402147_9]** )  
- **Free cash flow**: $8.8B to $9.5B  **[ACN_3411943_9]**  (no change from $8.8B to $9.5B  **[ACN_3402147_9]** )  
- **Return to shareholders**: at least $8.3B  **[ACN_3411943_9]**  (no change from at least $8.3B  **[ACN_3402147_9]** )  
- **FX impact**: -0.5%  **[ACN_3411943_9]**  (no prior guidance)  
- **Inorganic contribution**: about 4% in the first half, about 2% in the second half  **[ACN_3411943_9]**  (no prior guidance)  
- **Investment in acquisitions**: $3B  **[ACN_3411943_9]**  (no change from $3B  **[ACN_3402147_9]** )  

a234e3a7b129a683b20bbdc1785d21e40d0d0551ac6524a5f96a1d79c426e0e7

23794d91c53ae875c8e247d72561e35d9d06ee07c70c9e0dbcc977a6d161504a

| Name           | Position                                                                 | Start Date          | Short Bio                                                                                                                                                                                                                                                                                                                                                       |
|----------------|--------------------------------------------------------------------------|---------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Angela Beatty  | Chief Leadership and Human Resources Officer                             | September 2024      | Angela Beatty, aged 53, became the Chief Leadership and Human Resources Officer at Accenture in September 2024. Prior to this role, she was the global lead for talent, rewards, and employee experience at Accenture. She spent 15 years at Towers Watson as a consultant and practice leader  **[0001467373-24-000278_acn-20240831.htm:21]** **[0001467373-24-000255_xslF345X02/wk-form3_1725482088.xml:0]** .                                                        |
| Melissa Burgum | Chief Accounting Officer                                                 | September 2022      | Melissa Burgum, 52, became the Chief Accounting Officer at Accenture in September 2022. She has served as the corporate controller since September 2021 and was the assistant corporate controller from December 2016 to September 2021. She has been with Accenture for 11 years as of October 2024  **[0001467373-24-000278_acn-20240831.htm:21]** .                                                      |
| Atsushi Egawa  | Co-Chief Executive Officer—Asia Pacific and Chief Executive Officer—Japan| September 2024      | Atsushi Egawa, aged 59, became the Co-Chief Executive Officer—Asia Pacific and Chief Executive Officer—Japan at Accenture in September 2024. He has been with Accenture for 35 years and played a significant role in digital transformations for global clients  **[0001467373-24-000278_acn-20240831.htm:21]** **[0001467373-24-000189_acn-20240608.htm:2]** **[0001467373-24-000189_acn061120248-kexhibit.htm:0]** .                                                                                   |
| Mauro Macchi   | Chief Executive Officer—EMEA                                             | September 2024      | Mauro Macchi, aged 59, became the Chief Executive Officer—EMEA at Accenture in September 2024. He served as the market unit lead for Italy, Central Europe, and Greece from September 2021 to September 2024. He has been with Accenture for 34 years  **[0001467373-24-000278_acn-20240831.htm:21]** .                                                                                                     |
| KC McClure     | Chief Financial Officer                                                  | January 2019        | KC McClure became the Chief Financial Officer of Accenture in January 2019. She has been with Accenture for 36 years as of October 2024  **[0001467373-24-000278_acn-20240831.htm:21]** **[0001467373-23-000324_acn-20230831.htm:21]** .                                                                                                                                                                                                               |
| Ryoji Sekido   | Co-Chief Executive Officer—Asia Pacific and Chief Executive Officer—Asia Oceania | September 2024 | Ryoji Sekido, 57, became the Co-Chief Executive Officer—Asia Pacific and Chief Executive Officer—Asia Oceania at Accenture in September 2024. He has been with Accenture for 32 years  **[0001467373-24-000278_acn-20240831.htm:21]** .                                                                                                                                                                    |
| Manish Sharma  | Chief Executive Officer—The Americas                                     | September 2024      | Manish Sharma assumed the role of Chief Executive Officer—The Americas at Accenture in September 2024. He was previously the Chief Executive Officer—North America starting in September 2023 and has been with Accenture for 29 years  **[0001467373-24-000278_acn-20240831.htm:22]** **[0001467373-23-000324_acn-20230831.htm:21]** **[0001467373-24-000268_acn-20240930_d2.htm:17]** .                                                                                                            |
| Julie Sweet    | Chair and Chief Executive Officer                                        | September 2019      | Julie Sweet has been serving as the Chief Executive Officer of Accenture since September 2019 and became the Chair of the Board of Directors in September 2021. She joined Accenture in 2010  **[0001467373-24-000278_acn-20240831.htm:22]** **[0001467373-23-000396_acn-20231213.htm:52]** **[0001308179-24-000803_acn-20241206.htm:17]** .                                                                                                                                                      |
| Joel Unruch    | General Counsel and Corporate Secretary                                  | September 2019      | Joel Unruch became the General Counsel of Accenture in September 2019 and has served as the Corporate Secretary since June 2015. He joined Accenture in 2011  **[0001467373-24-000278_acn-20240831.htm:22]** **[0001467373-23-000324_acn-20230831.htm:22]** **[0001467373-24-000268_acn-20240930_d2.htm:18]** .                                                                                                                                                                                        |
| John Walsh     | Chief Operating Officer                                                  | September 2023      | John Walsh became the Chief Operating Officer of Accenture in September 2023. He has been with Accenture for 38 years  **[0001467373-24-000278_acn-20240831.htm:22]** .                                                                                                                                                                                                                                    |
| Angie Park     | Chief Financial Officer                                                  | December 1, 2024    | Angie Park was appointed as the Chief Financial Officer of Accenture plc, effective December 1, 2024. Her compensation includes an annual base salary of $900,000 and a target annual bonus for fiscal 2025 of 125% of her base compensation  **[0001467373-24-000214_acn-20240608.htm:0]** .                                                                                                           |

64e818a640c93ac0f05d95ed72962a8509f8f331672e87346865397b4a2fe2a1

Communications, Media & Technology

Financial Services

Health & Public Service

Products

Resources

Other

Consulting

Managed Services

Outsourcing

ae1900f22e3e8477a432699108ca0a1addc825996634b6871bf74b7adbd1c040

Total Revenue [USD, Thousands]

Cost of Goods Sold (COGS) [USD, Thousands]

SG&A [USD, Thousands]

R&D [USD, Thousands]

D&A [USD, Thousands]

Interest Expense [USD, Thousands]

Operating Income (EBIT) [USD, Thousands]

Net Income [USD, Thousands]

EPS - Basic [USD, Units]

EPS - Diluted [USD, Units]

7932be1396a5e81b618f0b14065cb3a2f97ba3f80d248d44483842ec0e6e317c

| Name       | Start Date | End Date | Reason for Change |
|------------|------------|----------|-------------------|
| KPMG LLP   | 2002       | Present  | Current auditor   |  **[0001467373-24-000278_acn-20240831.htm:101]**  |
```

d8d86dad33bba78fe2167fb0dc4552e0405560df28b25e33022fbf6841cd889a

70288bdb4471ceebf1a7e3b0fc451601603aca02a4ba08705a38e836bd9cf94f

- Total Revenue: $17.69B (+9% YoY)  **[0001467373-23-000403_acn-20231130.htm:16]** **[0001467373-24-000352_acn-20241130.htm:18]**   
- Health & Public Service: $3.81B **(+13% YoY)**  **[0001467373-23-000403_acn-20231130.htm:16]** **[0001467373-24-000352_acn-20241130.htm:18]**   
- Products: $5.43B **(+12% YoY)**  **[0001467373-23-000403_acn-20231130.htm:16]** **[0001467373-24-000352_acn-20241130.htm:18]**   
- Resources: $2.42B (+6% YoY)  **[0001467373-23-000403_acn-20231130.htm:16]** **[0001467373-24-000352_acn-20241130.htm:18]**   
- Consulting: $9.05B (+7% YoY)  **[0001467373-23-000403_acn-20231130.htm:16]** **[0001467373-24-000352_acn-20241130.htm:18]**   
- Managed Services: $8.64B **(+11% YoY)**  **[0001467373-23-000403_acn-20231130.htm:16]** **[0001467373-24-000352_acn-20241130.htm:18]**   
- Operating Income (EBIT): $2.95B **(+15% YoY)**  **[0001467373-23-000403_acn-20231130.htm:4]** **[0001467373-24-000352_acn-20241130.htm:4]** **[0001467373-24-000352_acn-20241130.htm:7]** **[0001467373-24-000352_acn-20241130.htm:18]**   
- Net Income: $2.28B **(+15% YoY)**  **[0001467373-23-000403_acn-20231130.htm:4]** **[0001467373-24-000352_acn-20241130.htm:4]** **[0001467373-24-000352_acn-20241130.htm:7]** **[0001467373-24-000352_acn-20241130.htm:18]**   
- EPS (Diluted): $3.59 **(+16% YoY)**  **[0001467373-23-000403_acn-20231130.htm:4]** **[0001467373-24-000352_acn-20241130.htm:4]** **[0001467373-24-000352_acn-20241130.htm:7]** **[0001467373-24-000352_acn-20241130.htm:18]**   

61d2ed913fe59668581c45d8fb0bce88b16b1dd5ad78bd5054c4987a8a5ea3ce

c78d2938391557b674372ad13aaf80743f524df6e4181ece31705ee8fc23f177

Utilization (percent)

Workforce (employees)

Annualized Voluntary Attrition (percent)

6db294dd890632abd2c93b4b33a2fa5000a1139a107bbee4702e34983e43600b

aed2ab805b22c0e2d7ae619a6ab306c308484d2b32bf814b4380d683ff395f99

| Year | Amount Due (Millions) | Debt Type       | Interest Rate | % of Total Debt |
|------|-----------------------|-----------------|---------------|-----------------|
| 2025 | 100                   | Commercial Paper| 4.6%          | 1.9% = (100 / 5,153.781) * 100 **[0001467373-24-000352_acn-20241130.htm:15]** **[0001467373-24-000352_acn-20241130.htm:15]** **[0001467373-24-000352_acn-20241130.htm:15]** **[0001467373-24-000352_acn-20241130.htm:15]** |
| 2027 | 1,100                 | Senior Notes    | 3.90%         | 21.4% = (1,100 / 5,153.781) * 100 **[0001467373-24-000352_acn-20241130.htm:15]** **[0001467373-24-000352_acn-20241130.htm:15]** **[0001467373-24-000352_acn-20241130.htm:15]** **[0001467373-24-000352_acn-20241130.htm:15]** |
| 2029 | 1,200                 | Senior Notes    | 4.05%         | 23.3% = (1,200 / 5,153.781) * 100 **[0001467373-24-000352_acn-20241130.htm:15]** **[0001467373-24-000352_acn-20241130.htm:15]** **[0001467373-24-000352_acn-20241130.htm:15]** **[0001467373-24-000352_acn-20241130.htm:15]** |
| 2031 | 1,200                 | Senior Notes    | 4.25%         | 23.3% = (1,200 / 5,153.781) * 100 **[0001467373-24-000352_acn-20241130.htm:15]** **[0001467373-24-000352_acn-20241130.htm:15]** **[0001467373-24-000352_acn-20241130.htm:15]** **[0001467373-24-000352_acn-20241130.htm:15]** |
| 2034 | 1,500                 | Senior Notes    | 4.50%         | 29.1% = (1,500 / 5,153.781) * 100 **[0001467373-24-000352_acn-20241130.htm:15]** **[0001467373-24-000352_acn-20241130.htm:15]** **[0001467373-24-000352_acn-20241130.htm:15]** **[0001467373-24-000352_acn-20241130.htm:15]** |

20b13d08c9fb9fb2f2d7de318da12d90a01d43e03bd64a70a8c15b4a4422d5d2

1. **Growth Outlook**  
   **Q:** Can you elaborate on expectations for stronger growth next year?  
   **A:** Management highlighted their strategy of focusing on large-scale transformations and reinventions that clients need, leading to an acceleration of large deal bookings. They are uniquely positioned to execute these deals, which will ramp up and contribute to revenue growth next year. While not providing formal guidance for FY '25, they expressed confidence that their strategy is working and that growth will pick up.  **[ACN_3392602_12]** 

2. **Margin Outlook**  
   **Q:** How should we think about margins going forward?  
   **A:** Despite slower growth and higher acquisition spending, management confirmed they expect **10 basis points of operating margin expansion** for the full year and feel confident in their ability to maintain this approach. They emphasized their discipline and rigor in running the business efficiently, achieving margin expansion even with lower growth rates.  **[ACN_3392602_14]** 

3. **Acquisition Strategy**  
   **Q:** Can the pace of inorganic growth continue?  
   **A:** Management stated they have the ability to invest whenever opportunities arise, supported by a strong balance sheet that allows flexibility in capital allocation. They will decide on the level of acquisition spending for next year and will provide further comments in the next quarter.  **[ACN_3392602_12]** 

4. **Debt Increase**  
   **Q:** What's the strategy around borrowing money now?  
   **A:** The company’s debt increased to **$1.6 billion**, which is small for a company of their size. They have a **$5.5 billion**, 5-year credit facility established during the pandemic and are currently exercising some of it as part of normal treasury operations.  **[ACN_3392602_13]** 

5. **Managed Services Bookings**  
   **Q:** What caused the spike in managed services bookings?  
   **A:** Managed services bookings reached a record **$11.8 billion**, driven by large transformational deals that include a significant portion of managed services work. The company has secured **92** such large deals this year, **7 more than last year**, reflecting their focus on client needs for reinvention and efficiency.  **[ACN_3392602_15]** 

6. **Consulting Return to Growth**  
   **Q:** Is consulting expected to return to growth?  
   **A:** Yes, management expects consulting to return to growth in Q4, a milestone not achieved since Q2 of last year. They are focused on cost takeouts, cloud and data platforms, and leveraging industry and functional expertise to align with client needs.  **[ACN_3392602_12]** **[ACN_3392602_19]** 

7. **Growth in Key Verticals**  
   **Q:** What's enabling growth improvements in CMT and strategy and consulting?  
   **A:** In the Communications, Media, and Technology (CMT) vertical, they are helping clients address technology debt, adopt new technologies like GenAI, and improve efficiencies. In strategy and consulting, they are pivoting towards cost strategies and implementing modern ERP platforms, driving growth by focusing on client needs.  **[ACN_3392602_17]** 

8. **Shift to Managed Services**  
   **Q:** Is the shift towards managed services secular or cyclical?  
   **A:** The shift is driven by clients prioritizing large-scale transformations requiring managed services as a strategic component. Accenture's unique position with capabilities in both consulting and managed services allows them to meet current client demands, suggesting a secular trend.  **[ACN_3392602_18]** 

9. **BPO Pricing Pressure**  
   **Q:** Do you agree that BPO pricing is under duress?  
   **A:** Management acknowledged continued pricing pressure across their entire business, which is normal in a tight market. They emphasized their ability to operate with rigor and discipline despite this pressure.  **[ACN_3392602_22]** 

10. **Impact of GenAI on Digital Agency**  
    **Q:** How will GenAI impact your digital agency over the next 12–24 months?  
    **A:** Management sees GenAI as a significant opportunity, embracing it to enhance efficiency and growth for clients. Unlike traditional agencies, their business combines creative, technology, and managed services, positioning them uniquely to leverage GenAI. They feel positive about the prospects for their Song business.  **[ACN_3392602_22]** 

11. **Acquisition Growth Rates**  
    **Q:** How do acquired businesses' growth rates change after integration?  
    **A:** Acquired companies typically come with higher growth expectations. Accenture sets high synergy targets and emphasizes integration to achieve significant growth beyond the base case, contributing to organic growth over time.  **[ACN_3392602_20]** 

12. **Operations Growth Prospects**  
    **Q:** Any insights on operations growth being flat?  
    **A:** Management is pleased with the uptick in operations this quarter, viewing it as a strategic part of the business with continued prospects. They cite growth in areas like finance and accounting, supply chain, and embracing GenAI as differentiators.  **[ACN_3392602_16]** 

0ce8a61b292473c953a6c588424eeb8f3dfb8d025a3d4d385bd7ca826eef8742

1. **Fiscal '25 Guidance**  
   **Q:** Does guidance imply no discretionary spend recovery?  
   **A:** Accenture expects **3% to 6% revenue growth** in FY '25, with inorganic contribution of over **3%**.  **[ACN_3402147_14]**  At the top end, they assume the current discretionary spending environment continues; at the bottom end, they allow for further deterioration.  **[ACN_3402147_14]**  Organic growth could be flat to 3%.  **[ACN_3402147_10]** 

2. **Discretionary Spending Outlook**  
   **Q:** What are clients waiting for to increase spend?  
   **A:** The environment is **more of the same**, with clients cautious due to the macroeconomic outlook.  **[ACN_3402147_15]**  No significant change is expected until budgets are set in **January and February**, and there is no big tone change from clients.  **[ACN_3402147_15]** 

3. **GenAI Demand and Impact**  
   **Q:** How is GenAI affecting bookings and margins?  
   **A:** GenAI bookings reached **$3 billion** for the year.  **[ACN_3402147_18]**  Accenture expects another healthy increase in FY '25 as clients move from proofs of concept to larger implementations.  **[ACN_3402147_18]**  GenAI currently doesn't have a significantly different margin profile and is being embedded in larger deals.  **[ACN_3402147_21]** 

4. **M&A Contribution**  
   **Q:** What's the M&A outlook and its impact on growth?  
   **A:** Accenture plans to deploy about **$3 billion** in capital for M&A in FY '25, a step down from **$6.6 billion** in FY '24.  **[ACN_3402147_11]** **[ACN_3402147_16]**  Inorganic contribution to revenue is expected to be **over 3%**, with timing affecting the impact.  **[ACN_3402147_16]**  The M&A plan is more back-end loaded this year.  **[ACN_3402147_11]** 

5. **Bookings and Revenue Visibility**  
   **Q:** How do bookings translate to revenue?  
   **A:** Accenture is pleased with **$81 billion** in bookings for the year, up **14%**, including **125** bookings over **$100 million**.  **[ACN_3402147_17]**  They have a stronger base of revenue from larger deals and more megadeals than last year.  **[ACN_3402147_10]** 

6. **Hiring Strategy**  
   **Q:** Why has headcount increased significantly?  
   **A:** Accenture added about **24,000 people** in Q4, reflecting business momentum.  **[ACN_3402147_13]**  They are hiring primarily in **India** for technology roles and to refresh their pyramid.  **[ACN_3402147_13]**  There's no change in their talent strategy.  **[ACN_3402147_13]** 

7. **Cloud Growth**  
   **Q:** How is cloud migration trending?  
   **A:** Clients continue cloud migrations, focusing on high-performance compute applications like **mainframe**.  **[ACN_3402147_12]**  Some clients are early in their cloud journey. Accenture expects cloud to remain a significant growth driver in FY '25.  **[ACN_3402147_12]** 

8. **Industry Outlook**  
   **Q:** Which industries may see improvement or risk?  
   **A:** Accenture expects **broad-based growth across all industries** in FY '25.  **[ACN_3402147_23]**  Specific industries face different factors; for example, energy is investing in renewables, and consumer goods are focused on efficiency due to pricing pressures.  **[ACN_3402147_22]** 

9. **Potential Leverage**  
   **Q:** How should we think about leverage and capital returns?  
   **A:** Net leverage will be **low**, and Accenture will maintain strong credit ratings.  **[ACN_3402147_25]**  Guidance allows for potential interest expense variability.  **[ACN_3402147_25]** 

10. **Internal Productivity from GenAI**  
    **Q:** Where are you seeing productivity gains from GenAI?  
    **A:** The first area is in **managed services**, where they anticipate the most impact due to existing platforms.  **[ACN_3402147_24]**  Productivity improvements are similar to those experienced with previous technologies.  **[ACN_3402147_24]** 

ed8b9deef2ed8f307f340b306defe9f9d68ad7b0d16bdfdb122bc1460986c08a

- **Accenture is committed to maintaining financial strength**: The company plans to keep net leverage low and maintain **strong credit ratings**, ensuring financial stability even in tougher environments.  **[ACN_3402147_25]**
- **Leadership expresses confidence in future success**: Accenture's leadership highlighted their confidence in **success in FY '25**, emphasizing their ability to create **360-degree value**.  **[ACN_3402147_25]**
- **Strategic alignment with client budgeting cycles**: Accenture has shifted its promotion cycle to better match when clients set their budgets, potentially improving alignment with client spending and capturing more business opportunities.  **[ACN_3402147_15]**

93584951b0eec5882eb1da009df1ba92a556a89ed311c915e3bd02710ed1f443

- **Accenture is facing pressure on gross margins due to wage inflation and a highly competitive pricing environment**, challenging their ability to mitigate gross margin pressure.  **[ACN_3411943_26]**
- **Growth is expected to decelerate in the second half of fiscal year 2025**, with inorganic contribution decreasing from approximately 4% in the first half to about 2% in the second half, indicating potential challenges ahead.  **[ACN_3411943_14]**
- **The company is not expecting any material improvement in consulting and is allowing for potential deterioration**, highlighting uncertainties in their consulting business.  **[ACN_3411943_12]**

1c5b9217adbbd30cbb5e20a2844709e32d1dcf1afb33eec043ba04faf8e9f32f

- **Accenture's strategic pivot to focus on larger deals over $100 million has positioned the company for strong growth in FY25**, leading to overdelivery and a raised revenue guidance. This demonstrates effective execution and agility in market changes.  **[ACN_3411943_10]** **[ACN_3411943_12]**
- **Accenture added approximately 24,000 employees in Q1 FY25, reflecting strong business momentum and high utilization rates around 90%**. This significant hiring indicates strong demand and organic growth in the business.  **[ACN_3411943_13]**
- **Accenture is well-positioned to drive future growth in the U.S. federal government sector, leveraging its strengths in security, cloud, data, and AI solutions**. The company sees significant opportunities in federal contracts, which are mission-critical and align with their core competencies.  **[ACN_3411943_11]**

1e4e545c6bdf4f76ccdc9d6eeaf9cbbc0b6b73d4879b9310c45a007a86548588

1. **Revenue Guidance Visibility**  
   **Q:** How certain is Q4 revenue guidance?  
   **A:** We have no difference in visibility compared to previous years; we base our **1% to 3%** guidance on our standard analysis.  **[ACN_3378699_11]** 

2. **Client Spending Constraints**  
   **Q:** When will clients resume shorter-cycle spending?  
   **A:** Clients have just set their budgets amid macro uncertainty, so we assume constraints will continue; recovery depends on macro conditions.  **[ACN_3378699_9]** **[ACN_3378699_12]** **[ACN_3378699_15]** 

3. **Impact of GenAI on Growth**  
   **Q:** Will GenAI bookings convert to large deals?  
   **A:** We see strong **$100 million-plus** bookings layering in, but clients must build digital cores first to leverage AI fully, offering long-term opportunities.  **[ACN_3378699_10]** **[ACN_3378699_13]** **[ACN_3378699_14]** **[ACN_3378699_16]** 

4. **Margin Expansion and Investments**  
   **Q:** How will acquisitions affect margins?  
   **A:** Despite flat margins, we expect **10 basis points** expansion; we're investing heavily in people and businesses, forecasting EPS growth of **3% to 5%**.  **[ACN_3378699_14]** 

5. **Clients Insourcing IT**  
   **Q:** Are clients doing more IT internally?  
   **A:** Some clients are increasing internal IT efforts, while others outsource more; it varies based on their strategies.  **[ACN_3378699_17]** 

6. **Lowered Tax Rate Guidance**  
   **Q:** Is the lower tax rate a one-off?  
   **A:** Annual factors influenced our tax rate; this year, favorable conditions let us reduce guidance by **1%**.  **[ACN_3378699_18]** 

7. **Services in Tech Spending Context**  
   **Q:** Why are services lagging other tech areas?  
   **A:** Services are more discretionary and easier to pause; clients cut back amid uncertainty, though major transformations proceed.  **[ACN_3378699_19]** 

8. **Revisiting Bookings with AI**  
   **Q:** Are clients relooking at past bookings for AI?  
   **A:** We haven't seen changes in contracted work; focus is on new sales and smaller projects in our guidance.  **[ACN_3378699_20]** 

9. **LearnVantage and Udacity Deal**  
   **Q:** What's the rationale behind LearnVantage?  
   **A:** Talent is CEOs' top priority; LearnVantage, with Udacity, provides scalable tech training from board level to technologists, aiding clients in AI-driven reinvention.  **[ACN_3378699_21]** 

6ddf313a536c5d0dbf3d698ac24a16de1f9f02a66fd47eaf0f682b4fa60b662f

- Accenture has significantly increased its large-scale transformation deals, with **seven more clients with bookings over $100 million** compared to last year, positioning the company for stronger growth as these deals ramp up next year.  **[ACN_3392602_12]**
- The company is leading in **Generative AI (GenAI)** services, achieving **$2 billion in GenAI bookings** and **$500 million in revenue year-to-date**, indicating strong potential for future growth as clients invest in AI technologies.  **[ACN_3392602_12]**
- Accenture sees strong growth potential in the **government and health care sectors**, investing significantly in public service as a big growth area for the next several years.  **[ACN_3392602_21]**

ebfe31101fe85b0a836446c4a1debdfb1ed070c0cf3bf625c538653ae3597c27

- **Accenture is taking market share** and building momentum on their strategy to be the reinvention partner, with a **record 30 clients with bookings over $100 million**.  **[ACN_3378699_9]**
- The company has recorded **$1 billion in generative AI sales in the first 6 months**, the **fastest they have ever built sales in an emerging technology**, positioning them as a **leader in GenAI**.  **[ACN_3378699_9]** **[ACN_3378699_5]**
- **Accenture's ability to invest heavily** in acquisitions and new technologies, with **investments more in the first half of the year than all of last year**, supports future revenue growth and underscores the **resilience of their strategy**.  **[ACN_3378699_17]** **[ACN_3378699_10]**

1b338171dada87aa9be186e4d44af5df39e8aa84e761d8600cec3b8fe7cc5b8a

1. **Revenue Overperformance and Guidance Increase**  
   **Q:** Why did revenue exceed guidance, and will growth continue?  
   **A:** Our revenue exceeded guidance due to our strategic focus on winning larger reinvention deals over $100 million, despite an unchanged demand environment.  **[ACN_3411943_10]**  We are raising our full-year guidance to **4%-7%** growth, driven by strong Q1 performance and confidence in our strategy execution  **[ACN_3411943_12]** , though we note that the macro environment remains the same.  **[ACN_3411943_14]** 

2. **Organic Growth and Hiring Trends**  
   **Q:** Is the accelerated hiring indicative of organic growth?  
   **A:** We added about **24,000 people** in Q1, reflecting business momentum.  **[ACN_3411943_13]**  While some growth comes from acquisitions, we're seeing organic momentum, with organic growth expected to be **1%-4%** at the high end of our guidance.  **[ACN_3411943_13]**  Hiring is concentrated in India, aligning with demand and required skills.  **[ACN_3411943_13]** 

3. **Clients' Interest in AI and GenAI**  
   **Q:** Are clients increasing investment in AI projects?  
   **A:** Clients are seeking to do more in AI, but they're at different stages.  **[ACN_3411943_16]**  Some are ready to scale due to prior investments in their digital core, while others are accelerating data foundational work essential for GenAI.  **[ACN_3411943_19]**  Currently, AI spending is a prioritization within existing budgets, but we anticipate potential increases when clients gain more confidence.  **[ACN_3411943_16]** 

4. **Competitive Pricing Environment**  
   **Q:** How is pricing being affected in the current market?  
   **A:** It's a very competitive market with lower pricing across the business due to constrained client spending, especially on smaller deals.  **[ACN_3411943_24]**  However, our offerings like Application Managed Services help clients modernize while reducing costs, making us integral to their digital transformation.  **[ACN_3411943_24]** 

5. **Capital Allocation and Debt**  
   **Q:** Will you raise more debt to fund acquisitions or returns?  
   **A:** We executed a **$5 billion** inaugural bond offering in October to optimize our capital structure and reduce cost of capital.  **[ACN_3411943_22]**  This year, we're returning to a usual acquisition level of around **$3 billion**, with no strategy to increase debt further, but we remain flexible to seize opportunities.  **[ACN_3411943_22]** 

6. **Financial Services Industry Outlook**  
   **Q:** What's the outlook for Financial Services demand?  
   **A:** The industry shows mixed results by region. We saw an uptick from **-2%** in Q4 last year to **4%** growth in Q1 globally.  **[ACN_3411943_15]**  The U.S. market is slightly better, EMEA a bit worse, influenced by interest rate expectations.  **[ACN_3411943_15]** 

7. **European Demand Environment**  
   **Q:** Has European demand weakened recently?  
   **A:** Europe faces a more challenging environment, which is reflected in our growth rates.  **[ACN_3411943_25]**  Nonetheless, we have an excellent business in EMEA and our demand expectations are fully incorporated into our raised guidance.  **[ACN_3411943_25]** 

8. **Workforce and Margin Management**  
   **Q:** How are you managing wage inflation and margins in India?  
   **A:** There's no real change in wage inflation dynamics.    We pay market-relevant wages based on skills and location. Despite competitive pricing pressures, we're focused on cost and delivery efficiencies to manage margins.   

9. **Visibility into Client Budgets**  
   **Q:** When will you have better visibility into budgets?  
   **A:** We anticipate gaining visibility into client budgets in January and February, which will inform potential discretionary spending increases.  **[ACN_3411943_16]** 

10. **Consulting Bookings and Client Priorities**  
    **Q:** What trends are you seeing in consulting bookings?  
    **A:** Clients are focused on cost efficiency and growth.  **[ACN_3411943_23]**  Our consulting bookings reflect multiservice solutions addressing both cost optimization and pursuit of new market opportunities.  **[ACN_3411943_23]** 

11. **Interest Expense Impact**  
    **Q:** Should we expect higher interest expense from new debt?  
    **A:** Yes, interest expense will increase due to our long-term debt issuance, but this has been factored into our guidance.  **[ACN_3411943_21]** 

bd4b55a3241c915124a9f9e2dc2bb7d5d154a72d421b01b8df171ea22ecbb88d

- **Accenture is experiencing overall pricing pressure across its entire business**, which may impact margins and future growth. As Kathleen McClure noted, "we've had, overall, in our entire business, continued pricing pressure."  **[ACN_3392602_22]**
- **Clients are reducing discretionary spending**, especially on smaller projects, leading to constrained overall spending. Accenture's focus on large-scale transformation deals, which "convert to revenue more slowly," may impact near-term revenue growth.  **[ACN_3392602_12]**
- **Operations revenue was negative last quarter and flat this quarter**, indicating potential weakness in that segment despite it being "a very strategic part of our business."  **[ACN_3392602_16]**

88a24d0386aba30bdd18628087cecb14bc4d0824c6322e3f9fae1eace77bfc53

- **Clients are increasing in-house IT capabilities**, potentially reducing demand for Accenture's services, as some clients are doing more work internally.  **[ACN_3378699_17]**
- **Accenture's growth guidance relies on significant improvement in Q4**, which may be uncertain given current market conditions and visibility similar to prior years.  **[ACN_3378699_11]**
- **Heavy investment in acquisitions may impact margins**, and lower cash balance may reduce interest income, potentially affecting EPS growth in the second half of the year.  **[ACN_3378699_14]**

91821faf6bcd2c79cf3a9759a3689c6ca3bca93aaacfb73649a4368ba2aa91c1

- The **cautious macroeconomic environment** persists, with clients not increasing discretionary spending; Accenture's clients are not expressing intentions to unlock spending soon.  **[ACN_3402147_22]** **[ACN_3402147_15]**
- **Accenture's FY '25 guidance** assumes minimal recovery in discretionary spending and allows for further deterioration, indicating limited growth prospects in consulting revenues.  **[ACN_3402147_14]**
- **Adoption of GenAI solutions** may take longer due to clients' data readiness issues, potentially delaying revenue growth in this area despite clear demand.  **[ACN_3402147_18]**

99d4df1b98539aa7b21c1088b330d9e05be0304e704c96dfc3bdce4e31eb0d4b

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