- New bookings of $20.1 billion for the quarter and a record
$81.2 billion for the full year, a 13% increase in U.S. dollars and
14% increase in local currency for the full year
- Generative AI new bookings of $1 billion for the quarter and
$3 billion for the full year
- Fourth quarter revenues of $16.4 billion, an increase of 3%
in U.S. dollars and 5% in local currency; GAAP operating margin of
14.3%, an increase of 230 basis points; adjusted operating margin
of 15.0%, a 10 basis point increase1
- Full year revenues of $64.9 billion, an increase of 1% in
U.S. dollars and 2% in local currency; GAAP operating margin of
14.8%, an increase of 110 basis points; adjusted operating margin
of 15.5%, a 10 basis point increase
- Fourth quarter GAAP EPS of $2.66, an increase of 24%;
adjusted EPS of $2.79, a 3% increase. Full year GAAP EPS of $11.44,
an increase of 6%; adjusted EPS of $11.95, a 2% increase
- Free cash flow of $3.2 billion for the quarter and $8.6
billion for the full year
- 15% increase in quarterly dividend to $1.48 per share; Board
of Directors approves $4.0 billion of additional share repurchase
authority
- For fiscal year 2025, Accenture expects revenue growth of 3%
to 6% in local currency and GAAP EPS of $12.55 to $12.91, an
increase of 5% to 8% from adjusted EPS for fiscal 2024
Accenture (NYSE: ACN) reported financial results for the fourth
quarter and full fiscal year ended August 31, 2024.
This press release features multimedia. View
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4QFY24 Performance Infographic (Graphic:
Business Wire)
Julie Sweet, chair and CEO, Accenture, said, “Our performance in
fiscal year 2024 demonstrates the resilience and agility of our
business model, the power of our scale and reinvention in action.
We delivered full-fiscal year new bookings of $81 billion,
including a record 125 quarterly client bookings of more than $100
million, and now have 310 Diamond clients, our largest
relationships. We continue to accelerate our leadership in
Generative AI, which we believe is the most transformative
technology of the next decade, delivering $3 billion in new
bookings for the year. Our successful strategy to lead reinvention
for clients and continued investments in our business have
positioned Accenture for strong growth in fiscal 2025. I want to
thank our 774,000 people around the world who work every day to
deeply understand the needs of our clients, allowing us to achieve
profitable growth and create even more 360° value for all our
stakeholders.”
1Adjusted financial measures presented in this release are
non-GAAP financial measures that exclude business optimization
costs recorded in fiscal 2024 and fiscal 2023, and a gain related
to our investment in Duck Creek Technologies recorded in fiscal
2023, as further described in this release.
For the fourth quarter, revenues
were $16.4 billion, an increase of 3% in U.S. dollars and 5% in
local currency compared with the fourth quarter of fiscal 2023.
GAAP operating income was $2.35 billion, compared to $1.91 billion
for the fourth quarter of fiscal 2023, and operating margin was
14.3%, compared to 12.0% for the fourth quarter last year. Adjusted
operating income was $2.46 billion compared to $2.38 billion for
the fourth quarter of fiscal 2023 and adjusted operating margin was
15.0%, compared to 14.9% for the fourth quarter last year. GAAP
diluted earnings per share were $2.66, an increase of 24% over
$2.15 for the fourth quarter of fiscal 2023. Adjusted EPS were
$2.79, an increase of 3% over $2.71 for the fourth quarter of
fiscal 2023. Operating cash flow was $3.39 billion and free cash
flow was $3.18 billion. New bookings were $20.1 billion.
For the full fiscal year, revenues
were $64.9 billion, an increase of 1% in U.S. dollars and 2% in
local currency compared with fiscal 2023. GAAP operating income was
$9.60 billion, compared to $8.81 billion in fiscal 2023, and
operating margin was 14.8%, compared to 13.7% in fiscal 2023.
Adjusted operating income was $10.03 billion compared to $9.87
billion in fiscal 2023 and adjusted operating margin was 15.5%,
compared to 15.4% in fiscal 2023. GAAP diluted earnings per share
were $11.44, an increase of 6% over $10.77 in fiscal 2023. Adjusted
EPS were $11.95, an increase of 2% over $11.67 in fiscal 2023.
Operating cash flow was $9.13 billion and free cash flow was $8.61
billion. New bookings were $81.2 billion.
Financial Review
Fourth Quarter Fiscal 2024
Revenues for the fourth quarter of fiscal 2024 were $16.41
billion, compared with $15.99 billion for the fourth quarter of
fiscal 2023, an increase of 3% in U.S. dollars and 5% in local
currency, and were above the midpoint of the company’s guided range
of $16.05 billion to $16.65 billion, or 2% to 6% growth in local
currency. The foreign-exchange impact for the quarter was
approximately negative 2%, consistent with the assumption provided
in the company’s third-quarter earnings release.
- Consulting revenues were $8.26 billion, an increase of 1% in
U.S. dollars and 3% in local currency compared with the fourth
quarter of fiscal 2023.
- Managed Services revenues were $8.15 billion, an increase of 5%
in U.S. dollars and 7% in local currency compared with the fourth
quarter of fiscal 2023.
GAAP diluted EPS for the quarter were $2.66, a 24% increase over
$2.15 for the fourth quarter of fiscal 2023. Excluding a $0.13 and
$0.56 decrease for business optimization costs in the fourth
quarter of fiscal 2024 and 2023, respectively, adjusted EPS were
$2.79, a 3% increase over $2.71 last year. The $0.08 increase in
EPS on an adjusted basis reflects:
- a $0.09 increase from higher revenue and operating
results;
- a $0.05 increase from a lower effective tax rate; and
- a $0.02 increase from lower share count; partially offset
by
- a $0.08 decrease from lower non-operating income.
Gross margin (gross profit as a percentage of revenues) for the
fourth quarter was 32.5%, compared with 32.4% for the fourth
quarter of fiscal 2023. Selling, general and administrative
(SG&A) expenses for the fourth quarter were $2.88 billion, or
17.5% of revenues, compared with $2.80 billion, or 17.5% of
revenues, for the fourth quarter of fiscal 2023.
GAAP operating income for the quarter increased 23%, to $2.35
billion, or 14.3% of revenues, compared with $1.91 billion, or
12.0% of revenues, for the fourth quarter of fiscal 2023. Adjusted
operating income for the quarter was $2.46 billion, or 15.0% of
revenues, compared with $2.38 billion, or 14.9% of revenues for the
fourth quarter of fiscal 2023.
The company's GAAP effective tax rate for the quarter was 26.3%,
compared with 28.1% for the fourth quarter of fiscal 2023. The
adjusted effective tax rate for the fourth quarter of fiscal 2024
was 26.2%, compared with 27.4% for the fourth quarter of fiscal
2023.
GAAP net income for the quarter was $1.72 billion, compared with
$1.41 billion for the fourth quarter of fiscal 2023. Adjusted net
income for the quarter was $1.80 billion, compared with $1.76
billion for the fourth quarter of fiscal 2023.
Operating cash flow for the quarter was $3.39 billion, and
property and equipment additions were $214 million. Free cash flow,
defined as operating cash flow net of property and equipment
additions, was $3.18 billion. For the same period last year,
operating cash flow was $3.41 billion, property and equipment
additions were $180 million, and free cash flow was $3.23
billion.
Days services outstanding, or DSOs, were 46 days at August 31,
2024, compared with 42 days at August 31, 2023.
Accenture’s total cash balance at August 31, 2024 was $5.0
billion, compared with $9.0 billion at August 31, 2023.
New Bookings
New bookings for the fourth quarter of fiscal 2024 were $20.1
billion, an increase of 21% in U.S. dollars and 24% in local
currency over the fourth quarter of fiscal 2023.
- Consulting new bookings were $8.6 billion, or 43% of total new
bookings.
- Managed Services new bookings were $11.6 billion, or 57% of
total new bookings.
Revenues by Geographic Market2
Revenues by geographic market were as follows:
- North America: $7.97 billion, an increase of 5% in U.S. dollars
and 6% in local currency compared with the fourth quarter of fiscal
2023.
- EMEA: $5.64 billion, an increase of 2% in both U.S. dollars and
local currency compared with the fourth quarter of fiscal
2023.
2During the first quarter of fiscal 2024, we revised the
reporting of our geographic markets for the movement of our Middle
East and Africa market units from Growth Markets to Europe, and the
Europe market became our EMEA (Europe, Middle East and Africa)
geographic market.
- Growth Markets: $2.80 billion, a decrease of 3% in U.S. dollars
and an increase of 9% in local currency compared with the fourth
quarter of fiscal 2023.
Revenues by Industry Group
Revenues by industry group were as follows:
- Communications, Media & Technology: $2.75 billion, an
increase of 2% in U.S. dollars and 5% in local currency compared
with the fourth quarter of fiscal 2023.
- Financial Services: $2.87 billion, a decrease of 5% in U.S.
dollars and 2% in local currency compared with the fourth quarter
of fiscal 2023.
- Health & Public Service: $3.61 billion, an increase of 10%
in U.S. dollars and 11% in local currency compared with the fourth
quarter of fiscal 2023.
- Products: $4.95 billion, an increase of 4% in U.S. dollars and
6% in local currency compared with the fourth quarter of fiscal
2023.
- Resources: $2.22 billion, flat in U.S. dollars and an increase
of 3% in local currency compared with the fourth quarter of fiscal
2023.
Full Year Fiscal 2024
Revenues for fiscal 2024 were $64.90 billion, compared with
$64.11 billion for fiscal 2023, an increase of 1% in U.S. dollars
and 2% in local currency. Revenues for fiscal 2024 reflect a
foreign-exchange impact of approximately negative 1% compared with
fiscal 2023.
- Consulting revenues were $33.20 billion, a decrease of 1% in
both U.S. dollars and local currency compared with fiscal
2023.
- Managed Services revenues were $31.70 billion, an increase of
4% in U.S. dollars and 5% in local currency compared with fiscal
2023.
GAAP diluted EPS for fiscal 2024 were $11.44, a 6% increase over
$10.77 for fiscal 2023. Excluding a $0.51 and $1.28 decrease for
business optimization costs in fiscal 2024 and 2023, respectively,
and a $0.38 increase for a gain on an investment in fiscal 2023,
adjusted EPS were $11.95, a 2% increase over $11.67 in fiscal 2023.
The $0.28 increase in EPS on an adjusted basis reflects:
- a $0.19 increase from higher revenue and operating
results;
- a $0.05 increase from lower share count;
- a $0.05 increase from a lower effective tax rate; and
- a $0.02 increase from higher non-operating income; partially
offset by
- a $0.03 decrease from higher noncontrolling interests.
Gross margin (gross profit as a percentage of revenues) for
fiscal 2024 was 32.6%, compared with 32.3% for fiscal 2023.
Selling, general and administrative (SG&A) expenses for the
full fiscal year were $11.13 billion or 17.1% of revenues, compared
with $10.86 billion, or 16.9% of revenues, for fiscal 2023.
GAAP operating income for fiscal 2024 increased 9%, to $9.60
billion, or 14.8% of revenues, compared with $8.81 billion, or
13.7% of revenues, in fiscal 2023. Adjusted operating income for
the full fiscal year was $10.03 billion, or 15.5% of revenues,
compared with $9.87 billion, or 15.4% of revenues for fiscal
2023.
The company's GAAP annual effective tax rate for fiscal 2024 was
23.5%, compared with 23.4% in fiscal 2023. The adjusted effective
tax rate for fiscal 2024 was 23.6%, compared with 23.9% for fiscal
2023.
GAAP net income for the full fiscal year was $7.42 billion,
compared with $7.00 billion in fiscal 2023. Adjusted net income for
fiscal 2024 was $7.75 billion, compared with $7.58 billion for
fiscal 2023.
For fiscal 2024, operating cash flow was $9.13 billion, and
property and equipment additions were $517 million. Free cash flow,
defined as operating cash flow net of property and equipment
additions, was $8.61 billion. For fiscal 2023, operating cash flow
was $9.52 billion, property and equipment additions were $528
million, and free cash flow was $9.00 billion.
New Bookings
New bookings for fiscal 2024 were $81.2 billion, an increase of
13% in U.S. dollars and 14% in local currency over fiscal 2023.
- Consulting new bookings were $37.0 billion, or 46% of total new
bookings.
- Managed Services new bookings were $44.2 billion, or 54% of
total new bookings.
Revenues by Geographic Market3
Revenues by geographic market for fiscal 2024 were as
follows:
- North America: $30.74 billion, an increase of 1% in U.S.
dollars and 2% in local currency compared with fiscal 2023.
- EMEA: $22.82 billion, an increase of 2% in U.S. dollars and
flat in local currency compared with fiscal 2023.
- Growth Markets: $11.34 billion, a decrease of 2% in U.S.
dollars and an increase of 7% in local currency compared with
fiscal 2023.
3During the first quarter of fiscal 2024, we revised the
reporting of our geographic markets for the movement of our Middle
East and Africa market units from Growth Markets to Europe, and the
Europe market became our EMEA (Europe, Middle East and Africa)
geographic market.
Revenues by Industry Group
Revenues by industry group for fiscal 2024 were as follows:
- Communications, Media & Technology: $10.84 billion, a
decrease of 5% in U.S. dollars and 4% in local currency compared
with fiscal 2023.
- Financial Services: $11.61 billion, a decrease of 4% in U.S.
dollars and 3% in local currency compared with fiscal 2023.
- Health & Public Service: $13.84 billion, an increase of 10%
in both U.S. dollars and local currency compared with fiscal
2023.
- Products: $19.55 billion, an increase of 2% in both U.S.
dollars and local currency compared with fiscal 2023.
- Resources: $9.05 billion, an increase of 2% in U.S. dollars and
4% in local currency compared with fiscal 2023.
Returning Cash to
Shareholders
Accenture continues to return cash to shareholders through cash
dividends and share repurchases. In fiscal 2024, the company
returned $7.8 billion to shareholders, including $4.5 billion in
share repurchases and $3.2 billion in cash dividends.
Dividend
On August 15, 2024, a quarterly cash dividend of $1.29 per share
was paid to shareholders of record at the close of business on July
11, 2024. These cash dividend payments totaled $808 million,
bringing dividend payments for the full year to $3.24 billion,
compared with $2.83 billion in fiscal 2023.
Accenture plc has declared a quarterly cash dividend of $1.48
per share for shareholders of record at the close of business on
October 10, 2024. This dividend, which is payable on November 15,
2024, represents a 15% increase over the company’s previous
quarterly dividend.
Share Repurchase Activity
During the fourth quarter of fiscal 2024, Accenture repurchased
or redeemed 2.1 million shares, including 2.0 million shares
repurchased in the open market, for a total of $628 million. This
brought total share repurchases and redemptions for the full fiscal
year to 14.0 million shares, including 11.8 million shares
repurchased in the open market, for a total of $4.5 billion.
The company’s Board of Directors has approved $4.0 billion in
additional share repurchase authority, bringing Accenture’s total
outstanding authority to approximately $6.7 billion.
At August 31, 2024, Accenture had approximately 626 million
total shares outstanding.
Business Outlook
First Quarter Fiscal 2025
Accenture expects revenues for the first quarter of fiscal 2025
to be in the range of $16.85 billion to $17.45 billion, or an
increase of 2% to 6% in local currency, reflecting the company’s
assumption of an approximately positive 1.5% foreign-exchange
impact compared with the first quarter of fiscal 2024.
Fiscal Year 2025
Accenture’s business outlook for the full 2025 fiscal year
assumes that the foreign-exchange impact on its results in U.S.
dollars will be approximately positive 1.5% compared with fiscal
2024. For fiscal 2025, the company expects revenue growth to be in
the range of 3% to 6% in local currency.
Accenture expects GAAP operating margin for fiscal 2025 to be in
the range of 15.6% to 15.8%, an expansion of 80 to 100 basis points
from fiscal 2024 GAAP operating margin, and an expansion of 10 to
30 basis points from fiscal 2024 adjusted operating margin, which
excluded $438 million for business optimization costs.
The company expects its GAAP annual effective tax rate to be in
the range of 22.5% to 24.5%.
The company expects GAAP diluted EPS to be in the range of
$12.55 to $12.91, an increase of 10% to 13% over fiscal 2024 GAAP
diluted EPS of $11.44, and an increase of 5% to 8% over fiscal 2024
adjusted EPS of $11.95, which excluded $0.51 for business
optimization costs.
For fiscal 2025, the company expects operating cash flow to be
in the range of $9.4 billion to $10.1 billion; property and
equipment additions to be $600 million; and free cash flow to be in
the range of $8.8 billion to $9.5 billion.
The company expects to return at least $8.3 billion in cash to
shareholders through dividends and share repurchases.
360° Value Reporting
Accenture’s goal is to create 360° value for our clients,
people, shareholders, partners, and communities. Our reporting
captures how we deliver unique value across six vital dimensions
and offers a comprehensive view of our financial and environmental,
social and governance (ESG) measures, and our goals, progress and
performance for each. Our full 360° Value Report and online 360°
Value Reporting Experience provide customizable reporting. To
access, please visit the Accenture 360° Value Reporting Experience
at accenture.com/us-en/about/company/integrated-reporting.
Conference Call and Webcast
Details
Accenture will host a conference call at 8:00 a.m. EDT today to
discuss its fourth-quarter and full-year fiscal 2024 financial
results. To participate in the teleconference, please dial +1 (877)
692-8955 [+1 (234) 720-6979 outside the U.S., Puerto Rico and
Canada] and enter access code 5504138 approximately 15 minutes
before the scheduled start of the call. The conference call will
also be accessible live via webcast on the Investor Relations
section of the Accenture website at accenture.com.
A replay of the conference call will be available at
accenture.com and at +1 (866) 207-1041 [ +1 (402) 970-0847 outside
the U.S., Puerto Rico and Canada] with access code 9225580 from
11:00 a.m. EDT today, through Wednesday, December 18, 2024.
About Accenture
Accenture is a leading global professional services company that
helps the world’s leading organizations build their digital core,
optimize their operations, accelerate revenue growth and enhance
services—creating tangible value at speed and scale. We are a
talent- and innovation-led company with 774,000 people serving
clients in more than 120 countries. Technology is at the core of
change today, and we are one of the world’s leaders in helping
drive that change, with strong ecosystem relationships. We combine
our strength in technology and leadership in cloud, data and AI
with unmatched industry experience, functional expertise and global
delivery capability. Our broad range of services, solutions and
assets across Strategy & Consulting, Technology, Operations,
Industry X and Song, together with our culture of shared success
and commitment to creating 360° value, enable us to help our
clients reinvent and build trusted, lasting relationships. We
measure our success by the 360° value we create for our clients,
each other, our shareholders, partners and communities. Visit us at
accenture.com.
Non-GAAP Financial
Information
This news release includes certain non-GAAP financial
information as defined by Securities and Exchange Commission
Regulation G. Pursuant to the requirements of this regulation,
reconciliations of this non-GAAP financial information to
Accenture’s financial statements as prepared under generally
accepted accounting principles (GAAP) are included in this press
release. Financial results “in local currency” are calculated by
restating current-period activity into U.S. dollars using the
comparable prior-year period’s foreign-currency exchange rates.
Accenture’s management believes providing investors with this
information gives additional insights into Accenture’s results of
operations. While Accenture’s management believes that the non-GAAP
financial measures herein are useful in evaluating Accenture’s
operations, this information should be considered as supplemental
in nature and not as a substitute for the related financial
information prepared in accordance with GAAP. Accenture provides
full-year revenue guidance on a local-currency basis and not in
U.S. dollars because the impact of foreign exchange rate
fluctuations could vary significantly from the company’s stated
assumptions.
Forward-Looking
Statements
Except for the historical information and discussions contained
herein, statements in this news release may constitute
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Words such as “may,”
“will,” “should,” “likely,” “anticipates,” “aspires,” “expects,”
“intends,” “plans,” “projects,” “believes,” “estimates,”
“positioned,” “outlook,” “goal,” “target,” and similar expressions
are used to identify these forward-looking statements. These
statements are not guarantees of future performance nor promises
that goals or targets will be met, and involve a number of risks,
uncertainties and other factors that are difficult to predict and
could cause actual results to differ materially from those
expressed or implied. These risks include, without limitation,
risks that: Accenture’s results of operations have been, and may in
the future be, adversely affected by volatile, negative or
uncertain economic and geopolitical conditions and the effects of
these conditions on the company’s clients’ businesses and levels of
business activity; Accenture’s business depends on generating and
maintaining client demand for the company’s services and solutions
including through the adaptation and expansion of its services and
solutions in response to ongoing changes in technology and
offerings, and a significant reduction in such demand or an
inability to respond to the evolving technological environment
could materially affect the company’s results of operations; risks
and uncertainties related to the development and use of AI could
harm the company’s business, damage its reputation or give rise to
legal or regulatory action; if Accenture is unable to match people
and their skills with client demand around the world and attract
and retain professionals with strong leadership skills, the
company’s business, the utilization rate of the company’s
professionals and the company’s results of operations may be
materially adversely affected; Accenture faces legal, reputational
and financial risks from any failure to protect client and/or
company data from security incidents or cyberattacks; the markets
in which Accenture operates are highly competitive, and Accenture
might not be able to compete effectively; Accenture’s ability to
attract and retain business and employees may depend on its
reputation in the marketplace; if Accenture does not successfully
manage and develop its relationships with key ecosystem partners or
fails to anticipate and establish new alliances in new
technologies, the company’s results of operations could be
adversely affected; Accenture’s profitability could materially
suffer due to pricing pressure, if the company is unable to remain
competitive, if its cost-management strategies are unsuccessful or
if it experiences delivery inefficiencies or fail to satisfy
certain agreed-upon targets or specific service levels; changes in
Accenture’s level of taxes, as well as audits, investigations and
tax proceedings, or changes in tax laws or in their interpretation
or enforcement, could have a material adverse effect on the
company’s effective tax rate, results of operations, cash flows and
financial condition; Accenture’s results of operations could be
materially adversely affected by fluctuations in foreign currency
exchange rates; Accenture’s debt obligations could adversely affect
its business and financial condition; changes to accounting
standards or in the estimates and assumptions Accenture makes in
connection with the preparation of its consolidated financial
statements could adversely affect its financial results; as a
result of Accenture’s geographically diverse operations and
strategy to continue to grow in key markets around the world, the
company is more susceptible to certain risks; if Accenture is
unable to manage the organizational challenges associated with its
size, the company might be unable to achieve its business
objectives; Accenture might not be successful at acquiring,
investing in or integrating businesses, entering into joint
ventures or divesting businesses; Accenture’s business could be
materially adversely affected if the company incurs legal
liability; Accenture’s global operations expose the company to
numerous and sometimes conflicting legal and regulatory
requirements; Accenture’s work with government clients exposes the
company to additional risks inherent in the government contracting
environment; if Accenture is unable to protect or enforce its
intellectual property rights or if Accenture’s services or
solutions infringe upon the intellectual property rights of others
or the company loses its ability to utilize the intellectual
property of others, its business could be adversely affected;
Accenture may be subject to criticism and negative publicity
related to its incorporation in Ireland; as well as the risks,
uncertainties and other factors discussed under the “Risk Factors”
heading in Accenture plc’s most recent Annual Report on Form 10-K
and other documents filed with or furnished to the Securities and
Exchange Commission. Statements in this news release speak only as
of the date they were made, and Accenture undertakes no duty to
update any forward-looking statements made in this news release or
to conform such statements to actual results or changes in
Accenture’s expectations.
Accenture plc
Consolidated Income Statements
(In thousands of U.S. dollars, except
share and per share amounts)
(Unaudited)
Three Months Ended
Year Ended
August 31, 2024
% of Revenues
August 31, 2023
% of Revenues
August 31, 2024
% of Revenues
August 31, 2023
% of Revenues
REVENUES:
Revenues
$
16,405,819
100.0
%
$
15,985,200
100.0
%
$
64,896,464
100.0
%
$
64,111,745
100.0
%
OPERATING EXPENSES:
Cost of services
11,068,363
67.5
%
10,803,571
67.6
%
43,734,147
67.4
%
43,380,138
67.7
%
Sales and marketing
1,755,272
10.7
%
1,730,422
10.8
%
6,846,714
10.6
%
6,582,629
10.3
%
General and administrative costs
1,122,569
6.8
%
1,066,404
6.7
%
4,281,316
6.6
%
4,275,943
6.7
%
Business optimization costs
105,947
0.6
%
471,883
3.0
%
438,440
0.7
%
1,063,146
1.7
%
Total operating expenses
14,052,151
14,072,280
55,300,617
55,301,856
OPERATING INCOME
2,353,668
14.3
%
1,912,920
12.0
%
9,595,847
14.8
%
8,809,889
13.7
%
Interest income
51,317
103,627
272,256
280,409
Interest expense
(22,835
)
(17,403
)
(58,969
)
(47,525
)
Other (expense) income, net
(49,589
)
(40,017
)
(109,811
)
96,559
INCOME BEFORE INCOME TAXES
2,332,561
14.2
%
1,959,127
12.3
%
9,699,323
14.9
%
9,139,332
14.3
%
Income tax expense
613,895
550,915
2,280,126
2,135,802
NET INCOME
1,718,666
10.5
%
1,408,212
8.8
%
7,419,197
11.4
%
7,003,530
10.9
%
Net income attributable to noncontrolling
interest in Accenture Canada Holdings Inc.
(1,606
)
(1,414
)
(7,198
)
(7,204
)
Net income attributable to noncontrolling
interests – other (1)
(32,759
)
(33,835
)
(147,212
)
(124,769
)
NET INCOME ATTRIBUTABLE TO ACCENTURE
PLC
$
1,684,301
10.3
%
$
1,372,963
8.6
%
$
7,264,787
11.2
%
$
6,871,557
10.7
%
CALCULATION OF EARNINGS PER
SHARE:
Net income attributable to Accenture
plc
$
1,684,301
$
1,372,963
$
7,264,787
$
6,871,557
Net income attributable to noncontrolling
interest in Accenture Canada Holdings Inc. (2)
1,606
1,414
7,198
7,204
Net income for diluted earnings per
share calculation
$
1,685,907
$
1,374,377
$
7,271,985
$
6,878,761
WEIGHTED AVERAGE SHARES:
Basic
626,122,298
629,922,331
627,852,613
630,608,186
Diluted
633,883,494
639,249,070
635,940,044
638,591,616
EARNINGS PER SHARE:
Basic
$
2.69
$
2.18
$
11.57
$
10.90
Diluted
$
2.66
$
2.15
$
11.44
$
10.77
Cash dividends per share
$
1.29
$
1.12
$
5.16
$
4.48
(1)
Comprised primarily of noncontrolling
interest attributable to the noncontrolling shareholders of
Avanade, Inc.
(2)
Diluted earnings per share assumes the
exchange of all Accenture Canada Holdings Inc. exchangeable shares
for Accenture plc Class A ordinary shares on a one-for-one basis.
The income effect does not take into account “Net income
attributable to noncontrolling interests — other,” since those
shares are not redeemable or exchangeable for Accenture plc Class A
ordinary shares.
Accenture plc
Summary of Revenues
(In thousands of U.S. dollars)
(Unaudited)
Three Months Ended
Percent
Increase (Decrease)
U.S.
Dollars
Percent
Increase (Decrease)
Local
Currency
August 31, 2024
August 31, 2023
GEOGRAPHIC MARKETS
North America (1)
$
7,966,691
$
7,553,990
5%
6%
EMEA (2)
5,638,763
5,552,896
2
2
Growth Markets (1) (2)
2,800,365
2,878,314
(3)
9
Total Revenues
$
16,405,819
$
15,985,200
3%
5%
INDUSTRY GROUPS
Communications, Media & Technology
$
2,750,513
$
2,707,722
2%
5%
Financial Services
2,872,964
3,027,087
(5)
(2)
Health & Public Service
3,613,865
3,270,497
10
11
Products
4,948,907
4,751,133
4
6
Resources
2,219,570
2,228,761
—
3
Total Revenues
$
16,405,819
$
15,985,200
3%
5%
TYPE OF WORK
Consulting
$
8,260,395
$
8,196,848
1%
3%
Managed Services
8,145,424
7,788,352
5
7
Total Revenues
$
16,405,819
$
15,985,200
3%
5%
Year Ended
Percent
Increase (Decrease)
U.S. Dollars
Percent
Increase (Decrease)
Local
Currency
August 31, 2024
August 31, 2023
GEOGRAPHIC MARKETS
North America (1)
$
30,740,611
$
30,295,587
1%
2%
EMEA (2)
22,817,879
22,292,584
2
—
Growth Markets (1) (2)
11,337,974
11,523,574
(2)
7
Total Revenues
$
64,896,464
$
64,111,745
1%
2%
INDUSTRY GROUPS
Communications, Media & Technology
$
10,837,174
$
11,452,914
(5)%
(4)%
Financial Services
11,610,225
12,131,531
(4)
(3)
Health & Public Service
13,840,634
12,560,458
10
10
Products
19,554,154
19,103,892
2
2
Resources
9,054,277
8,862,950
2
4
Total Revenues
$
64,896,464
$
64,111,745
1%
2%
TYPE OF WORK
Consulting
$
33,195,104
$
33,613,008
(1)%
(1)%
Managed Services
31,701,360
30,498,737
4
5
Total Revenues
$
64,896,464
$
64,111,745
1%
2%
(1)
In the first quarter of fiscal 2025, our
Latin America market unit will move from Growth Markets to North
America. With this change, North America will become the Americas
market and Growth Markets will become the Asia Pacific market.
(2)
During the first quarter of fiscal 2024,
we revised the reporting of our geographic markets for the movement
of our Middle East and Africa market units from Growth Markets to
Europe, and the Europe market became our EMEA (Europe, Middle East
and Africa) geographic market. Prior period amounts have been
reclassified to conform with the current period presentation.
Accenture plc
Operating Income by Geographic
Market
(In thousands of U.S. dollars)
(Unaudited)
Three Months Ended
August 31, 2024
August 31, 2023
Operating
Income
Operating
Margin
Operating
Income
Operating
Margin
Increase
(Decrease)
North America (1)
$
1,270,181
16
%
$
1,098,715
15
%
$
171,466
EMEA (2)
701,138
12
470,867
8
230,271
Growth Markets (1) (2)
382,349
14
343,338
12
39,011
Total Operating Income
$
2,353,668
14.3
%
$
1,912,920
12.0
%
$
440,748
Year Ended
August 31, 2024
August 31, 2023
Operating
Income
Operating
Margin
Operating
Income
Operating
Margin
Increase
(Decrease)
North America (1)
$
4,952,337
16
%
$
4,473,701
15
%
$
478,636
EMEA (2)
2,803,610
12
2,483,483
11
320,127
Growth Markets (1) (2)
1,839,900
16
1,852,705
16
(12,805
)
Total Operating Income
$
9,595,847
14.8
%
$
8,809,889
13.7
%
$
785,958
(1)
In the first quarter of fiscal 2025, our
Latin America market unit will move from Growth Markets to North
America. With this change, North America will become the Americas
market and Growth Markets will become the Asia Pacific market.
(2)
During the first quarter of fiscal 2024,
we revised the reporting of our geographic markets for the movement
of our Middle East and Africa market units from Growth Markets to
Europe, and the Europe market became our EMEA (Europe, Middle East
and Africa) geographic market. Prior period amounts have been
reclassified to conform with the current period presentation.
Accenture plc
Reconciliation of Operating Income
(GAAP) to Operating Income As Adjusted (Non-GAAP)
(In thousands of U.S. dollars)
(Unaudited)
Three Months Ended
August 31, 2024
August 31, 2023
As Reported (GAAP)
Business Optimization
(1)
Adjusted (Non-GAAP)
Operating
Margin (Non-GAAP)
As Reported (GAAP)
Business Optimization
(1)
Adjusted (Non-GAAP)
Operating
Margin (Non-GAAP)
North America (2)
$
1,270,181
$
21,260
$
1,291,441
16
%
$
1,098,715
$
191,550
$
1,290,265
17
%
EMEA (3)
701,138
17,422
718,560
13
470,867
229,928
700,795
13
Growth Markets (2) (3)
382,349
67,265
449,614
16
343,338
50,405
393,743
14
Total Operating Income
$
2,353,668
$
105,947
$
2,459,615
15.0
%
$
1,912,920
$
471,883
$
2,384,803
14.9
%
Year Ended
August 31, 2024
August 31, 2023
As Reported (GAAP)
Business Optimization
(1)
Adjusted (Non-GAAP)
Operating
Margin (Non-GAAP)
As Reported (GAAP)
Business Optimization
(1)
Adjusted (Non-GAAP)
Operating
Margin (Non-GAAP)
North America (2)
$
4,952,337
$
68,201
$
5,020,538
16
%
$
4,473,701
$
464,879
$
4,938,580
16
%
EMEA (3)
2,803,610
248,724
3,052,334
13
2,483,483
438,093
2,921,576
13
Growth Markets (2) (3)
1,839,900
121,515
1,961,415
17
1,852,705
160,174
2,012,879
17
Total Operating Income
$
9,595,847
$
438,440
$
10,034,287
15.5
%
$
8,809,889
$
1,063,146
$
9,873,035
15.4
%
(1)
Costs recorded in connection with our
business optimization initiatives, primarily for employee
severance.
(2)
In the first quarter of fiscal 2025, our
Latin America market unit will move from Growth Markets to North
America. With this change, North America will become the Americas
market and Growth Markets will become the Asia Pacific market.
(3)
During the first quarter of fiscal 2024,
we revised the reporting of our geographic markets for the movement
of our Middle East and Africa market units from Growth Markets to
Europe, and the Europe market became our EMEA (Europe, Middle East
and Africa) geographic market. Prior period amounts have been
reclassified to conform with the current period presentation.
Accenture plc
Reconciliation of Net Income and
Diluted Earnings Per Share, as Reported (GAAP), to Net Income and
Diluted Earnings Per Share, as Adjusted (Non-GAAP)
(In thousands of U.S. dollars, except per
share amounts)
(Unaudited)
Three Months Ended
August 31, 2024
August 31, 2023
As Reported (GAAP)
Business Optimization
(1)
Adjusted (Non-GAAP)
As Reported (GAAP)
Business Optimization
(1)
Adjusted
(Non-GAAP)
Operating Income
$
2,353,668
$
105,947
$
2,459,615
$
1,912,920
$
471,883
$
2,384,803
Operating Margin
14.3
%
0.7
%
15.0
%
12.0
%
2.9
%
14.9
%
Income before income taxes
2,332,561
105,947
2,438,508
1,959,127
471,883
2,431,010
Income tax expense
613,895
25,644
639,539
550,915
115,514
666,429
Net Income
$
1,718,666
$
80,303
$
1,798,969
$
1,408,212
$
356,369
$
1,764,581
Effective tax rate
26.3
%
24.2
%
26.2
%
28.1
%
24.5
%
27.4
%
Diluted earnings per share (3)
$
2.66
$
0.13
$
2.79
$
2.15
$
0.56
$
2.71
Year Ended
August 31, 2024
August 31, 2023
As Reported (GAAP)
Business Optimization
(1)
Adjusted (Non-GAAP)
As Reported (GAAP)
Business Optimization
(1)
Investment Gain
(2)
Adjusted (Non-GAAP)
Operating Income
$
9,595,847
$
438,440
$
10,034,287
$
8,809,889
$
1,063,146
$
—
$
9,873,035
Operating Margin
14.8
%
0.7
%
15.5
%
13.7
%
1.7
%
—
%
15.4
%
Income before income taxes
9,699,323
438,440
10,137,763
9,139,332
1,063,146
(252,920
)
9,949,558
Income tax expense
2,280,126
111,350
2,391,476
2,135,802
247,365
(8,840
)
2,374,327
Net Income
$
7,419,197
$
327,090
$
7,746,287
$
7,003,530
$
815,781
$
(244,080
)
$
7,575,231
Effective tax rate
23.5
%
25.4
%
23.6
%
23.4
%
23.3
%
3.5
%
23.9
%
Diluted earnings per share (3)
$
11.44
$
0.51
$
11.95
$
10.77
$
1.28
$
(0.38
)
$
11.67
(1)
Costs recorded in connection with our
business optimization initiatives, primarily for employee
severance.
(2)
Gain recognized related to our investment
in Duck Creek Technologies.
(3)
The impact of the business optimization
costs and investment gain on diluted earnings per share are
presented net of related taxes. The income tax effect was negative
$0.04 and negative $0.18 for the three months ended August 31, 2024
and 2023, respectively, and negative $0.18 and negative $0.37 for
the fiscal years ended August 31, 2024 and 2023, respectively. This
includes both the current and deferred income tax impact and was
calculated by using the relevant tax rate of the country where the
costs were recorded.
Accenture plc
Consolidated Balance Sheets
(In thousands of U.S. dollars)
August 31, 2024
August 31, 2023
(Unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents
$
5,004,469
$
9,045,032
Short-term investments
5,396
4,575
Receivables and contract assets
13,664,847
12,227,186
Other current assets
2,183,069
2,105,138
Total current assets
20,857,781
23,381,931
NON-CURRENT ASSETS:
Contract assets
120,260
106,994
Investments
334,664
197,443
Property and equipment, net
1,521,119
1,530,007
Lease assets
2,757,396
2,637,479
Goodwill
21,120,179
15,573,003
Other non-current assets
9,220,964
7,818,448
Total non-current assets
35,074,582
27,863,374
TOTAL ASSETS
$
55,932,363
$
51,245,305
LIABILITIES AND SHAREHOLDERS’
EQUITY
CURRENT LIABILITIES:
Current portion of long-term debt and bank
borrowings
$
946,229
$
104,810
Accounts payable
2,743,807
2,491,173
Deferred revenues
5,174,923
4,907,152
Accrued payroll and related benefits
7,050,833
7,506,030
Lease liabilities
726,202
690,417
Other accrued liabilities
2,334,133
2,309,456
Total current liabilities
18,976,127
18,009,038
NON-CURRENT LIABILITIES:
Long-term debt
78,628
43,093
Lease liabilities
2,369,490
2,310,714
Other non-current liabilities
5,339,870
4,423,867
Total non-current liabilities
7,787,988
6,777,674
Total Accenture plc shareholders’
equity
28,288,646
25,692,839
Noncontrolling interest
879,602
765,754
Total Shareholders' Equity
29,168,248
26,458,593
TOTAL LIABILITIES AND SHAREHOLDERS’
EQUITY
$
55,932,363
$
51,245,305
Accenture plc
Consolidated Cash Flows
Statements
(In thousands of U.S. dollars)
(Unaudited)
Three Months Ended
Year Ended
August 31, 2024
August 31, 2023
August 31, 2024
August 31, 2023
CASH FLOWS FROM OPERATING
ACTIVITIES:
Net income
$
1,718,666
$
1,408,212
$
7,419,197
$
7,003,530
Depreciation, amortization and other
596,405
641,281
2,168,038
2,281,085
Share-based compensation expense
402,788
383,017
1,941,590
1,913,051
Change in assets and liabilities/other,
net
671,572
976,878
(2,397,798
)
(1,673,398
)
Net cash provided by (used in)
operating activities
3,389,431
3,409,388
9,131,027
9,524,268
CASH FLOWS FROM INVESTING
ACTIVITIES:
Purchases of property and equipment
(213,636
)
(180,294
)
(516,509
)
(528,172
)
Purchases of businesses and investments,
net of cash acquired
(1,343,522
)
(1,196,856
)
(6,582,702
)
(2,530,863
)
Proceeds from the sale of businesses and
investments, net of cash transferred
7,816
6,274
28,721
424,387
Other investing, net
2,168
3,786
8,672
12,178
Net cash provided by (used in)
investing activities
(1,547,174
)
(1,367,090
)
(7,061,818
)
(2,622,470
)
CASH FLOWS FROM FINANCING
ACTIVITIES:
Proceeds from issuance of ordinary
shares
150,808
156,432
1,418,131
1,501,069
Purchases of shares
(628,430
)
(1,004,553
)
(4,524,646
)
(4,330,403
)
Proceeds from (repayments of) debt,
net
(671,246
)
100,000
827,787
100,000
Cash dividends paid
(807,869
)
(706,063
)
(3,241,479
)
(2,827,394
)
Other financing, net
(472,213
)
(26,117
)
(543,301
)
(88,598
)
Net cash provided by (used in)
financing activities
(2,428,950
)
(1,480,301
)
(6,063,508
)
(5,645,326
)
Effect of exchange rate changes on cash
and cash equivalents
53,945
(52,411
)
(46,264
)
(101,273
)
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS
(532,748
)
509,586
(4,040,563
)
1,155,199
CASH AND CASH EQUIVALENTS, beginning of
period
5,537,217
8,535,446
9,045,032
7,889,833
CASH AND CASH EQUIVALENTS, end of
period
$
5,004,469
$
9,045,032
$
5,004,469
$
9,045,032
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240926721611/en/
Rachel Frey Accenture Media Relations +1 917 452 4421
rachel.frey@accenture.com
Katie O’Conor Accenture Investor Relations +1 973 301 3275
catherine.m.oconor@accenture.com
Accenture (NYSE:ACN)
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