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Table of Contents


UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended February 28, 2023
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from             to            
Commission File Number: 001-34448
acn-20230228_g1.gif
Accenture plc
(Exact name of registrant as specified in its charter)
Ireland98-0627530
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
1 Grand Canal Square,
Grand Canal Harbour,
Dublin 2, Ireland
(Address of principal executive offices)
(353) (1646-2000
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A ordinary shares, par value $0.0000225 per shareACNNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filerNon-accelerated filer
Smaller reporting companyEmerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No ☑
The number of shares of the registrant’s Class A ordinary shares, par value $0.0000225 per share, outstanding as of March 9, 2023 was 662,595,677 (which number includes 31,063,379 issued shares held by the registrant). The number of shares of the registrant’s Class X ordinary shares, par value $0.0000225 per share, outstanding as of March 9, 2023 was 338,638.



Table of Contents
Page
Part I.
Item 1.
Item 2.
Item 3.
Item 4.
Part II.
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.


Consolidated Financial Statements
(In thousands of U.S. dollars, except share and per share amounts)
ACCENTURE FORM 10-Q
3


Part I — Financial Information
Item 1. Financial Statements
Consolidated Balance Sheets
February 28, 2023 and August 31, 2022
February 28, 2023August 31, 2022
ASSETS(Unaudited)
CURRENT ASSETS:
Cash and cash equivalents$6,238,787 $7,889,833 
Short-term investments4,189 3,973 
Receivables and contract assets12,499,168 11,776,775 
Other current assets2,318,814 1,940,290 
Total current assets21,060,958 21,610,871 
NON-CURRENT ASSETS:
Contract assets75,423 46,844 
Investments325,251 317,972 
Property and equipment, net1,560,691 1,659,140 
Lease assets2,906,181 3,018,535 
Goodwill14,190,658 13,133,293 
Deferred contract costs850,522 807,940 
Deferred tax assets4,050,145 4,001,200 
Other non-current assets2,707,460 2,667,595 
Total non-current assets26,666,331 25,652,519 
TOTAL ASSETS$47,727,289 $47,263,390 
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Current portion of long-term debt and bank borrowings$10,815 $9,175 
Accounts payable2,470,896 2,559,485 
Deferred revenues5,112,570 4,478,048 
Accrued payroll and related benefits5,974,677 7,611,794 
Income taxes payable535,001 646,471 
Lease liabilities700,570 707,598 
Other accrued liabilities1,544,993 1,510,925 
Total current liabilities16,349,522 17,523,496 
NON-CURRENT LIABILITIES:
Long-term debt45,155 45,893 
Deferred revenues726,092 712,715 
Retirement obligation1,641,782 1,692,152 
Deferred tax liabilities364,510 318,584 
Income taxes payable1,250,019 1,198,139 
Lease liabilities2,451,961 2,563,090 
Other non-current liabilities440,970 462,233 
Total non-current liabilities6,920,489 6,992,806 
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS’ EQUITY:
Ordinary shares, par value 1.00 euros per share, 40,000 shares authorized and issued as of February 28, 2023 and August 31, 2022
57 57 
Class A ordinary shares, par value $0.0000225 per share, 20,000,000,000 shares authorized, 662,405,556 and 664,561,282 shares issued as of February 28, 2023 and August 31, 2022, respectively
15 15 
Class X ordinary shares, par value $0.0000225 per share, 1,000,000,000 shares authorized, 338,638 and 500,837 shares issued and outstanding as of February 28, 2023 and August 31, 2022, respectively
  
Restricted share units1,636,155 2,091,382 
Additional paid-in capital12,163,671 10,679,180 
Treasury shares, at cost: Ordinary, 40,000 shares as of February 28, 2023 and August 31, 2022; Class A ordinary, 31,141,439 and 33,393,703 shares as of February 28, 2023 and August 31, 2022, respectively
(5,593,010)(6,678,037)
Retained earnings17,500,001 18,203,842 
Accumulated other comprehensive loss(1,944,270)(2,190,342)
Total Accenture plc shareholders’ equity23,762,619 22,106,097 
Noncontrolling interests694,659 640,991 
Total shareholders’ equity24,457,278 22,747,088 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY$47,727,289 $47,263,390 
The accompanying Notes are an integral part of these Consolidated Financial Statements.


Consolidated Financial Statements
(In thousands of U.S. dollars, except share and per share amounts)
ACCENTURE FORM 10-Q
4


Consolidated Income Statements
For the Three and Six Months Ended February 28, 2023 and 2022
(Unaudited)
Three Months EndedSix Months Ended
February 28, 2023February 28, 2022February 28, 2023February 28, 2022
REVENUES:
Revenues $15,814,158 $15,046,693 $31,561,960 $30,011,846 
OPERATING EXPENSES:
Cost of services 10,979,392 10,522,734 21,541,052 20,571,098 
Sales and marketing 1,563,567 1,414,814 3,113,586 2,869,239 
General and administrative costs 1,082,228 1,047,565 2,125,251 2,075,635 
Business optimization costs244,390  244,390  
Total operating expenses13,869,577 12,985,113 27,024,279 25,515,972 
OPERATING INCOME1,944,581 2,061,580 4,537,681 4,495,874 
Interest income50,259 7,269 94,964 13,319 
Interest expense(11,634)(11,216)(18,914)(22,399)
Other income (expense), net (36,300)(7,183)(65,207)(30,212)
INCOME BEFORE INCOME TAXES1,946,906 2,050,450 4,548,524 4,456,582 
Income tax expense396,223 392,921 1,001,541 979,323 
NET INCOME1,550,683 1,657,529 3,546,983 3,477,259 
Net income attributable to noncontrolling interests in Accenture Canada Holdings Inc.(1,604)(1,742)(3,689)(3,676)
Net income attributable to noncontrolling interests – other(25,431)(20,845)(54,696)(47,617)
NET INCOME ATTRIBUTABLE TO ACCENTURE PLC$1,523,648 $1,634,942 $3,488,598 $3,425,966 
Weighted average Class A ordinary shares:
Basic630,845,147 633,956,712 630,485,134 633,108,627 
Diluted637,735,390 644,127,093 638,350,779 644,622,602 
Earnings per Class A ordinary share:
Basic$2.42 $2.58 $5.53 $5.41 
Diluted$2.39 $2.54 $5.47 $5.32 
Cash dividends per share$1.12 $0.97 $2.24 $1.94 
The accompanying Notes are an integral part of these Consolidated Financial Statements.


Consolidated Financial Statements
(In thousands of U.S. dollars)
ACCENTURE FORM 10-Q
5
Consolidated Statements of Comprehensive Income
For the Three and Six Months Ended February 28, 2023 and 2022
(Unaudited)
Three Months EndedSix Months Ended
February 28, 2023February 28, 2022February 28, 2023February 28, 2022
NET INCOME$1,550,683 $1,657,529 $3,546,983 $3,477,259 
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX:
Foreign currency translation112,625 9,410 196,793 (211,353)
Defined benefit plans6,539 9,534 98,219 (3,427)
Cash flow hedges(7,762)12,807 (48,940)(41,208)
OTHER COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO ACCENTURE PLC111,402 31,751 246,072 (255,988)
Other comprehensive income (loss) attributable to noncontrolling interests2,469 96 5,338 (5,576)
COMPREHENSIVE INCOME$1,664,554 $1,689,376 $3,798,393 $3,215,695 
COMPREHENSIVE INCOME ATTRIBUTABLE TO ACCENTURE PLC$1,635,050 $1,666,693 $3,734,670 $3,169,978 
Comprehensive income attributable to noncontrolling interests29,504 22,683 63,723 45,717 
COMPREHENSIVE INCOME$1,664,554 $1,689,376 $3,798,393 $3,215,695 
The accompanying Notes are an integral part of these Consolidated Financial Statements.


Consolidated Financial Statements
(In thousands of U.S. dollars and share amounts)
ACCENTURE FORM 10-Q
6
Consolidated Shareholders’ Equity Statement
For the Three Months Ended February 28, 2023
(Unaudited)
 Ordinary
Shares
Class A
Ordinary
Shares
Class X
Ordinary
Shares
Restricted
Share
Units
Additional
Paid-in
Capital
Treasury SharesRetained
Earnings
Accumulated
Other
Comprehensive
Loss
Total
Accenture plc
Shareholders’
Equity
Noncontrolling
Interests
Total
Shareholders’
Equity
 $No.
Shares
$No.
Shares
$No.
Shares
$No.
Shares
Balance as of November 30, 2022$57 40 $15 658,255 $ 499 $2,167,437 $11,051,309 $(5,169,967)(28,850)$16,981,432 $(2,055,672)$22,974,611 $691,339 $23,665,950 
Net income1,523,648 1,523,648 27,035 1,550,683 
Other comprehensive income (loss)111,402 111,402 2,469 113,871 
Purchases of Class A shares1,014 (1,117,535)(4,085)(1,116,521)(1,014)(1,117,535)
Share-based compensation expense631,871 (1)631,870 631,870 
Purchases/redemptions of Accenture Canada Holdings Inc. exchangeable shares and Class X shares(160)(676)(676)(676)
Issuances of Class A shares for employee share programs4,151 (1,193,792)1,108,186 694,492 1,754 (267,284)341,602 312 341,914 
Dividends30,639 (737,795)(707,156)(866)(708,022)
Other, net3,839 3,839 (24,616)(20,777)
Balance as of February 28, 2023$57 40 $15 662,406 $ 339 $1,636,155 $12,163,671 $(5,593,010)(31,181)$17,500,001 $(1,944,270)$23,762,619 $694,659 $24,457,278 
The accompanying Notes are an integral part of these Consolidated Financial Statements.


Consolidated Financial Statements
(In thousands of U.S. dollars and share amounts)
ACCENTURE FORM 10-Q
7
Consolidated Shareholders’ Equity Statement — (continued)
For the Three Months Ended February 28, 2022
(Unaudited)
 Ordinary
Shares
Class A
Ordinary
Shares
Class X
Ordinary
Shares
Restricted
Share
Units
Additional
Paid-in
Capital
Treasury SharesRetained
Earnings
Accumulated
Other
Comprehensive
Loss
Total
Accenture plc
Shareholders’
Equity
Noncontrolling
Interests
Total
Shareholders’
Equity
 $No.
Shares
$No.
Shares
$No.
Shares
$No.
Shares
Balance as of November 30, 2021$57 40 $15 658,333 $ 508 $1,931,366 $9,097,934 $(4,079,625)(26,287)$15,110,688 $(1,707,236)$20,353,199 $585,459 $20,938,658 
Net income1,634,942 1,634,942 22,587 1,657,529 
Other comprehensive income (loss)31,751 31,751 96 31,847 
Purchases of Class A shares1,639 (1,691,604)(4,582)(1,689,965)(1,639)(1,691,604)
Share-based compensation expense546,607 546,607 546,607 
Purchases/redemptions of Accenture Canada Holdings Inc. exchangeable shares and Class X shares(4)(1,750)(1,750)(1,750)
Issuances of Class A shares for employee share programs4,084 (1,067,053)959,264 473,880 1,834 (73,629)292,462 285 292,747 
Dividends27,676 (643,602)(615,926)(657)(616,583)
Other, net8,703 8,703 (9,175)(472)
Balance as of February 28, 2022$57 40 $15 662,417 $ 504 $1,438,596 $10,065,790 $(5,297,349)(29,035)$16,028,399 $(1,675,485)$20,560,023 $596,956 $21,156,979 
The accompanying Notes are an integral part of these Consolidated Financial Statements.















Consolidated Financial Statements
(In thousands of U.S. dollars and share amounts)
ACCENTURE FORM 10-Q
8
Consolidated Shareholders’ Equity Statement — (continued)
For the Six Months Ended February 28, 2023
(Unaudited)
Ordinary
Shares
Class A
Ordinary
Shares
Class X
Ordinary
Shares
Restricted
Share
Units
Additional
Paid-in
Capital
Treasury SharesRetained
Earnings
Accumulated
Other
Comprehensive
Loss
Total
Accenture plc
Shareholders’
Equity
Noncontrolling
Interests
Total
Shareholders’
Equity
$No.
Shares
$No.
Shares
$No.
Shares
$No.
Shares
Balance as of August 31, 2022$57 40 $15 664,561 $ 501 $2,091,382 $10,679,180 $(6,678,037)(33,434)$18,203,842 $(2,190,342)$22,106,097 $640,991 $22,747,088 
Net income3,488,598 3,488,598 58,385 3,546,983 
Other comprehensive income (loss)246,072 246,072 5,338 251,410 
Purchases of Class A shares2,318 (2,534,683)(9,295)(2,532,365)(2,318)(2,534,683)
Cancellation of treasury shares(8,828)(175,701)2,595,281 8,828 (2,419,580)— — 
Share-based compensation expense1,001,365 55,974 1,057,339 1,057,339 
Purchases/redemptions of Accenture Canada Holdings Inc. exchangeable shares and Class X shares(162)(2,230)(2,230)(2,230)
Issuances of Class A shares for employee share programs6,673 (1,512,994)1,599,816 1,024,429 2,720 (304,363)806,888 733 807,621 
Dividends56,402 (1,468,496)(1,412,094)(1,495)(1,413,589)
Other, net4,314 4,314 (6,975)(2,661)
Balance as of February 28, 2023$57 40 $15 662,406 $ 339 $1,636,155 $12,163,671 $(5,593,010)(31,181)$17,500,001 $(1,944,270)$23,762,619 $694,659 $24,457,278 
The accompanying Notes are an integral part of these Consolidated Financial Statements.














Consolidated Financial Statements
(In thousands of U.S. dollars and share amounts)
ACCENTURE FORM 10-Q
9
Consolidated Shareholders’ Equity Statement — (continued)
For the Six Months Ended February 28, 2022
(Unaudited)
Ordinary
Shares
Class A
Ordinary
Shares
Class X
Ordinary
Shares
Restricted
Share
Units
Additional
Paid-in
Capital
Treasury SharesRetained
Earnings
Accumulated
Other
Comprehensive
Loss
Total
Accenture plc
Shareholders’
Equity
Noncontrolling
Interests
Total
Shareholders’
Equity
$No.
Shares
$No.
Shares
$No.
Shares
$No.
Shares
Balance as of August 31, 2021$57 40 $15 656,591 $ 513 $1,750,784 $8,617,838 $(3,408,491)(24,545)$13,988,748 $(1,419,497)$19,529,454 $567,660 $20,097,114 
Net income3,425,966 3,425,966 51,293 3,477,259 
Other comprehensive income (loss)(255,988)(255,988)(5,576)(261,564)
Purchases of Class A shares2,463 (2,534,446)(7,017)(2,531,983)(2,463)(2,534,446)
Share-based compensation expense864,159 48,139 912,298 912,298 
Purchases/redemptions of Accenture Canada Holdings Inc. exchangeable shares and Class X shares(9)(4,274)(4,274)(4,274)
Issuances of Class A shares for employee share programs5,826 (1,230,304)1,389,803 645,588 2,527 (103,889)701,198 679 701,877 
Dividends53,957 (1,282,426)(1,228,469)(1,322)(1,229,791)
Other, net11,821 11,821 (13,315)(1,494)
Balance as of February 28, 2022$57 40 $15 662,417 $ 504 $1,438,596 $10,065,790 $(5,297,349)(29,035)$16,028,399 $(1,675,485)$20,560,023 $596,956 $21,156,979 
The accompanying Notes are an integral part of these Consolidated Financial Statements.


Consolidated Financial Statements
 (In thousands of U.S. dollars)
ACCENTURE FORM 10-Q
10
Consolidated Cash Flows Statements
For the Six Months Ended February 28, 2023 and 2022
(Unaudited)
February 28, 2023February 28, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income$3,546,983 $3,477,259 
Adjustments to reconcile Net income to Net cash provided by (used in) operating activities —
Depreciation, amortization and other1,038,705 1,029,125 
Share-based compensation expense1,057,339 912,298 
Deferred tax expense (benefit)(92,295)(15,670)
Other, net57,334 (110,458)
Change in assets and liabilities, net of acquisitions —
Receivables and contract assets, current and non-current(358,519)(1,800,345)
Other current and non-current assets(535,273)(610,693)
Accounts payable(151,738)(45,475)
Deferred revenues, current and non-current419,313 570,558 
Accrued payroll and related benefits(1,713,468)(541,474)
Income taxes payable, current and non-current(110,828)255,397 
Other current and non-current liabilities(332,044)(434,158)
Net cash provided by (used in) operating activities2,825,509 2,686,364 
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment(206,378)(346,331)
Purchases of businesses and investments, net of cash acquired(1,076,987)(1,848,774)
Proceeds from the sale of businesses and investments, net of cash transferred17,875 3,561 
Other investing, net5,119 6,461 
Net cash provided by (used in) investing activities(1,260,371)(2,185,083)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of shares807,621 701,877 
Purchases of shares(2,536,913)(2,538,720)
Proceeds from (repayments of) long-term debt, net(408)(8,877)
Cash dividends paid(1,413,589)(1,229,791)
Other financing, net(48,912)(30,664)
Net cash provided by (used in) financing activities(3,192,201)(3,106,175)
Effect of exchange rate changes on cash and cash equivalents(23,983)(97,164)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS(1,651,046)(2,702,058)
CASH AND CASH EQUIVALENTS, beginning of period
7,889,833 8,168,174 
CASH AND CASH EQUIVALENTS, end of period
$6,238,787 $5,466,116 
SUPPLEMENTAL CASH FLOW INFORMATION:
Income taxes paid, net$1,318,515 $874,413 
The accompanying Notes are an integral part of these Consolidated Financial Statements.




Notes To Consolidated Financial Statements
(In thousands of U.S. dollars, except share and per share amounts or as otherwise disclosed)
ACCENTURE FORM 10-Q
11

1. Basis of Presentation
The accompanying unaudited interim Consolidated Financial Statements of Accenture plc and its controlled subsidiary companies have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for quarterly reports on Form 10-Q and do not include all of the information and note disclosures required by U.S. generally accepted accounting principles (“U.S. GAAP”) for complete financial statements. We use the terms “Accenture,” “we” and “our” in the Notes to Consolidated Financial Statements to refer to Accenture plc and its subsidiaries. These Consolidated Financial Statements should therefore be read in conjunction with the Consolidated Financial Statements and Notes thereto for the fiscal year ended August 31, 2022 included in our Annual Report on Form 10-K filed with the SEC on October 12, 2022.
The accompanying unaudited interim Consolidated Financial Statements have been prepared in accordance with U.S. GAAP, which requires management to make estimates and assumptions that affect amounts reported in the Consolidated Financial Statements and accompanying disclosures. Although these estimates are based on management’s best knowledge of current events and actions that we may undertake in the future, actual results may differ from those estimates. The Consolidated Financial Statements reflect all adjustments of a normal, recurring nature that are, in the opinion of management, necessary for a fair presentation of results for these interim periods. The results of operations for the three and six months ended February 28, 2023 are not necessarily indicative of the results that may be expected for the fiscal year ending August 31, 2023.
Allowance for Credit Losses—Client Receivables and Contract Assets
As of February 28, 2023 and August 31, 2022, the total allowance for credit losses recorded for client receivables and contract assets was $25,737 and $25,786, respectively. The change in the allowance is primarily due to immaterial write-offs and changes in gross client receivables and contract assets.
Investments
All available-for-sale securities and liquid investments with an original maturity greater than three months but less than one year are considered to be Short-term investments. Non-current investments consist of equity securities in publicly-traded and privately-held companies and are accounted for using either the equity or fair value measurement alternative method of accounting (for investments without readily determinable fair values).
Our non-current investments are as follows:
February 28, 2023August 31, 2022
Equity method investments$168,812 $164,164 
Investments without readily determinable fair values156,439 153,808 
Total non-current investments$325,251 $317,972 
For investments in which we can exercise significant influence but do not control, we use the equity method of accounting. Equity method investments are initially recorded at cost and our proportionate share of gains and losses of the investee are included as a component of Other income (expense), net. Our equity method investments consist primarily of an investment in Duck Creek Technologies. As of February 28, 2023, the carrying amount of our investment was $143,700, and the estimated fair value of our approximately 16% ownership was $400,355. We account for the investment under the equity method because we have the ability to influence operations through the combination of our voting power and through other factors, such as representation on the board and our business relationship.
On January 9, 2023, Duck Creek Technologies announced an agreement to be acquired by Vista Equity Partners for $19.00 per share. The transaction is expected to close in the first half of calendar year 2023, subject to the satisfaction of customary closing conditions.






Notes To Consolidated Financial Statements
(In thousands of U.S. dollars, except share and per share amounts or as otherwise disclosed)
ACCENTURE FORM 10-Q
12

Depreciation and Amortization
As of February 28, 2023 and August 31, 2022, total accumulated depreciation was $2,694,138 and $2,490,187, respectively. See table below for summary of depreciation on fixed assets, deferred transition amortization, intangible assets amortization and operating lease cost for the three and six months ended February 28, 2023 and 2022, respectively.
 Three Months EndedSix Months Ended
 February 28, 2023February 28, 2022February 28, 2023February 28, 2022
Depreciation$137,742 $149,872 $281,791 $288,665 
Amortization - Deferred transition85,160 68,331 155,600 135,537 
Amortization - Intangible assets120,212 115,831 229,281 218,373 
Operating lease cost184,226 192,869 364,728 383,111 
Other5,136 1,357 7,305 3,439 
Total depreciation, amortization and other$532,476 $528,260 $1,038,705 $1,029,125 
Business Optimization
During the second quarter of fiscal 2023, we initiated actions to streamline our operations, transform our non-billable corporate functions and consolidate our office space to reduce costs. We expect to record total business optimization costs of approximately $1.5 billion related to these actions, with approximately $800 million in fiscal 2023 and $700 million in fiscal 2024. This consists of approximately $1.2 billion of employee severance and other personnel costs, of which we expect to incur $500 million in fiscal 2023 and the remaining $700 million in fiscal 2024. The actual amount and timing of costs are dependent in part upon local country consultation processes and regulations and may differ from our current expectations and estimates. Additionally, we expect to incur $300 million of costs related to the consolidation of office space, the majority of which is expected to be recorded in fiscal 2023.
We recorded $244,390 of business optimization costs during the second quarter of fiscal 2023, primarily for employee severance.
Total business optimization costs for the three and six months ended February 28, 2023 were $176,980 for North America, $40,377 for Europe and $27,033 for Growth Markets.




Notes To Consolidated Financial Statements
(In thousands of U.S. dollars, except share and per share amounts or as otherwise disclosed)
ACCENTURE FORM 10-Q
13

2. Revenues
Disaggregation of Revenue
See Note 11 (Segment Reporting) to these Consolidated Financial Statements for our disaggregated revenues.
Remaining Performance Obligations
We had remaining performance obligations of approximately $27 billion and $24 billion as of February 28, 2023 and August 31, 2022, respectively. Our remaining performance obligations represent the amount of transaction price for which work has not been performed and revenue has not been recognized. The majority of our contracts are terminable by the client on short notice with little or no termination penalties, and some without notice. Under Topic 606, only the non-cancelable portion of these contracts is included in our performance obligations. Additionally, our performance obligations only include variable consideration if we assess it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty is resolved. Based on the terms of our contracts, a significant portion of what we consider contract bookings is not included in our remaining performance obligations. We expect to recognize approximately 52% of our remaining performance obligations as of February 28, 2023 as revenue in fiscal 2023, an additional 24% in fiscal 2024, and the balance thereafter.
Contract Estimates
Adjustments in contract estimates related to performance obligations satisfied or partially satisfied in prior periods were immaterial for the three and six months ended February 28, 2023 and 2022.
Contract Balances
Deferred transition revenues were $726,092 and $712,715 as of February 28, 2023 and August 31, 2022, respectively, and are included in Non-current deferred revenues. Costs related to these activities are also deferred and are expensed as the services are provided. Deferred transition costs were $850,522 and $807,940 as of February 28, 2023 and August 31, 2022, respectively, and are included in Deferred contract costs. Generally, deferred amounts are protected in the event of early termination of the contract and are monitored regularly for impairment. Impairment losses are recorded when projected remaining undiscounted operating cash flows of the related contract are not sufficient to recover the carrying amount of contract assets.
The following table provides information about the balances of our Receivables and Contract assets, net of allowance, and Contract liabilities (Deferred revenues):
As of February 28, 2023As of August 31, 2022
Receivables$10,997,530 $10,484,211 
Contract assets (current)1,501,638 1,292,564 
Receivables and contract assets, net of allowance (current)12,499,168 11,776,775 
Contract assets (non-current)75,423 46,844 
Deferred revenues (current)5,112,570 4,478,048 
Deferred revenues (non-current)726,092 712,715 
Changes in the contract asset and liability balances during the six months ended February 28, 2023 were a result of normal business activity and not materially impacted by any other factors.
Revenues recognized during the three and six months ended February 28, 2023 that were included in Deferred revenues as of November 30, 2022 and August 31, 2022 were $2.5 billion and $3.3 billion, respectively. Revenues recognized during the three and six months ended February 28, 2022 that were included in Deferred revenues as of November 30, 2021 and August 31, 2021 were $2.3 billion and $3.2 billion, respectively.


Notes To Consolidated Financial Statements
(In thousands of U.S. dollars, except share and per share amounts or as otherwise disclosed)
ACCENTURE FORM 10-Q
14

3. Earnings Per Share
Basic and diluted earnings per share are calculated as follows:
 Three Months EndedSix Months Ended
 February 28, 2023February 28, 2022February 28, 2023February 28, 2022
Basic earnings per share
Net income attributable to Accenture plc$1,523,648 $1,634,942 $3,488,598 $3,425,966 
Basic weighted average Class A ordinary shares630,845,147 633,956,712 630,485,134 633,108,627 
Basic earnings per share$2.42 $2.58 $5.53 $5.41 
Diluted earnings per share
Net income attributable to Accenture plc$1,523,648 $1,634,942 $3,488,598 $3,425,966 
Net income attributable to noncontrolling interests in Accenture Canada Holdings Inc. (1)1,604 1,742 3,689 3,676 
Net income for diluted earnings per share calculation$1,525,252 $1,636,684 $3,492,287 $3,429,642 
Basic weighted average Class A ordinary shares630,845,147 633,956,712 630,485,134 633,108,627 
Class A ordinary shares issuable upon redemption/exchange of noncontrolling interests (1)664,218 675,417 666,479 679,187 
Diluted effect of employee compensation related to Class A ordinary shares5,865,118 9,013,734 6,861,930 10,377,945 
Diluted effect of share purchase plans related to Class A ordinary shares360,907 481,230 337,236 456,843 
Diluted weighted average Class A ordinary shares637,735,390 644,127,093 638,350,779 644,622,602 
Diluted earnings per share$2.39 $2.54 $5.47 $5.32 
(1)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.


Notes To Consolidated Financial Statements
(In thousands of U.S. dollars, except share and per share amounts or as otherwise disclosed)
ACCENTURE FORM 10-Q
15

4. Accumulated Other Comprehensive Loss
The following table summarizes the changes in the accumulated balances for each component of accumulated other comprehensive loss attributable to Accenture plc:
Three Months EndedSix Months Ended
February 28, 2023February 28, 2022February 28, 2023February 28, 2022
Foreign currency translation
    Beginning balance$(1,768,152)$(1,195,827)$(1,852,320)$(975,064)
             Foreign currency translation117,726 7,845 204,710 (219,248)
             Income tax benefit (expense) (2,631)1,637 (2,631)2,367 
             Portion attributable to noncontrolling interests(2,470)(72)(5,286)5,528 
             Foreign currency translation, net of tax112,625 9,410 196,793 (211,353)
    Ending balance(1,655,527)(1,186,417)(1,655,527)(1,186,417)
Defined benefit plans
    Beginning balance(257,091)(572,919)(348,771)(559,958)
             Reclassifications into net periodic pension and
             post-retirement expense
8,719 12,850 134,890 (4,698)
             Income tax benefit (expense)(2,174)(3,306)(36,568)1,267 
             Portion attributable to noncontrolling interests(6)(10)(103)4 
             Defined benefit plans, net of tax6,539 9,534 98,219 (3,427)
    Ending balance(250,552)(563,385)(250,552)(563,385)
Cash flow hedges
    Beginning balance(30,429)61,510 10,749 115,525 
             Unrealized gain (loss) (32,837)39,162 (92,716)6,054 
             Reclassification adjustments into Cost of services18,000 (22,959)20,606 (50,693)
             Income tax benefit (expense) 7,068 (3,382)23,119 3,387 
             Portion attributable to noncontrolling interests7 (14)51 44 
             Cash flow hedges, net of tax(7,762)12,807 (48,940)(41,208)
    Ending balance (1)(38,191)74,317 (38,191)74,317 
Accumulated other comprehensive loss$(1,944,270)$(1,675,485)$(1,944,270)$(1,675,485)
(1)As of February 28, 2023, $19,684 of net unrealized losses related to derivatives designated as cash flow hedges is expected to be reclassified into Cost of services in the next twelve months.


Notes To Consolidated Financial Statements
(In thousands of U.S. dollars, except share and per share amounts or as otherwise disclosed)
ACCENTURE FORM 10-Q
16

5. Business Combinations
During the six months ended February 28, 2023, we completed individually immaterial acquisitions for total consideration of $1,069,298, net of cash acquired. The pro forma effects of these acquisitions on our operations were not material.
6. Goodwill and Intangible Assets
Goodwill
The changes in the carrying amount of goodwill by reportable operating segment are as follows:
August 31,
2022
Additions/
Adjustments
Foreign
Currency
Translation
February 28,
2023
North America$7,744,582 $255,553 $(15,138)$7,984,997 
Europe4,134,091 274,694 197,005 4,605,790 
Growth Markets1,254,620 357,274 (12,023)1,599,871 
Total$13,133,293 $887,521 $169,844 $14,190,658 
Goodwill includes immaterial adjustments related to prior period acquisitions.
Intangible Assets
Our definite-lived intangible assets by major asset class are as follows:
August 31, 2022February 28, 2023
Intangible Asset ClassGross Carrying AmountAccumulated AmortizationNet Carrying AmountGross Carrying AmountAccumulated AmortizationNet Carrying Amount
Customer-related$2,498,001 $(842,056)$1,655,945 $2,690,751 $(943,805)$1,746,946 
Technology283,251 (96,782)186,469 286,434 (114,239)172,195 
Patents126,950 (70,745)56,205 127,244 (72,061)55,183 
Other62,875 (30,686)32,189 68,680 (37,060)31,620 
Total$2,971,077 $(1,040,269)$1,930,808 $3,173,109 $(1,167,165)$2,005,944 
Total amortization related to our intangible assets was $120,212 and $229,281 for the three and six months ended February 28, 2023, respectively. Total amortization related to our intangible assets was $115,831 and $218,373 for the three and six months ended February 28, 2022, respectively. Estimated future amortization related to intangible assets held as of February 28, 2023 is as follows:
Fiscal YearEstimated Amortization
Remainder of 2023$222,576 
2024386,493 
2025350,365 
2026301,701 
2027238,727 
Thereafter506,082 
Total$2,005,944 



Notes To Consolidated Financial Statements
(In thousands of U.S. dollars, except share and per share amounts or as otherwise disclosed)
ACCENTURE FORM 10-Q
17

7. Shareholders’ Equity
Cancellation of Treasury Shares
During the six months ended February 28, 2023, we cancelled 8,828,496 Accenture plc Class A ordinary shares that were held as treasury shares and had an aggregate cost of $2,595,281. The effect of the cancellation of these treasury shares was recognized in Class A ordinary shares and Additional paid-in capital with the residual recorded in Retained earnings. There was no effect on total shareholders’ equity as a result of this cancellation.
Dividends
Our dividend activity during the six months ended February 28, 2023 is as follows:
 Dividend Per
Share
Accenture plc Class A
Ordinary Shares
Accenture Canada Holdings
Inc. Exchangeable Shares
Total Cash
Outlay
Dividend Payment DateRecord DateCash OutlayRecord DateCash Outlay
November 15, 2022$1.12 October 13, 2022$704,938 October 11, 2022$629 $705,567 
February 15, 20231.12 January 12, 2023707,156 January 10, 2023866 708,022 
Total Dividends$1,412,094 $1,495 $1,413,589 
The payment of cash dividends includes the net effect of $56,402 of additional restricted stock units being issued as a part of our share plans, which resulted in 1