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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 May 31, 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-20200831_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 June 8, 2023 was 664,311,732 (which number includes 33,516,386 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 June 8, 2023 was 335,238.



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
May 31, 2023 and August 31, 2022
May 31, 2023August 31, 2022
ASSETS(Unaudited)
CURRENT ASSETS:
Cash and cash equivalents$8,535,446 $7,889,833 
Short-term investments4,482 3,973 
Receivables and contract assets12,582,660 11,776,775 
Other current assets2,257,485 1,940,290 
Total current assets23,380,073 21,610,871 
NON-CURRENT ASSETS:
Contract assets66,432 46,844 
Investments176,259 317,972 
Property and equipment, net1,534,927 1,659,140 
Lease assets2,743,382 3,018,535 
Goodwill14,461,094 13,133,293 
Deferred contract costs852,188 807,940 
Deferred tax assets4,105,869 4,001,200 
Other non-current assets2,808,051 2,667,595 
Total non-current assets26,748,202 25,652,519 
TOTAL ASSETS$50,128,275 $47,263,390 
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Current portion of long-term debt and bank borrowings$10,389 $9,175 
Accounts payable2,388,474 2,559,485 
Deferred revenues5,101,692 4,478,048 
Accrued payroll and related benefits6,632,448 7,611,794 
Income taxes payable688,525 646,471 
Lease liabilities690,584 707,598 
Other accrued liabilities1,580,416 1,510,925 
Total current liabilities17,092,528 17,523,496 
NON-CURRENT LIABILITIES:
Long-term debt43,865 45,893 
Deferred revenues687,098 712,715 
Retirement obligation1,678,405 1,692,152 
Deferred tax liabilities402,984 318,584 
Income taxes payable1,270,733 1,198,139 
Lease liabilities2,351,375 2,563,090 
Other non-current liabilities539,358 462,233 
Total non-current liabilities6,973,818 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 May 31, 2023 and August 31, 2022
57 57 
Class A ordinary shares, par value $0.0000225 per share, 20,000,000,000 shares authorized, 664,125,473 and 664,561,282 shares issued as of May 31, 2023 and August 31, 2022, respectively
15 15 
Class X ordinary shares, par value $0.0000225 per share, 1,000,000,000 shares authorized, 335,238 and 500,837 shares issued and outstanding as of May 31, 2023 and August 31, 2022, respectively
  
Restricted share units2,030,576 2,091,382 
Additional paid-in capital12,637,709 10,679,180 
Treasury shares, at cost: Ordinary, 40,000 shares as of May 31, 2023 and August 31, 2022; Class A ordinary, 33,323,829 and 33,393,703 shares as of May 31, 2023 and August 31, 2022, respectively
(6,127,121)(6,678,037)
Retained earnings18,692,118 18,203,842 
Accumulated other comprehensive loss(1,900,923)(2,190,342)
Total Accenture plc shareholders’ equity25,332,431 22,106,097 
Noncontrolling interests729,498 640,991 
Total shareholders’ equity26,061,929 22,747,088 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY$50,128,275 $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 Nine Months Ended May 31, 2023 and 2022
(Unaudited)
Three Months EndedNine Months Ended
May 31, 2023May 31, 2022May 31, 2023May 31, 2022
REVENUES:
Revenues $16,564,585 $16,158,803 $48,126,545 $46,170,649 
OPERATING EXPENSES:
Cost of services 11,035,515 10,844,069 32,576,567 31,415,167 
Sales and marketing 1,738,621 1,660,919 4,852,207 4,530,158 
General and administrative costs 1,084,288 1,050,697 3,209,539 3,126,332 
Business optimization costs346,873  591,263  
Total operating expenses14,205,297 13,555,685 41,229,576 39,071,657 
OPERATING INCOME2,359,288 2,603,118 6,896,969 7,098,992 
Interest income81,818 8,727 176,782 22,046 
Interest expense(11,208)(12,050)(30,122)(34,449)
Other income (expense), net 201,783 (8,877)136,576 (39,089)
Loss on disposition of Russia business (96,294) (96,294)
INCOME BEFORE INCOME TAXES2,631,681 2,494,624 7,180,205 6,951,206 
Income tax expense583,346 675,308 1,584,887 1,654,631 
NET INCOME2,048,335 1,819,316 5,595,318 5,296,575 
Net income attributable to noncontrolling interests in Accenture Canada Holdings Inc.(2,101)(1,902)(5,790)(5,578)
Net income attributable to noncontrolling interests – other(36,238)(31,339)(90,934)(78,956)
NET INCOME ATTRIBUTABLE TO ACCENTURE PLC$2,009,996 $1,786,075 $5,498,594 $5,212,041 
Weighted average Class A ordinary shares:
Basic631,535,162 632,749,442 630,826,230 632,969,487 
Diluted638,743,434 641,004,741 638,404,751 643,692,440 
Earnings per Class A ordinary share:
Basic$3.18 $2.82 $8.72 $8.23 
Diluted$3.15 $2.79 $8.62 $8.11 
Cash dividends per share$1.12 $0.97 $3.36 $2.91 
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 Nine Months Ended May 31, 2023 and 2022
(Unaudited)
Three Months EndedNine Months Ended
May 31, 2023May 31, 2022May 31, 2023May 31, 2022
NET INCOME$2,048,335 $1,819,316 $5,595,318 $5,296,575 
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX:
Foreign currency translation13,252 (231,311)210,045 (442,664)
Defined benefit plans6,722 10,292 104,941 6,865 
Cash flow hedges23,373 (57,642)(25,567)(98,850)
OTHER COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO ACCENTURE PLC43,347 (278,661)289,419 (534,649)
Other comprehensive income (loss) attributable to noncontrolling interests827 (4,456)6,165 (10,032)
COMPREHENSIVE INCOME$2,092,509 $1,536,199 $5,890,902 $4,751,894 
COMPREHENSIVE INCOME ATTRIBUTABLE TO ACCENTURE PLC$2,053,343 $1,507,414 $5,788,013 $4,677,392 
Comprehensive income attributable to noncontrolling interests39,166 28,785 102,889 74,502 
COMPREHENSIVE INCOME$2,092,509 $1,536,199 $5,890,902 $4,751,894 
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 May 31, 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 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 
Net income2,009,996 2,009,996 38,339 2,048,335 
Other comprehensive income (loss)43,347 43,347 827 44,174 
Purchases of Class A shares703 (787,299)(2,815)(786,596)(703)(787,299)
Share-based compensation expense406,504 66,191 472,695 472,695 
Purchases/redemptions of Accenture Canada Holdings Inc. exchangeable shares and Class X shares(4)(1,638)(1,638)(1,638)
Issuances of Class A shares for employee share programs1,719 (40,094)406,315 253,188 632 (82,866)536,543 473 537,016 
Dividends28,011 (735,013)(707,002)(740)(707,742)
Other, net2,467 2,467 (3,357)(890)
Balance as of May 31, 2023$57 40 $15 664,125 $ 335 $2,030,576 $12,637,709 $(6,127,121)(33,364)$18,692,118 $(1,900,923)$25,332,431 $729,498 $26,061,929 
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 May 31, 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 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 
Net income1,786,075 1,786,075 33,241 1,819,316 
Other comprehensive income (loss)(278,661)(278,661)(4,456)(283,117)
Purchases of Class A shares925 (972,171)(3,102)(971,246)(925)(972,171)
Share-based compensation expense346,666 60,591 407,257 407,257 
Purchases/redemptions of Accenture Canada Holdings Inc. exchangeable shares and Class X shares— — 
Issuances of Class A shares for employee share programs1,568 (55,313)405,704 147,118 569 497,509 465 497,974 
Dividends23,981 (637,116)(613,135)(650)(613,785)
Other, net1,272 1,272 (2,002)(730)
Balance as of May 31, 2022$57 40 $15 663,985 $ 504 $1,753,930 $10,534,282 $(6,122,402)(31,568)$17,177,358 $(1,954,146)$21,389,094 $622,629 $22,011,723 
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 Nine Months Ended May 31, 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 income5,498,594 5,498,594 96,724 5,595,318 
Other comprehensive income (loss)289,419 289,419 6,165 295,584 
Purchases of Class A shares3,021 (3,321,982)(12,110)(3,318,961)(3,021)(3,321,982)
Cancellation of treasury shares(8,828)(175,701)2,595,281 8,828 (2,419,580)  
Share-based compensation expense1,407,869 122,165 1,530,034 1,530,034 
Purchases/redemptions of Accenture Canada Holdings Inc. exchangeable shares and Class X shares(166)(3,868)(3,868)(3,868)
Issuances of Class A shares for employee share programs8,392 (1,553,088)2,006,131 1,277,617 3,352 (387,229)1,343,431 1,206 1,344,637 
Dividends84,413 (2,203,509)(2,119,096)(2,235)(2,121,331)
Other, net6,781 6,781 (10,332)(3,551)
Balance as of May 31, 2023$57 40 $15 664,125 $ 335 $2,030,576 $12,637,709 $(6,127,121)(33,364)$18,692,118 $(1,900,923)$25,332,431 $729,498 $26,061,929 
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 Nine Months Ended May 31, 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 income5,212,041 5,212,041 84,534 5,296,575 
Other comprehensive income (loss)(534,649)(534,649)(10,032)(544,681)
Purchases of Class A shares3,388 (3,506,617)(10,119)(3,503,229)(3,388)(3,506,617)
Share-based compensation expense1,210,825 108,730 1,319,555 1,319,555 
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 programs7,394 (1,285,617)1,795,507 792,706 3,096 (103,889)1,198,707 1,144 1,199,851 
Dividends77,938 (1,919,542)(1,841,604)(1,972)(1,843,576)
Other, net13,093 13,093 (15,317)(2,224)
Balance as of May 31, 2022$57 40 $15 663,985 $ 504 $1,753,930 $10,534,282 $(6,122,402)(31,568)$17,177,358 $(1,954,146)$21,389,094 $622,629 $22,011,723 
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 Nine Months Ended May 31, 2023 and 2022
(Unaudited)
May 31, 2023May 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income$5,595,318 $5,296,575 
Adjustments to reconcile Net income to Net cash provided by (used in) operating activities —
Depreciation, amortization and other1,639,804 1,553,311 
Share-based compensation expense1,530,034 1,319,555 
Deferred tax expense (benefit)(136,237)(27,784)
Other, net(228,922)(99,979)
Change in assets and liabilities, net of acquisitions —
Receivables and contract assets, current and non-current(410,214)(2,594,564)
Other current and non-current assets(588,958)(713,632)
Accounts payable(242,633)142,286 
Deferred revenues, current and non-current381,121 585,497 
Accrued payroll and related benefits(1,064,577)489,743 
Income taxes payable, current and non-current57,745 360,262 
Other current and non-current liabilities(417,601)(560,251)
Net cash provided by (used in) operating activities6,114,880 5,751,019 
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment(347,878)(540,947)
Purchases of businesses and investments, net of cash acquired(1,334,007)(2,212,388)
Proceeds from the sale of businesses and investments, net of cash transferred418,113 (108,099)
Other investing, net8,392 9,397 
Net cash provided by (used in) investing activities(1,255,380)(2,852,037)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of shares1,344,637 1,199,851 
Purchases of shares(3,325,850)(3,510,891)
Proceeds from (repayments of) long-term debt, net(364)(11,530)
Cash dividends paid(2,121,331)(1,843,576)
Other financing, net(62,117)(43,468)
Net cash provided by (used in) financing activities(4,165,025)(4,209,614)
Effect of exchange rate changes on cash and cash equivalents(48,862)(153,974)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS645,613 (1,464,606)
CASH AND CASH EQUIVALENTS, beginning of period
7,889,833 8,168,174 
CASH AND CASH EQUIVALENTS, end of period
$8,535,446 $6,703,568 
SUPPLEMENTAL CASH FLOW INFORMATION:
Income taxes paid, net$1,774,337 $1,264,631 
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 nine months ended May 31, 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 May 31, 2023 and August 31, 2022, the total allowance for credit losses recorded for client receivables and contract assets was $26,770 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:
May 31, 2023August 31, 2022
Equity method investments$22,816 $164,164 
Investments without readily determinable fair values153,443 153,808 
Total non-current investments$176,259 $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.
As of August 31, 2022, our equity method investments consisted primarily of an investment in Duck Creek Technologies. On March 30, 2023, Duck Creek Technologies was acquired by Vista Equity Partners for $19.00 per share. As part of this transaction, we received proceeds of $400,355 and recorded a gain of $252,920 in Other income (expense), net during the third quarter of fiscal 2023.







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 May 31, 2023 and August 31, 2022, total accumulated depreciation was $2,766,344 and $2,490,187, respectively. See table below for a summary of depreciation on fixed assets, deferred transition amortization, intangible assets amortization and operating lease cost for the three and nine months ended May 31, 2023 and 2022, respectively.
 Three Months EndedNine Months Ended
 May 31, 2023May 31, 2022May 31, 2023May 31, 2022
Depreciation$165,053 $150,272 $446,844 $438,937 
Amortization - Deferred transition91,480 68,420 247,080 203,957 
Amortization - Intangible assets101,814 109,855 331,095 328,228 
Operating lease cost240,601 193,209 605,329 576,320 
Other2,151 2,430 9,456 5,869 
Total depreciation, amortization and other$601,099 $524,186 $1,639,804 $1,553,311 
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 recorded $346,873 and $591,263 of business optimization costs during the three and nine months ended May 31, 2023, respectively, primarily for employee severance. Total business optimization costs by reportable operating segment are as follows:
Three Months EndedNine Months Ended
May 31, 2023May 31, 2023
North America$96,349 $273,329 
Europe166,463 206,840 
Growth Markets84,061 111,094 
Total business optimization costs$346,873 $591,263 
We continue to 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 and $300 million of costs related to the consolidation of office space. The actual amount and timing of severance and other personnel costs are dependent in part upon local country consultation processes and regulations and may differ from our current expectations and estimates.



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 $26 billion and $24 billion as of May 31, 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 37% of our remaining performance obligations as of May 31, 2023 as revenue in fiscal 2023, an additional 35% 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 nine months ended May 31, 2023 and 2022.
Contract Balances
Deferred transition revenues were $687,098 and $712,715 as of May 31, 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 $852,188 and $807,940 as of May 31, 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 May 31, 2023As of August 31, 2022
Receivables$11,005,863 $10,484,211 
Contract assets (current)1,576,797 1,292,564 
Receivables and contract assets, net of allowance (current)12,582,660 11,776,775 
Contract assets (non-current)66,432 46,844 
Deferred revenues (current)5,101,692 4,478,048 
Deferred revenues (non-current)687,098 712,715 
Changes in the contract asset and liability balances during the nine months ended May 31, 2023 were a result of normal business activity and not materially impacted by any other factors.
Revenues recognized during the three and nine months ended May 31, 2023 that were included in Deferred revenues as of February 28, 2023 and August 31, 2022 were $2.7 billion and $3.7 billion, respectively. Revenues recognized during the three and nine months ended May 31, 2022 that were included in Deferred revenues as of February 28, 2022 and August 31, 2021 were $2.5 billion and $3.5 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 EndedNine Months Ended
 May 31, 2023May 31, 2022May 31, 2023May 31, 2022
Basic earnings per share
Net income attributable to Accenture plc$2,009,996 $1,786,075 $5,498,594 $5,212,041 
Basic weighted average Class A ordinary shares631,535,162 632,749,442 630,826,230 632,969,487 
Basic earnings per share$3.18 $2.82 $8.72 $8.23 
Diluted earnings per share
Net income attributable to Accenture plc$2,009,996 $1,786,075 $5,498,594 $5,212,041 
Net income attributable to noncontrolling interests in Accenture Canada Holdings Inc. (1)2,101 1,902 5,790 5,578 
Net income for diluted earnings per share calculation$2,012,097 $1,787,977 $5,504,384 $5,217,619 
Basic weighted average Class A ordinary shares631,535,162 632,749,442 630,826,230 632,969,487 
Class A ordinary shares issuable upon redemption/exchange of noncontrolling interests (1)660,083 673,775 664,324 677,363 
Diluted effect of employee compensation related to Class A ordinary shares6,505,805 7,513,927 6,830,076 9,834,622 
Diluted effect of share purchase plans related to Class A ordinary shares42,384 67,597 84,121 210,968 
Diluted weighted average Class A ordinary shares638,743,434 641,004,741 638,404,751 643,692,440 
Diluted earnings per share$3.15 $2.79 $8.62 $8.11 
(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 EndedNine Months Ended
May 31, 2023May 31, 2022May 31, 2023May 31, 2022
Foreign currency translation
    Beginning balance$(1,655,527)$(1,186,417)$(1,852,320)$(975,064)
             Foreign currency translation12,897 (235,827)217,607 (455,075)
             Income tax benefit (expense) 1,152 110 (1,479)2,477 
             Portion attributable to noncontrolling interests(797)4,406 (6,083)9,934 
             Foreign currency translation, net of tax13,252 (231,311)210,045 (442,664)
    Ending balance(1,642,275)(1,417,728)(1,642,275)(1,417,728)
Defined benefit plans
    Beginning balance(250,552)(563,385)(348,771)(559,958)
             Reclassifications into net periodic pension and
             post-retirement expense
8,712 12,579 143,602 7,881 
             Income tax benefit (expense)(1,984)(2,276)(38,552)(1,009)
             Portion attributable to noncontrolling interests(6)(11)(109)(7)
             Defined benefit plans, net of tax6,722 10,292 104,941 6,865 
    Ending balance(243,830)(553,093)(243,830)(553,093)
Cash flow hedges
    Beginning balance(38,191)74,317 10,749 115,525 
             Unrealized gain (loss) 25,722 (37,978)(66,994)(31,924)
             Reclassification adjustments into Cost of services4,115 (27,449)24,721 (78,142)
             Income tax benefit (expense) (6,440)7,724 16,679 11,111 
             Portion attributable to noncontrolling interests(24)61 27 105 
             Cash flow hedges, net of tax23,373 (57,642)(25,567)(98,850)
    Ending balance (1)(14,818)16,675 (14,818)16,675 
Accumulated other comprehensive loss$(1,900,923)$(1,954,146)$(1,900,923)$(1,954,146)
(1)As of May 31, 2023, $1,761 of net unrealized gains 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 nine months ended May 31, 2023, we completed individually immaterial acquisitions for total consideration of $1,315,925, 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
May 31, 2023
North America$7,744,582 $293,229 $(16,741)$8,021,070 
Europe4,134,091 452,915 269,623 4,856,629 
Growth Markets1,254,620 366,380 (37,605)1,583,395 
Total$13,133,293 $1,112,524 $215,277 $14,461,094 
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, 2022May 31, 2023
Intangible Asset ClassGross Carrying AmountAccumulated AmortizationNet Carrying AmountGross Carrying AmountAccumulated AmortizationNet Carrying Amount
Customer-related$2,498,001 $(842,056)$1,655,945 $2,667,461 $(969,779)$1,697,682 
Technology283,251 (96,782)186,469 287,727 (127,137)160,590 
Patents126,950 (70,745)56,205 124,293 (69,930)54,363 
Other62,875 (30,686)32,189 66,919 (40,471)26,448 
Total$2,971,077 $(1,040,269)$1,930,808 $3,146,400 $(1,207,317)$1,939,083 
Total amortization related to our intangible assets was $101,814 and $331,095 for the three and nine months ended May 31, 2023, respectively. Total amortization related to our intangible assets was $109,855 and $328,228 for the three and nine months ended May 31, 2022, respectively. Estimated future amortization related to intangible assets held as of May 31, 2023 is as follows:
Fiscal YearEstimated Amortization
Remainder of 2023$107,772 
2024394,822 
2025361,876 
2026312,945 
2027250,085 
Thereafter511,583 
Total$1,939,083 



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 nine months ended May 31, 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 nine months ended May 31, 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 
May 15, 20231.12 April 13, 2023707,002 April 11, 2023740 707,742 
Total Dividends