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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 November 30, 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 December 4, 2023 was 666,511,551 (which number includes 39,519,697 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 December 4, 2023 was 318,441.



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
November 30, 2023 and August 31, 2023
November 30, 2023August 31, 2023
ASSETS(Unaudited)
CURRENT ASSETS:
Cash and cash equivalents$7,140,841 $9,045,032 
Short-term investments4,597 4,575 
Receivables and contract assets13,241,359 12,227,186 
Other current assets2,668,779 2,105,138 
Total current assets23,055,576 23,381,931 
NON-CURRENT ASSETS:
Contract assets121,563 106,994 
Investments198,074 197,443 
Property and equipment, net1,467,896 1,530,007 
Lease assets2,576,198 2,637,479 
Goodwill16,236,442 15,573,003 
Deferred contract costs827,608 851,972 
Deferred tax assets4,165,605 4,154,878 
Other non-current assets2,882,392 2,811,598 
Total non-current assets28,475,778 27,863,374 
TOTAL ASSETS$51,531,354 $51,245,305 
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Current portion of long-term debt and bank borrowings$104,819 $104,810 
Accounts payable2,574,700 2,491,173 
Deferred revenues4,459,593 4,907,152 
Accrued payroll and related benefits7,260,479 7,506,030 
Income taxes payable755,929 720,778 
Lease liabilities683,628 690,417 
Other accrued liabilities1,441,090 1,588,678 
Total current liabilities17,280,238 18,009,038 
NON-CURRENT LIABILITIES:
Long-term debt42,309 43,093 
Deferred revenues634,981 653,954 
Retirement obligation1,586,945 1,595,638 
Deferred tax liabilities415,386 395,280 
Income taxes payable1,374,062 1,313,971 
Lease liabilities2,249,466 2,310,714 
Other non-current liabilities462,530 465,024 
Total non-current liabilities6,765,679 6,777,674 
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS’ EQUITY:
Ordinary shares, par value 1.00 euros per share, 40,000 shares authorized and issued as of November 30, 2023 and August 31, 2023
57 57 
Class A ordinary shares, par value $0.0000225 per share, 20,000,000,000 shares authorized, 666,511,551 and 664,616,285 shares issued as of November 30, 2023 and August 31, 2023, respectively
15 15 
Class X ordinary shares, par value $0.0000225 per share, 1,000,000,000 shares authorized, 318,441 and 325,438 shares issued and outstanding as of November 30, 2023 and August 31, 2023, respectively
  
Restricted share units2,553,022 2,403,374 
Additional paid-in capital13,353,477 12,778,782 
Treasury shares, at cost: Ordinary, 40,000 shares as of November 30, 2023 and August 31, 2023; Class A ordinary, 39,519,697 and 36,351,137 shares as of November 30, 2023 and August 31, 2023, respectively
(8,032,018)(7,062,512)
Retained earnings20,429,413 19,316,224 
Accumulated other comprehensive loss(1,627,215)(1,743,101)
Total Accenture plc shareholders’ equity26,676,751 25,692,839 
Noncontrolling interests808,686 765,754 
Total shareholders’ equity27,485,437 26,458,593 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY$51,531,354 $51,245,305 
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 Months Ended November 30, 2023 and 2022
(Unaudited)
20232022
REVENUES:
Revenues $16,224,303 $15,747,802 
OPERATING EXPENSES:
Cost of services 10,776,362 10,561,660 
Sales and marketing 1,709,891 1,550,019 
General and administrative costs 1,033,499 1,043,023 
Business optimization costs139,664  
Total operating expenses13,659,416 13,154,702 
OPERATING INCOME2,564,887 2,593,100 
Interest income101,980 44,705 
Interest expense(14,495)(7,280)
Other income (expense), net (35,719)(28,907)
INCOME BEFORE INCOME TAXES2,616,653 2,601,618 
Income tax expense606,672 605,318 
NET INCOME2,009,981 1,996,300 
Net income attributable to noncontrolling interests in Accenture Canada Holdings Inc.(2,016)(2,085)
Net income attributable to noncontrolling interests – other(34,521)(29,265)
NET INCOME ATTRIBUTABLE TO ACCENTURE PLC$1,973,444 $1,964,950 
Weighted average Class A ordinary shares:
Basic627,996,111 630,137,262 
Diluted637,398,361 638,766,821 
Earnings per Class A ordinary share:
Basic$3.14 $3.12 
Diluted$3.10 $3.08 
Cash dividends per share$1.29 $1.12 
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 Months Ended November 30, 2023 and 2022
(Unaudited)
20232022
NET INCOME$2,009,981 $1,996,300 
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX:
Foreign currency translation68,192 84,168 
Defined benefit plans36,392 91,680 
Cash flow hedges11,302 (41,178)
OTHER COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO ACCENTURE PLC115,886 134,670 
Other comprehensive income (loss) attributable to noncontrolling interests1,885 2,869 
COMPREHENSIVE INCOME$2,127,752 $2,133,839 
COMPREHENSIVE INCOME ATTRIBUTABLE TO ACCENTURE PLC$2,089,330 $2,099,620 
Comprehensive income attributable to noncontrolling interests38,422 34,219 
COMPREHENSIVE INCOME$2,127,752 $2,133,839 
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 November 30, 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, 2023$57 40 $15 664,616 $ 325 $2,403,374 $12,778,782 $(7,062,512)(36,391)$19,316,224 $(1,743,101)$25,692,839 $765,754 $26,458,593 
Net income1,973,444 1,973,444 36,537 2,009,981 
Other comprehensive income (loss)115,886 115,886 1,885 117,771 
Purchases of Class A shares1,050 (1,188,289)(3,810)(1,187,239)(1,050)(1,188,289)
Share-based compensation expense365,711 57,289 423,000 423,000 
Purchases/redemptions of Accenture Canada Holdings Inc. exchangeable shares and Class X shares(7)(2,839)(2,839)(2,839)
Issuances of Class A shares for employee share programs1,896 (245,342)525,335 218,783 641 (21,751)477,025 409 477,434 
Dividends29,279 (838,504)(809,225)(831)(810,056)
Other, net(6,140)(6,140)5,982 (158)
Balance as of November 30, 2023$57 40 $15 666,512 $ 318 $2,553,022 $13,353,477 $(8,032,018)(39,560)$20,429,413 $(1,627,215)$26,676,751 $808,686 $27,485,437 
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 November 30, 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, 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 income1,964,950 1,964,950 31,350 1,996,300 
Other comprehensive income (loss)134,670 134,670 2,869 137,539 
Purchases of Class A shares1,304 (1,417,148)(5,210)(1,415,844)(1,304)(1,417,148)
Cancellation of treasury shares(8,828)(175,701)2,595,281 8,828 (2,419,580)— — 
Share-based compensation expense369,494 55,975 425,469 425,469 
Purchases/redemptions of Accenture Canada Holdings Inc. exchangeable shares and Class X shares(2)(1,554)(1,554)(1,554)
Issuances of Class A shares for employee share programs2,522 (319,202)491,630 329,937 966 (37,079)465,286 421 465,707 
Dividends25,763 (730,701)(704,938)(629)(705,567)
Other, net475 475 17,641 18,116 
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 
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
8
Consolidated Cash Flows Statements
For the Three Months Ended November 30, 2023 and 2022
(Unaudited)
20232022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income$2,009,981 $1,996,300 
Adjustments to reconcile Net income to Net cash provided by (used in) operating activities —
Depreciation, amortization and other521,400 506,229 
Share-based compensation expense423,000 425,469 
Deferred tax expense (benefit)(24,371)(54,537)
Other, net6,795 (45,940)
Change in assets and liabilities, net of acquisitions —
Receivables and contract assets, current and non-current(836,231)(609,433)
Other current and non-current assets(658,647)(307,960)
Accounts payable48,728 (202,182)
Deferred revenues, current and non-current(510,391)(270,988)
Accrued payroll and related benefits(273,763)(771,743)
Income taxes payable, current and non-current85,142 115,187 
Other current and non-current liabilities(293,092)(285,004)
Net cash provided by (used in) operating activities498,551 495,398 
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment(68,933)(98,830)
Purchases of businesses and investments, net of cash acquired(788,025)(686,460)
Proceeds from the sale of businesses and investments 596 
Other investing, net1,528 2,620 
Net cash provided by (used in) investing activities(855,430)(782,074)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of shares477,434 465,707 
Purchases of shares(1,191,128)(1,418,702)
Proceeds from (repayments of) debt, net(8,481)(1,611)
Cash dividends paid(810,056)(705,567)
Other financing, net(19,682)(16,687)
Net cash provided by (used in) financing activities(1,551,913)(1,676,860)
Effect of exchange rate changes on cash and cash equivalents4,601 (26,594)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS(1,904,191)(1,990,130)
CASH AND CASH EQUIVALENTS, beginning of period
9,045,032 7,889,833 
CASH AND CASH EQUIVALENTS, end of period
$7,140,841 $5,899,703 
SUPPLEMENTAL CASH FLOW INFORMATION:
Income taxes paid, net$563,359 $563,526 
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
9

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, 2023 included in our Annual Report on Form 10-K filed with the SEC on October 12, 2023.
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 months ended November 30, 2023 are not necessarily indicative of the results that may be expected for the fiscal year ending August 31, 2024.
Allowance for Credit Losses—Client Receivables and Contract Assets
As of November 30, 2023 and August 31, 2023, the total allowance for credit losses recorded for client receivables and contract assets was $24,210 and $26,343, 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:
November 30, 2023August 31, 2023
Equity method investments$23,778 $23,985 
Investments without readily determinable fair values174,296 173,458 
Total non-current investments$198,074 $197,443 
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.









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
10

Depreciation and Amortization
As of November 30, 2023 and August 31, 2023, total accumulated depreciation was $2,660,216 and $2,574,685, 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 months ended November 30, 2023 and 2022, respectively.
 Three Months Ended
 November 30, 2023November 30, 2022
Depreciation$133,245 $144,049 
Amortization - Deferred transition98,491 70,440 
Amortization - Intangible assets111,631 109,069 
Operating lease cost175,014 180,502 
Other3,019 2,169 
Total depreciation, amortization and other$521,400 $506,229 
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 $1.1 billion in fiscal 2023 related to these actions and expect to record approximately $450 million in fiscal 2024 for a total of $1.5 billion, primarily related to employee severance. 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.
Total business optimization costs by reportable operating segment for the three months ended November 30, 2023 were as follows:
Three Months Ended
November 30, 2023
North America$45,929 
EMEA (1)70,804 
Growth Markets (1)22,931 
Total business optimization costs$139,664 
(1)Effective September 1, 2023, 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 is now referred to as our EMEA (Europe, Middle East and Africa) geographic market.
New Accounting Pronouncement
On December 14, 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-09, Improvements to Income Tax Disclosures, which requires disclosure of disaggregated income taxes paid, prescribes standard categories for the components of the effective tax rate reconciliation, and modifies other income tax-related disclosures. The ASU will be effective beginning with our annual fiscal 2026 financial statements and allows for adoption on a prospective basis, with a retrospective option. We are in the process of assessing the impacts and method of adoption. This ASU will impact our income tax disclosures, but not our 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

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 as of November 30, 2023 and August 31, 2023, 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 60% of our remaining performance obligations as of November 30, 2023 as revenue in fiscal 2024, an additional 20% in fiscal 2025, 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 months ended November 30, 2023 and 2022, respectively.
Contract Balances
Deferred transition revenues were $634,981 and $653,954 as of November 30, 2023 and August 31, 2023, 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 $827,608 and $851,972 as of November 30, 2023 and August 31, 2023, 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 November 30, 2023As of August 31, 2023
Receivables$11,467,109 $10,690,713 
Contract assets (current)1,774,250 1,536,473 
Receivables and contract assets, net of allowance (current)13,241,359 12,227,186 
Contract assets (non-current)121,563 106,994 
Deferred revenues (current)4,459,593 4,907,152 
Deferred revenues (non-current)634,981 653,954 
Changes in the contract asset and liability balances during the three months ended November 30, 2023 were a result of normal business activity and not materially impacted by any other factors.
Revenues recognized during the three months ended November 30, 2023 that were included in Deferred revenues as of August 31, 2023 were $2.8 billion. Revenues recognized during the three months ended November 30, 2022 that were included in Deferred revenues as of August 31, 2022 were $2.5 billion.


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

3. Earnings Per Share
Basic and diluted earnings per share are calculated as follows:
 Three Months Ended
 November 30, 2023November 30, 2022
Basic earnings per share
Net income attributable to Accenture plc$1,973,444 $1,964,950 
Basic weighted average Class A ordinary shares627,996,111 630,137,262 
Basic earnings per share$3.14 $3.12 
Diluted earnings per share
Net income attributable to Accenture plc$1,973,444 $1,964,950 
Net income attributable to noncontrolling interests in Accenture Canada Holdings Inc. (1)2,016 2,085 
Net income for diluted earnings per share calculation$1,975,460 $1,967,035 
Basic weighted average Class A ordinary shares627,996,111 630,137,262 
Class A ordinary shares issuable upon redemption/exchange of noncontrolling interests (1)641,659 668,715 
Diluted effect of employee compensation related to Class A ordinary shares8,492,332 7,847,787 
Diluted effect of share purchase plans related to Class A ordinary shares268,259 113,057 
Diluted weighted average Class A ordinary shares637,398,361 638,766,821 
Diluted earnings per share$3.10 $3.08 
(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
13

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 Ended
November 30, 2023November 30, 2022
Foreign currency translation
    Beginning balance$(1,510,632)$(1,852,320)
             Foreign currency translation67,789 86,984 
             Income tax benefit (expense) 2,240  
             Portion attributable to noncontrolling interests(1,837)(2,816)
             Foreign currency translation, net of tax68,192 84,168 
    Ending balance(1,442,440)(1,768,152)
Defined benefit plans
    Beginning balance(226,503)(348,771)
             Reclassifications into net periodic pension and
             post-retirement expense
44,294 126,171 
             Income tax benefit (expense)(7,865)(34,394)
             Portion attributable to noncontrolling interests(37)(97)
             Defined benefit plans, net of tax36,392 91,680 
    Ending balance(190,111)(257,091)
Cash flow hedges
    Beginning balance(5,966)10,749 
             Unrealized gain (loss) 23,614 (59,879)
             Reclassification adjustments into Cost of services(10,600)2,606 
             Income tax benefit (expense) (1,701)16,051 
             Portion attributable to noncontrolling interests(11)44 
             Cash flow hedges, net of tax11,302 (41,178)
    Ending balance (1)5,336 (30,429)
Accumulated other comprehensive loss$(1,627,215)$(2,055,672)
(1)As of November 30, 2023, $13,741 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
14

5. Business Combinations
During the three months ended November 30, 2023, we completed individually immaterial acquisitions for total consideration of $781,525, 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,
2023
Additions/
Adjustments
Foreign
Currency
Translation
November 30, 2023
North America$8,876,050 $445,211 $1,699 $9,322,960 
EMEA (1)5,152,149 152,424 22,123 5,326,696 
Growth Markets (1)1,544,804 31,702 10,280 1,586,786 
Total$15,573,003 $629,337 $34,102 $16,236,442 
(1)Effective September 1, 2023, 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 is now referred to as our EMEA (Europe, Middle East and Africa) geographic market. Prior period amounts have been reclassified to conform with the current period presentation.
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, 2023November 30, 2023
Intangible Asset ClassGross Carrying AmountAccumulated AmortizationNet Carrying AmountGross Carrying AmountAccumulated AmortizationNet Carrying Amount
Customer-related$2,842,257 $(999,604)$1,842,653 $2,979,421 $(1,062,036)$1,917,385 
Technology289,989 (141,022)148,967 283,008 (147,420)135,588 
Patents123,579 (70,472)53,107 123,058 (70,256)52,802 
Other65,138 (36,908)28,230 75,524 (36,995)38,529 
Total$3,320,963 $(1,248,006)$2,072,957 $3,461,011 $(1,316,707)$2,144,304 
Total amortization related to our intangible assets was $111,631 and $109,069 for the three months ended November 30, 2023 and 2022, respectively. Estimated future amortization related to intangible assets held as of November 30, 2023 is as follows:
Fiscal YearEstimated Amortization
Remainder of 2024$340,888 
2025422,296 
2026372,627 
2027302,269 
2028270,412 
Thereafter435,812 
Total$2,144,304 



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

7. Shareholders’ Equity
Dividends
Our dividend activity during the three months ended November 30, 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, 2023$1.29 October 12, 2023$809,225 October 10, 2023$831 $810,056 
The payment of cash dividends includes the net effect of $29,279 of additional restricted stock units being issued as a part of our share plans, which resulted in 89,674 restricted share units being issued.
Subsequent Event
On December 18, 2023, the Board of Directors of Accenture plc declared a quarterly cash dividend of $1.29 per share on our Class A ordinary shares for shareholders of record at the close of business on January 18, 2024 payable on February 15, 2024.



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

8. Financial Instruments
Derivatives
In the normal course of business, we use derivative financial instruments to manage foreign currency exchange rate risk. Our derivative financial instruments consist of deliverable and non-deliverable foreign currency forward contracts.
Cash Flow Hedges
For a cash flow hedge, the effective portion of the change in estimated fair value of a hedging instrument is recorded in Accumulated other comprehensive loss as a separate component of Shareholders’ Equity and is reclassified into Cost of services in the Consolidated Income Statements during the period in which the hedged transaction is recognized. For information related to derivatives designated as cash flow hedges that were reclassified into Cost of services during the three months ended November 30, 2023 and 2022, as well as those expected to be reclassified into Cost of services in the next twelve months, see Note 4 (Accumulated Other Comprehensive Loss) to these Consolidated Financial Statements.
Other Derivatives
Realized gains or losses and changes in the estimated fair value of foreign currency forward contracts that have not been designated as hedges were net losses of $20,280 and $29,691 for the three months ended November 30, 2023 and 2022, respectively. Gains and losses on these contracts are recorded in Other income (expense), net in the Consolidated Income Statements and are offset by gains and losses on the related hedged items.
Fair Value of Derivative Instruments
The notional and fair values of all derivative instruments are as follows:
November 30, 2023August 31, 2023
Assets
Cash Flow Hedges
Other current assets$51,060 $52,995 
Other non-current assets40,640 44,739 
Other Derivatives
Other current assets57,358 6,686 
Total assets$149,058 $104,420 
Liabilities
Cash Flow Hedges
Other accrued liabilities$37,319 $50,020 
Other non-current liabilities18,952 26,076 
Other Derivatives
Other accrued liabilities12,252 38,645 
Total liabilities$68,523 $114,741 
Total fair value$80,535 $(10,321)
Total notional value$12,439,169 $13,390,031 
We utilize standard counterparty master agreements containing provisions for the netting of certain foreign currency transaction obligations and for the set-off of certain obligations in the event of an insolvency of one of the parties to the transaction. In the Consolidated Balance Sheets, we record derivative assets and liabilities at gross fair value. The potential effect of netting derivative assets against liabilities under the counterparty master agreements is as follows:
November 30, 2023August 31, 2023
Net derivative assets$101,420 $50,528 
Net derivative liabilities20,885 60,849 
Total fair value$80,535 $(10,321)



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

9. Income Taxes
We apply an estimated annual effective tax rate to our year-to-date operating results to determine the interim provision for income tax expense. In addition, we recognize taxes related to unusual or infrequent items or resulting from a change in judgment regarding a position taken in a prior year as discrete items in the interim period in which the event occurs.
Our effective tax rates for the three months ended November 30, 2023 and 2022 were 23.2% and 23.3%, respectively.
10. Commitments and Contingencies
Indemnifications and Guarantees
In the normal course of business and in conjunction with certain client engagements, we have entered into contractual arrangements through which we may be obligated to indemnify clients with respect to certain matters.
As of November 30, 2023 and August 31, 2023, our aggregate potential liability to our clients for expressly limited guarantees involving the performance of third parties was approximately $1,929,000 and $1,793,000, respectively, of which all but approximately $52,000 and $51,000, respectively, may be recovered from the other third parties if we are obligated to make payments to the indemnified parties as a consequence of a performance default by the other third parties. For arrangements with unspecified limitations, we cannot reasonably estimate the aggregate maximum potential liability, as it is inherently difficult to predict the maximum potential amount of such payments, due to the conditional nature and unique facts of each particular arrangement.
As of November 30, 2023 and August 31, 2023, we have issued or provided guarantees in the form of letters of credit and surety bonds of $1,348,671 and $1,294,653, respectively, the majority of which support certain contracts that require us to provide them as a guarantee of our performance. These guarantees are typically renewed annually and remain in place until the contractual obligations are satisfied. In general, we would only be liable for these guarantees in the event we defaulted in performing our obligations under each contract, the probability of which we believe is remote.
To date, we have not been required to make any significant payment under any of the arrangements described above. We have assessed the current status of performance/payment risk related to arrangements with limited guarantees, warranty obligations, unspecified limitations, indemnification provisions, letters of credit and surety bonds, and believe that any potential payments would be immaterial to the Consolidated Financial Statements, as a whole.
Legal Contingencies
As of November 30, 2023, we or our present personnel had been named as a defendant in various litigation matters. We and/or our personnel also from time to time are involved in investigations by various regulatory or legal authorities concerning matters arising in the course of our business around the world. Based on the present status of these matters, except as otherwise noted below, management believes the range of reasonably possible losses in addition to amounts accrued, net of insurance recoveries, will not have a material effect on our results of operations or financial condition.
On July 24, 2019, Accenture was named in a putative class action lawsuit filed by consumers of Marriott International, Inc. (“Marriott”) in the U.S. District Court for the District of Maryland. The complaint alleges negligence by us, and seeks monetary damages, costs and attorneys’ fees and other related relief, relating to a data security incident involving unauthorized access to the reservations database of Starwood Worldwide Resorts, Inc. (“Starwood”), which was acquired by Marriott on September 23, 2016. Since 2009, we have provided certain IT infrastructure outsourcing services to Starwood. On May 3, 2022, the court issued an order granting in part the plaintiffs’ motion for class certification, which we appealed. On August 17, 2023, the appeals court vacated the class certification and remanded the case to the district court for consideration of, among other things, the class action waiver signed by Starwood customer plaintiffs. On November 29, 2023, the district court reinstated the classes previously certified by the court in May 2022. We have filed a petition to appeal. We continue to believe the lawsuit is without merit and we will vigorously defend it. At present, we do not believe any losses from this matter will have a material effect on our results of operations or financial condition.
After Accenture Federal Services (“AFS”) made a voluntary disclosure to the U.S. government, the U.S. Department of Justice (“DOJ”) initiated a civil and criminal investigation concerning whether one or more employees provided inaccurate submissions to


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
18

an assessor who was evaluating on behalf of the U.S. government an AFS service offering and whether the service offering fully implemented required federal security controls. AFS is responding to an administrative subpoena and cooperating with DOJ’s investigation. This matter could subject us to adverse consequences as described under the heading "Risk Factors" in our Annual Report on Form 10-K for the year ended August 31, 2023 – “Our work with government clients exposes us to additional risks inherent in the government contracting environment”. We cannot at this time determine when or how this matter will be resolved or estimate the cost or range of costs that are reasonably likely to be incurred in connection with this matter.
11. Segment Reporting
Effective September 1, 2023, 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 is now referred to as our EMEA (Europe, Middle East and Africa) geographic market. Prior period amounts below have been reclassified to conform with the current period presentation.
Our reportable segments are our three geographic markets, which are North America, EMEA and Growth Markets.
Information regarding reportable segments, industry groups and type of work is as follows:
Revenues
 Three Months Ended
 November 30, 2023November 30, 2022
Geographic Markets
North America$7,562,902 $7,622,820 
EMEA5,803,642 5,312,899 
Growth Markets2,857,759 2,812,083 
Total Revenues$16,224,303 $15,747,802 
Industry Groups
Communications, Media & Technology$2,669,448 $2,980,203 
Financial Services3,033,578 2,963,396 
Health & Public Service3,377,466 3,000,019 
Products4,859,987 4,665,788 
Resources2,283,824 2,138,396 
Total Revenues$16,224,303 $15,747,802 
Type of Work
Consulting$8,456,506 $8,444,367 
Managed Services7,767,797 7,303,435 
Total Revenues$16,224,303 $15,747,802 
Operating Income
 Three Months Ended
 November 30, 2023November 30, 2022
Geographic Markets
North America$1,256,708 $1,309,883 
EMEA823,601 726,883 
Growth Markets484,578 556,334 
Total Operating Income$2,564,887 $2,593,100 



ACCENTURE FORM 10-Q
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
19
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The following discussion and analysis should be read in conjunction with our Consolidated Financial Statements and related Notes included elsewhere in this Quarterly Report on Form 10-Q and in our Annual Report on Form 10-K for the year ended August 31, 2023, and with the information under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended August 31, 2023.
We use the terms “Accenture,” “we,” “our” and “us” in this report to refer to Accenture plc and its subsidiaries. All references to years, unless otherwise noted, refer to our fiscal year, which ends on August 31. For example, a reference to “fiscal 2024” means the 12-month period that will end on August 31, 2024. All references to quarters, unless otherwise noted, refer to the quarters of our fiscal year.
We use the term “in local currency” so that certain financial results may be viewed without the impact of foreign currency exchange rate fluctuations, thereby facilitating period-to-period comparisons of business performance. 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. This approach is used for all results where the functional currency is not the U.S. dollar.
Disclosure Regarding Forward-Looking Statements
This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 (the “Exchange Act”) relating to our operations, results of operations and other matters that are based on our current expectations, estimates, assumptions and projections. 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 and involve risks, uncertainties and assumptions that are difficult to predict. Forward-looking statements are based upon assumptions as to future events that may not prove to be accurate. Actual outcomes and results may differ materially from what is expressed or forecast in these forward-looking statements. Risks, uncertainties and other factors that might cause such differences, some of which could be material, include but are not limited to those identified below.
Business Risks
Our results of operations have been, and may in the future be, adversely affected by volatile, negative or uncertain economic and political conditions and the effects of these conditions on our clients’ businesses and levels of business activity.
Our business depends on generating and maintaining client demand for our services and solutions, including through the adaptation and expansion of our 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 our results of operations.
If we are unable to match people and their skills with client demand around the world and attract and retain professionals with strong leadership skills, our business, the utilization rate of our professionals and our results of operations may be materially adversely affected.
We face legal, reputational and financial risks from any failure to protect client and/or Accenture data from security incidents or cyberattacks.
The markets in which we operate are highly competitive, and we might not be able to compete effectively.
Our ability to attract and retain business and employees may depend on our reputation in the marketplace.
If we do not successfully manage and develop our relationships with key ecosystem partners or if we fail to anticipate and establish new alliances in new technologies, our results of operations could be adversely affected.


ACCENTURE FORM 10-Q
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
20
Financial Risks
Our profitability could materially suffer if we are unable to obtain favorable pricing for our services and solutions, if we are unable to remain competitive, if our cost-management strategies are unsuccessful or if we experience delivery inefficiencies or fail to satisfy certain agreed-upon targets or specific service levels.
Changes in our 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 our effective tax rate, results of operations, cash flows and financial condition.
Our results of operations could be materially adversely affected by fluctuations in foreign currency exchange rates.
Changes to accounting standards or in the estimates and assumptions we make in connection with the preparation of our consolidated financial statements could adversely affect our financial results.
Operational Risks
As a result of our geographically diverse operations and strategy to continue to grow in key markets around the world, we are more susceptible to certain risks.
If we are unable to manage the organizational challenges associated with our size, we might be unable to achieve our business objectives.
We might not be successful at acquiring, investing in or integrating businesses, entering into joint ventures or divesting businesses.
Legal and Regulatory Risks
Our business could be materially adversely affected if we incur legal liability.
Our global operations expose us to numerous and sometimes conflicting legal and regulatory requirements, and violation of these regulations could harm our business.
Our work with government clients exposes us to additional risks inherent in the government contracting environment.
If we are unable to protect or enforce our intellectual property rights, or if our services or solutions infringe upon the intellectual property rights of others or we lose our ability to utilize the intellectual property of others, our business could be adversely affected.
We are incorporated in Ireland and Irish law differs from the laws in effect in the United States and might afford less protection to our shareholders. We may also be subject to criticism and negative publicity related to our incorporation in Ireland.
For a more detailed discussion of these factors, see the information under the heading “Risk Factors” in our Annual Report on Form 10-K for the year ended August 31, 2023. Our forward-looking statements speak only as of the date of this report or as of the date they are made, and we undertake no obligation to update any forward-looking statements.


ACCENTURE FORM 10-Q
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
21
Overview
Accenture is a leading global professional services company, providing a broad range of services and solutions across Strategy & Consulting, Technology, Operations, Industry X and Song. We serve clients in three geographic markets: North America, EMEA (Europe, Middle East and Africa) and Growth Markets (Asia Pacific and Latin America). We combine our strength in technology and leadership in cloud, data and AI with unmatched industry experience, functional expertise and global delivery capability to help the world’s leading businesses, governments and other organizations build their digital core, optimize their operations, accelerate revenue growth and enhance citizen services—creating tangible value at speed and scale.
Our results of operations are affected by economic conditions, including macroeconomic conditions, the overall inflationary environment and levels of business confidence. There continues to be significant economic and geopolitical uncertainty in many markets around the world, which has impacted and may continue to impact our business. These conditions have slowed the pace and level of client spending for smaller contracts with a shorter duration, especially for our consulting services. From an industry perspective, we are also experiencing reduced demand particularly in our Communications, Media & Technology industry group.
Key Metrics
Key metrics for the first quarter of fiscal 2024 compared to the first quarter of fiscal 2023 are included below. We have presented operating margin and diluted earnings per share on a non-GAAP or “adjusted” basis to exclude the impact of $140 million in business optimization costs. For additional information, see Note 1 (Basis of Presentation) to our Consolidated Financial Statements under Item 1, “Financial Statements.”
Revenues of $16.2 billion, representing 3% growth in U.S. dollars and 1% growth in local currency;
New bookings of $18.4 billion, an increase of 14% in U.S. dollars and 12% in local currency;
Operating margin of 15.8%, compared to 16.5% in the first quarter of fiscal 2023; adjusted operating margin expanded 20 basis points to 16.7%;
Diluted earnings per share of $3.10, compared to $3.08 in the first quarter of fiscal 2023; adjusted earnings per share increased 6% to $3.27; and
Cash returned to shareholders of $2.0 billion, including share purchases of $1.2 billion and dividends of $810 million.
Revenues
Three Months EndedPercent
Increase
(Decrease)
U.S.
Dollars
Percent
Increase
(Decrease)
Local
Currency
(in billions of U.S. dollars)November 30, 2023November 30, 2022
Geographic Markets (1)North America$7.6 $7.6 (1)%(1)%
EMEA5.8 5.3 
Growth Markets2.9 2.8 
Total Revenues$16.2 $15.7 3 %1 %
Industry GroupsCommunications, Media & Technology$2.7 $3.0 (10)%(11)%
Financial Services3.0 3.0 — 
Health & Public Service3.4 3.0 13 12 
Products4.9 4.7 
Resources2.3 2.1 
Total Revenues$16.2 $15.7 3 %1 %
Type of WorkConsulting$8.5 $8.4 — %(2)%
Managed Services7.8 7.3 
Total Revenues$16.2 $15.7 3 %1 %
Amounts in table may not total due to rounding.
(1)Effective September 1, 2023, 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 is now referred to as our EMEA (Europe, Middle East and Africa) geographic market. Prior period amounts have been reclassified to conform with the current period presentation.



ACCENTURE FORM 10-Q
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
22
Revenues for the first quarter of fiscal 2024 increased 3% in U.S. dollars and 1% in local currency compared to the first quarter of fiscal 2023. During the first quarter of fiscal 2024, revenue growth in local currency was solid in Growth Markets and modest in EMEA, partially offset by a slight decline in North America. We experienced local currency revenue growth that was very strong in Health & Public Service, strong in Resources, slight in Products and flat in Financial Services, partially offset by a significant decline in Communications, Media & Technology. Revenue growth in local currency was solid in managed services, partially offset by a modest decline in consulting during the first quarter of fiscal 2024. The business environment is competitive, and we have been experiencing lower pricing across the business. We define pricing as contract profitability or margin on the work that we sell.
In our consulting business, revenues for the first quarter of fiscal 2024 were flat in U.S. dollars and decreased 2% in local currency compared to the first quarter of fiscal 2023. The decline in consulting revenue in local currency for the first quarter of fiscal 2024 was driven by modest declines in North America and EMEA, while Growth Markets was flat. Our consulting revenue continues to be driven by helping our clients accelerate their digital transformation, including moving to the cloud, embedding security across the enterprise and adopting new technologies. In addition, clients continue to be focused on initiatives designed to deliver cost savings and operational efficiency, as well as projects to accelerate growth and improve customer experiences. While we continue to experience demand for these services, we are seeing a slower pace and level of client spending, especially for smaller contracts with a shorter duration.
In our managed services business, revenues for the first quarter of fiscal 2024 increased 6% in U.S. dollars and 5% in local currency compared to the first quarter of fiscal 2023. Managed services revenue in local currency for the first quarter of fiscal 2024 was driven by very strong growth in Growth Markets and EMEA, while North America was flat. We continue to experience growing demand to assist clients with application modernization and maintenance, cloud enablement and cybersecurity-as-a-service. In addition, clients continue to be focused on transforming their operations through technology, data and AI, and leveraging our digital platforms and talent to drive productivity and operational cost savings.
As we are a global company, our revenues are denominated in multiple currencies and may be significantly affected by currency exchange rate fluctuations. While a significant portion of our revenues are in U.S. dollars, the majority of our revenues are denominated in other currencies, including the Euro, Japanese yen and U.K. pound. There continues to be volatility in foreign currency exchange rates. Unfavorable fluctuations in foreign currency exchange rates have had and could in the future have a material effect on our financial results. If the U.S. dollar weakens against other currencies, resulting in favorable currency translation, our revenues, revenue growth and results of operations in U.S. dollars may be higher. If the U.S. dollar strengthens against other currencies, resulting in unfavorable currency translation, our revenues, revenue growth and results of operations in U.S. dollars may be lower. The U.S. dollar weakened against various currencies during the first quarter of fiscal 2024 compared to the first quarter of fiscal 2023, resulting in favorable currency translation and U.S. dollar revenue growth that was approximately 1.5% higher than our revenue growth in local currency. Assuming that exchange rates stay within recent ranges for the remainder of fiscal 2024, we estimate that our full fiscal 2024 revenue growth in U.S. dollars will be approximately equal to our revenue growth in local currency.
People Metrics
Utilization
Workforce
Annualized Voluntary Attrition
91%
743,000+
11%
consistent with the first quarter of fiscal 2023
compared to approximately 738,000 as of November 30, 2022
compared to 13% in the first quarter of fiscal 2023
Utilization for the first quarter of fiscal 2024 was 91%, consistent with the first quarter of fiscal 2023. We hire to meet current and projected future demand. We proactively plan and manage the size and composition of our workforce and take actions as needed to address changes in the anticipated demand for our services and solutions, given that compensation costs are the most significant portion of our operating expenses. Our workforce, the majority of which serves our clients, increased to approximately 743,000 as of November 30, 2023, compared to approximately 738,000 as of November 30, 2022. The year-over-year increase in our workforce reflects people added in connection with acquisitions and hiring for specific skills.
For the first quarter of fiscal 2024, annualized attrition, excluding involuntary terminations, was 11%, down from 13% in the first quarter of fiscal 2023. We evaluate voluntary attrition, adjust levels of new hiring and use involuntary terminations as a means to keep our supply of skills and resources in balance with changes in client demand.
In addition, we adjust compensation to provide market relevant pay based on the skills of our people and locations where we operate. We also consider a variety of factors, including the macroeconomic environment, in making our decisions around pay and benefits. We strive to adjust pricing as well as drive cost and delivery efficiencies, such as changing the mix of people and utilizing technology, to reduce the impact of compensation increases on our margin and contract profitability.


ACCENTURE FORM 10-Q
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
23
Our ability to grow our revenues and maintain or increase our margin could be adversely affected if we are unable to: match people and skills with the types or amounts of services and solutions clients are demanding; recover or offset increases in compensation; deploy our employees globally on a timely basis; manage attrition; and/or effectively assimilate new employees.
Operating Expenses
The primary categories of operating expenses include Cost of services, Sales and marketing and General and administrative costs. Cost of services is primarily driven by the cost of people serving our clients, which consists mainly of compensation, subcontractor and other payroll costs, and non-payroll costs such as facilities, technology and travel. Cost of services includes a variety of activities such as: contract delivery; recruiting and training; software development; and integration of acquisitions. Sales and marketing costs are driven primarily by: compensation costs for business development activities; marketing- and advertising-related activities; and certain acquisition-related costs. General and administrative costs primarily include costs for people that are non-client-facing, information systems, office space and certain acquisition-related costs.
Gross margin (Revenues less Cost of services as a percentage of Revenues) for the first quarter of fiscal 2024 was 33.6%, compared with 32.9% for the first quarter of fiscal 2023. The increase in gross margin for the first quarter of fiscal 2024 was primarily due to lower labor costs, including lower subcontractor costs, partially offset by higher non-payroll costs, primarily for travel.
Sales and marketing and General and administrative costs as a percentage of revenues were 16.9% for the first quarter of fiscal 2024 compared with 16.5% for the first quarter of fiscal 2023. For the first quarter of fiscal 2024 compared to the same period in fiscal 2023, Sales and marketing costs increased 70 basis points due to higher selling and other business development costs as a percentage of revenues. For the first quarter of fiscal 2024 compared to the same period in fiscal 2023, General and administrative costs decreased 20 basis points as a percentage of revenues.
During the three months ended November 30, 2023, we recorded $140 million in business optimization costs, primarily for employee severance. For additional information, see Note 1 (Basis of Presentation) to our Consolidated Financial Statements under Item 1, “Financial Statements.”
Operating margin (Operating income as a percentage of Revenues) for the first quarter of fiscal 2024 was 15.8%, compared with 16.5% for the first quarter of fiscal 2023. The business optimization costs recorded during the three months ended November 30, 2023 reduced operating margin by 90 basis points. Excluding these costs, operating margin for the three months ended November 30, 2023 increased 20 basis points to 16.7%.
Effective Tax Rate
The effective tax rates for the first quarter of fiscal 2024 and 2023 were 23.2% and 23.3%, respectively. The business optimization costs of $140 million and related reduction in tax expense of $34 million for the three months ended November 30, 2023 had an immaterial impact on our effective tax rate.
Earnings Per Share
Diluted earnings per share were $3.10 for the first quarter of fiscal 2024, compared with $3.08 for the first quarter of fiscal 2023. The $106 million of business optimization costs, net of related taxes, decreased diluted earnings per share by $0.17 for the first quarter of fiscal 2024. Excluding these impacts, diluted earnings per share were $3.27 for the first quarter of fiscal 2024.
Non-GAAP Financial Measures
For fiscal 2024, we have presented operating income, operating margin, effective tax rate and diluted earnings per share excluding the business optimization costs, as we believe doing so facilitates understanding as to the impact of these items and our performance in comparison to the prior periods. While we believe that this non-GAAP financial information is useful in evaluating our 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 FORM 10-Q
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
24
New Bookings
Three Months EndedPercent
Increase
(Decrease)
U.S.
Dollars
Percent
 Increase
(Decrease)
Local
 Currency
(in billions of U.S. dollars)November 30, 2023November 30, 2022
Consulting$8.6 $8.1 %%
Managed Services9.8 8.1 21 19 
Total New Bookings$18.4 $16.2 14 %12 %
We provide information regarding our new bookings, which include new contracts, including those acquired through acquisitions, as well as renewals, extensions and changes to existing contracts, because we believe doing so provides useful trend information regarding changes in the volume of our new business over time. New bookings can vary significantly quarter to quarter depending in part on the timing of the signing of a small number of large managed services contracts. The types of services and solutions clients are demanding and the pace and level of their spending may impact the conversion of new bookings to revenues. For example, managed services bookings, which are typically for multi-year contracts, generally convert to revenue over a longer period of time compared to consulting bookings.
Information regarding our new bookings is not comparable to, nor should it be substituted for, an analysis of our revenues over time. New bookings involve estimates and judgments. There are no third-party standards or requirements governing the calculation of bookings. We do not update our new bookings for material subsequent terminations or reductions related to bookings originally recorded in prior fiscal years. New bookings are recorded using then-existing foreign currency exchange rates and are not subsequently adjusted for foreign currency exchange rate fluctuations.
The majority of our contracts are terminable by the client on short notice with little or no termination penalties, and some without notice. Only the non-cancelable portion of these contracts is included in our remaining performance obligations disclosed in Note 2 (Revenues) to our Consolidated Financial Statements under Item 1, “Financial Statements.” Accordingly, a significant portion of what we consider contract bookings is not included in our remaining performance obligations.


ACCENTURE FORM 10-Q
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
25
Results of Operations for the Three Months Ended November 30, 2023 Compared to the Three Months Ended November 30, 2022
Revenues by geographic market, industry group and type of work are as follows:
  Three Months EndedPercent
Increase
(Decrease)
U.S.
Dollars
Percent
Increase
(Decrease)
Local
Currency
Percent of Revenues
for the Three Months Ended
(in millions of U.S. dollars)November 30, 2023November 30, 2022November 30, 2023November 30, 2022
Geographic Markets (1)
North America$7,563 $7,623 (1)%(1)%47 %48 %
EMEA5,804 5,313 36 34 
Growth Markets2,858 2,812 18 18 
Total$16,224 $15,748 3 %1 %100 %100 %
Industry Groups
Communications, Media & Technology$2,669 $2,980 (10)%(11)%16 %19 %
Financial Services3,034 2,963 — 19 19 
Health & Public Service3,377 3,000 13 12 21 19 
Products4,860 4,666 30 30 
Resources2,284 2,138 14 14 
Total$16,224 $15,748 3 %1 %100 %100 %
Type of Work
Consulting$8,457 $8,444 — %(2)%52 %54 %
Managed Services7,768 7,303 48 46 
Total$16,224 $15,748 3 %1 %100 %100 %
Amounts in table may not total due to rounding.
(1)Effective September 1, 2023, 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 is now referred to as our EMEA (Europe, Middle East and Africa) geographic market. Prior period amounts have been reclassified to conform with the current period presentation.
Revenues
The following revenues commentary discusses local currency revenue changes for the first quarter of fiscal 2024 compared to the first quarter of fiscal 2023:
Geographic Markets
North America revenues decreased 1% in local currency, due to declines in Communications & Media, Software & Platforms and Banking & Capital Markets. These decreases were partially offset by growth in Public Service. The decline in revenues was driven by the United States.
EMEA revenues increased 2% in local currency, led by growth in Public Service and Banking & Capital Markets. These increases were partially offset by a decline in Communications & Media. Revenue growth was driven by Italy, Austria and France, partially offset by a decline in the United Kingdom.
Growth Markets revenues increased 5% in local currency, led by growth in Chemicals & Natural Resources, Public Service, and Banking & Capital Markets. Revenue growth was driven by Japan.
Operating Expenses
Operating expenses for the first quarter of fiscal 2024 increased $505 million, or 4%, compared to the first quarter of fiscal 2023, and increased as a percentage of revenues to 84.2% compared to 83.5% during this period. The increase as a percentage of revenues is primarily due to business optimization costs of $140 million recorded during the first quarter of fiscal 2024.


ACCENTURE FORM 10-Q
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
26
Operating expenses by category are as follows:
Three Months Ended
(in millions of U.S. dollars)November 30, 2023November 30, 2022Increase
(Decrease)
Operating Expenses$13,659 84.2 %$13,155 83.5 %$505 
Cost of services10,776 66.4 10,562 67.1 215 
Sales and marketing1,710 10.5 1,550 9.8 160 
General and administrative costs1,033 6.4 1,043 6.6 (10)
Business optimization costs140 0.9 — — 140 
Amounts in table may not total due to rounding.
Cost of Services
Cost of services for the first quarter of fiscal 2024 increased $215 million, or 2%, over the first quarter of fiscal 2023, and decreased as a percentage of revenues to 66.4% from 67.1% during this period. Gross margin for the first quarter of fiscal 2024 increased as a percentage of revenues to 33.6% over 32.9% during the first quarter of fiscal 2023. The increase in gross margin was primarily due to lower labor costs, including lower subcontractor costs, partially offset by higher non-payroll costs, primarily for travel compared to the same period in fiscal 2023.
Sales and Marketing
Sales and marketing expense for the first quarter of fiscal 2024 increased $160 million, or 10%, over the first quarter of fiscal 2023, and increased as a percentage of revenues to 10.5% over 9.8% during this period due to higher selling and other business development costs as a percentage of revenues.
General and Administrative Costs
General and administrative costs for the first quarter of fiscal 2024 decreased $10 million, or 1%, from the first quarter of fiscal 2023, and decreased as a percentage of revenues to 6.4% from 6.6% during this period.
Business Optimization Costs
During the first quarter of fiscal 2024, we recorded business optimization costs of $140 million, primarily for employee severance. For additional information, see Note 1 (Basis of Presentation) to our Consolidated Financial Statements under Item 1, “Financial Statements.”
Operating Income and Operating Margin
Operating income for the first quarter of fiscal 2024 decreased $28 million, or 1%, from the first quarter of fiscal 2023. Operating margin for the first quarter of fiscal 2024 was 15.8%, compared with 16.5% for the first quarter of fiscal 2023. The business optimization costs reduced operating margin by 90 basis points. Excluding these costs, operating margin for the first quarter of fiscal 2024 increased 20 basis points to 16.7%.
Operating income and operating margin for each of the geographic markets are as follows:
Three Months Ended
  November 30, 2023November 30, 2022
(in millions of U.S. dollars)Operating
Income
Operating
Margin
Operating
Income
Operating
Margin
Increase
(Decrease)
North America$1,257 17 %$1,310 17 %$(53)
EMEA (1)824 14 727 14 97 
Growth Markets (1)485 17 556 20 (72)
Total$2,565 15.8 %$2,593 16.5 %$(28)
Amounts in table may not total due to rounding.
(1)Effective September 1, 2023, 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 is now referred to as our EMEA (Europe, Middle East and Africa) geographic market. Prior period amounts have been reclassified to conform with the current period presentation.






ACCENTURE FORM 10-Q
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
27
Operating Income and Operating Margin Excluding Business Optimization Costs (Non-GAAP)
Three Months Ended
  November 30, 2023November 30, 2022
(in millions of U.S. dollars)Operating
Income (GAAP)
Business
Optimization (1)
Operating
Income (Non-GAAP)
Operating
Margin
(Non-GAAP)
Operating
Income (GAAP)
Operating
Margin (GAAP)
Increase
(Decrease)
North America$1,257 $46 $1,303 17 %$1,310 17 %$(7)
EMEA (2)824 71 894 15 727 14 168 
Growth Markets (2)485 23 508 18 556 20 (49)
Total$2,565 $140 $2,705 16.7 %$2,593 16.5 %$111 
Amounts in table may not total due to rounding.
(1)Costs recorded in connection with our business optimization initiatives, primarily for employee severance.
(2)Effective September 1, 2023, 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 is now referred to as our EMEA (Europe, Middle East and Africa) geographic market. Prior period amounts have been reclassified to conform with the current period presentation.
We estimate that the aggregate percentage impact of foreign currency exchange rates on our operating income during the first quarter of fiscal 2024 was similar to that disclosed for revenue for each geographic market. In addition, during the first quarter of fiscal 2024 each geographic market’s operating income was unfavorably impacted by business optimization costs. The commentary below provides insight into other factors affecting geographic market performance and operating income, including the impact of foreign currency exchange rates where significant, for the first quarter of fiscal 2024 compared with the first quarter of fiscal 2023:
North America operating income was relatively flat year-over-year as a decline in consulting revenue and lower contract profitability was offset by lower labor costs.
EMEA operating income increased primarily due to managed services revenue growth in local currency and the positive impact of foreign currency exchange rates which resulted in an increase in U.S. dollar revenues.
Growth Markets operating income decreased as revenue growth was more than offset by lower contract profitability and an increase in selling and other business development costs as a percentage of revenues.    
Interest Income
Interest income for the first quarter of fiscal 2024 was $102 million, an increase of $57 million over the first quarter of fiscal 2023. The increase was primarily due to higher cash balances and interest rates.
Income Tax Expense
The effective tax rates for the first quarter of fiscal 2024 and 2023 were 23.2% and 23.3%, respectively. The business optimization costs of $140 million and related reduction in tax expense of $34 million for the three months ended November 30, 2023 had an immaterial impact on our effective tax rate.
Earnings Per Share
Diluted earnings per share were $3.10 for the first quarter of fiscal 2024, compared with $3.08 for the first quarter of fiscal 2023. The $106 million of business optimization costs, net of related taxes, decreased diluted earnings per share by $0.17. Excluding these impacts, diluted earnings per share were $3.27 for the first quarter of fiscal 2024. For information regarding our earnings per share calculations, see Note 3 (Earnings Per Share) to our Consolidated Financial Statements under Item 1, “Financial Statements.”
The increase in diluted earnings per share was due to the following factors:
Earnings Per Share
Q1 FY23 As Reported$3.08 
Higher revenue and operating results0.14 
Higher non-operating income0.05 
Lower share count0.01 
Higher net income attributable to noncontrolling interests(0.01)
Q1 FY24 As Adjusted$3.27 
Business optimization costs(0.17)
Q1 FY24 As Reported$3.10 



ACCENTURE FORM 10-Q
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
28
Liquidity and Capital Resources
As of November 30, 2023, Cash and cash equivalents was $7.1 billion, compared with $9.0 billion as of August 31, 2023.