Ladies and gentlemen, thank you for standing by, and welcome to Accenture's Fourth Quarter Fiscal 2012 Earnings Conference Call. [Operator Instructions] Later we will conduct a question-and-answer session. [Operator Instructions] As a reminder, today's conference call is being recorded. And with that, I'd now like to turn the conference over to Managing Director of Investor Relations, KC McClure. Please go ahead.

Thank you, Doug, and thanks, everyone, for joining us today on our fourth quarter and full year fiscal 2012 earnings announcement. As Doug just mentioned, I'm KC McClure, Managing Director of Investor Relations. With me today are Pierre Nanterme, our Chief Executive Officer; and Pamela Craig, our Chief Financial Officer. We hope you've had an opportunity to review the news release we issued a short time ago. Let me quickly outline the agenda for today's call. Pierre will begin with an overview of our results. Pam will take you through the financial details, including the income statement and balance sheet, along with some key operational metrics for both the fourth quarter and the full year. Pierre will then provide a brief update on our market positioning. Pam will then provide our business outlook for the first quarter and full fiscal year 2013, and we will take your questions before Pierre provides a wrap-up at the end of the call. As a reminder, when we discuss revenues during today's call, we're talking about revenues before reimbursements or net revenues. Some of the matters we'll discuss on this call are forward-looking, including the business outlook. You should keep in mind that these forward-looking statements are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements and that such statements are not a guarantee of our future performance. Such risks and uncertainties include, but are not limited to, general economic conditions and those factors set forth in today's news release and discussed under the Risk Factor sections of our annual report on Form 10-K and quarterly reports on Form 10-Q and other SEC filings. During our call today, we will reference certain non-GAAP financial measures, which we believe provide useful information for investors. We include reconciliations of those measures, where appropriate, to GAAP in our news release or on the Investor Relations section of our website at accenture.com. As always, Accenture assumes no obligation to update the information presented on this conference call. Let me turn the call over to Pierre.

Thank you, KC, and thanks, everyone, for joining us today. We are very pleased with our financial results for the fourth quarter and full fiscal year, which enabled us to meet or exceed our annual business outlook for all of our key metrics. Our strong performance demonstrates that our growth strategy continues to differentiate us in the marketplace and that we are running our business with a focus on delivering value to shareholders. Pam will provide details on the fourth quarter and the full fiscal year in a moment. Here are a few highlights for the year. We delivered record new bookings of $32.2 billion. Revenue growth was strong and broad-based across our business, with an 11% increase in local currency to $27.9 billion, also a record. Earnings per share were a record $3.84, up 13% and at the top of our guided range. We expanded operating margin 30 basis points to 13.9%, also at the top of our guided range. We generated exceptionally strong free cash flow of $3.9 billion and continued to have a very strong balance sheet, ending the year with a cash balance of $6.6 billion. We continue to return cash to shareholders, with more than $3 billion in share repurchases and dividend payments during the year. And we just announced a semi-annual cash dividend of $0.81 per share, which is a 20% increase over our prior dividend. Clearly, we continue to execute extremely well across all dimensions of our business, and I want to take this opportunity to recognize the contribution of the leadership team of Accenture, which is totally committed to our clients and to our success. Now let me hand over to Pam, who will review the numbers in greater detail. Pam, over to you.

Thank you, Pierre, and thanks to all of you for listening today. I am pleased to give you some details on Accenture's fiscal year 2012 fourth quarter and full year financial results. We finished the year strong across key dimensions. We had record bookings in consulting and outsourcing and a quarterly total, for the first time, of over $9 billion. Our free cash flow as we crossed year end was outstanding. And most notably, we were able to meet or beat all of the elements in our original annual business outlook provided a year ago. Now let's get to the numbers for the quarter and the fiscal year. Unless I state otherwise, all figures are U.S. GAAP except the items that are not part of the financial statements or that are calculations. New bookings for the quarter were a record $9.2 billion, and that level of bookings also notably reflected a negative 9% foreign exchange impact compared with new bookings in the fourth quarter last year. Consulting bookings were $4.3 billion, and outsourcing bookings were $4.9 billion, both individual records. As Pierre mentioned, new bookings for the full fiscal year also hit an all-time high of $32.2 billion, $1.2 billion above the upper end of the range we signaled in June. These bookings reflected a foreign exchange impact of negative 3% compared with new bookings for fiscal '11. Consulting bookings for fiscal '12 were $16.6 billion, and outsourcing bookings were $15.6 billion. Let me give you some details on bookings in the fourth quarter, first in consulting. In management consulting, bookings were strong this quarter, particularly in the Americas and some parts of Europe. They continued to include a greater proportion of larger projects of longer duration with a focus on business outcomes. The strongest growth in bookings was for…

Thank you, Pam. As our very strong results for fiscal year '12 demonstrate, we are executing our growth strategy in a focused and disciplined way, providing differentiated services that create tangible and measurable value for our clients. Although the global economic and geopolitical environment remains volatile and uncertain, the diversity of our business continues to serve us very well. We are working with clients across 40 industries and more than 120 countries, providing a full range of market-leading services. We have an unmatched depth and breadth of industry skills, with 153,000 people in our operating groups and growth platforms aligned with specific industries. As demonstrated by our record new bookings, we are seeing strong demand for services. Our clients continue to invest in transforming their operations to address the challenges presented by the long-term trends of globalization, regulation, rationalization and technology innovation. To help our clients address these challenges, we combine our unique capabilities across management consulting, technology and business process outsourcing to provide highly differentiated industry-based end-to-end services. Let me bring this to life with some recent wins in the marketplace. We are helping Oi, one of the Brazil's leading communications providers, drive greater operational efficiency and transform its business. In addition to managing their billing and collection, finance and accounting, HR and supply chain functions, we are also leveraging analytics to target further process improvements to lower costs and improve quality across their business. We are working with BP, the global energy company, to consolidate and run its finance and accounting function across Europe and North America. We are standardizing reporting and metrics and using advanced analytics to drive greater insights into the business with the goal of improving business controls, transcending risk management and reducing operating cost. And at the same time, we continue to invest in…

Thank you, Pierre. I'd like to first share with you some thoughts on how our business is shaping up for fiscal year '13. We see very good opportunities in most markets around the world, and our Q4 bookings and healthy pipeline confirm this and position us well as we move forward. At the same time we remain very vigilant about understanding the impact of the evolving global macroeconomic environment, we will continue to be focused on managing our global business tightly. For fiscal '13, we expect growth rates in outsourcing to continue to be higher than in consulting based on the book of business we have and the opportunities we see. While our consulting bookings have been solid in recent quarters, we anticipate they will continue to convert to revenues at a slower rate going forward as they did in the latter part of fiscal year '12. Our outlook components and our intent to update you quarterly remain the same for fiscal '13. We will continue to provide a quarterly outlook for revenue so that you have a basis for understanding our quarterly-phasing expectations during the year. So for the first quarter of fiscal year '13, we expect revenues to be in the range of $7.1 billion to $7.35 billion. This assumes a foreign exchange impact of negative 3% compared to the first quarter in fiscal '12. Our revenue outlook in Q1 reflects growth in 4 of our 5 operating groups and a slight decline in revenue for Communications, Media and Technology. We do anticipate that CMT will return to growth later in the fiscal year based on recent bookings and how new business is shaping up. Let me turn to our assumption for foreign exchange for the full fiscal year. Based upon how the rates have been trending over…

Thanks, Pam. [Operator Instructions] Doug, would you provide instructions for those on the call, please?

[Operator Instructions] Our first question is from Tien-Tsin Huang with JPMorgan. Tien-Tsin T. Huang - JP Morgan Chase & Co, Research Division: I want to ask or, I guess, better understand how the bookings will convert to revenue. Pam, I know you mentioned that there's some slower conversion there. Can you just help us better appreciate that, how we can track that? And then, more importantly, just reconcile your bookings guidance with your revenue guidance. Any change again in book-to-bill or any other metric that we should consider?

Yes. Well, first of all, in the book-to-bill, we were sure pleased with those in Q4, 1:1 in consulting, probably about 1:6 in outsource. So I think one of the things I mentioned, that in consulting, we do see what's being booked be sort of larger, longer-duration things. And those do convert to revenue just as a basket slower because there's less of the little or faster converting stuff in the mix. So we do expect that trend to continue. Tien-Tsin T. Huang - JP Morgan Chase & Co, Research Division: Right. So as I think about -- so the -- I guess the correlation between bookings growth and revenue growth, is it fair to say that's going to break down a little bit next year? Because it sounds like it's getting a little bit more complex, I guess.

Yes, I mean, I think bookings are lumpy, right, and I think that we did have a number of large things. I mentioned we had 11 clients where we had bookings of over $100 million. So some of those are big things over a longer time period. And so I think it's hard to correlate it exactly just in terms of then trying to sort of link that to a revenue growth rate in the first quarter. Tien-Tsin T. Huang - JP Morgan Chase & Co, Research Division: Okay, okay, fair enough. Maybe just a quick follow-up just in terms of contract profitability and cost containment. No surprise on the margin guidance. But I'm curious, contract profitability has been a big help here. Is there still room to go on that front? Or are there going to be some different levers to pull for margin expansion in fiscal '13?

Wail, we'll never give up on contract profitability and particularly pricing, and then how we continue to manage our costs and look at the whole value equation for clients. So I think that is -- definitely continues to be a push for us. But at the same time, in terms of managing our business to operating margin, we're going to be looking for those efficiencies in SG&A to continue.

Our next question is from Darrin Peller with Barclays.

Just on a high level first maybe for Pierre. Your growth rates overall are clearly above industry average and clearly above your peers'. Can you just give us some specific color on some of these 11 large contracts you've won in the sense of what was the driver of you winning that? I mean, your market share gains are noticeable at this point. And maybe some specific examples of what, in an RFP, you showed that others did not. And is that sustainable? And then maybe just to follow up on the similar question to the -- specifically to the Financial Services vertical given the growth, how strong it was there.

Yes, sure. It's excellent, Darrin. Regarding, I mean, what's differentiating us in the marketplace and I think it's reflecting in the 2 illustrations I mentioned previously with Oi and BP. First is our constant focus on large global companies. Second is indeed what we see from a transformation standpoint in the marketplace. And to drive transformation for such large clients, you need to combine multiple capabilities, if you will. And this is what we do with those 2 illustrations from MC technology, BPO, AO. And on top of that, we're bringing things such as the cloud or such as the advanced analytics. So I think we have a unique positioning so far, which is resonating very well with our clients and differentiating us in the marketplace of combining capabilities, operating at scale, working for those very large global organizations and really focusing on bringing an outcome. FS is a good illustration of what's going on. FS, as you know, Financial Services, and especially banking in Financial Services, but it's true for insurance, are industries facing significant transformation from a regulatory standpoint, of course the Solvency II, the Basel III, but as well from an operational standpoint. And again, we are very pleased with what we're doing, especially from an outsourcing standpoint, where outsourcing bookings as well as revenue growth was very good. And it's reflecting again our positioning in supporting those large organization in some major transformations. So that's what's explaining our current differentiation.

In financials, just to be clear, I mean, so regulatory drivers is a major variable as well as just, I mean, overall cost optimization in transformation? Is there any other major drivers we should just keep in mind for that segment just given how strong it's been?

I mean, those are the major ones. And particularly in banking, frankly, insurance has been strong for us for a number of quarters now. Just one other thing I'd like to just point out because, I mean, these were really strong results in Financial Services, is they did include just a couple of things from a compare perspective that I should point out. First of all, we talked to, last quarter, a little bit about precontract costs. And of course, these are costs that were in the quarter and then the revenues came through in this quarter. So that had maybe only just about a 2-point impact on Financial Services. We also made 2 fairly sizable acquisitions in the beginning of last year, and those had done really well. I mentioned the Credit Services business, which has really come on strong this year.

Our next question, Rod Bourgeois with Bernstein. Rod Bourgeois - Sanford C. Bernstein & Co., LLC., Research Division: So I do -- I'll just say wow in response to your bookings results. And I have a question on the bookings front as well. After the blowout bookings in the August quarter, are you now somewhat needing to replenish your sales pipeline? And should we expect bookings growth to potentially be sort of artificially low in the November quarter after all of the strong bookings that you posted in the August quarter?

Well, Rod, first of all, I don't know about the word artificially. I think there's always some lumpiness to our bookings. That said, I think what I was pleased about is that the pipeline is still up quite nicely. I think it's only really in the very big deal. We also look at the very big deal pipeline, where we do indeed need to do some replenishment. But that would be pretty normal and natural at this point after that quarter of bookings. We even had a couple, frankly, that came in early, right? We expected them in Q1. They came in, in Q4, which was fantastic. And so there is a little bit of that. And so yes, the bookings in Q1 will be lower, but I wouldn't say -- I wouldn't use the artificially word. Rod Bourgeois - Sanford C. Bernstein & Co., LLC., Research Division: Right. But you did have some deals that were somewhat pulled forward faster than you normally would occur at this time of the year?

Yes, 1 or 2. Not -- again, that -- it's not like it's some big thing. Rod Bourgeois - Sanford C. Bernstein & Co., LLC., Research Division: Okay. And then, Pam, can you give us an update on your contracted revenue growth? And then as we look at the growth outlook for consulting versus outsourcing, are you confident that consulting year-over-year growth in constant currency can remain positive for each quarter in the next year?

I am confident that it will be positive for the first quarter and for the year. And that's, I think, how it will come out. I mean, the first quarter at this point, I see low positive single digits. It could be sort of as low as flattish, but we do see positive. And for the year, low- to mid-single digits positive. In terms of our visibility, we do see, as we look forward over the next 4 quarters, that contracted revenue is up 9% over last year. Interestingly, beyond that, contracted revenue was up 13% more than the prior year as we looked at that. So that just points at this longer-duration thing that's going on with some of the bookings. But the 9% gives us confidence with the 5% to 8% revenue -- projected revenue growth.

Thanks a lot, Rod. And I had the same reaction like you. I said, "Wow" when I saw the 9% in front of our bookings for Q4.

Our next question is from Julio Quinteros with Goldman Sachs.

Real quickly, just in terms of the headcount build as you think about fiscal 2013, just maybe you can reconcile. The headcount build for the end of the year seems a little bit slower at least versus what we were looking for. I'm trying to reconcile that against, obviously, the record bookings and the record finish to the year here. So just help us think through what is in the pace of the headcount adds relative to the pace of bookings at this point in terms of a little bit -- looks like a little bit of a slower number there.

Yes, I didn't necessarily see it as slower. I mean, I think if you look through the quarters of the year, we added 7,000 in the fourth quarter to our billable headcount, and that was more than any other quarter in the year. So, I mean, I think, Julio, I mean, we're doing what we're always doing, right, which is balancing supply and demand. We also have had good results with attrition, right, and that has meant that we haven't had to hire as many people.

That makes sense. And then what about for fiscal '13? What's the kind of gross expectation for adds?

Probably a little bit less than this year. But again, with the lower attrition, that's the main driver of that and then just again how we see the business shaping up.

Got it.

And we're pleased with that if I would add. I mean, if we have lower attrition, it means that we will have less cost for recruiting people.

Our next question is from Moshe Katri with Cowen & Company.

Just not to kind of beat a dead horse here, talking about bookings. Pam, do you think that the booking numbers are a function of improving demand, strong competitive wins maybe better execution from Accenture? And then you mentioned pricing briefly. Is that an important lever for you guys in order for you to continue to this very mild expansion in EBIT margins on an annual basis? And maybe you can talk about how you can continue to kind of get that leverage from the pricing.

Yes, I mean, I think just one thing I'll point out and then I'm going to let Pierre weigh in as well. I mean, one of the things that I think is interesting is that our sole source wins have been averaging about 60% over the last few quarters. And I think that's up from sort of the 50% that we've been quoting in the past. So I think that our ability to drive really valuable propositions for clients to their specific business needs and shape those things, I mean, I think that, that has certainly helped us. But Pierre, why don't I let you give a little more here?

Yes, and that's exactly right. I mean, those bookings, obviously, are extremely important for us. It reflects that -- how we differentiate in the marketplace. We are winning against the competition, whether what we're selling is resonating with our clients, and I think this is where we are -- and of course, it's giving us the confidence moving forward as we're entering fiscal year '13. So I think what we see is our current positioning is strong in the marketplace with this combination of persistent focus on these large and global clients and bringing this combination of industry expertise together with technology leadership. And then end-to-end services to deliver tangible and measurable values. And today, this is what's the market is expecting from a company like us. And I'm indeed extremely pleased with the booking as the best proof point of our positioning.

Great. And then on pricing? Any color there?

Yes. Pricing, interestingly, remains pretty stable in a competitive environment. And we're always going to be pushing on it where we can.

Are there any specific areas where you think that you do have some of that leverage to bring it higher?

I mean, I think again, right, where you take a value focus and that's really strong, that's where it makes the most sense because then you're able to really generate the value for the client as well as for us. So that's the focus we try to take with it.

Our next question is from Bryan Keane with Deutsche Bank.

Just want to ask about the Health & Public Service margin. I know it was lower. But it sounded like it was mostly onetime in nature, the write-down, so we shouldn't expect that going forward. Is that right, Pam?

Yes. It did include some onetime things. We did the delivery inefficiencies on a few contracts and some write-offs we had. So, I mean, that unit, the Public Service piece generally does trend a little lower anyway, but this quarter was impacted by those things.

Okay. And then just following up on the headcount. I mean, net headcount was up about 9% year-over-year. If you hire about the same or a little less in gross adds, the -- lower than the 60,000 you hired this year, then that's going to moderate from the 9% for fiscal year '13. I guess the concern would be then what does that say about fiscal year '14 growth rate if that headcount growth is going to slow? Just maybe you could talk a little bit about that because maybe, there's some -- there's a break there between revenue and headcount that needs to be understood.

I don't think it really says much at all about FY '14 growth rates at this point. I mean, it's really based on where we need people, attrition and how the business is shaping up for '13. I mean, that's really it at this point.

No reason to be concerned. I mean, managing headcount is probably, I guess, there are many things we're doing that's right in Accenture, but there is something we're doing very well, which is managing supply-demand, productivity. We have a long experience of doing this. And indeed, it's all the combination of the productivity you expect, the supply-demand country by country, your pricing hypotheses. And you put all of this in our algorithm, if you will, and we believe that we are targeting the right headcount growth we need to deliver to our clients.

That's great to know because a lot of people look at that as a leading indicator of future growth. So if it does moderate, it doesn't sound like you guys are losing any confidence in the out year number.

Not at all.

Our next question is from George Price with BB&T Capital Markets. George A. Price - BB&T Capital Markets, Research Division: Pam, the fiscal 1Q revenue guidance, if I'm looking at the math right, suggests constant currency revenue growth more like in the kind of 3% to 7%-ish kind of range, which is a little bit below the annual range. I guess in light of the macro uncertainty that's out there, particularly in Europe, how should we think about that in relation to the full year guidance? Is this kind of the slower ramp of bookings? Is it the compares? Are there any other factors or assumptions maybe you could talk through?

Yes, I think it's both of those and just how the consulting will continue to ramp up and bleed through during the year. George A. Price - BB&T Capital Markets, Research Division: Okay. And I know that you talked about returning capital to shareholders. We'll get more at the Analyst Day. I don't know if you can maybe say anymore at this point perhaps qualitatively relative to fiscal '12.

What do you mean by qualitatively? George A. Price - BB&T Capital Markets, Research Division: Just do you anticipate returning more to shareholders in '13 than '12?

Well, I will give you more details on it, but I think you could expect it to be more and be consistent. George A. Price - BB&T Capital Markets, Research Division: Okay. And would Accenture ever consider levering the balance sheet at all, doing maybe more sizable share repurchase or special dividend, anything like that? I know that, that certainly has not been the thinking of the company thus far. But we've certainly -- with the debt markets the way they are, I've certainly seen more of that. Just curious of your thoughts on that.

Yes, I mean, I'm personally not a big fan of that because I think we will always look for ways to put our capital to work. It will be part of our program, of course. We've raised the dividend 20%, which you heard about today. We expect we will do approximately a 2% reduction in the shares outstanding. I mentioned that we're doing the discretionary payment for the benefit plan. And of course, we have an acquisition pipeline. So I mean, these are the things that we think are driving growth in our business and value to shareholders, and we're focused on those.

Our next question is from David Grossman with Stifel, Nicolaus. David Grossman - Stifel, Nicolaus & Co., Inc., Research Division: Pam, I'm wondering if I could just quickly follow up on the bookings conversion question. That's something that you guys have been pretty consistently talking about all year. And I was just curious, do you view that as something as a cyclical outcome? Or is this something that perhaps reflects something more secular?

I think it reflects some shifting demand patterns in consulting, which ultimately, I think, are good in the sense of sort of this larger, more durable, more value-driven kinds of consulting bookings. And I think it bodes well for the medium term. So I think that's most of it. And I don't know whether that's cyclical or secular or what, but that is a demand pattern that we do see and that we view as very, very positive for us. David Grossman - Stifel, Nicolaus & Co., Inc., Research Division: And is that something that's pretty consistent through each of the verticals?

It's different in some ways through the verticals and also around the world. I mean, it does depend on -- and sometimes client by client, right, just depending on what their needs are, how much transformation they need to do. And then in other places, in some of the emerging markets, it's all about building scale for the first time. I mean, so it really does differ, but it's a scene that we do see really moving through the business at this time. David Grossman - Stifel, Nicolaus & Co., Inc., Research Division: And then just one question. Typically, in the 10-K, you disclose the annual spend on R&D. Do you happen to have that number for this year yet?

We do not.

Our next question is from Edward Caso with Wells Fargo Securities.

We've been picking up some static and noise that several countries are becoming more protectionist in nature, sort of buy local. I wonder -- particularly India being one of them. I was wondering if that was becoming an issue for you. It seems like I've seen more local companies winning large awards lately and less wins for Accenture and IBM.

We are extraordinary local. We are French in France, we are American in the U.S. I think we have quite a unique combination of being global by nature. We are leveraging the scale of Accenture in terms of balance sheet, in terms of brand, in terms of finance, in terms of capability. But when it comes to delivering to our clients, we are extraordinary local, operating in more than 120 countries around the world. And we're operating in those countries with local leaders totally rooted in their business community very close to our clients. And that's the way we've been operating for a long time. And I think this is indeed pretty probably unique to our organization, this combination. As you know, we do not have any headquarters. Physically, we are all operating in our different countries. I'm operating from Paris when I'm in Paris. Here we are in New York. So that would be my answer. Now do I really see a trend that clients will turn to more local providers? I don't really see that, and definitely not for our clients, the global companies. Maybe that's something that might happen in other market segments. But if you take the market segment of the G2000, those companies are global by nature, and they are turning to global providers who could deliver [indiscernible] local countries.

And notably, our revenues in India were up quite nicely, as I believe Pierre pointed out.

Great. My other question is around sort of -- the sort of a real new tech spending, investing, sort of cutting-edge stuff outside of retail, which really needs to do that. Are you seeing -- what sort of pace are you seeing relative to, say, a year ago as far as the commitment to sort of reach out with some of these new technologies? Or are the transformation deals you're doing sort of more traditional Accenture work?

I think what's interesting is first, those new technologies, I mean, combining the mobile, cloud, analytics, socials, are growing even faster for a reason than we expected, and we are very pleased with that. That's why I was extremely pleased to report our progress we're making in those new technologies and the fact that now we are operating at scale. The second point we have found very telling is if you take what you're calling more traditional deals, now all those deals, and whatever they are, BPO or big AO, will have a part of those deals in the form of analytics. And this is exactly the 2 illustrations I mentioned with both Oi and BP. You have different component of the traditional solution, if you will, together with elements such as advanced analytics to drive more rapidly to more tangible results and more value. So this is this combination which is now very interesting. And the fact that we could provide what you're calling the traditional services together with infusing those new tech in those deals is, again, I think, differentiating us from the competition.

Our next question is from Sara Gubins with Bank of America.

Within Europe, I'm hoping you can talk about what's incorporated into the outlook for 2013 for outsourcing versus consulting. And also, if you could just break down trends that you're seeing within Europe by country.

Yes, so we won't give you that breakdown in the outlook. But let me let Pierre give you some color on Europe, at least.

Yes, I'm now the specialist -- ultimate specialist on Europe as long -- anyone could understand what's happening in Europe. But, I mean, first, we are growing in Europe. I mean, you see our results in Q4 but as well in older years. I think the other thing that I'm really pleased with, if you take out Q4, we've been growing in most of the large countries in Europe. I'm thinking about the U.K., Germany, France, Italy, Spain. So when you look at this, we in Accenture are growing in those countries. From a trend standpoint, very pleased with our performance in terms of outsourcing. As you know, most of the European companies are facing large restructurings, and outsourcing is a good way for them to drive that transformation. Of course, we are watching more carefully what's happening in the consulting standpoint. But overall, I'm pleased with where we are in Europe, especially considering the challenges facing by that part of the world.

Are there any markets that are dragging in particular that you'd highlight?

Interestingly, not really. The ones that showed declines are really small countries.

We'll go to the line of Joseph Foresi with Janney Montgomery Scott.

Just one question, 2 parts. First, on the decision-making side. Any change at the small consulting contract level? And then I have just one more.

Yes, I think as I mentioned, Joe, the -- we do see a little less of that kind of stuff. So maybe some of those are getting deferred in different parts of the world, and it does differ by part of the world. For example, we see more of that in Europe. And shoot for the second.

Okay. And have you seen any change in that or any changes because of the election or anything like that?

In the U.S., not really, no.

Okay. And then the last one for me. You talked about CMT turning around, I think, in the second half of next year. Maybe you could just talk about what causes that turnaround.

Well, again, I think we did see -- as I mentioned, we had declines in consulting in CMT. And there's a lot of transformation going on in traditional communications companies. And so we're working closely with them, and that's leading to a lot of outsourcing work. Based on some of the work that's been booked, CMT did have record bookings in Q4. And just sort of the business shaping up, we do see it coming back. We see some interesting system integration work coming back, particularly as it relates to some of these tech trends. And so this is how we see it, that CMT will return to growth during fiscal '13.

Thanks again for joining us on today's call. As we enter fiscal year '13, I feel confident in the ability of Accenture to continue to drive profitable growth and deliver our business outlook for the year. Our long and enduring relationship with the world's leading companies, together with our global scale and highly diversified portfolio of business position us very well to win in the marketplace and continue to gain market share. And of course, key to our success are the skills and capabilities of the 257,000 Accenture men and women around the world who are focused on running our business with rigor and discipline, and I want to thank each and every one of them for delivering great business outcome for our clients every day. Finally, I would like to thank you, our investors, for your continued support and confidence in Accenture. We look forward to talking with you again next quarter and also to seeing many of you in person at our Investor & Analyst Conference in New York on October 11. In the meantime, if you have any questions, feel free to call KC. All the best. Talk to you soon.

Thank you.

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