Ladies and gentlemen, good afternoon. Thank you for standing by, and welcome to Accenture's First Quarter Fiscal 2013 Earnings Conference Call. [Operator Instructions] And as a reminder, today's conference is being recorded. I would now like to turn the conference over to our host, Managing Director of Investor Relations, Ms. KC McClure. Please go ahead.

Thank you, Tom, and thanks, everyone, for joining us today on our first quarter fiscal 2013 earnings announcement. As Tom 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 the first quarter. Pierre will then provide a brief update on our market positioning. Pam will then provide our business outlook for the second quarter and full fiscal year 2013, and then we'll 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 in 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 section 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. Now let me turn the call over to Pierre.

Thank you, KC, and thanks, everyone, for joining us today. We are pleased with our results for the first quarter, which were in line with our expectations and demonstrate that we continue to deliver value to our clients and to run our business with discipline. This is enabling us to drive profitable growth despite a continued volatile economic environment. Here are a few highlights. We delivered solid new bookings of $7.5 billion. Revenues were $7.2 billion, up 5% in local currency. We are particularly pleased with our double-digit revenue growth in outsourcing, up 13%. Earnings per share were $1.06, up 10%. We expanded operating margin more than 60 basis points to 14.5%. We continue to have a very strong balance sheet, ending the quarter with a cash balance of $5.7 billion. And we continued to return cash to shareholders through share repurchases and payment of a semiannual cash dividend of $0.81 per share, a 20% increase over our prior dividend. So we are off to a good start in fiscal year '13 and are raising our outlook for both EPS and operating margin for the full year. Now I'll hand over to Pam, who will review the numbers in greater detail. Pam, over to you.

Thank you, Pierre. Happy holidays, and thank you all for joining us today. I am pleased to tell you more about Accenture's fiscal '13 first quarter financial results, which as Pierre just mentioned, are starting us off well for the year. Overall, our growth in revenues was driven by double-digit growth, both in outsourcing and geographically in the Americas. We also achieved double-digit growth in our earnings per share as we continue to drive our business with a strong focus on profitable growth. Now let's get to the numbers for the first quarter. 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 $7.5 billion and reflected a negative 2% foreign exchange impact compared with the new bookings in the first quarter last year. This was what we expected after Q4 bookings of $9.2 billion, and we have replenished our opportunity pipeline to be well positioned for bookings in future quarters. Consulting bookings were $4.2 billion, and outsourcing bookings were $3.3 billion. Let me give you some bookings details, starting with consulting. In management consulting, bookings were lower this quarter, particularly in Europe and Asia Pacific but were up in the United States. Business demand continues to be strongest in operations, customer relationship management and talent and organization. Technology bookings were up and reflected continued strong demand from our clients looking to capture greater business value from IT. We saw a number of transformational projects this quarter in workplace enablement, desktop transformation and data center consolidations, as well as projects in infrastructure consulting, IT strategy and security. System integration bookings are holding their own from a book-to-bill perspective and reflect continued demand to modernize and upgrade core ERP, as well…

Thank you, Pam. Our Q1 results reflect the continued focused execution of our world strategy, which as we shared with you at our Investor & Analyst Conference in October, is all about differentiation and competitiveness. And at a time where the macroeconomic environment is still quite volatile, we are particularly pleased with our continued ability to drive profitable growth. Our focus on operating margin expansion reflects our commitment to running the business with discipline to enhance our competitiveness. And over the years, we have developed and nurtured this mindset across the company. At the same time, we remain focused on generating growth, winning the right business for Accenture and leveraging the latest industry and technology trends to provide differentiated services that create tangible business outcomes for clients. In particular, we continue to make excellent progress with our strategic initiatives in fast-growing areas such as Analytics, Mobility and Digital Marketing. Increasingly, chief marketing officers are becoming key buyers of our services, and we are making strategic investments in Digital Marketing to enhance Accenture Interactive to better serve them. In Q1, we expanded our Digital Marketing capabilities with the acquisition of avVenta Worldwide, a provider of digital production services. Accenture Interactive now includes an end-to-end solution that enables CMOs to manage content from its initial creation all the way through to distribution. Accenture Interactive was key to a recent win at a leading consumer goods client where we're helping transform the shopping experience for customers with a new e-commerce platform that will integrate online and offline channels across 41 countries. And we are combining our capabilities in Digital, Analytics and Mobility to help Verizon Wireless launch a new strategic initiative called Precision Market Insights, which is designed to deliver targeted business intelligence to retailers and other enterprises that want to expand the…

Thank you, Pierre. Now let me give you our update on how our fiscal year '13 is shaping up. We continue to expect the growth rate in outsourcing to be higher than in consulting this year with consulting ramping up in the second half. As you and we expect of us, we remain focused and disciplined about driving our business for profitable growth. So let's start with our outlook for the next quarter's revenue and then go through the elements of our annual outlook. For the second quarter of fiscal '13, we expect revenues to be in the range of $6.9 billion to $7.15 billion. This assumes a foreign exchange impact of negative 1% compared to the second quarter in fiscal '12. Turning to the full fiscal year. Our assumption for foreign exchange is unchanged. Based upon how the rates have been trending over the last couple of weeks, we assume the impact of foreign exchange on our results in U.S. dollars to continue to be negative 1% for fiscal '13 compared to fiscal '12. We will update you on our assumption for the full year foreign exchange impact each quarter. First, revenue. For the full fiscal year, we continue to expect Accenture's net revenue to grow in the range of 5% to 8% in local currency over fiscal '12. Although we expect to be close to the bottom of the range for the first half of the fiscal year, we also expect that year-over-year growth will pick up in the second half based on the revenue we have contracted and the strength of our opportunity pipeline. New bookings, we continue to target to be in the range of $31 billion to $34 billion for the full year fiscal '13. As you know, our bookings can be lumpy from quarter…

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

[Operator Instructions] Our first question today comes from the line of Rod Bourgeois representing Bernstein. Rod Bourgeois - Sanford C. Bernstein & Co., LLC., Research Division: So just a couple of questions on the revenue growth front. Is there a common theme on what's causing the added demand weakness on small and medium-sized consulting deals? And are you seeing any signs that those trends might change when calendar '13 budgets are finalized, either change for the better or even maybe on the risk side, they can change for the worse? I mean, I'm just wondering what you're reading in the budget finalization process and how you're incorporating that into your guidance given that it seems the challenge has been on the small consulting deals that sometimes, I think, are more difficult to predict.

Yes, Rod, I mean, I think first of all, it is more in EMEA that we see it and not in all patches. And you're right, it is the harder stuff to predict in a way because it comes in and typically converts to revenue during the quarter or fairly quickly. So we don't see it getting worse. We do see this trending up through the year, and we do see a good pipeline for small and medium-sized consulting projects, as well as the larger, longer, more transformational ones. Rod Bourgeois - Sanford C. Bernstein & Co., LLC., Research Division: Okay. And so it sounds like you have some confidence based on what you're seeing in the pipeline, and in the revenues, you already have under contract, that you have some confidence that your constant currency year-over-year revenue growth will accelerate in the second half of the year. Can you just comment on what some of the main underlying factors are that give you that confidence? I mean, which areas of the business are going to drive the reacceleration? That would be helpful if you can give some more specifics on that.

Yes, Rod, this is Pierre here. And indeed, we are confident that in the other part of the year, our revenue will ramp up. And what's making us confident, a couple of things. I mean, first, we're building the pipeline. We continue to build the pipeline, both in consulting and outsourcing. And second, we have the contracted revenue creating the visibility for us and making us confident that in the second part of the year, we will have the expected growth as we are confirming here. Some of the highlight, if you will, we continue to see strong demand in old and new technologies. And I mentioned Digital Marketing, Cloud, Software-as-a-Service, also old Mobility. All those new technologies continue to drive strong demand. Of course, we continue to see very healthy demand in all those related to outsourcing and BPO. And as well from an industry standpoint, we had a pretty good news in Q1 regarding our HPS and Financial Services verticals. So we have facts making us confident that indeed we should deliver against what we've planned. Rod Bourgeois - Sanford C. Bernstein & Co., LLC., Research Division: And then just one final clarification there. I mean, the revenue growth in constant currency being at 5%, I mean, I think that's a little bit disappointing on The Street. People were expecting that you'd be more in the middle of that range in the first half of the year. Is the softness in revenue growth in the first half more a function of your large deals ramping slower than you might have expected? Or is it more a function of small consulting deals just not coming in at a fast enough clip to allow you to be higher in that revenue growth guidance range?

Rod, it's primarily the former, but there is some impact of the latter, too, as I mentioned in my comments. And just by the way, when we put together our plan last summer, this is exactly what we expected in terms of the first half, is that it would be lower in the -- lower growth in the second half.

Next question comes from the line of the Tien-Tsin Huang with JPMorgan. Tien-Tsin T. Huang - JP Morgan Chase & Co, Research Division: I just wanted to ask first about Asia. It looks like it slowed a little bit relative to the other regions. Anything unusual there to call out? Did it perform versus plan, specifically in Asia?

No. Again, I mean, we're pleased with where we are in Asia with our growth of 8%. If you look at where we are, we have some good result in some very important countries for us. I'm thinking about China. I'm thinking about South Africa. I'm thinking about India as well. So we continue to make some good steps in Asia, and again, we are where we want to be.

Yes. I mean, Asia's now -- Asia Pac is now 15% of our business, and as you know, we've had very strong growth over the last couple of years. Frankly, and looking at this, we still had good high single-digit growth in the kind of the anchor markets: Japan, Australia, Singapore. And as Pierre just mentioned, very strong growth in China and India. So overall, we are pleased with these results even though this growth has moderated from the very high levels over the last couple of years. Tien-Tsin T. Huang - JP Morgan Chase & Co, Research Division: No, it was good growth. I was just surprised to see it coming a little below the Americas. That's all. That's helpful to hear. Just as my follow-up, just, Pam, on the buybacks, I guess that's also running a little bit below trend. Anything to read into on the buybacks? Or was that just a function of timing with the pension contribution?

Yes, I mean, it's early in the year. And 3 months ago, we did see more uncertainty in the broader market. And as we sit here today, we're committed to return the $3.3 billion and to ramp up the repurchases in the latter part of the year.

Our next question comes from the line of Katy Huberty with Morgan Stanley.

Just a follow-up on the consulting business. You talked about weakness in Europe. Did you see weakness in the U.S. around the fiscal cliff uncertainty that would maybe start to get pushed through assuming we get a resolution here in the near future?

I will leave that to Pam, especially the U.S.

Yes, we'll let you do France, Pierre. So in the U.S., we haven't seen a lot of impact from the fiscal cliff. I mean, we've assumed, Katy, that the executive and legislative branches of our government will reach an agreement, and our guidance was based on the fact that positive growth will continue in the United States.

Okay. And then as a follow-up, Pam, I think you've talked about in recent quarters sole-sourced win rate in the 60% range, which is above the historical average, clearly a sign that you can continue to take share. But when you compare your guidance of 5% to 8% growth, it's only slightly ahead of the 5% growth rate for the market. Is that just conservatism? Or do you have less confidence in the market growth or your ability to take share this fiscal year?

Well sometimes, it's just sort of how the timing works. And I think that this pattern in consulting that we've seen of these bigger, longer deals that are converting to revenues slower, that, that timing is impacting our growth rate, particularly in the first half of this fiscal year.

Okay. And the sole-sourced win rate is still up in the 60% range?

Yes, yes, it is.

And we believe that with 5% to 8%, we will indeed gain market share.

Next question comes from the line of Ashwin Shirvaikar with Citi.

I guess my first question is on the pipeline. You talked about replenishing the pipeline. Can you comment on how that effort is progressing and the types of contracts that you're seeing in the pipeline nowadays? Is it -- and how different is it relative to, say, 12 months ago?

Ashwin, I mean, one of the things we're very focused on was rebuilding the pipeline for the largest deals that we do. We call them megas and indeed, that part of our pipeline was up significantly in Q1 because we had a very large bookings quarter in Q4. So that's one bit of color I can give you. And otherwise, our pipeline is up because we did indeed put focus on that in the first quarter to get us well positioned for the rest of the year.

Okay. And with regards to revenues, you guys did say in the past, obviously, that 1Q and 2Q would be weaker with the second half pickup. So that's kind of expected as before. But relative to 2Q, is there anything different that you're looking at now given all the uncertainty sort of -- I would call it incremental uncertainty in Europe, as well as fiscal cliff-related uncertainty here. Are you kind of sort of -- should we sort of be writing off December and January and it's sort of a 1-month quarter, that kind of weakness?

I mean, to comment on this, I mean, clearly, we've not seen any change in the marketplace relative to the element you're mentioning. As you would imagine, we're watching carefully what's happening. But we've not seen in December any change in pattern regarding our clients. And as we said, we are particularly pleased with our performance in Americas, including the performance in the U.S. for Q1. Regarding Q2, we are providing our direction, and we have no reason to change our view on Q2 at this stage.

And next, we'll go to the line of Bryan Keane with Deutsche Bank.

Just wanted to ask about EMEA. It was up 10% constant currency in 1Q '12 and 2Q '12. Then it dropped to 4% in 3Q, and then it backed up to 8% in 4Q. So I thought we were kind of out of the woods, but now we're now flat in the first quarter '13. So is that just the volatility in the market? Is that all consulting? Just looking to make sure I understand what exactly is happening in that region.

I will start with EMEA because I'm a native there. So indeed, we are flat. But as always, as you know, it's covering multiple countries. I mean, first, we're overall pleased with part of the performance. And outsourcing continues to do very well in that part of the world. And if you look from a country standpoint, we're doing very well in countries such as Germany, for instance. And we are flat to positive in many important countries for us such as the U.K., such as Italy, such as Spain. So again, you need to look at these from a portfolio management standpoint. We are where we expected to be, and I think we've always been very clear in the prior quarters about the direction and how the Q1 would shape in EMEA. But we continue to see some positive trends there and opportunities.

Okay, that's helpful. And then just a couple of quick ones. On consulting, obviously, it was flat in constant currency. Should we expect it to be around flat again? Or could that turn negative this quarter?

Yes, I believe, Bryan, it will be flattish again, little up, little down. But I mean, I think it will be a similar pattern to the first quarter and the second and then pick up into positive digits in the second half.

Okay, last quick one. Headcount growth, I think, you said would be around or over 50,000. That's a little bit below, I think, the 60,000 that you mentioned last quarter. I just wanted to see if that's correct. And then secondly, contracted revenue for the next 4 quarters was 9% last quarter. Just looking for an update.

Okay. First of all, you're right. We said we -- we'd say now we're going to hire at least 50,000 people, and I think that reflects a few things. One is that attrition is down. And second, you'll see that we do -- we have had a nice increase in the Global Delivery Network, and we're carefully, as I think you'd expect of us, managing supply and demand around the world and getting positioned for the business building in the latter part of the year. We hired a number of people -- a lot of people in Q4, and so it was down a little bit in this quarter. Regarding your second question, we're up -- we have about 8% more under contract over the remainder of the year versus this time last year. Pretty close in both consulting and outsourcing.

We'll go to the line of Julio Quinteros with Goldman Sachs.

Just thinking about the bottom-up build of the model a little bit, as I think we always do. I'm still -- still heavy appetite here for some numbers. On the utilization front and thinking about pricing and really the levers, right, so of course, you guys have already sort of communicated and conveyed through the confidence that you guys have in getting to the numbers and the targets. But sort of thinking through in some of the -- maybe more of the mechanics of the model, if headcount has already been reduced a little bit in terms of the gross head planned for you guys, obviously, attrition is helping some there, but if pricing doesn't come through or if utilization is already running kind of high, what will drive that acceleration into the back half of the year? And some of it, I guess, could be some of the acquisition benefits. Some of it could be the kind of more nonlinear components. I'm just trying to get my arms around how best to think about the drivers that could help in the back half of the year.

Well, I think utilization is up a little bit, and that reflects some -- the Global Delivery Network, a slightly larger proportion. I think on the people side, I mean, we're getting the people where we need them, and that part is what we need to do. So I'm confident that we're going to do that. And it's really just to match that up with the consulting growth as it materializes. So I think the main levers we have, and we had some really good progress on this, this quarter, where we are, I think, doing better than ever in terms of cost management and that kind of rigor and discipline about making sure we have that everywhere on contracts, in noncontracts and then pushing for pricing where we can. And where the business cases are best, we can. So we will never give up on that, and that's always a part of what we do. Prices overall were relatively stable this quarter.

Okay. And maybe just on the nonlinear idea or some way to think about software or platform-based businesses as a percentage of your revenues, is there any color that you guys can share in terms of how big that could be at this point as a percentage of revenue?

I would characterize it as being probably stable. We continue to make investments in solutions and software on a very targeted and specific basis. I mean, recall the 2 recent acquisitions we made, one in the technology -- Microsoft technology and the other one around the Digital Marketing. And again, it's the same spirit so far, it's to invest in very niche and specific software to provide differentiated solutions. That's what we do, and that's what we'll continue to do. Of course, through our BPO and some of those activities, there is a less linear correlation between the people and the business. But overall, there is no change with our current strategy.

And we'll go to the line of Jason Kupferberg with Jefferies. Jason Kupferberg - Jefferies & Company, Inc., Research Division: I wanted to ask a follow-up question on consulting. I think you guys were pretty clear that the first half will be flat in terms of revenue growth and then move into positive territory in the second half. But just to probe that a little bit further, I think last quarter, you had said for full year fiscal '13, low to mid-single digits is the constant currency range you were expecting. Sounds like that's still doable, but I just wanted to test that a little bit. Is the lower end more likely just where it looks like you'll be through the first half of the year? I know you're going to have some easier comparisons certainly helping later on in the year. But I just wanted to make sure we have our expectations calibrated properly if, in fact, the lower end now looks more likely.

Well, I mean, I certainly agree with part of what you said, Jason, which is that for the first half, flattish, and for the full year, low to mid-single digits. And so that means that we're going to come up into the mid-single digits positive, maybe a little higher in the second half of the year in consulting. Jason Kupferberg - Jefferies & Company, Inc., Research Division: Okay, okay. I mean, I guess what I'm just getting at is, is the higher end of the range still realistic when you think about the low to mid-single digits for the full year?

This is for consulting or the 5% to 8% overall? Jason Kupferberg - Jefferies & Company, Inc., Research Division: No, consulting only.

Yes. I mean, based on our pipeline, I mean, we -- I mean, in consulting, we have stuff to convert, right, so this execution is up to us. Yes, we see that. Jason Kupferberg - Jefferies & Company, Inc., Research Division: Okay, okay, understood. And just to switch gears a little bit, we've been hearing and reading a bit more about some of the big 4 accounting firms substantially increasing their nonaudit businesses in areas like consulting. I know that's been going on in the past few years, and they're probably going to be encountering some conflict of interest questions around that. But are you seeing or experiencing any more competition from those types of firms out in the marketplace? I mean, clearly, you guys are gaining share overall on a global basis across the competitive landscape. But any uptick in competitiveness from this group in particular?

I mean, that's clearly part of, I mean, our competitors. As you know, we're competing against everybody in all the different segments of our business from management consulting to technology to AO. That's the nature of our business. And I mean, believe me, when we have more competition, it's just pushing us to do better. So we love that. We'll just try to continue raising our game, to compete, to win and to gain market share.

Our next question comes from the line of George Price representing BB&T Capital Markets. George A. Price - BB&T Capital Markets, Research Division: Just I kind of wanted to just follow up on a couple of the questions that have been asked regarding consulting growth and kind of how that's going to trend. I know you just addressed it with Bryan and then with Jason. But I guess is the expectation -- is the expectation based on consulting work that's kind of contracted? Or is that mainly pipeline? You alluded to pipeline, but I guess I wanted to make sure that, that was more of the case.

It's both. It's what's contracted, as well as pipeline. And remember, we have that effect of the longer -- larger, longer consulting deals that are bleeding in at a slower pace, right, so that's going to start to really take in the second part of the year.

And again, I mean, keep in mind that if you're looking at the last quarters, our consulting bookings remain very strong, including in Q1 above the $4 billion mark. So the point is exactly as Pam mentioned, is the nature of the consulting demand, which has changed from longer term -- more longer term and less shorter term. So there is a kind of conversion rate from booking to revenues, which is different. But this is our expectation that indeed, those very strong bookings we had in these last quarters will convert in revenues -- second part of the year.

And I'm just going to add that the book-to-bill for consulting, which I'm sure you've already calculated, is 1.1 in the first quarter. George A. Price - BB&T Capital Markets, Research Division: Right, right, okay. Has consulting growth bottomed in Europe, do you think?

I think we're turning the corner there overall. And of course, it's a little bit -- not every operating group or every industry or every country is alike. There's some variability, for sure. But we are really starting to turn the corner in my view. And of course, we look at sequential and how that's doing, and we see that happening overall, obviously, in order to predict the growth rates in the second half of the year. George A. Price - BB&T Capital Markets, Research Division: Okay. So with that, I guess you'd -- it kind of sounds like second quarter is going to be the bottom overall, and that's consistent, you think, with Europe. Is that fair?

I do. We do see EMEA picking up in the latter part of the year in consulting. George A. Price - BB&T Capital Markets, Research Division: Okay. And last question, you talked about SI bookings last quarter were obviously a record. And this quarter, I think you mentioned that they were holding their own. Were they -- just a little bit of, I don't know, maybe a little subtle change there in tone. Were they up actually year-over-year? And could you maybe talk a little bit more about what you observed in terms of changes in bookings for SI?

Yes, I actually meant to communicate that as a positive in terms of SI bookings because despite -- we continue to have some shift to the Global Delivery Network and despite a few of these other patterns in terms of the shorter-term stuff, that actually the book-to-bill in system integration was very good. It was in management consulting where it was off a little. George A. Price - BB&T Capital Markets, Research Division: Okay. But SI was up?

What's up? George A. Price - BB&T Capital Markets, Research Division: Up year-over-year, I'm sorry.

Let me -- we'll check that. I just want to make sure I'm accurate before I answer.

Our next question is from the line of Darrin Peller representing Barclays.

So just to follow up, I mean, you mentioned strength in some of the larger albeit slower consulting projects but some weaker trends in smaller-sized deals, I think, in terms of the consulting side. In other words, your 2013 growth doesn't have as much benefit from these smaller, more nimble deals. How big of a contributor would that normally be for you in terms of growth contribution? In other words, how much are we missing from the smaller-sized deals?

I actually don't have that to provide to you exactly, but we do see -- I mean, I personally think the fact that we have a greater proportion of these longer, larger, in my view, stickier consulting work, that, that's ultimately better for our business. And so again, this trend, the way it bleeds through is important. It does impact the growth rate in a different quarter, and certainly this quarter and next, we see that. Nonetheless, I think in general, it's a positive trend. And just back to the other question, system integration bookings were up 3% in local currency.

[indiscernible] on this, and it's a very positive trend. Again, I mean, if you look at the consulting bookings, just to confirm, I mean, $4.2 billion and a book-to-bill which is over 1, so we build -- we are building -- I know backlog is not the right terminology, but I'm an old-fashioned guy. So we're building contracted revenues moving forward. And indeed, the fact that we are contracting on longer-term consulting will make over time our business more resilient with more visibility over time. Now it's happening that for a typical quarter, it's creating the effect you see. But it's making us confident that over time and at the second part of the year, those contracting revenues will generate consulting growth.

Right. I mean, I think that's fair. It's definitely a good trend. I think we're just trying to understand how much of a call option there is to the upside when this kind of business does return to more nimble, probably cyclical projects, come back with a little more strength. But I hear you. I mean, a long-term business, obviously, is beneficial. Just a quick follow-up, if you don't mind, on the pricing side. We've heard from some of the larger Indian-based outsourcing firms that pricing's come down a bit, and a bit for them at [indiscernible] some of them to gain back some of the market share. Are you seeing that anywhere?

From a pricing standpoint, I think we will call the pricing stable with, as always, some pocket of improvement. But let's say stable overall.

Right.

Our final question today will come from the line of Joseph Foresi with Janney Montgomery.

My first question was just you talked about going forward that the bookings were going to pick up next quarter. How should we think about that in relation to the current decision-making and business trends? Is that an indication that, that's continuing and the momentum's actually picking up heading into the year?

I think it's a little bit more about us going from the high bookings in Q4 to this quarter and just how we've been building our pipeline and how we see the stuff converting over the course of this quarter, and we're actually already off to a decent start. So I think a lot of it is, or at least a portion of it is, related to us. And then in terms of the environment, we commented we did not see really anything specific that's leading us to think that there's any kind of pause going on right now in terms of the kind of work that we're signing up.

Okay. My second and last question, just you talked about consulting projects and more large deals coming in and less small deals. So I guess there's probably 2 parts to this question. First, why would people be more willing to commit to the large deals than the small deals? And is that based on geography? And also, based on the fact that this is going to be back end loaded this year, I'm wondering, what would potentially derail that? Would that take a shift in the macro for that to change at all?

I think the reason that the complexion of the projects are different is because these longer, larger ones are more critical. And perhaps these other things are things that not just aren't as critical, some of the smaller stuff. If you look at what's happening with the big banks, for example. And certainly geographically, that's the case. The kinds of things they need to do are different than they were in the past based on the transformation that's going on in the industry. And that's true with the big telecom companies as well. So I think a lot of it is that.

Yes, I think that's exactly right. What we see, and this is what's making us confident despite all the volatile and uncertain environment we see, is the transformational business is still there because all the giants or big companies and global leaders we're serving, they need to comply with new regulation, they need to be more global, they need to rationalize, and they need to do all of these at scale. And this is what, I think, was reflected in a couple of illustrations I made earlier. I mean, look at what we just contracted today -- we announced today, not contracted, with Unilever. It's such a good illustration of what's happening. So our positioning on the transformational business, high-end, large-scale program is resonating with our clients and aligned with their needs. And we continue to see that type of demand in the marketplace. That's why we are remaining confident. Okay. So thanks again, everybody, for joining us on today's call. With the first quarter behind us, again, we remain confident in our ability to continue to drive profitable growth with a sharp focus on providing highly differentiated services to our clients and improving our competitiveness in the marketplace. As I travel around the world, I can see the opportunities in front of us, and I can tell you that the men and women of Accenture are fully mobilized and focused on delivering value for our clients and for Accenture every day. I want to take this opportunity to wish all of you, our investors and analysts, as well as our Accenture people who are listening to the call, a very happy holiday season and all the best for the New Year. We look forward to talking with you again next quarter. In the meantime, if you have any questions, please feel free to call KC. All the best and happy holidays.

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