On this page of StockholderLetter.com we present the 12/13/2023 shareholder letter from Accenture plc — ticker symbol ACN. Reading current and past ACN letters to shareholders can bring important insights into the investment thesis.
Driving reinvention,
delivering 360   value
Annual Report
Re
Fiscal 2023
We achieved another strong year of financial performance in fiscal
2023, with record new bookings, continued adjusted operating
margin expansion and adjusted EPS growth, and very strong cash
flow, driving shareholder value creation. These results continue to
enable us to deliver 360   value for all our stakeholders.
Revenues
New bookings

64.1B
$64.1B

An increase of 8%
8% in
in
local
local currency
currency and
4% in U.S. dollars
A 5%
currency
5% increase
increase in
in local
local currency
and 1% in U.S. dollars, with a
book-to-bill of 1.1
Diluted earnings per share (Adjusted)
Operating margin (Adjusted)

11.67
'11.67
15.4%
A 9%
9% increase,
increase, after adjusting fiscal
2023 GAAP EPS of $10.77 to exclude the
impact of business optimization costs of
$1.28 per share and an investment gain
of $0.38 per share. On a GAAP basis,
full-year FY23 EPS increased 1%
An expansion
expansion of
20 basis
of 20
basis points,
points, after
adjusting fiscal 2023 GAAP operating
margin of 13.7% to exclude business
optimization costs of 170 basis points.
On a GAAP basis, full-year FY23
operating margin decreased 150 bps
Free cash flow
Cash returned to shareholders

9.0B
$9.0B

Defined as operating cash
flow of $9.5
$9.5 billion
billion net of
property and equipment
million
$528 million
additions of $528
Defined as cash dividends
billion plus share
of $2.8
$2.8 billion
billion
repurchases of $4.3
$4.3 billion
For 12 months ended August 31, 2023
$72.2B
72.2B
$7.2B
7.2B
From our
Chair and
CEO
I am writing to share the
360   value we created in
fiscal year 2023, our view
on the reinvention landscape
ahead and the power of AI
in reinvention.
ti
While the pace of spending has
changed, the fundamentals
have not. All strategies
continue to lead to technology,
and companies will need to
reinvent every part of their
enterprise using tech, data and
AI
Al to optimize operations and
accelerate growth. Despite
the cautious macroeconomic
environment, we are wellpositioned for the future.
1
360   Value
in Fiscal Year 2023
Our laser focus on creating 360   value for our
clients and all our stakeholders is reflected in our
overall strong results for the year. With record new
bookings of $72 billion, we had a record 106 clients
with quarterly bookings greater than $100 million
100 last year.
in fiscal 2023, an increase from loo
We now have 300 Diamond clients, our largest client relationships, an
increase of 33 from last year, demonstrating yet again the depth and
breadth of our capabilities and the trust our clients have in us. Our brand
is strong   our ranking on BrandZ   s
BrandZ's Top 100 Most Valuable Global Brands
list rose from No. 26 to No. 22, our highest to date, with a brand value of
$73.6 billion.
We delivered revenues of $64 billion for the year, representing 8% growth in
local currency while continuing to take market share. We expanded adjusted
operating margin by 20 basis points and delivered adjusted EPS growth of
9% while continuing to significantly invest in our business and our people,
with capital deployed of $2.5 billion across 25 acquisitions; $1.3 billion in
$1.1 billion invested in
R&D, assets, platforms and industry solutions; and $1.1
the learning and professional development of our people.
We generated free cash flow of $9 billion, allowing us to return over $7
billion of cash to shareholders. And we are delivering a little ahead of
schedule on our business optimization actions we announced in March
to reduce structural costs to create greater resilience.
We also continued to attract, retain and inspire outstanding people through
our talent strategy. We are making progress toward our commitment to net
zero by 2025, and we invested in our communities to help ensure we have
vibrant places where we work and live. Read on for more detail.
Our ongoing investments
2.5B

Deployed across 25 strategic
acquisitions to scale our business
in high-growth areas, add skills and
capabilities in new areas and deepen
our industry and functional expertise
1.3B

Invested in research and development
in our assets, platforms and industry
and functional solutions
1.1B

Invested in learning and
professional development
3
 • shareholder letter icon 12/13/2023 Letter Continued (Full PDF)
 • stockholder letter icon 12/16/2024 ACN Stockholder Letter
 • stockholder letter icon More "Business Services & Equipment" Category Stockholder Letters
 • Benford's Law Stocks icon ACN Benford's Law Stock Score = 85


ACN 12/13/2023 Shareholder/Stockholder Letter Transcript:

Driving reinvention,
delivering 360   value
Annual Report
Re
Fiscal 2023

We achieved another strong year of financial performance in fiscal
2023, with record new bookings, continued adjusted operating
margin expansion and adjusted EPS growth, and very strong cash
flow, driving shareholder value creation. These results continue to
enable us to deliver 360   value for all our stakeholders.
Revenues
New bookings

64.1B
$64.1B

An increase of 8%
8% in
in
local
local currency
currency and
4% in U.S. dollars
A 5%
currency
5% increase
increase in
in local
local currency
and 1% in U.S. dollars, with a
book-to-bill of 1.1
Diluted earnings per share (Adjusted)
Operating margin (Adjusted)

11.67
'11.67
15.4%
A 9%
9% increase,
increase, after adjusting fiscal
2023 GAAP EPS of $10.77 to exclude the
impact of business optimization costs of
$1.28 per share and an investment gain
of $0.38 per share. On a GAAP basis,
full-year FY23 EPS increased 1%
An expansion
expansion of
20 basis
of 20
basis points,
points, after
adjusting fiscal 2023 GAAP operating
margin of 13.7% to exclude business
optimization costs of 170 basis points.
On a GAAP basis, full-year FY23
operating margin decreased 150 bps
Free cash flow
Cash returned to shareholders

9.0B
$9.0B

Defined as operating cash
flow of $9.5
$9.5 billion
billion net of
property and equipment
million
$528 million
additions of $528
Defined as cash dividends
billion plus share
of $2.8
$2.8 billion
billion
repurchases of $4.3
$4.3 billion
For 12 months ended August 31, 2023
$72.2B
72.2B
$7.2B
7.2B

From our
Chair and
CEO
I am writing to share the
360   value we created in
fiscal year 2023, our view
on the reinvention landscape
ahead and the power of AI
in reinvention.
ti
While the pace of spending has
changed, the fundamentals
have not. All strategies
continue to lead to technology,
and companies will need to
reinvent every part of their
enterprise using tech, data and
AI
Al to optimize operations and
accelerate growth. Despite
the cautious macroeconomic
environment, we are wellpositioned for the future.
1

360   Value
in Fiscal Year 2023
Our laser focus on creating 360   value for our
clients and all our stakeholders is reflected in our
overall strong results for the year. With record new
bookings of $72 billion, we had a record 106 clients
with quarterly bookings greater than $100 million
100 last year.
in fiscal 2023, an increase from loo
We now have 300 Diamond clients, our largest client relationships, an
increase of 33 from last year, demonstrating yet again the depth and
breadth of our capabilities and the trust our clients have in us. Our brand
is strong   our ranking on BrandZ   s
BrandZ's Top 100 Most Valuable Global Brands
list rose from No. 26 to No. 22, our highest to date, with a brand value of
$73.6 billion.
We delivered revenues of $64 billion for the year, representing 8% growth in
local currency while continuing to take market share. We expanded adjusted
operating margin by 20 basis points and delivered adjusted EPS growth of
9% while continuing to significantly invest in our business and our people,
with capital deployed of $2.5 billion across 25 acquisitions; $1.3 billion in
$1.1 billion invested in
R&D, assets, platforms and industry solutions; and $1.1
the learning and professional development of our people.
We generated free cash flow of $9 billion, allowing us to return over $7
billion of cash to shareholders. And we are delivering a little ahead of
schedule on our business optimization actions we announced in March
to reduce structural costs to create greater resilience.
We also continued to attract, retain and inspire outstanding people through
our talent strategy. We are making progress toward our commitment to net
zero by 2025, and we invested in our communities to help ensure we have
vibrant places where we work and live. Read on for more detail.

Our ongoing investments
2.5B

Deployed across 25 strategic
acquisitions to scale our business
in high-growth areas, add skills and
capabilities in new areas and deepen
our industry and functional expertise
1.3B

Invested in research and development
in our assets, platforms and industry
and functional solutions
1.1B

Invested in learning and
professional development
3



shareholder letter icon 12/13/2023 Letter Continued (Full PDF)
 

ACN Stockholder/Shareholder Letter (Accenture plc) 12/13/2023 | www.StockholderLetter.com
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