Item 1. Financial Statements

Consolidated Balance Sheets

November 30, 2024 and August 31, 2024

			November 30, 2024						August 31, 2024
ASSETS			(Unaudited)
CURRENT ASSETS:
Cash and cash equivalents			$	8,306,055					$	5,004,469
Short-term investments			5,150						5,396
Receivables and contract assets			14,574,637						13,664,847
Other current assets			2,312,495						2,183,069
Total current assets			25,198,337						20,857,781
NON-CURRENT ASSETS:
Contract assets			128,981						120,260
Investments			371,507						334,664
Property and equipment, net			1,507,460						1,521,119
Lease assets			2,669,480						2,757,396
Goodwill			20,868,911						21,120,179
Deferred contract costs			893,898						862,140
Deferred tax assets			4,108,532						4,147,496
Intangibles			2,740,590						2,904,031
Other non-current assets			1,380,374						1,307,297
Total non-current assets			34,669,733						35,074,582
TOTAL ASSETS			$	59,868,070					$	55,932,363
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Current portion of long-term debt and bank borrowings			$	114,321					$	946,229
Accounts payable			2,579,165						2,743,807
Deferred revenues			4,711,553						5,174,923
Accrued payroll and related benefits			6,602,324						7,050,833
Income taxes payable			863,673						719,084
Lease liabilities			709,964						726,202
Other accrued liabilities			1,605,968						1,615,049
Total current liabilities			17,186,968						18,976,127
NON-CURRENT LIABILITIES:
Long-term debt			5,039,460						78,628
Deferred revenues			623,750						641,091
Retirement obligation			1,845,092						1,815,867
Deferred tax liabilities			453,066						428,845
Income taxes payable			1,366,759						1,514,869
Lease liabilities			2,282,652						2,369,490
Other non-current liabilities			967,900						939,198
Total non-current liabilities			12,578,679						7,787,988
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS’ EQUITY:
Ordinary shares, par value 1.00 euros per share, 40,000 shares authorized and issued as of November 30, 2024 and August 31, 2024			57						57
Class A ordinary shares, par value $0.0000225 per share, 20,000,000,000 shares authorized, 674,278,898 and 672,484,852 shares issued as of November 30, 2024 and August 31, 2024, respectively			15						15
Class X ordinary shares, par value $0.0000225 per share, 1,000,000,000 shares authorized, 307,754 shares issued and outstanding as of November 30, 2024 and August 31, 2024			—						—
Restricted share units			2,777,423						2,614,608
Additional paid-in capital			15,364,338						14,710,857
Treasury shares, at cost: Ordinary, 40,000 shares as of November 30, 2024 and August 31, 2024; Class A ordinary, 49,248,770 and 47,204,565 shares as of November 30, 2024 and August 31, 2024, respectively			(11,304,512)						(10,564,572)
Retained earnings			24,402,568						23,082,423
Accumulated other comprehensive loss			(2,049,394)						(1,554,742)
Total Accenture plc shareholders’ equity			29,190,495						28,288,646
Noncontrolling interests			911,928						879,602
Total shareholders’ equity			30,102,423						29,168,248
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY			$	59,868,070					$	55,932,363

The accompanying Notes are an integral part of these Consolidated Financial Statements.

Table of Contents						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, 2024 and 2023

(Unaudited)

			2024						2023
REVENUES:
Revenues			$	17,689,545					$	16,224,303
OPERATING EXPENSES:
Cost of services			11,866,716						10,776,362
Sales and marketing			1,811,109						1,709,891
General and administrative costs			1,063,243						1,033,499
Business optimization costs			—						139,664
Total operating expenses			14,741,068						13,659,416
OPERATING INCOME			2,948,477						2,564,887
Interest income			76,027						101,980
Interest expense			(30,042)						(14,495)
Other income (expense), net			(39,217)						(35,719)
INCOME BEFORE INCOME TAXES			2,955,245						2,616,653
Income tax expense			639,055						606,672
NET INCOME			2,316,190						2,009,981
Net income attributable to noncontrolling interests in Accenture Canada Holdings Inc.			(2,170)						(2,016)
Net income attributable to noncontrolling interests – other			(35,126)						(34,521)
NET INCOME ATTRIBUTABLE TO ACCENTURE PLC			$	2,278,894					$	1,973,444
Weighted average Class A ordinary shares:
Basic			625,676,922						627,996,111
Diluted			634,656,410						637,398,361
Earnings per Class A ordinary share:
Basic			$	3.64					$	3.14
Diluted			$	3.59					$	3.10
Cash dividends per share			$	1.48					$	1.29

The accompanying Notes are an integral part of these Consolidated Financial Statements.

Table of Contents						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, 2024 and 2023

(Unaudited)

			2024						2023
NET INCOME			$	2,316,190					$	2,009,981
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX:
Foreign currency translation			(474,983)						68,192
Defined benefit plans			(15,758)						36,392
Cash flow hedges			(3,911)						11,302
OTHER COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO ACCENTURE PLC			(494,652)						115,886
Other comprehensive income (loss) attributable to noncontrolling interests			(10,093)						1,885
COMPREHENSIVE INCOME			$	1,811,445					$	2,127,752
COMPREHENSIVE INCOME ATTRIBUTABLE TO ACCENTURE PLC			$	1,784,242					$	2,089,330
Comprehensive income attributable to noncontrolling interests			27,203						38,422
COMPREHENSIVE INCOME			$	1,811,445					$	2,127,752

The accompanying Notes are an integral part of these Consolidated Financial Statements.

Table of Contents						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, 2024

(Unaudited)

			Ordinary Shares												Class A Ordinary Shares												Class X Ordinary Shares												Restricted Share Units						Additional Paid-in Capital						Treasury Shares												Retained 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, 2024			$	57					40						$	15					672,485						$	—					308						$	2,614,608					$	14,710,857					$	(10,564,572)					(47,245)						$	23,082,423					$	(1,554,742)					$	28,288,646					$	879,602					$	29,168,248
Net income																																																															2,278,894												2,278,894						37,296						2,316,190
Other comprehensive income (loss)																																																																					(494,652)						(494,652)						(10,093)						(504,745)
Purchases of Class A shares																																													742						(897,395)						(2,528)																		(896,653)						(742)						(897,395)
Share-based compensation expense																																							413,697						56,728																														470,425												470,425
Purchases/redemptions of Accenture Canada Holdings Inc. exchangeable shares and Class X shares																																													(869)																														(869)												(869)
Issuances of Class A shares for employee share programs																					1,794																		(284,465)						605,253						157,455						484						(491)												477,752						(385)						477,367
Dividends																																							33,583																								(958,258)												(924,675)						(883)						(925,558)
Other, net																																													(8,373)																														(8,373)						7,133						(1,240)
Balance as of November 30, 2024			$	57					40						$	15					674,279						$	—					308						$	2,777,423					$	15,364,338					$	(11,304,512)					(49,289)						$	24,402,568					$	(2,049,394)					$	29,190,495					$	911,928					$	30,102,423

The accompanying Notes are an integral part of these Consolidated Financial Statements.

Table of Contents						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, 2023

(Unaudited)

			Ordinary Shares												Class A Ordinary Shares												Class X Ordinary Shares												Restricted Share Units						Additional Paid-in Capital						Treasury Shares												Retained 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 income																																																															1,973,444												1,973,444						36,537						2,009,981
Other comprehensive income (loss)																																																																					115,886						115,886						1,885						117,771
Purchases of Class A shares																																													1,050						(1,188,289)						(3,810)																		(1,187,239)						(1,050)						(1,188,289)
Share-based compensation expense																																							365,711						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 programs																					1,896																		(245,342)						525,335						218,783						641						(21,751)												477,025						409						477,434
Dividends																																							29,279																								(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.

Table of Contents						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, 2024 and 2023

(Unaudited)

			2024						2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income			$	2,316,190					$	2,009,981
Adjustments to reconcile Net income to Net cash provided by (used in) operating activities —
Depreciation, amortization and other			569,340						521,400
Share-based compensation expense			470,425						423,000
Deferred tax expense (benefit)			59,222						(24,371)
Other, net			(19,903)						6,795
Change in assets and liabilities, net of acquisitions —
Receivables and contract assets, current and non-current			(1,225,106)						(836,231)
Other current and non-current assets			(441,514)						(658,647)
Accounts payable			(124,399)						48,728
Deferred revenues, current and non-current			(313,397)						(510,391)
Accrued payroll and related benefits			(307,357)						(273,763)
Income taxes payable, current and non-current			50,891						85,142
Other current and non-current liabilities			(11,906)						(293,092)
Net cash provided by (used in) operating activities			1,022,486						498,551
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment			(152,205)						(68,933)
Purchases of businesses and investments, net of cash acquired			(241,560)						(788,025)
Proceeds from the sale of businesses and investments			5,270						—
Other investing, net			2,971						1,528
Net cash provided by (used in) investing activities			(385,524)						(855,430)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of shares			477,367						477,434
Purchases of shares			(898,264)						(1,191,128)
Proceeds from debt			5,061,085						—
Repayments of debt			(931,885)						—
Cash dividends paid			(925,558)						(810,056)
Other financing, net			(30,997)						(28,163)
Net cash provided by (used in) financing activities			2,751,748						(1,551,913)
Effect of exchange rate changes on cash and cash equivalents			(87,124)						4,601
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS			3,301,586						(1,904,191)
CASH AND CASH EQUIVALENTS, beginning of period			5,004,469						9,045,032
CASH AND CASH EQUIVALENTS, end of period			$	8,306,055					$	7,140,841
SUPPLEMENTAL CASH FLOW INFORMATION:
Income taxes paid, net			$	529,162					$	563,359

The accompanying Notes are an integral part of these Consolidated Financial Statements.

Table of Contents						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, 2024 included in our Annual Report on Form 10-K filed with the SEC on October 10, 2024.

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, 2024 are not necessarily indicative of the results that may be expected for the fiscal year ending August 31, 2025.

Allowance for Credit Losses—Client Receivables and Contract Assets

As of November 30, 2024 and August 31, 2024, the total allowance for credit losses recorded for client receivables and contract assets was $27,354 and $27,561, 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 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, 2024						August 31, 2024
Equity method investments			$	127,776					$	128,634
Investments without readily determinable fair values			243,731						206,030
Total non-current investments			$	371,507					$	334,664

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.

Table of Contents						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, 2024 and August 31, 2024, total accumulated depreciation was $2,752,886 and $2,713,855, 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, 2024 and 2023, respectively.

			Three Months Ended
			November 30, 2024						November 30, 2023
Depreciation			$	133,099					$	133,245
Amortization - Deferred transition			85,324						98,491
Amortization - Intangible assets			160,214						111,631
Operating lease cost			186,529						175,014
Other			4,174						3,019
Total depreciation, amortization and other			$	569,340					$	521,400

New Accounting Pronouncements

On November 27, 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, Improvements to Reportable Segment Disclosures, which requires entities to enhance disclosures regarding their segments, including significant segment expenses. The ASU will be effective beginning with our annual fiscal 2025 financial statements and requires a retrospective method upon adoption. We are currently evaluating the impact of this standard on our segment disclosures.

On December 14, 2023, the FASB issued 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 financial position or results of operations.

On November 4, 2024, the FASB issued ASU No. 2024-03, Disaggregation of Income Statement Expenses, which requires entities to disclose specified information about certain expenses in the notes to the financial statements, including employee compensation. The ASU will be effective beginning with our annual fiscal 2028 financial statements. We are currently evaluating the impact of this standard on our disclosures.

Table of Contents						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 12 (Segment Reporting) to these Consolidated Financial Statements for our disaggregated revenues.

Remaining Performance Obligations

We had remaining performance obligations of approximately $29 billion and $30 billion as of November 30, 2024 and August 31, 2024, 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 58% of our remaining performance obligations as of November 30, 2024 as revenue in fiscal 2025, an additional 20% in fiscal 2026, 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, 2024 and 2023.

Contract Balances

Deferred transition revenues were $623,750 and $641,091 as of November 30, 2024 and August 31, 2024, 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 $893,898 and $862,140 as of November 30, 2024 and August 31, 2024, respectively, and are included in Deferred contract costs. Generally, deferred transition costs are recoverable under the contract in the event of early termination 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):

			November 30, 2024						August 31, 2024
Receivables			$	12,590,544					$	11,873,442
Contract assets (current)			1,984,093						1,791,405
Receivables and contract assets, net of allowance (current)			14,574,637						13,664,847
Contract assets (non-current)			128,981						120,260
Deferred revenues (current)			4,711,553						5,174,923
Deferred revenues (non-current)			623,750						641,091

Changes in the contract asset and liability balances during the three months ended November 30, 2024 were a result of normal business activity and not materially impacted by any other factors.

Revenues recognized during the three months ended November 30, 2024 that were included in Deferred revenues as of August 31, 2024 were $2.8 billion. 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.

Table of Contents						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, 2024						November 30, 2023
Basic earnings per share
Net income attributable to Accenture plc			$	2,278,894					$	1,973,444
Basic weighted average Class A ordinary shares			625,676,922						627,996,111
Basic earnings per share			$	3.64					$	3.14
Diluted earnings per share
Net income attributable to Accenture plc			$	2,278,894					$	1,973,444
Net income attributable to noncontrolling interests in Accenture Canada Holdings Inc. (1)			2,170						2,016
Net income for diluted earnings per share calculation			$	2,281,064					$	1,975,460
Basic weighted average Class A ordinary shares			625,676,922						627,996,111
Class A ordinary shares issuable upon redemption/exchange of noncontrolling interests (1)			595,837						641,659
Diluted effect of employee compensation related to Class A ordinary shares			8,185,818						8,492,332
Diluted effect of share purchase plans related to Class A ordinary shares			197,833						268,259
Diluted weighted average Class A ordinary shares (2)			634,656,410						637,398,361
Diluted earnings per share			$	3.59					$	3.10

(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.

(2)The weighted average diluted shares outstanding for the calculation of diluted earnings per share excludes an immaterial amount of shares issuable upon the vesting of restricted stock units because their effects were antidilutive.

Table of Contents						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, 2024						November 30, 2023
Foreign currency translation
Beginning balance			$	(1,295,743)					$	(1,510,632)
Foreign currency translation			(486,087)						67,789
Income tax benefit (expense)			1,030						2,240
Portion attributable to noncontrolling interests			10,074						(1,837)
Foreign currency translation, net of tax			(474,983)						68,192
Ending balance			(1,770,726)						(1,442,440)
Defined benefit plans
Beginning balance			(254,172)						(226,503)
Reclassifications into net periodic pension and post-retirement expense			(17,680)						44,294
Income tax benefit (expense)			1,907						(7,865)
Portion attributable to noncontrolling interests			15						(37)
Defined benefit plans, net of tax			(15,758)						36,392
Ending balance			(269,930)						(190,111)
Cash flow hedges
Beginning balance			(4,827)						(5,966)
Unrealized gain (loss)			14,598						23,614
Reclassification adjustments into Cost of services			(7,477)						(10,600)
Income tax benefit (expense)			(11,036)						(1,701)
Portion attributable to noncontrolling interests			4						(11)
Cash flow hedges, net of tax			(3,911)						11,302
Ending balance (1)			(8,738)						5,336
Accumulated other comprehensive loss			$	(2,049,394)					$	(1,627,215)

(1)As of November 30, 2024, $25,149 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.

Table of Contents						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, 2024, we completed individually immaterial acquisitions for total consideration of $184,871, 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 segment are as follows:

			August 31, 2024						Additions/ Adjustments						Foreign Currency Translation						November 30, 2024
Americas (1)			$	11,960,650					$	31,993					$	(33,777)					$	11,958,866
EMEA			7,341,686						109,591						(307,796)						7,143,481
Asia Pacific (1)			1,817,843						842						(52,121)						1,766,564
Total			$	21,120,179					$	142,426					$	(393,694)					$	20,868,911

(1)During the first quarter of fiscal 2025, our Latin America market unit moved from Growth Markets to North America. With this change, North America became the Americas market and Growth Markets became the Asia Pacific 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, 2024																		November 30, 2024
Intangible Asset Class						Gross Carrying Amount						Accumulated Amortization						Net Carrying Amount						Gross Carrying Amount						Accumulated Amortization						Net Carrying Amount
Customer-related						$	3,924,339					$	(1,336,679)					$	2,587,660					$	3,861,361					$	(1,412,787)					$	2,448,574
Technology						335,845						(183,182)						152,663						338,271						(198,843)						139,428
Patents						120,457						(72,518)						47,939						118,339						(71,700)						46,639
Other						150,098						(34,329)						115,769						145,021						(39,072)						105,949
Total						$	4,530,739					$	(1,626,708)					$	2,904,031					$	4,462,992					$	(1,722,402)					$	2,740,590

Total amortization related to our intangible assets was $160,214 and $111,631 for the three months ended November 30, 2024 and 2023, respectively. Estimated future amortization related to intangible assets held as of November 30, 2024 is as follows:

Fiscal Year						Estimated Amortization
Remainder of 2025						$	444,238
2026						534,917
2027						470,141
2028						435,618
2029						346,275
Thereafter						509,401
Total						$	2,740,590

Table of Contents						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, 2024 is as follows:

						Dividend Per Share						Accenture plc Class A Ordinary Shares												Accenture Canada Holdings Inc. Exchangeable Shares												Total Cash Outlay
Dividend Payment Date									Record Date						Cash Outlay						Record Date						Cash Outlay
November 15, 2024						$	1.48					October 10, 2024						$	924,675					October 9, 2024						$	883					$	925,558

The payment of cash dividends includes the net effect of $33,583 of additional restricted stock units being issued as a part of our share plans, which resulted in 93,129 restricted share units being issued.

Subsequent Event

On December 18, 2024, the Board of Directors of Accenture plc declared a quarterly cash dividend of $1.48 per share on our Class A ordinary shares for shareholders of record at the close of business on January 16, 2025 payable on February 14, 2025.

Table of Contents						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, 2024 and 2023, 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 $4,256 and $20,280 for the three months ended November 30, 2024 and 2023, 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, 2024						August 31, 2024
Assets
Cash Flow Hedges
Other current assets			$	55,013					$	51,152
Other non-current assets			26,407						28,363
Other Derivatives
Other current assets			34,707						39,733
Total assets			$	116,127					$	119,248
Liabilities
Cash Flow Hedges
Other accrued liabilities			$	29,863					$	29,247
Other non-current liabilities			25,371						35,346
Other Derivatives
Other accrued liabilities			8,851						25,974
Total liabilities			$	64,085					$	90,567
Total fair value			$	52,042					$	28,681
Total notional value			$	14,707,184					$	14,824,483

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, 2024						August 31, 2024
Net derivative assets			$	83,615					$	91,127
Net derivative liabilities			31,573						62,446
Total fair value			$	52,042					$	28,681

Table of Contents						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. Borrowings and Indebtedness

On October 4, 2024, Accenture Capital Inc. (“Accenture Capital”), a wholly owned finance subsidiary of Accenture plc, issued $5 billion aggregate principal amount of senior unsecured notes. Net proceeds from the offering are being used for general corporate purposes, including repayment of outstanding commercial paper borrowings. Interest on the senior unsecured notes is payable semi-annually in arrears. Accenture Capital may redeem the senior unsecured notes at any time in whole, or from time to time, in part at specified redemption prices. Accenture plc and Accenture Capital are not subject to any financial covenants under the senior unsecured notes.

The following is a summary of total outstanding debt as of November 30, 2024 and August 31, 2024, respectively:

									November 30, 2024						August 31, 2024
Current portion of long-term debt and bank borrowings
Commercial paper (1)									$	99,446					$	931,507
Other (2)									14,875						14,722
Total current portion of long-term debt and bank borrowings									$	114,321					$	946,229
Long-term debt
Senior notes – 3.90% due 2027									$	1,100,000					$	—
Senior notes – 4.05% due 2029									1,200,000						—
Senior notes – 4.25% due 2031									1,200,000						—
Senior notes – 4.50% due 2034									1,500,000						—
Total principal amount (3)									$	5,000,000					$	—
Less: unamortized debt discount and issuance costs									(37,998)						—
Total carrying amount									$	4,962,002					$	—
Other (2)									77,458						78,628
Total long-term debt									$	5,039,460					$	78,628

(1)The carrying amounts of the commercial paper as of November 30, 2024 and August 31, 2024 include the remaining principal outstanding of $100,000 and $935,000, respectively, net of total unamortized discounts of $554 and $3,493, respectively. The weighted-average effective interest rate for the commercial paper was 4.6% and 5.4% as of November 30, 2024 and August 31, 2024, respectively.

(2)Amounts primarily include finance lease liabilities.

(3)The total estimated fair value of our senior notes was $4.9 billion as of November 30, 2024. The fair value was determined based on quoted prices as of the last trading day of the first quarter of fiscal 2025 and is classified as Level 1 within the fair value hierarchy.

As of November 30, 2024, future principal payments for total outstanding debt, excluding finance leases, are summarized as follows:

Fiscal Year			Amount
Remainder of 2025			$	100,000
2026			—
2027			—
2028			1,100,000
2029			—
Thereafter			3,900,000
Total			$	5,100,000

Table of Contents						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

As of November 30, 2024, we had the following borrowing facilities:

			Credit Facilities
Syndicated loan facility (1)			$	5,500,000
Separate, uncommitted, unsecured multicurrency revolving credit facilities (2)			1,917,931
Local guaranteed and non-guaranteed lines of credit (3)			281,345
Total			$	7,699,276

(1)This facility, which matures on May 14, 2029, provides unsecured, revolving borrowing capacity for general corporate purposes, including the issuance of letters of credit and short-term commercial paper. Borrowings under this facility will accrue interest at the applicable risk-free rate plus a spread. We continue to be in compliance with relevant covenant terms. The facility is subject to annual commitment fees.

(2)We maintain separate, uncommitted and unsecured multicurrency revolving credit facilities. These facilities provide local currency financing for the majority of our operations. Interest rate terms on the revolving facilities are at market rates prevailing in the relevant local markets. As of November 30, 2024 and August 31, 2024, we had no borrowings under these facilities.

(3)We also maintain local guaranteed and non-guaranteed lines of credit for those locations that cannot access our global facilities. As of November 30, 2024 and August 31, 2024, we had no borrowings under these various facilities.

We had an aggregate of $1,242,317 and $1,269,178 of letters of credit outstanding and $100,000 and $935,000 (excluding unamortized discounts) of commercial paper outstanding as of November 30, 2024 and August 31, 2024, respectively. The amount of letters of credit and commercial paper outstanding reduces the available borrowing capacity under the facilities described above.

10. 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, 2024 and 2023 were 21.6% and 23.2%, respectively. The lower effective tax rate for the three months ended November 30, 2024 was primarily due to higher benefits from adjustments to prior year tax liabilities.

Table of Contents						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						19

11. 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, 2024 and August 31, 2024, our aggregate potential liability to our clients for expressly limited guarantees involving the performance of third parties was approximately $2,181,000 and $2,370,000, respectively, of which all but approximately $59,000 and $61,000, 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, 2024 and August 31, 2024, we have issued or provided guarantees in the form of letters of credit and surety bonds of $1,692,529 ($1,514,492 net of recourse provisions) and $1,758,783 ($1,609,046 net of recourse provisions) 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, 2024, 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 are appealing the district court’s decision. 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 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, including civil and criminal penalties, including under the civil U.S. False Claims Act and/or other statutes, and administrative sanctions, such as termination of contracts, forfeiture of profits, suspension of payments, fines and suspensions or debarment from doing business with agencies of the U.S. government. 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.

Table of Contents						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						20

12. Segment Reporting

Our reportable segments are our three geographic markets, which are the Americas, EMEA and Asia Pacific.

Information regarding reportable segments, industry groups and type of work is as follows:

			Revenues
			Three Months Ended
			November 30, 2024						November 30, 2023
Geographic Markets
Americas (1)			$	8,733,095					$	8,026,972
EMEA			6,411,952						5,803,642
Asia Pacific (1)			2,544,498						2,393,689
Total Revenues			$	17,689,545					$	16,224,303
Industry Groups
Communications, Media & Technology			$	2,857,885					$	2,669,448
Financial Services			3,168,835						3,033,578
Health & Public Service			3,812,609						3,377,466
Products			5,425,317						4,859,987
Resources			2,424,899						2,283,824
Total Revenues			$	17,689,545					$	16,224,303
Type of Work
Consulting			$	9,045,228					$	8,456,506
Managed Services			8,644,317						7,767,797
Total Revenues			$	17,689,545					$	16,224,303

			Operating Income
			Three Months Ended
			November 30, 2024						November 30, 2023
Geographic Markets
Americas (1)			$	1,377,234					$	1,292,981
EMEA			1,035,977						823,601
Asia Pacific (1)			535,266						448,305
Total Operating Income			$	2,948,477					$	2,564,887

(1)During the first quarter of fiscal 2025, our Latin America market unit moved from Growth Markets to North America. With this change, North America became the Americas market and Growth Markets became the Asia Pacific market. Prior period amounts have been reclassified to conform with the current period presentation.

Table of Contents
ACCENTURE FORM 10-Q						Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			21