KC McClure: No problem, Keith. Thanks, I’ll handle the capital allocation part and I’ll hand it over to Julie. So just from a capital allocation standpoint, Julie referenced this a little bit earlier, but our capital allocation framework is really durable, but it is also very flexible. So we’ve been able to continue to return a significant portion of our cash through dividends and share repurchases. Well over the time we’ve been flexing at various times the amount of money that we spend in V&A and we can continue with that framework. So just again as a focus, we had about 80% of our free cash flow return to shareholders through dividends and repurchases in FY ‘23 and we actually have a $500 million, $0.5 billion increase in our guidance baked in for next year. So just shows that our capital allocation framework can flex as needed while still doing a great return.
Julie Sweet: And what I would say is that I’m really proud that how we do M&A is a core competency of Accenture, right? So we’ve now been on this journey. I helped start it when I was the general counsel. I remember that was — I came in and they were like, we kind of need to increase this and I’ve done a lot of that in my prior life and what you see is that, as we’ve grown, we’ve continued to build the capabilities. We have a very mature machine around integration, but we also have an operating model where we have leaders close to the acquisitions, doing the integration. And they really do vary from very small to larger ones. We’ve done over $1 billion and we could do even bigger ones with our capital. The point is that, we know how to integrate and we’ve been doing this now for many, many years.
Keith Bachman: Okay, fair enough and thank you, Julie. My follow-up is just how do you think about headcount for Accenture through the year? You’re just kind of finishing off your risk, but how do you think about headcount as we process through FY ‘24 and I’m really thinking on an organic basis, excluding the M&A. Many thanks and that’s it for me.
KC McClure: Yes. Thanks, Keith. Really what I would say is managing supply and demand. As you know, it’s a core competency of ours and we’re going to manage our supply skills based on wherever we see the growth. So we didn’t expect that we would need to add a lot of people in — from Q3 to Q4 as we said and that’s exactly what happened. And so we’re going to continue to hire for the skills that we need and we’re going to focus on the automation and as Julie mentioned, the lot of re-skilling of our people.
Operator: Thank you. We’ll go next to the line of Darrin Peller with Wolfe Research.
Darrin Peller: Thanks, guys. I just wanted to ask in terms of visibility that you’d say you have now in the environment relative to prior years on the outlook side. I mean, has anything changed and just maybe if you could reiterate for us where you’re seeing the pockets of strength in a little bit more of a specific manner around example that customers need right now that might be — that might buck the trend of what you typically see in a downturn macroeconomically. Just curious kind of what’s fighting through the demand weakness no matter what just because it’s really mission critical right now. Thanks again.
KC McClure: Yes. Great, thanks, Darrin. In terms of visibility, right, as we sit here at the beginning of a new fiscal year, as — we’re really confident that we’re taking all the right steps to successfully deliver for a full-year and as you know well, we always aim for the top part of the range. But just like every other year at this time, the back half of the year is less certain, because we’ll know more when the budgets are set which is really in the back — which is in the H2 of our year. But as we mentioned, we are going to build throughout the year and why do we say that? Well, first of all, we’re confident in the steps that we’re taking that Julie highlighted many examples to pivot to the higher growth areas. And we expect that we’ll see that come through in the back half of the year and that’s also backed up by the investments that we’ll make.
