This summary is based on the fourth quarter fiscal 2007 earnings call conducted by Accenture Ltd. (ACN: chart) on September 27, 2007.

Chairman & CEO: Bill Green
CFO: Pam Craig
COO: Steve Rohleder
Managing Director of IR: Richard Clarke

Key Investors Issues

- EPS were 50 cents per share compared to 56 cents per share last year.
- Net income was $316.8 million compared to $346.4 million in the year-ago period,
- Revenue was $5.57 billion compared to $4.39 billion a year ago.

Fourth Quarter Highlights

Net revenues were $5.11 billion, a year-over-year increase of 29% in U.S. dollars and 23% in local currency.

Net revenues exceeded previous outlook of $4.8 billion to $5 billion. Absent the $339 million net revenue impact of the NHS agreement in the fourth quarter last year, the comparison to the fourth quarter of 2006 would have been an increase of 19% in U.S. dollars and 14% in local currency, strongest local currency quarterly growth to date.

Consulting revenues were $3 billion, an increase of 38% in U.S. dollars and 32% in local currency over the fourth quarter last year.

The growth would still have been 20% in U.S. dollars and 15% in local currency over the fourth quarter last year absent the impact of last year''s NHS agreement.

- Outsourcing revenues were $2.1 billion, an increase of 17% in U.S. dollars and 12% in local currency over the same period last year.

Gross margin was 31.2% compared with 34.1% in the fourth quarter last year on a GAAP basis and 31.4% on an adjusted basis.

- SG&A costs were $945 million, or 18.5% of net revenues. This compares with $844 million or 21.3% of net revenues on a GAAP basis and 19.6% of net revenues on an adjusted basis for the fourth quarter last year.
- GAAP operating income was $642 million, reflecting operating margin of 12.6%. This compares with $501 million or an operating margin of 12.6% on a GAAP basis and 11.6% on an adjusted basis for the fourth quarter of 2006. Operating income was in line with expectations, allowing continuing to accrue annual bonus and invest in business.
- The effective tax rate was 37%. This rate is higher than the prior year-to-date tax rate due to a shift in income between countries.
- GAAP income before minority interest was $431 million compared with $502 million on a GAAP basis and $352 million on an adjusted basis in the same period last year.
- GAAP EPS was 50 cents per share compared with 56 cents per share on a GAAP basis and 39 cents per share on an adjusted basis in the fourth quarter last year. This represents a 28% year-over-year increase on an adjusted basis.

Free cash flow was $638 million, resulting from operating cash flow of $777 million, less property and equipment additions of $139 million.

Total cash balance at August 31 was $3.31 billion compared with $3.07 billion at August 31 last year. Cash, combined with $300 million of fixed income securities classified as investments on balance sheet, was $3.61 billion compared with $3.53 billion at August 31 last year.

- Total debt at August 31 was $26 million compared with $52 million at August 31 last year.
- The company repurchased or redeemed 9.6 million shares for approximately $401 million at an average price of $41.74 per share.

In terms of public float, using what the company believes to be the most conservative method of calculation, which excludes all outstanding founder shares, public float at the end of the fourth quarter was approximately 66%, compared with 58% at the end of fiscal 2006.

The public now represents two-thirds of the ownership of company.

Board of directors declared a cash dividend of 42 cents per share on Accenture Ltd. Class A common shares for shareholders of record at the close of business on October 12. Accenture SCA will also declare a cash dividend of 42 cents per share for shareholders of record of Accenture SCA class one common shares at the close of business on October 9. Both are payable on November 15. This represents 7 cents per share, or 20% increase over the dividend paid last year.

All five operating groups recorded their highest-ever annual revenues with double-digit growth in U.S. dollars.

Four operating groups also turned in strong double-digit growth in local currency.