International Business Machines Corp (IBM) 2019 Q2 法說會逐字稿

完整原文

使用警語:中文譯文來源為 Google 翻譯,僅供參考,實際內容請以英文原文為主

  • Operator

    Operator

  • Welcome, and thank you for standing by.

    歡迎,感謝您的支持。

  • (Operator Instructions) Today's conference is being recorded.

    (操作員說明)正在錄製今天的會議。

  • If you have any objections, you may disconnect at this time.

    如果您有異議,此時您可以斷開連接。

  • Now I will turn the meeting over to Ms. Patricia Murphy with IBM.

    現在我將會議轉交給 IBM 的 Patricia Murphy 女士。

  • Ma'am, you may begin.

    女士,您可以開始了。

  • Patricia Murphy - VP of IR

    Patricia Murphy - VP of IR

  • Thank you.

    謝謝。

  • This is Patricia Murphy, Vice President of Investor Relations for IBM, and I want to welcome you to our second quarter 2019 earnings presentation.

    我是 IBM 投資者關係副總裁 Patricia Murphy,歡迎大家觀看我們 2019 年第二季度的收益演示。

  • I'm here with Jim Kavanaugh, IBM's Senior Vice President and Chief Financial Officer.

    我和 IBM 的高級副總裁兼首席財務官 Jim Kavanaugh 一起來了。

  • We'll post today's prepared remarks on the IBM investor website within a couple of hours, and a replay will be available by this time tomorrow.

    我們將在幾個小時內在 IBM 投資者網站上發布今天準備好的評論,明天這個時候將提供重播。

  • Some comments made in this presentation may be considered forward looking under the Private Securities Litigation Reform Act of 1995.

    根據 1995 年《私人證券訴訟改革法案》,本演示文稿中的某些評論可能被視為具有前瞻性。

  • Those statements involve factors that could cause our actual results to differ materially.

    這些陳述涉及可能導致我們的實際結果出現重大差異的因素。

  • Additional information about these factors is included in the company's SEC filings.

    有關這些因素的更多信息包含在公司提交給美國證券交易委員會的文件中。

  • Our presentation also includes non-GAAP measures to provide additional information to investors.

    我們的演示文稿還包括非 GAAP 措施,以向投資者提供額外信息。

  • We've provided reconciliation charts at the end of the presentation and in the 8-K submitted to the SEC.

    我們在演示文稿末尾和提交給 SEC 的 8-K 中提供了對帳圖表。

  • So with that, I'll turn the call over to Jim.

    因此,我會把電話轉給吉姆。

  • James J. Kavanaugh - Senior VP & CFO

    James J. Kavanaugh - Senior VP & CFO

  • Thanks, Patricia, and thanks to all of you for joining us.

    謝謝,Patricia,也感謝大家加入我們。

  • In the second quarter, we delivered $19.2 billion of revenue, $2.8 billion of operating net income and $3.17 of operating earnings per share, which was up 3%.

    第二季度,我們實現了 192 億美元的收入、28 億美元的營業淨收入和 3.17 美元的每股營業收入,增長了 3%。

  • We expanded operating gross margin by 100 basis points, which is the largest increase in over 5 years, and operating net income margin by 60 basis points.

    我們將營業毛利率提高了 100 個基點,這是 5 年來的最大增幅,營業淨利潤率提高了 60 個基點。

  • And we had solid free cash flow performance with $12.7 billion of free cash flow over the last year.

    我們的自由現金流表現穩健,去年的自由現金流為 127 億美元。

  • These results reflect improving fundamentals of our ongoing business.

    這些結果反映了我們正在進行的業務的基礎正在改善。

  • And now with this performance through the second quarter, we remain on track to deliver at least $13.90 of operating EPS and about $12 billion of free cash flow for the year.

    現在,憑藉第二季度的這一業績,我們仍有望在本年度實現至少 13.90 美元的運營每股收益和約 120 億美元的自由現金流。

  • This excludes Red Hat and related activity, but we believe this remains a relevant perspective as it provides transparency into our underlying business performance and is on a base that's consistent with our previous guidance and first half performance.

    這不包括 Red Hat 和相關活動,但我們認為這仍然是一個相關的觀點,因為它為我們的基本業務績效提供了透明度,並且基於與我們之前的指導和上半年績效一致的基礎。

  • But to be clear, Red Hat is not included in any of the operating results we're discussing today, and we will update our full year expectations to include Red Hat during our investor webcast on August 2.

    但需要明確的是,我們今天討論的任何經營業績都不包括 Red Hat,我們將在 8 月 2 日的投資者網絡廣播中更新我們的全年預期以將 Red Hat 包括在內。

  • Over the last few quarters, we've talked about strong performance in areas that help our clients with their digital transformations and journeys to cloud.

    在過去的幾個季度中,我們談到了在幫助我們的客戶進行數字化轉型和雲之旅的領域中的強勁表現。

  • This continued in the second quarter, as evidenced by strong revenue performance across the high-value segments of Cloud & Cognitive Software and Global Business Services.

    這種情況在第二季度繼續存在,雲與認知軟件和全球商業服務的高價值部分的強勁收入表現證明了這一點。

  • Our results also reflect significant actions we've taken to improve our position over time.

    我們的結果還反映了我們為改善我們的地位所採取的重大行動。

  • For example, at the end of the second quarter, we completed the divestiture of select software assets that didn't leverage our integrated value proposition, and we took workforce actions to continue to revitalize our skill base and address stranded costs associated with the divested businesses.

    例如,在第二季度末,我們完成了對未利用我們綜合價值主張的精選軟件資產的剝離,我們採取了員工行動以繼續振興我們的技能基礎並解決與剝離業務相關的擱淺成本.

  • And as you have likely seen just 8 days ago, we completed the acquisition of Red Hat.

    正如您可能在 8 天前看到的那樣,我們完成了對 Red Hat 的收購。

  • This acquisition is an important milestone for IBM and one that will significantly impact the cloud landscape.

    此次收購是 IBM 的一個重要里程碑,將對雲領域產生重大影響。

  • It is clear that the next chapter of cloud will be about shifting mission-critical work to the cloud and optimizing everything from supply chains to core banking systems.

    很明顯,雲的下一章將是關於將關鍵任務工作轉移到雲端,並優化從供應鏈到核心銀行系統的一切。

  • This requires a hybrid multi-cloud open approach to provide portability, management consistency and security for these enterprise workloads.

    這需要一種混合多雲開放方法來為這些企業工作負載提供可移植性、管理一致性和安全性。

  • We've been building hybrid cloud capabilities across our business to address this opportunity and to prepare for this moment, bringing to market innovations like IBM Cloud, IBM Cloud Private, the Cloud Migration Factory, cloud application innovation, IBM Garages, IBM Multicloud Manager and cloud optimized systems with tens of thousands of cloud architects.

    我們一直在整個業務中構建混合雲功能,以應對這一機遇並為這一時刻做好準備,將 IBM Cloud、IBM Cloud Private、Cloud Migration Factory、雲應用程序創新、IBM Garages、IBM Multicloud Manager 和擁有數以萬計的雲架構師的雲優化系統。

  • These innovations helped to drive IBM's $19.5 billion of cloud revenue over the last 12 months, which is up 8%, led by mid-teens growth in our as-a-service capabilities, all at constant currency.

    這些創新幫助推動了 IBM 在過去 12 個月中 195 億美元的雲收入,增長了 8%,這主要得益於我們即服務能力的十幾歲增長,所有這些都是以不變的貨幣計算的。

  • This is why leading enterprises across industries that range from banking to transportation to telecom are using IBM's hybrid cloud capabilities to improve the management and delivery of their data.

    這就是為什麼從銀行業到交通運輸業再到電信業的領先企業都在使用 IBM 的混合雲功能來改進其數據的管理和交付。

  • You saw in yesterday's announcement, IBM will modernize and move AT&T's business solutions/applications to the IBM Cloud while collaborating on an edge computing platform for their enterprise clients.

    您在昨天的公告中看到,IBM 將對 AT&T 的業務解決方案/應用程序進行現代化改造並將其遷移到 IBM 雲,同時在面向企業客戶的邊緣計算平台上進行協作。

  • AT&T will also leverage Red Hat's open-source platform to manage workloads and applications in AT&T's network cloud.

    AT&T 還將利用紅帽的開源平台來管理 AT&T 網絡雲中的工作負載和應用程序。

  • And so now with the acquisition of Red Hat, we'll be combining the power and flexibility of Red Hat's open hybrid cloud technologies with the scale and depth of IBM's innovation and industry expertise.

    因此,現在通過收購 Red Hat,我們將把 Red Hat 開放式混合雲技術的強大功能和靈活性與 IBM 創新和行業專業知識的規模和深度結合起來。

  • In short, IBM and Red Hat will be better together, accelerating our clients' journey to the cloud and lifting all of IBM as we grow Red Hat and sell more software and services.

    簡而言之,IBM 和 Red Hat 將攜手合作,加速我們客戶的雲之旅,並在我們發展 Red Hat 並銷售更多軟件和服務的過程中提升 IBM 的整體實力。

  • You'll see our cloud capabilities contributed to our broader segment results in the second quarter.

    您會看到我們的雲功能為第二季度更廣泛的細分市場業績做出了貢獻。

  • As usual, I'll use constant currency growth rates throughout.

    像往常一樣,我將始終使用恆定的貨幣增長率。

  • Our Cloud & Cognitive Software revenue performance this quarter was strong, up 5% at constant currency.

    本季度我們的雲和認知軟件收入表現強勁,按固定匯率計算增長 5%。

  • Our Cloud & Cognitive growth was broad-based across all 3 business lines, led by hybrid cloud offerings and security.

    在混合雲產品和安全的帶動下,我們的雲和認知增長在所有 3 條業務線中都有廣泛的基礎。

  • Global Business Services grew about 3.5%, and here too we had good growth across all 3 lines of business as we help our clients on their digital journeys and to modernize and migrate applications to the cloud.

    全球商業服務增長了約 3.5%,在這方面,我們在所有 3 個業務領域都取得了良好的增長,因為我們幫助客戶進行數字化之旅,並將應用程序現代化並遷移到雲端。

  • In Global Technology Services, our profit dynamics continue to improve with gross margin up 120 basis points and modest pretax profit growth, excluding workforce action.

    在全球技術服務方面,我們的利潤動態繼續改善,毛利率上升 120 個基點,稅前利潤適度增長,不包括勞動力行動。

  • The margin expansion reflects our focus on exiting lower-value content in driving productivity and cloud scale efficiencies.

    利潤率的增長反映了我們專注於退出低價值內容以提高生產力和雲規模效率。

  • While GTS revenue declined due in part to this portfolio focus, we had good growth in the services that help our clients implement and manage hybrid multi-cloud environments.

    雖然 GTS 收入有所下降,部分原因是這種投資組合重點,但我們在幫助客戶實施和管理混合多雲環境的服務方面取得了良好的增長。

  • As expected, our Systems revenue was down, reflecting the product cycle dynamics in IBM Z and the related high-end Storage while Power continue to grow.

    正如預期的那樣,我們的系統收入下降,反映了 IBM Z 和相關高端存儲的產品週期動態,而 Power 繼續增長。

  • When we bring all this together, our revenue was $19.2 billion, which was down about 1.5%, and that includes a 40 basis point impact from the divested businesses, which had been declining.

    當我們將所有這些加在一起時,我們的收入為 192 億美元,下降了約 1.5%,其中包括剝離業務帶來的 40 個基點的影響,這些業務一直在下降。

  • As you look at our key financial metrics, you can see the improved fundamentals of our business with revenue growth in the higher-value segments, gross and net margin expansion and solid free cash flow generation.

    當您查看我們的關鍵財務指標時,您會發現我們業務的基本面有所改善,高價值部門的收入增長、毛利率和淨利率擴張以及穩定的自由現金流產生。

  • Our operating gross margin was up 100 basis points driven by a combination of our strong software revenue growth, services productivity and cloud scale efficiencies.

    在我們強勁的軟件收入增長、服務生產力和雲規模效率的共同推動下,我們的營業毛利率上升了 100 個基點。

  • And our operating expense was flat year-to-year.

    我們的運營費用同比持平。

  • We continue to drive efficiency and productivity in our spending so our base expense was up this quarter as we invested ahead of Red Hat and in development ahead of our next generation IBM Z later this year.

    我們繼續提高支出的效率和生產力,因此本季度我們的基本支出有所增加,因為我們在 Red Hat 之前進行了投資,並在今年晚些時候在下一代 IBM Z 之前進行了開發。

  • And so now looking at our pretax income, the year-to-year performance is driven by the operational declines in our now divested businesses.

    因此,現在看看我們的稅前收入,同比業績是由我們現在剝離的業務的運營下滑推動的。

  • Excluding these impacts, we delivered solid pretax operating leverage, reflecting our gross margin expansion, partially offset by the investments I just mentioned.

    排除這些影響,我們提供了可靠的稅前經營槓桿,反映了我們毛利率的增長,部分被我剛才提到的投資所抵消。

  • Our operating tax rate in the quarter was 11%, including discrete items.

    我們本季度的營業稅率為 11%,包括離散項目。

  • This is right in line with the full year all-in tax rate of 11% to 12% we talked about in January.

    這與我們在 1 月份談到的 11% 至 12% 的全年綜合稅率一致。

  • Pulling it all together, our operating earnings per share was up 3%, and that includes a $0.15 year-to-year impact from the operational declines of our now divested businesses.

    綜合來看,我們的每股營業收入增長了 3%,其中包括我們現已剝離的業務的運營下滑造成的 0.15 美元同比影響。

  • Looking at our cash metrics.

    查看我們的現金指標。

  • The $2.4 billion of free cash flow in the quarter is up $500 million over last year.

    本季度 24 億美元的自由現金流比去年增加了 5 億美元。

  • As I've said, we generated $12.7 billion over the last 12 months.

    正如我所說,我們在過去 12 個月創造了 127 億美元的收入。

  • So good, solid cash generation.

    太好了,穩定的現金產生。

  • Now let me come back to expense to talk about a couple of items.

    現在讓我回到費用上來談談幾個項目。

  • First, currency helped our year-to-year expense dynamics due to both translation and the benefit of hedging contracts.

    首先,由於換算和對沖合同的好處,貨幣有助於我們逐年的支出動態。

  • In fact, $120 million of the year-over-year change in other income and expense was due to hedging benefits.

    事實上,其他收入和支出的同比變化中有 1.2 億美元是由於對沖收益所致。

  • As always, these hedging gains mitigate the currency impacts throughout our P&L.

    一如既往,這些對沖收益減輕了我們損益表中的貨幣影響。

  • Second, within expense, as expected, we also had gains and charges that together were effectively neutral to the bottom line.

    其次,正如預期的那樣,在費用方面,我們也有收益和費用,這些收益和費用加在一起實際上對底線是中性的。

  • I just mentioned the operational impact of our divested businesses in the quarter.

    我剛剛提到了本季度剝離業務的運營影響。

  • Let me comment on the transactional impact.

    讓我評論一下交易影響。

  • We closed the 2 software divestitures at the end of the second quarter, resulting in about $575 million of onetime gains in other income.

    我們在第二季度末完成了 2 項軟件資產剝離,導致其他收入的一次性收益約為 5.75 億美元。

  • This is within the range of $500 million to $700 million we provided back in April.

    這在我們 4 月份提供的 5 億至 7 億美元的範圍內。

  • Within SG&A, also as expected, we took actions to revitalize skills and address structure and stranded costs associated with these divestitures, resulting in a workforce-related charge of about $500 million.

    在 SG&A 中,也如預期的那樣,我們採取行動來振興技能並解決與這些資產剝離相關的結構和擱淺成本,從而導致與勞動力相關的費用約為 5 億美元。

  • We also took a charge for an unfavorable legal ruling received in late June on a case that has been under dispute for nearly a decade.

    我們還對 6 月下旬收到的一項對爭議已近十年的案件的不利法律裁決提出指控。

  • And so together, these gains and charges were essentially neutral to our total expense and to our profit growth in the period.

    因此,這些收益和費用加起來對我們的總支出和我們當期的利潤增長基本上是中性的。

  • So as I have said in the past, the divestitures will improve our revenue and profit profile on a go-forward basis.

    因此,正如我過去所說,資產剝離將在未來的基礎上改善我們的收入和利潤狀況。

  • Turning to our segments.

    轉向我們的細分市場。

  • Cloud & Cognitive Software delivered strong revenue performance this quarter, up 5%.

    雲與認知軟件本季度收入表現強勁,增長 5%。

  • We had growth across all 3 areas with cloud and data platforms up 7%; Cognitive Applications up 5%; and transaction processing platforms up 4%.

    我們在所有 3 個領域都有增長,雲和數據平台增長了 7%;認知應用增長 5%;交易處理平台增長 4%。

  • Our software offerings help our clients securely deploy, run and manage data and applications on premises and on private and public clouds.

    我們的軟件產品可幫助我們的客戶在本地以及私有云和公共雲上安全地部署、運行和管理數據和應用程序。

  • In cloud and data platforms, we had broad-based growth led by several newer offerings throughout the portfolio that help clients modernize their applications for hybrid cloud environments and their data for AI.

    在雲和數據平台方面,我們在整個產品組合中的幾個新產品的帶動下實現了廣泛的增長,這些產品幫助客戶實現混合雲環境應用程序和 AI 數據的現代化。

  • We continue to see good hybrid cloud growth this quarter as clients leverage our reliable and scalable IBM Cloud Private solution, built on open-source frameworks like Containers and Kubernetes.

    本季度我們繼續看到混合雲的良好增長,因為客戶利用我們可靠且可擴展的 IBM Cloud Private 解決方案,該解決方案構建在容器和 Kubernetes 等開源框架之上。

  • SK Group in South Korea turned to IBM Cloud Private to quickly and easily package applications as containers and re-factor them with IBM micro services across their businesses.

    韓國的 SK 集團求助於 IBM Cloud Private,以快速輕鬆地將應用程序打包為容器,並在其業務中使用 IBM 微服務重構它們。

  • Their new SK Telecom portal used by customers to buy mobile services is now running on the IBM Cloud Private platform.

    客戶用來購買移動服務的新 SK Telecom 門戶現在在 IBM Cloud Private 平台上運行。

  • And our IBM Cloud Private for Data offering, which collects, organizes and analyzes data for AI, also delivered strong growth this quarter.

    我們的 IBM Cloud Private for Data 產品為 AI 收集、組織和分析數據,本季度也實現了強勁增長。

  • We launched this solution just a year ago, and we've had strong client adoption, in fact, growing our installed base nearly 40% since first quarter.

    我們僅在一年前推出了這個解決方案,我們的客戶採用率很高,事實上,自第一季度以來我們的安裝基數增長了近 40%。

  • Cognitive Applications' revenue growth was led by strong performance in our integrated security software and services portfolio and growth across many of our industry vertical solutions.

    認知應用程序的收入增長得益於我們集成安全軟件和服務組合的強勁表現以及我們許多行業垂直解決方案的增長。

  • Let me spend a minute on security.

    讓我花點時間談談安全性。

  • We continue to see strong performance in our threat management software and services offerings, including QRadar and Resilient, as well as in managed security intelligence solutions like X-Force threat management.

    我們繼續看到我們的威脅管理軟件和服務產品(包括 QRadar 和 Resilient)以及託管安全智能解決方案(如 X-Force 威脅管理)的強勁表現。

  • And as clients look to safeguard critical data in data warehouses and big data environments, we had good traction in our Guardium data security solutions.

    當客戶希望保護數據倉庫和大數據環境中的關鍵數據時,我們的 Guardium 數據安全解決方案具有良好的吸引力。

  • With 95% of the top global companies leveraging IBM Security solutions, we are well positioned as an industry leader.

    95% 的全球頂級公司都在使用 IBM Security 解決方案,我們處於行業領先地位。

  • Turning to transaction processing platforms.

    轉向交易處理平台。

  • Growth was driven by strong performance in IBM Z middleware as clients continue to predictably manage IT spending for their growing IBM Z mission-critical workloads.

    IBM Z 中間件的強勁性能推動了增長,因為客戶繼續以可預測的方式管理 IT 支出,以應對不斷增長的 IBM Z 關鍵任務工作負載。

  • And then moving to profit for this segment, pretax margin was up 2 points year-to-year, and that's excluding the impact from the workforce actions this quarter.

    然後轉向該部門的利潤,稅前利潤率同比增長 2 個百分點,這不包括本季度勞動力行動的影響。

  • Margins reflect strong transactional performance in high-value areas, offset by ongoing investment in key strategic areas, including the preparation for the Red Hat closing.

    利潤率反映了高價值領域的強勁交易業績,被關鍵戰略領域的持續投資所抵消,包括紅帽關閉的準備工作。

  • Moving to Global Business Services.

    轉向全球商業服務。

  • Revenue was up 3%.

    收入增長了 3%。

  • We again had good growth as enterprise continue their digital reinvention journeys to become cloud and cognitive enterprises.

    隨著企業繼續其數字化重塑之旅成為雲和認知企業,我們再次取得了良好的增長。

  • GBS is at the epicenter of IBM, bringing both business and technology transformation solutions to clients.

    GBS 位於 IBM 的中心,為客戶提供業務和技術轉型解決方案。

  • They bring together deep industry expertise, IBM's innovative technology portfolio and third-party information technology architectures to deliver differentiated value to enterprises.

    他們匯集了深厚的行業專業知識、IBM 的創新技術組合和第三方信息技術架構,為企業提供差異化的價值。

  • We see evidence in this in all 3 areas of GBS as consulting revenue grew 5%, application management grew 2% and Global Process Services grew 3%.

    我們在 GBS 的所有 3 個領域都看到了這方面的證據,諮詢收入增長了 5%,應用程序管理增長了 2%,全球流程服務增長了 3%。

  • In consulting, growth was led by sustained performance in our next-gen enterprise apps like S/4HANA and in Digital Strategy and iX offerings.

    在諮詢方面,我們的下一代企業應用程序(如 S/4HANA)以及數字戰略和 iX 產品的持續表現引領了增長。

  • At Wimbledon, our Digital Strategy and iX team delivered a differentiated and personalized digital experience to on-site media, players and fans around the world, leveraging AI and running on the IBM Cloud supported by GTS.

    在溫網,我們的數字戰略和 iX 團隊利用 AI 並在 GTS 支持的 IBM Cloud 上運行,為現場媒體、球員和世界各地的球迷提供了差異化和個性化的數字體驗。

  • Clients are also leveraging the IBM Garage to help them power their digital reinventions with hybrid cloud and artificial intelligence while going from idea generation to enterprise scale adoption.

    客戶還利用 IBM Garage 幫助他們在從創意生成到企業規模採用的過程中,通過混合雲和人工智能推動數字化重塑。

  • ADP used IBM Garage method to infuse AI across the enterprise.

    ADP 使用 IBM Garage 方法在整個企業中註入 AI。

  • ADP and IBM jointly developed an AI-powered digital agent that handles over 20% of ADP's chat traffic, which helped drive Net Promoter Scores to all-time highs.

    ADP 和 IBM 聯合開發了一種由人工智能驅動的數字代理,可處理 ADP 超過 20% 的聊天流量,這有助於將淨推薦值推向歷史新高。

  • Today, ADP continues to work with GBS to help create its digital onboarding process, streamlining and enhancing their new clients' first impressions.

    今天,ADP 繼續與 GBS 合作,幫助創建其數字入職流程,簡化和增強新客戶的第一印象。

  • In the past 18 months, IBM has helped more than 500 leading global companies use the IBM Garage to drive digital transformations with data and AI on the cloud.

    在過去的 18 個月中,IBM 已幫助 500 多家全球領先的公司使用 IBM Garage,通過雲上的數據和 AI 推動數字化轉型。

  • GBS is becoming the provider of choice for clients across the various phases of their journey to cloud, whether it's advising, moving, building or managing their applications and processes.

    GBS 正成為客戶雲之旅各個階段的首選提供商,無論是建議、遷移、構建還是管理他們的應用程序和流程。

  • For example, GBS is working with another leading telco provider to advise on their digital transformation journey to the cloud.

    例如,GBS 正在與另一家領先的電信提供商合作,為他們的雲數字化轉型之旅提供建議。

  • As part of this, IBM will develop and manage a center of excellence that will power an enterprise-wide Red Hat Ansible implementation for hybrid and multi-cloud platforms.

    作為其中的一部分,IBM 將開發和管理一個卓越中心,該中心將為混合雲和多雲平台的企業範圍內的 Red Hat Ansible 實施提供支持。

  • This will enable them to transform their product and technology organization, support an agile DevOps culture for its developer teams while moving its application portfolio to the cloud to reduce complexity and accelerate delivery and time to value.

    這將使他們能夠轉變其產品和技術組織,為其開發團隊支持敏捷的 DevOps 文化,同時將其應用程序組合遷移到雲端以降低複雜性並加快交付和價值實現時間。

  • And at Fortum, a Finnish energy company, we're leveraging our Cloud Migration Factory to advise the company on its cloud strategy as well as helping them migrate and manage its applications to the cloud.

    在芬蘭能源公司 Fortum,我們正在利用我們的 Cloud Migration Factory 為該公司提供有關其云戰略的建議,並幫助他們將其應用程序遷移和管理到雲端。

  • Cloud Migration Factory is one of the areas contributing to our growth in application management revenue this quarter.

    Cloud Migration Factory 是我們本季度應用程序管理收入增長的領域之一。

  • Turning to profit.

    轉為盈利。

  • GBS gross margin was essentially flat with contribution from continued mix shift to higher-value offerings and from currency given our global delivery mix.

    GBS 毛利率基本持平,原因是持續的產品組合轉向更高價值的產品,以及考慮到我們的全球交付組合的貨幣。

  • This was offset by a higher level of skill capacity investments to capture demand around Red Hat and digital reinvention.

    這被更高水平的技能能力投資所抵消,以捕捉圍繞 Red Hat 和數字化重塑的需求。

  • In Global Technology Services, revenue declined 4% with infrastructure and cloud services down 4% and technology support services down 2% while gross margin for this segment expanded 120 basis points.

    在全球技術服務方面,收入下降 4%,其中基礎設施和雲服務下降 4%,技術支持服務下降 2%,而該部門的毛利率增長了 120 個基點。

  • As we said over the last few quarters, we are managing this business for increased margin, profit and cash contribution to better position it for the long term.

    正如我們在過去幾個季度所說的那樣,我們正在管理這項業務以提高利潤率、利潤和現金貢獻,以更好地長期定位。

  • As part of that, we have been taking actions to de-emphasize lower-value contracts and third-party content and focus our investments on the higher-value segments of the IT market such as hybrid cloud.

    作為其中的一部分,我們一直在採取行動,不再強調低價值合同和第三方內容,並將我們的投資集中在 IT 市場的高價值領域,例如混合雲。

  • This contributes to lower GTS revenue in the short term but will enable us to deliver sustained margin improvement.

    這有助於在短期內降低 GTS 收入,但將使我們能夠持續提高利潤率。

  • You saw this play out again in the second quarter with our gross margin expansion driven by scale efficiencies in our cloud, productivity improvement as we infuse AI and automation into our service delivery models and the shift of our business to higher-value areas.

    您在第二季度再次看到了這種情況,我們的毛利率增長受到我們雲規模效率的推動,我們將人工智能和自動化注入我們的服務交付模型以及我們的業務向更高價值領域的轉移,從而提高了生產力。

  • This quarter, GTS delivered just under $0.5 billion of pretax profit and modest PTI growth, both adjusted for the workforce-related charge.

    本季度,GTS 實現了略低於 5 億美元的稅前利潤和適度的 PTI 增長,兩者均根據與勞動力相關的費用進行了調整。

  • We are going to leverage this improved profit position to continue to invest in our go-to-market and delivery capabilities to capture this high-value and growing market.

    我們將利用這一改善的利潤狀況繼續投資於我們的上市和交付能力,以佔領這個高價值和不斷增長的市場。

  • Enterprises continue to turn to IBM to navigate and manage the increased complexities of a hybrid multi-cloud world.

    企業繼續求助於 IBM 來駕馭和管理混合多雲世界中日益增加的複雜性。

  • IBM Services is in a unique position to help our clients in Chapter 2 as we have been running these workloads and we know their processes as well as their IT and regulatory environments.

    IBM 服務處於獨特的位置,可以在第 2 章中幫助我們的客戶,因為我們一直在運行這些工作負載,並且我們了解他們的流程以及他們的 IT 和監管環境。

  • As I mentioned earlier, at the end of June, we signed an agreement with AT&T, which spans both of our services businesses.

    正如我之前提到的,在 6 月底,我們與 AT&T 簽署了一項協議,涵蓋我們的兩項服務業務。

  • In this multiyear strategic agreement, IBM will modernize and migrate AT&T business solutions/applications to the IBM Cloud and will help manage the entire IT infrastructure, on and off premises and across different clouds, private and public.

    在這份多年戰略協議中,IBM 將對 AT&T 業務解決方案/應用程序進行現代化改造並將其遷移到 IBM 雲,並將幫助管理整個 IT 基礎架構,包括內部和外部以及不同的私有云和公共雲。

  • By leveraging a hybrid multi-cloud approach, enterprises can not only reduce costs and complexity, they can modernize, build, deploy and run core business applications in a faster and more secure way.

    通過利用混合多雲方法,企業不僅可以降低成本和復雜性,還可以更快、更安全地實現核心業務應用程序的現代化、構建、部署和運行。

  • This approach will enable AT&T business to build and deploy any app or workload anywhere and deliver new innovative services to its business customers.

    這種方法將使 AT&T 業務能夠在任何地方構建和部署任何應用程序或工作負載,並為其業務客戶提供新的創新服務。

  • This is a great example of how we're helping clients accelerate their journey to hybrid cloud.

    這是一個很好的例子,說明我們如何幫助客戶加速他們的混合雲之旅。

  • And now turning to Systems.

    現在轉向系統。

  • Revenue was down 18% this quarter.

    本季度收入下降了 18%。

  • We again had growth in Power.

    我們的力量再次增長。

  • This was more than offset by declines in IBM Z and Storage, reflecting the late stage of our z14 product cycle.

    這被 IBM Z 和存儲的下滑所抵消,反映了我們的 z14 產品週期的後期階段。

  • In the second quarter, IBM Z revenue declined 41%.

    第二季度,IBM Z 收入下降了 41%。

  • I'll remind you that this is compared to a very strong performance in the second quarter last year where we grew 112%.

    我會提醒你,這是與去年第二季度非常強勁的表現相比的,當時我們增長了 112%。

  • We announced the z14 program 2 years ago now, and our revenue has tracked ahead of the prior program throughout that period.

    我們在 2 年前宣布了 z14 計劃,我們的收入在整個期間都領先於之前的計劃。

  • We continue to see clients take advantage of the value of z14 such as pervasive encryption and connecting to the cloud.

    我們繼續看到客戶利用 z14 的價值,例如普遍加密和連接到雲。

  • And so from a Malaysian bank securing and improving performance on core banking workloads to a European tax office implementing a private cloud solution on Linux to manage new applications, clients appreciate the z14 innovation.

    因此,從一家確保和提高核心銀行工作負載性能的馬來西亞銀行,到一家在 Linux 上實施私有云解決方案以管理新應用程序的歐洲稅務局,客戶都對 z14 創新表示讚賞。

  • In today's environment, there's a lot of demand for technology underpinned by data protection and resiliency with the ability to integrate across cloud environments, and we will continue to innovate in these areas, which are core to the IBM Z value proposition.

    在當今的環境中,對以數據保護和彈性為基礎並具有跨雲環境集成能力的技術的需求很大,我們將繼續在這些領域進行創新,這些領域是 IBM Z 價值主張的核心。

  • Power revenue was up 3%, again led by POWER9.

    電源收入增長 3%,再次由 POWER9 引領。

  • We had continued growth in high-end offerings and in Linux with HANA on Power, leveraging our performance of POWER9.

    利用 POWER9 的性能,我們在高端產品和 Linux 與 HANA on Power 方面持續增長。

  • This is the same architecture used with Summit and Sierra, which are among the world's largest scientific and AI computing systems.

    這與 Summit 和 Sierra 使用的架構相同,它們是世界上最大的科學和人工智能計算系統之一。

  • As a reminder, we started the delivery of these supercomputers for the U.S. Department of Energy labs in the second quarter of last year and essentially completed the deployment through the second half of 2018.

    提醒一下,我們從去年第二季度開始為美國能源部實驗室交付這些超級計算機,並在 2018 年下半年基本完成部署。

  • This quarter, we also announced that IBM Power Systems virtual servers are now available in the IBM Cloud, providing clients with hybrid cloud scale of compute for AIX and IBM i workloads.

    本季度,我們還宣布 IBM Power Systems 虛擬服務器現已在 IBM Cloud 中可用,為客戶提供針對 AIX 和 IBM i 工作負載的混合雲計算規模。

  • Our enterprise clients are increasingly looking to adopt hybrid cloud strategies, backed by their performance, resiliency and security capabilities of IBM POWER9 to help optimize everything from supply chains to sales.

    我們的企業客戶越來越希望採用混合雲戰略,以 IBM POWER9 的性能、彈性和安全功能為後盾,幫助優化從供應鏈到銷售的一切。

  • In Storage, revenue was down 21%, reflecting declines in our high end, which is tied to our mainframe cycle and the ongoing competitive dynamics and pricing pressures in the midrange.

    在存儲方面,收入下降了 21%,反映了我們高端產品的下降,這與我們的大型機週期以及中端產品的持續競爭動態和定價壓力有關。

  • Looking at Systems profit.

    查看系統利潤。

  • Gross profit margin expanded across the portfolio while pretax margin was down, reflecting where we are in the Z product cycle.

    毛利率在整個投資組合中擴大,而稅前利潤率下降,反映了我們在 Z 產品週期中所處的位置。

  • Turning to cash flow and the balance sheet.

    轉向現金流和資產負債表。

  • We've now generated $12.7 billion of free cash flow over the last 12 months.

    在過去的 12 個月裡,我們現在已經產生了 127 億美元的自由現金流。

  • Our normalized free cash flow realization over that period remains high at 118%.

    我們在此期間的標準化自由現金流實現率仍然高達 118%。

  • In the second quarter, we generated $2.8 billion of net cash from operations, excluding our financing receivables, and $2.4 billion of free cash flow.

    第二季度,我們從運營中產生了 28 億美元的淨現金(不包括應收融資款)和 24 億美元的自由現金流。

  • That brings our free cash flow for the first half to $4.1 billion, which is up about $900 million year-to-year.

    這使我們上半年的自由現金流達到 41 億美元,同比增長約 9 億美元。

  • These results reflect our operational performance and effective capital management.

    這些結果反映了我們的運營績效和有效的資本管理。

  • Our strategy to de-emphasize lower-value content across our services and financing portfolios continue to play out in cash and contributed to our CapEx spending decline for the half.

    我們在服務和融資組合中不再強調低價值內容的戰略繼續以現金發揮作用,並導致我們的資本支出下降了一半。

  • Capital expenditures also reflect the benefit from a real estate sale of about $270 million, although there was effectively no P&L benefit.

    資本支出還反映了約 2.7 億美元的房地產銷售收益,儘管實際上沒有損益收益。

  • I'll remind you that the proceeds from the divestitures are considered an investing activity so are not included in our free cash flow.

    我會提醒您,資產剝離的收益被視為投資活動,因此不包括在我們的自由現金流中。

  • Looking at uses of cash.

    查看現金的用途。

  • So far this year, we returned over $4 billion to our shareholders.

    今年到目前為止,我們向股東返還了超過 40 億美元。

  • $2.8 billion of that was dividends.

    其中 28 億美元是股息。

  • And in April, we again raised our dividend.

    4 月份,我們再次提高了股息。

  • That's now the 24th consecutive year we've taken our dividend up.

    這是我們連續第 24 年提高股息。

  • Through the first half, we spent $1.2 billion on gross share repurchases, buying back more than 9 million shares.

    上半年,我們在股票回購總額上花費了 12 億美元,回購了超過 900 萬股股票。

  • With the closing of the Red Hat transaction, we suspended our share repurchase program on July 9.

    隨著 Red Hat 交易的結束,我們於 7 月 9 日暫停了我們的股票回購計劃。

  • Looking at the balance sheet.

    看著資產負債表。

  • We ended the quarter with $46 billion in cash.

    我們以 460 億美元的現金結束了本季度。

  • Approximately $34 billion of that was used to close the Red Hat transaction earlier this month.

    本月早些時候,其中約 340 億美元用於完成與 Red Hat 的交易。

  • Our total debt was $73 billion, including incremental debt raised to fund the Red Hat acquisition.

    我們的總債務為 730 億美元,包括為收購 Red Hat 而籌集的增量債務。

  • About 1/3 of our total debt is in support of our financing business, which continues to be levered at a ratio of 9:1.

    我們總債務的大約 1/3 用於支持我們的融資業務,該業務的槓桿率繼續保持在 9:1。

  • Our global financing debt is down over $6 billion from December, reflecting the portfolio decisions we made regarding the financing of third-party content.

    我們的全球融資債務較 12 月減少了超過 60 億美元,反映了我們就第三方內容融資做出的投資組合決策。

  • These decisions also led to further improvement in the credit quality of our financing portfolio, which is now 57% investment grade, 3 points better than a year ago.

    這些決定還進一步改善了我們融資組合的信用質量,目前投資級別為 57%,比一年前提高了 3 個百分點。

  • So to sum this up, we continue to generate strong free cash flow and together with the portfolio actions we've taken and the suspension of share repurchases positions us to return to our targeted leverage ratios within a couple of years.

    因此,總而言之,我們繼續產生強勁的自由現金流,再加上我們採取的投資組合行動和股票回購的暫停,使我們能夠在幾年內恢復到我們的目標槓桿率。

  • In the meantime, our balance sheet is strong with the flexibility to support our business.

    與此同時,我們的資產負債表穩健,可以靈活地支持我們的業務。

  • So I'll make a few summary comments in the quarter before we move on to Q&A.

    因此,在我們繼續進行問答之前,我將在本季度發表一些總結性評論。

  • In the second quarter, our performance reflects the value we provide in helping our clients with their digital transformations and journey to cloud.

    在第二季度,我們的業績反映了我們在幫助客戶進行數字化轉型和雲之旅方面所提供的價值。

  • We see this across our business in our hybrid cloud offerings and services, our data and AI capabilities and in areas like security.

    我們在混合雲產品和服務、數據和人工智能功能以及安全等領域的整個業務中都看到了這一點。

  • We had significant gross margin expansion and solid free cash flow, a reflection of the improving fundamentals of our business.

    我們的毛利率顯著增長,自由現金流穩健,反映了我們業務基本面的改善。

  • And we continued our focus on investment prioritization and portfolio optimization, closing the pending software divestitures, de-emphasizing lower-value content in GTS and continuing to wind down our OEM commercial financing portfolio.

    我們繼續專注於投資優先級排序和投資組合優化,結束懸而未決的軟件資產剝離,不再強調 GTS 中的低價值內容,並繼續縮減我們的 OEM 商業融資組合。

  • All of these improve our profit profile going forward.

    所有這些都改善了我們未來的利潤狀況。

  • And of course, just 8 days ago, we completed the acquisition of Red Hat, a landmark acquisition that has important implications to the cloud landscape and to IBM.

    當然,就在 8 天前,我們完成了對 Red Hat 的收購,這是一項具有里程碑意義的收購,對雲領域和 IBM 具有重要意義。

  • Now let me make a few things very clear before we go into Q&A.

    在我們進入問答環節之前,讓我先澄清一些事情。

  • This quarter, we're in a unique position due to the timing of the Red Hat acquisition.

    本季度,由於紅帽收購的時機,我們處於一個獨特的位置。

  • And so today, I won't address any questions on forward-looking guidance.

    所以今天,我不會回答有關前瞻性指導的任何問題。

  • As mentioned, we will be updating our full year 2019 expectations on August 2, which will include the impact of Red Hat.

    如前所述,我們將在 8 月 2 日更新我們對 2019 年全年的預期,其中將包括 Red Hat 的影響。

  • As you would expect, with a highly profitable software business, the noncash purchase accounting adjustments result in the acquisition being dilutive to full year 2019 earnings per share.

    正如您所預料的那樣,對於高利潤的軟件業務,非現金購買會計調整導致收購稀釋了 2019 年全年每股收益。

  • We have said this and also that we continue to expect Red Hat to be accretive to operating earnings per share by the end of the second year and accretive to free cash flow in the first full year.

    我們已經說過這一點,而且我們繼續預計紅帽將在第二年年底增加每股營業收入,並在第一年增加自由現金流。

  • And so now, I'm happy to take your questions about our second quarter performance and the trends we are seeing in our underlying business, excluding Red Hat.

    所以現在,我很高興就我們第二季度的業績以及我們在基礎業務(不包括 Red Hat)中看到的趨勢提出問題。

  • Patricia Murphy - VP of IR

    Patricia Murphy - VP of IR

  • Thank you, Jim.

    謝謝你,吉姆。

  • Before we begin the Q&A, I'd like to mention a couple of items.

    在我們開始問答之前,我想提幾個問題。

  • First, we have supplemental charts at the end of the slide deck that provide additional information on the quarter.

    首先,我們在幻燈片的末尾有補充圖表,提供有關本季度的更多信息。

  • And second, as always, I'd ask you to refrain from multipart questions.

    其次,一如既往,我會要求您不要提出多部分問題。

  • So operator, let's please open it up for questions.

    那麼接線員,讓我們打開它來提問。

  • Operator

    Operator

  • (Operator Instructions) The first question in the queue is from Amit Daryanani from Evercore.

    (操作員說明)隊列中的第一個問題來自 Evercore 的 Amit Daryanani。

  • Amit Jawaharlaz Daryanani - Senior MD & Fundamental Research Analyst

    Amit Jawaharlaz Daryanani - Senior MD & Fundamental Research Analyst

  • I was wondering, Jim, since I know we'll touch on Red Hat and aggregate IBM in more detail on August 2, perhaps we spend some time on the services business.

    我在想,Jim,既然我知道我們將在 8 月 2 日更詳細地討論 Red Hat 和 IBM,也許我們會花一些時間在服務業務上。

  • And when I look at the trajectory of services, I think GBS was up 4% in the first half, GTS was down 3%.

    當我看服務的軌跡時,我認為上半年 GBS 上漲了 4%,GTS 下跌了 3%。

  • How do you see the services business transpire as we go forward through 2019?

    您如何看待 2019 年服務業務的發展?

  • And importantly maybe help me understand what's changed in your perspective when it comes to services versus 90 days ago.

    重要的是,也許可以幫助我了解您對服務的看法與 90 天前相比發生了什麼變化。

  • James J. Kavanaugh - Senior VP & CFO

    James J. Kavanaugh - Senior VP & CFO

  • Okay.

    好的。

  • Thanks, Amit, and it's a very nice to hear from you again and welcome back.

    謝謝,Amit,很高興再次收到您的來信並歡迎回來。

  • Let's talk about services, and allow me to break it into 2 because you're asking both the GTS side of the business and the GBS side of the business because they have 2 fundamentals that are happening against each other.

    讓我們談談服務,請允許我將其分成兩部分,因為您同時詢問了業務的 GTS 方面和業務的 GBS 方面,因為它們有 2 個相互衝突的基本原理。

  • On one, we've been talking about -- let's talk about GTS first.

    一方面,我們一直在談論——讓我們先談談 GTS。

  • We've been talking about the portfolio prioritization work that we've been doing about exiting lower-value content which we've said all along would impact revenue in the near term but results in higher margins and a better business profile going forward.

    我們一直在談論我們一直在做的關於退出低價值內容的投資組合優先級工作,我們一直說這些內容會在短期內影響收入,但會導致更高的利潤率和更好的業務概況。

  • And I think you're seeing that play out in our first half performance.

    我認為你在我們上半場的表現中看到了這一點。

  • Revenue in the second quarter, pretty consistent with the first quarter overall, but our margins, our operating leverage, we are seeing substantial leverage in that business as we move forward because we said we were going to shift that business to higher-value margin, profit and cash.

    第二季度的收入與第一季度的整體收入相當一致,但我們的利潤率,我們的運營槓桿,隨著我們前進,我們看到該業務的巨大槓桿作用,因為我們說我們將將該業務轉移到更高價值的利潤率,利潤和現金。

  • And we were up 120 basis points, really led by that mix shift to getting away from lower-value content, de-emphasizing that, but also with our productivity initiatives, which are executing well and delivering very good return on investment.

    我們上漲了 120 個基點,這實際上是由於這種混合轉變導致了遠離低價值內容,不再強調這一點,而且還有我們的生產力計劃,這些計劃執行良好並提供了非常好的投資回報。

  • Now with regards to GTS, what do we learn about the first half performance?

    現在關於 GTS,我們從上半年的表現中了解到什麼?

  • And how does that impact the trajectory going into second half with regards to what did we learn?

    關於我們學到的東西,這對進入下半場的軌蹟有何影響?

  • What I would tell you right now based on where our backlog dynamics are and in particular, our backlog runout, we see an inflection point as we enter the second half in GTS.

    我現在要告訴你的是,根據我們的積壓動態,特別是我們的積壓用盡,我們在 GTS 進入下半場時看到了一個拐點。

  • We're coming off a first half down 3.5%.

    我們上半年下降了 3.5%。

  • Most of that being driven by conscious strategy as I talked about.

    正如我所說,其中大部分是由有意識的策略驅動的。

  • But now we're going to wrap on that strategy as we enter the later half of the second -- second half of '19, and we're also beginning to ramp on a very strong large deals signings at the end of 4Q '18 as we move forward.

    但現在我們將在進入下半年 - 19 年下半年時結束這一戰略,我們也開始在 18 年第四季度末簽署非常強勁的大宗交易隨著我們前進。

  • So we feel very good about our book of business in GTS.

    因此,我們對 GTS 的業務簿感覺非常好。

  • We got through this conscious strategy.

    我們通過了這個有意識的策略。

  • It's given us tremendous margin leverage, tremendous free cash flow leverage, and we returned that business back to profitability in the first half, and we see both margin improvement and sustainability.

    它給了我們巨大的利潤率槓桿,巨大的自由現金流槓桿,我們在上半年將該業務恢復盈利,我們看到了利潤率的改善和可持續性。

  • And we see that inflection point with an improvement in sequential year-to-year performance.

    我們看到拐點隨著連續年度業績的改善而出現。

  • On GBS, the team has done a great job.

    在 GBS 上,團隊做得很好。

  • We have repositioned the portfolio, redesigned our service lines.

    我們重新定位了產品組合,重新設計了我們的服務線。

  • We are driving growth across all 3 platforms, digital, cloud, cognitive, as we enable our clients to really drive their digital reinvention journeys to the cloud and journeys to the cognitive enterprise.

    我們正在推動所有 3 個平台(數字、雲、認知)的增長,因為我們使我們的客戶能夠真正推動他們的數字化重塑之旅到雲端和認知企業之旅。

  • As we look at the end of the first half and we look at our backlog runout, our backlog runout says we're going to have consistent growth as we move into the third quarter.

    當我們回顧上半年末並查看我們的積壓運行時,我們的積壓運行表明我們將在進入第三季度時保持持續增長。

  • We're coming off of a pretty good signings quarter with GBS and a very strong continuation in small and mid-sized deals that are fueling our revenue in period.

    我們與 GBS 的簽約季度非常好,中小型交易的強勁延續正在推動我們的收入。

  • So we feel pretty good about sustainability of that growth coming off the first half in GBS.

    因此,我們對 GBS 上半年的增長可持續性感到非常滿意。

  • And we see that marked inflection on a sequential year-to-year improvement in GTS as we exit the second -- enter the second half.

    我們看到,隨著我們退出下半年 - 進入下半年,GTS 的連續逐年改善出現明顯變化。

  • Operator

    Operator

  • The next question is from Matt Cabral with Crédit Suisse.

    下一個問題來自 Crédit Suisse 的 Matt Cabral。

  • Matthew Normand Cabral - Research Analyst

    Matthew Normand Cabral - Research Analyst

  • Really robust growth in cloud and data platforms in the quarter.

    本季度雲和數據平台的增長非常強勁。

  • You talked about this a little bit in your prepared remarks, but just wondering if you could dig deeper into what drove the acceleration and how we should think about some of the buckets underneath there and how they performed.

    你在準備好的發言中談到了這一點,但只是想知道你是否可以更深入地研究是什麼推動了加速,我們應該如何考慮下面的一些桶以及它們的表現。

  • And then just the sustainability of that strength going forward.

    然後就是這種力量的可持續性。

  • James J. Kavanaugh - Senior VP & CFO

    James J. Kavanaugh - Senior VP & CFO

  • Okay, Matt, thank you very much.

    好的,馬特,非常感謝你。

  • Yes, we're obviously very pleased with our Cloud & Cognitive Software business here in the second quarter.

    是的,我們顯然對第二季度的雲和認知軟件業務非常滿意。

  • And most importantly, as you all know quite well, we'll spend a lot more time on August 2 talking about IBM plus Red Hat and how we're better together and how it's going to change the cloud landscape in this $1 trillion hybrid cloud market.

    最重要的是,眾所周知,我們將在 8 月 2 日花更多時間討論 IBM 和 Red Hat,以及我們如何更好地合作以及它將如何改變這個價值 1 萬億美元的混合雲中的雲格局市場。

  • Red Hat will be part of this segment overall in Cloud & Cognitive Software.

    紅帽將成為整個雲和認知軟件領域的一部分。

  • But if you look at the second quarter, I think there's a perfect instantiation of where client demand is going.

    但如果你看一下第二季度,我認為客戶需求的發展方向是一個完美的實例。

  • And when you've got differentiated value propositions and strong portfolio and offerings and a lineup and you execute well, you start seeing the leverage in the acceleration.

    當你擁有差異化的價值主張、強大的產品組合和產品以及陣容並且執行良好時,你就會開始看到加速的槓桿作用。

  • And that's what we got out of the quarter.

    這就是我們從本季度得到的結果。

  • We're helping our clients as they move their hybrid cloud applications to the cloud and also on data and AI.

    我們正在幫助我們的客戶將他們的混合雲應用程序遷移到雲以及數據和 AI 上。

  • So cloud and data platform, strong growth, up 7%.

    因此云和數據平台增長強勁,增長 7%。

  • Strong adoption in our ICP, IBM Cloud Private, up 50% quarter-over-quarter in adoption rates.

    我們的 ICP、IBM Cloud Private 的採用率很高,採用率環比增長 50%。

  • But we're also seeing very good growth in our integration offerings and our hybrid cloud data platforms that are driving both our data, our analytics and our AI capability going forward.

    但我們也看到我們的集成產品和混合雲數據平台取得了非常好的增長,這些平台正在推動我們的數據、分析和人工智能能力向前發展。

  • But also across the other platform, Cognitive Applications, we saw good growth of 5% driven by a very good quarter in our integrated security software and services business as we launched new offerings around identity management, around threat management.

    但在另一個平台 Cognitive Applications 上,我們看到了 5% 的良好增長,這是由於我們推出了圍繞身份管理和威脅管理的新產品,這得益於我們集成安全軟件和服務業務的一個非常好的季度。

  • And we've got a very differentiated value proposition, and we're executing well, but we also had very good growth across some industry verticals, led by supply chain, in IoT, offerings around Maximo, which we've got very strong incumbency with our clients in delivering value, and also in Weather.

    我們有一個非常差異化的價值主張,我們執行得很好,但我們在一些垂直行業也有很好的增長,以供應鍊為首,在物聯網中,圍繞 Maximo 的產品,我們有很強的在職權與我們的客戶一起創造價值,也在天氣方面。

  • Weather has consistently driven good growth for us.

    天氣一直為我們帶來良好的增長。

  • And I would tell you, this quarter, the Weather app in India became the #1 downloaded app for the first time ever in India, and that couples with already being #1 downloaded app in the United States here.

    我會告訴你,本季度,印度的天氣應用程序首次成為印度下載量第一的應用程序,並且已經成為美國下載量第一的應用程序。

  • So we're seeing good growth across many of our verticals and across our cloud and data platform, and this really establishes the foundation, and we couldn't be more excited with Red Hat coming onboard July 8.

    因此,我們看到許多垂直領域以及我們的雲和數據平台都取得了良好的增長,這確實奠定了基礎,我們對紅帽 7 月 8 日的加入感到無比興奮。

  • Operator

    Operator

  • The next question in the queue is from Wamsi Mohan from Bank of America Merrill Lynch.

    隊列中的下一個問題來自美銀美林的 Wamsi Mohan。

  • Wamsi Mohan - Director

    Wamsi Mohan - Director

  • Yes.

    是的。

  • Jim, can you talk about the overall enterprise demand environment as we look into the back half of the year given some of the global uncertainties around...

    吉姆,考慮到周圍的一些全球不確定性,你能談談今年下半年的整體企業需求環境嗎?

  • Patricia Murphy - VP of IR

    Patricia Murphy - VP of IR

  • Wamsi, we lost you there.

    Wamsi,我們在那裡失去了你。

  • Wamsi?

    瓦姆西?

  • Operator, it sounds like we lost him.

    接線員,聽起來我們失去了他。

  • Can we please go to the next question?

    我們可以轉到下一個問題嗎?

  • Operator

    Operator

  • Yes.

    是的。

  • The next question is from Toni Sacconaghi from Bernstein.

    下一個問題來自伯恩斯坦的 Toni Sacconaghi。

  • A.M. Sacconaghi - Senior Analyst

    A.M. Sacconaghi - Senior Analyst

  • Jim, I'm wondering if you can talk a little bit more about GTS, particularly on the profitability side.

    吉姆,我想知道你是否可以多談談 GTS,特別是在盈利方面。

  • That business includes tech support services, which historically have had extremely high margins.

    該業務包括技術支持服務,這在歷史上具有極高的利潤率。

  • And if you back that out, it's pointing to infrastructure and cloud services margins that are probably pretty close to 0. Your peers like DXC who have double-digit margins in that business, peers like Accenture who have double-digit margins in that business.

    如果你反駁這一點,它表明基礎設施和雲服務的利潤率可能非常接近於 0。像 DXC 這樣的同行在該業務中擁有兩位數的利潤率,像埃森哲這樣的同行在該業務中擁有兩位數的利潤率。

  • So one, can you address why the margin gap is so significant?

    那麼,您能解決為什麼利潤率差距如此之大的問題嗎?

  • And two, I heard your earlier comments about an inflection point, but I struggle a little bit given that signings are down 17% in the first half.

    第二,我聽到了你之前關於拐點的評論,但考慮到上半年簽約人數下降了 17%,我有點猶豫。

  • Your backlog is down 4%, which I think is the worst in the last 20 years year-over-year.

    您的積壓訂單下降了 4%,我認為這是過去 20 年來最糟糕的同比情況。

  • And so if I look at leading indicators, they actually don't look really good from a revenue perspective.

    因此,如果我看一下領先指標,從收入的角度來看,它們實際上看起來並不好。

  • Going forward, I realize your comps get a lot easier, but is -- are you really seeing an inflection?

    展望未來,我意識到你的組合變得更容易了,但是——你真的看到了變化嗎?

  • And what's the disconnect between the backlog and signings data that we're seeing and your optimism?

    我們看到的積壓和簽約數據與您的樂觀情緒之間有何脫節?

  • And how do margins improve when the business is descaling?

    當業務規模縮小時,利潤率如何提高?

  • James J. Kavanaugh - Senior VP & CFO

    James J. Kavanaugh - Senior VP & CFO

  • Okay, Toni, thank you for your questions.

    好的,托尼,謝謝你的提問。

  • Multiple part, a lot packed in there, but let me just try to hit some of these head on.

    多個部分,裡面擠滿了很多東西,但讓我試著直面其中的一些。

  • First of all, when you look at our GTS segment, it fits into the overarching integrated value of the IBM portfolio.

    首先,當您查看我們的 GTS 細分市場時,它符合 IBM 產品組合的總體綜合價值。

  • There's components within our TSS segment that play to our Systems platforms in our business and drive tremendous integrated value.

    我們的 TSS 部門中有一些組件可以在我們的業務中發揮我們的系統平台的作用,並推動巨大的綜合價值。

  • And our infrastructure services segment obviously plays a tremendous value to IBM's integrated model with their deep client relationships where we leverage the value of incumbency and we actually drive as channel high-value software and hardware into those businesses.

    我們的基礎設施服務部門顯然對 IBM 的集成模型具有巨大的價值,我們利用他們深厚的客戶關係,我們利用現有的價值,我們實際上推動高價值軟件和硬件進入這些業務。

  • So I'm not going to talk about the individual profitability of those 2 pieces because we manage this as an integrated play across IBM.

    所以我不會談論這兩個部分的個人盈利能力,因為我們將其作為整個 IBM 的綜合業務來管理。

  • But what I will talk about, and I did see your report, is that I view this as we have tremendous headroom to grow our margins, which is what we are maniacally focused on in this business about selling high value, which is part of our conscious strategy of exiting and de-emphasizing our low-value third-party OEM.

    但我要說的是,我確實看到了你的報告,我認為這是因為我們有巨大的空間來增加我們的利潤,這是我們在這個業務中瘋狂關注的關於銷售高價值的東西,這是我們的一部分退出和不再強調我們的低價值第三方 OEM 的有意識戰略。

  • And by the way, in the first half, you see how that has played out in our results.

    順便說一句,在上半年,您會看到我們的結果如何發揮作用。

  • Our margins are up very strong 120 basis points, and our pretax margins ex the charges, so you can look at it on a sustainable basis going forward, are up in the second quarter, and they're up through the first half.

    我們的利潤率上升了非常強勁的 120 個基點,我們的稅前利潤率不包括費用,所以你可以在可持續的基礎上看待它,在第二季度和上半年都在上升。

  • And I didn't even talk about the level of cash contribution that this business now is spewing off.

    而且我什至沒有談論這項業務現在湧出的現金貢獻水平。

  • So we are very pleased with the business model, the trajectory and the value of what GTS brings to us.

    因此,我們對 GTS 給我們帶來的商業模式、發展軌跡和價值感到非常滿意。

  • And I would agree with you completely that we got headroom, and that's what the team's focused on driving moving forward.

    我完全同意你的看法,我們有空間,這就是團隊致力於推動前進的重點。

  • Now with regards to your services signings and backlog.

    現在關於您的服務簽約和積壓。

  • We've been talking about, at least for multiple quarters, about the changing dynamics of signings and backlog in this environment.

    我們一直在談論,至少在多個季度,在這種環境下簽約和積壓的動態變化。

  • Part of that is the changing client demand and buying behaviors.

    部分原因是不斷變化的客戶需求和購買行為。

  • Part of that is a shift to as-a-service in cloud.

    其中一部分是向雲中的即服務轉變。

  • But as you stated, our signings were down in the quarter.

    但正如你所說,本季度我們的簽約人數有所下降。

  • Our backlog -- absolute backlog is down.

    我們的積壓——絕對積壓減少了。

  • But I will remind everyone, it's $111 billion overall.

    但我會提醒大家,總共是 1110 億美元。

  • That backlog is down mainly driven by large deals, to your point.

    就您的觀點而言,積壓訂單的減少主要是由大宗交易推動的。

  • Now when you look at large deals, our large deals in the quarter were down by 20%.

    現在,當您查看大型交易時,我們本季度的大型交易下降了 20%。

  • But over the trailing 12 months, our large deals are actually flat, up in GTS as we sell that integrated outsourcing value and actually down in GBS as the application management service is moving much quicker to the cloud, which is why we've been re-architecting our offerings around application management, modernization, migration services.

    但在過去的 12 個月裡,我們的大宗交易實際上持平,隨著我們銷售集成外包價值,GTS 上升,而 GBS 下降,因為應用程序管理服務正在更快地遷移到雲端,這就是我們一直在重新調整的原因-圍繞應用程序管理、現代化、遷移服務構建我們的產品。

  • But as I said before, and I'm giving increased transparency and disclosure for our investors, signings are not all equal.

    但正如我之前所說,我正在為我們的投資者提供更高的透明度和披露,簽約並不都是平等的。

  • Signings vary, and they vary based on how they influence backlog, duration, erosion, mix of signings, new logo.

    簽名各不相同,它們會根據它們如何影響積壓、持續時間、侵蝕、簽名組合、新徽標而有所不同。

  • And for increased disclosure, when we look at our backlog runout, which is right in front of us right now, that gives us confidence to talk about the inflection point in GTS as we wrap on this de-emphasis on lower-value content and we start ramping up our large deals from fourth quarter, which will start in the second half, so we see that inflection on a sequential year-to-year.

    為了增加披露,當我們查看現在就在我們面前的積壓工作時,這讓我們有信心談論 GTS 的拐點,因為我們不再強調低價值內容,我們從第四季度開始增加我們的大型交易,這將在下半年開始,因此我們看到了逐年的變化。

  • And around GBS, we see continued momentum as we move forward.

    圍繞 GBS,我們在前進的過程中看到了持續的勢頭。

  • Operator

    Operator

  • Katy Huberty from Morgan Stanley.

    摩根士丹利的凱蒂休伯蒂。

  • Kathryn Lynn Huberty - MD and Research Analyst

    Kathryn Lynn Huberty - MD and Research Analyst

  • Jim, this is the second quarter of strong gross margin expansion.

    吉姆,這是毛利率強勁擴張的第二季度。

  • I know there's a number of factors helping you on that front.

    我知道在這方面有很多因素可以幫助你。

  • But if you isolate the cloud business, is it fair to say that you have escape velocity, meaning cloud margins are improving sequentially with scale every quarter?

    但是,如果你孤立雲業務,是否可以說你有逃逸速度,這意味著雲利潤率每個季度都隨著規模的增長而依次提高?

  • Or should we think about cloud still having some lumpiness and seasonality around margins?

    或者我們是否應該考慮雲在利潤率方面仍然存在一些波動和季節性?

  • James J. Kavanaugh - Senior VP & CFO

    James J. Kavanaugh - Senior VP & CFO

  • Thank you, Katy.

    謝謝你,凱蒂。

  • Yes, very good question overall.

    是的,總體上是個很好的問題。

  • Last year, we talked about, in the beginning of '18, how we were investing significantly in building out our cloud architecture.

    去年,我們在 18 年初談到了我們如何大力投資構建我們的雲架構。

  • In fact, our capital spend last year was up 70% as we built out 6 new MZRs around the world, which today, our cloud architecture is very competitive, and it covers 95-plus percent of the demand from a cloud market overall.

    事實上,我們去年的資本支出增加了 70%,因為我們在全球建立了 6 個新的 MZR,如今,我們的雲架構非常具有競爭力,它涵蓋了整個雲市場 95% 以上的需求。

  • But as we talked about throughout 2018 and now definitely into the first half of 2019, we are seeing continued scale efficiencies around our cloud as we generate more and more scale, as we're starting to drive the utilization around our cloud pods around the world and as we're obviously leveraging the differentiated value proposition and growing our cloud business, which is now $19.5 billion over a trailing 12 months.

    但正如我們在整個 2018 年以及現在肯定會進入 2019 年上半年所討論的那樣,隨著我們產生越來越大的規模,我們看到我們的雲在不斷提高規模效率,因為我們開始推動我們在世界各地的雲豆莢周圍的利用率而且我們顯然正在利用差異化的價值主張並發展我們的雲業務,在過去的 12 個月裡,該業務現在達到 195 億美元。

  • So we feel pretty good.

    所以我們感覺很好。

  • And you see that play out in our GTS segment, which has consistently been accelerating their year-over-year margins, up 110 basis points in the first quarter and up 120 basis points in the second quarter.

    你會在我們的 GTS 部門看到這一點,該部門一直在加速同比利潤率,第一季度增長 110 個基點,第二季度增長 120 個基點。

  • And as you all know, that's well in excess of their model, but my answer to last question, we believe we've got a lot of headroom.

    眾所周知,這遠遠超出了他們的模型,但我對上一個問題的回答是,我們相信我們有很大的空間。

  • Operator

    Operator

  • The next question is from Tien-Tsin Huang with JPMorgan.

    下一個問題來自摩根大通的 Tien-Tsin Huang。

  • Patricia Murphy - VP of IR

    Patricia Murphy - VP of IR

  • Tien-Tsin, are you on mute?

    Tien-Tsin,你靜音了嗎?

  • Tien-Tsin Huang - Senior Analyst

    Tien-Tsin Huang - Senior Analyst

  • You mentioned transactional sales.

    你提到了交易銷售。

  • How did that -- or transactional activity, how did that perform versus planned versus the first quarter?

    那是如何 - 或交易活動,與第一季度相比計劃的表現如何?

  • Curious if it had any positive contributions to the segment and to obviously gross margin as well.

    想知道它是否對該細分市場以及明顯的毛利率有任何積極貢獻。

  • James J. Kavanaugh - Senior VP & CFO

    James J. Kavanaugh - Senior VP & CFO

  • Thanks, Tien-Tsin.

    謝謝,天津。

  • I appreciate the question because obviously given the seasonality of our business, as you all know, the transactional component is a very important part of our second quarter and also fourth quarter overall.

    我很欣賞這個問題,因為眾所周知,考慮到我們業務的季節性,交易部分是我們第二季度乃至整個第四季度非常重要的部分。

  • But let me put it in perspective.

    但讓我客觀地看待它。

  • 90 days ago, we sat here and we talked about coming off the first quarter that we were going to grow sequentially $900 million to $1 billion of revenue, and that was going to be driven off of the back of our transactional-related business.

    90 天前,我們坐在這裡討論了第一季度我們將連續增長 9 億至 10 億美元的收入,而這將從我們與交易相關的業務中脫穎而出。

  • We actually delivered at the high end of that coming in at roughly the $19.2 billion overall.

    我們實際上交付了大約 192 億美元的高端產品。

  • But the underpinnings are a little different.

    但基礎略有不同。

  • To the earlier question, we had very strong growth in our Cloud & Cognitive Software segment that was pervasive across each of our platforms, and that was mainly driven by leveraging our differentiated value proposition and the strength of our offering portfolio and accelerating that through the transactional component.

    對於之前的問題,我們的雲和認知軟件領域的增長非常強勁,這在我們的每個平台上都很普遍,這主要是通過利用我們差異化的價值主張和我們產品組合的優勢,並通過交易加速實現的。成分。

  • So I would tell you from 90 days ago, we actually executed better in the software space.

    所以我會告訴你,從 90 天前開始,我們實際上在軟件領域執行得更好。

  • Now on the flip side, our hardware base of business, which carries tremendous value from a platform perspective.

    另一方面,我們的硬件業務基礎,從平台的角度來看具有巨大的價值。

  • As you all know, we are in the back end of our mainframe cycle.

    眾所周知,我們正處於大型機週期的後端。

  • We're 8 quarters in.

    我們有 8 個季度。

  • So arguably one of the most successful mainframe programs that we've had to date, and that's driven by the differentiated value proposition and our ability to continue building out an enduring platform.

    因此,可以說這是我們迄今為止最成功的大型機項目之一,這是由差異化的價值主張和我們繼續構建持久平台的能力推動的。

  • 90 days ago compared to where we ended up today, we fell a little short on our Systems hardware and where we're at.

    與今天結束的情況相比,90 天前,我們在系統硬件和我們所處的位置上有所欠缺。

  • Now as you heard in the prepared remarks, we have invested.

    現在,正如您在準備好的發言中所聽到的那樣,我們已經進行了投資。

  • You've seen in our development expense overall in the first half, which has been up, we had been investing and driving the teams very hard because as we all know, the Systems segment follows innovation cycles.

    你已經看到我們上半年的整體開發費用一直在上升,我們一直在非常努力地投資和推動團隊,因為眾所周知,系統部門遵循創新周期。

  • And as we said in the prepared remarks, we are going to come out with new innovation on our high-end mainframe and our high-end storage later in 2019.

    正如我們在準備好的發言中所說,我們將在 2019 年晚些時候在我們的高端大型機和高端存儲上推出新的創新。

  • Operator

    Operator

  • Wamsi Mohan from Bank of America.

    美國銀行的 Wamsi Mohan。

  • Wamsi Mohan - Director

    Wamsi Mohan - Director

  • Apologies.

    道歉。

  • I guess I might have been routed through a Huawei network before.

    我想我之前可能是通過華為網絡路由的。

  • Jim, can you talk a little bit about the overall enterprise demand environment as you look into the back half of the year?

    Jim,您能否談談今年下半年的整體企業需求環境?

  • There are a lot of macro issues around trade, Brexit, China.

    圍繞貿易、英國退歐、中國有很多宏觀問題。

  • Just wondering what you're seeing through a broader macro lens.

    只是想知道您通過更廣泛的微距鏡頭看到了什麼。

  • And more specifically, some of the workforce rebalancing was targeted towards Cloud & Cognitive.

    更具體地說,一些勞動力重新平衡是針對雲和認知的。

  • Obviously, you've demonstrated some really strong growth over there in the quarter.

    顯然,您在本季度展示了一些非常強勁的增長。

  • So curious what specifically you're doing in that segment around workforce rebalancing.

    很好奇您在勞動力再平衡方面具體在做什麼。

  • James J. Kavanaugh - Senior VP & CFO

    James J. Kavanaugh - Senior VP & CFO

  • Okay, Wamsi, I'm glad you got back in.

    好的,Wamsi,我很高興你回來了。

  • Thank you.

    謝謝。

  • Obviously, all of us, we operate in 170 countries around the world.

    顯然,我們所有人都在全球 170 個國家開展業務。

  • We are constantly monitoring information around market dynamics and in particular around client buying behaviors, which I think is at the core of your question.

    我們一直在監控有關市場動態的信息,尤其是有關客戶購買行為的信息,我認為這是您問題的核心。

  • Now we would tell you, the IT industry is still growing in excess of GDP, and in particular, as you see play out in our results around key high-value areas, data and AI, cloud, security digital, where there's tremendous value proposition to allow our clients to differentiate their competitive positioning as they move along their digital reinvention journeys to the cloud and journey to cognitive enterprise.

    現在我們要告訴你,IT 行業的增長仍然超過 GDP,特別是,正如你在我們圍繞關鍵高價值領域、數據和人工智能、雲、安全數字領域的結果中看到的那樣,這些領域具有巨大的價值主張讓我們的客戶在他們的數字化重塑之旅轉向雲和認知企業的過程中區分他們的競爭定位。

  • And we see that continuing to play out.

    我們看到這種情況繼續發生。

  • Now with that said, the IT industry has always been predicated, in my mind, on effective balance between leveraging technology for growth and leveraging technology for productivity.

    話雖如此,在我看來,IT 行業一直基於利用技術促進增長和利用技術提高生產力之間的有效平衡。

  • And at certain times, things change, that balance changes.

    在某些時候,事情會發生變化,平衡會發生變化。

  • And I would tell you, today, what we're seeing on client buying behaviors is a slight shift more and more to productivity, to quick payback, ROI.

    我會告訴你,今天,我們在客戶購買行為上看到的是越來越多地轉向生產力、快速回報和投資回報率。

  • And more importantly, as a CFO, I could tell you directly, in uncertain times, you want predictability.

    更重要的是,作為首席財務官,我可以直接告訴你,在不確定的時期,你需要可預測性。

  • And our value equations really played to that, especially in our software part of our portfolio and our services.

    我們的價值方程式確實起到了作用,尤其是在我們產品組合和服務的軟件部分。

  • But I would tell you, when you look across the world, we had pretty good growth around both major markets and around components of emerging markets.

    但我會告訴你,當你放眼全球時,我們在主要市場和新興市場的組成部分都有相當不錯的增長。

  • U.K., Canada, Japan, Spain grew very nicely and consistently.

    英國、加拿大、日本、西班牙的增長非常穩定。

  • And from an industry perspective, we're seeing pretty good pervasive growth still in insurance, in financial markets, in health care, life sciences, education, on travel, transportation, so we see pretty good perspective overall.

    從行業的角度來看,我們在保險、金融市場、醫療保健、生命科學、教育、旅遊、交通等領域仍然看到了相當不錯的普遍增長,所以我們看到了整體上相當不錯的前景。

  • Operator

    Operator

  • The last question is from David Grossman with Stifel Financial.

    最後一個問題來自 Stifel Financial 的 David Grossman。

  • David Michael Grossman - MD

    David Michael Grossman - MD

  • Jim, maybe you can just touch on free cash flow and free cash flow conversion.

    吉姆,也許你可以談談自由現金流和自由現金流轉換。

  • I think in your prepared remarks you've mentioned a couple of items.

    我想在你準備好的發言中你已經提到了幾個項目。

  • One was the gain on sale of the software assets.

    一是出售軟件資產的收益。

  • The other was the real estate gain.

    另一個是房地產收益。

  • Are there any other known headwinds or tailwinds that we should keep in mind that may impact the comparison next year, excluding obviously any impact from Red Hat?

    我們是否應該牢記任何其他已知的逆風或順風可能會影響明年的比較,顯然不包括來自 Red Hat 的任何影響?

  • James J. Kavanaugh - Senior VP & CFO

    James J. Kavanaugh - Senior VP & CFO

  • Got it.

    知道了。

  • Thank you, David.

    謝謝你,大衛。

  • I appreciate the question because free cash flow is obviously front and center right now with all of us around continuing to shift this business model to higher value.

    我很欣賞這個問題,因為自由現金流顯然是目前的前沿和中心,我們所有人都在繼續將這種商業模式轉變為更高的價值。

  • We're very excited about the Red Hat acquisition.

    我們對 Red Hat 的收購感到非常興奮。

  • We do think it's a game changer where we're going with regards to helping our clients in Chapter 2, and we're also prudently driving the financial discipline and manage it -- management in this company around delevering the company and around getting back to our targeted leverage ratios within a couple of years.

    我們確實認為這是一個改變遊戲規則的地方,我們將在第 2 章中幫助我們的客戶,我們也在謹慎地推動財務紀律並對其進行管理——這家公司的管理層圍繞去槓桿化公司和回歸在幾年內達到我們的目標槓桿率。

  • But if you take a look at free cash flow, first of all, we're very pleased in the first half.

    但如果你看一下自由現金流,首先,我們對上半年感到非常滿意。

  • We delivered over $4 billion of free cash flow in the first half.

    上半年,我們交付了超過 40 億美元的自由現金流。

  • That's up $900 million driven by continued working capital efficiency, offset by operating profit here in the first half, but we got very good, sound capital management.

    在持續的營運資本效率的推動下,這增加了 9 億美元,被上半年的營業利潤所抵消,但我們的資本管理非常好、穩健。

  • And we talked about a couple of those components in the prepared remarks as you called out.

    正如您所說,我們在準備好的評論中談到了其中的幾個組成部分。

  • Now with the Red Hat acquisition, we're going to talk much more about this on August 2, and put it in perspective of why we're better between IBM and Red Hat together and share with our investors our business profile, our synergies, our capabilities, our financial model and the investment thesis going forward.

    現在,對於 Red Hat 的收購,我們將在 8 月 2 日更多地討論這個問題,並從為什麼我們在 IBM 和 Red Hat 之間做得更好的角度來看,並與我們的投資者分享我們的業務概況,我們的協同效應,我們的能力、我們的財務模型和未來的投資主題。

  • So we look forward to talking to all of you in about 10 days from now, plus or minus, as we move forward.

    因此,隨著我們向前推進,我們期待在大約 10 天內(或多或少)與大家交談。

  • And we'll give some discussion about guidance on free cash flow as we move forward.

    隨著我們的前進,我們將對自由現金流的指導進行一些討論。

  • So with that said, I just want to make a few comments to wrap up the call.

    因此,話雖如此,我只想發表一些評論來結束電話會議。

  • Our performance this quarter, I think, is a great basis from which to move forward in the future.

    我認為,我們本季度的表現是未來前進的重要基礎。

  • We set the foundation, and now one that includes Red Hat effective July 8.

    我們奠定了基礎,現在包括紅帽在內的基礎將於 7 月 8 日生效。

  • On August 2, as I just said in the last question, we're going to host our investor webcast.

    8 月 2 日,正如我剛才在上一個問題中所說,我們將舉辦投資者網絡直播。

  • We'll talk about how IBM is addressing what we call Chapter 2 of our clients' digital reinventions.

    我們將討論 IBM 如何解決我們稱之為客戶數字化重塑第 2 章的問題。

  • We'll have several of our senior leaders lay out our strategy and show how IBM plus Red Hat is ideally positioned to address the opportunity ahead of us.

    我們將讓我們的幾位高級領導制定我們的戰略,並展示 IBM 和 Red Hat 如何處於理想的位置以應對我們面前的機遇。

  • And then I'll wrap up with our financial view of IBM and also not only talk about 2019 but more importantly give a perspective about where this business is going in the medium term as we move forward.

    然後,我將總結我們對 IBM 的財務觀點,不僅談論 2019 年,而且更重要的是,在我們前進的過程中,給出一個關於這項業務在中期的發展方向的觀點。

  • So as always, thank you for joining us today, and we look forward to continuing the dialogue in early August.

    一如既往,感謝您今天加入我們,我們期待在 8 月初繼續對話。

  • Patricia Murphy - VP of IR

    Patricia Murphy - VP of IR

  • Thanks.

    謝謝。

  • Ted, let me turn it back to you to wrap up the call.

    泰德,讓我把它轉回給你結束通話。

  • Operator

    Operator

  • Yes.

    是的。

  • Thank you for participating on today's call.

    感謝您參加今天的電話會議。

  • The conference has now ended.

    會議現已結束。

  • You may disconnect at this time.

    此時您可以斷開連接。