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,並感謝您的支持。
(Operator Instructions) Today's conference is being recorded.
(操作員說明)今天的會議正在錄製中。
If you have any objections, you may disconnect at this time.
如果您有任何異議,您可以在此時斷開連接。
Now I will turn the meeting over to Ms. Patricia Murphy with IBM.
現在我將把會議交給 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.
謝謝你。
This is Patricia Murphy, Vice President of Investor Relations for IBM, and I want to welcome you to our fourth quarter 2019 earnings presentation.
我是 IBM 投資者關係副總裁 Patricia Murphy,我想歡迎您參加我們 2019 年第四季度的收益報告。
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 在一起。
We'll post today's prepared remarks on the IBM investor website within a couple of hours and the replay will be available by this time tomorrow.
我們將在幾個小時內將今天準備好的評論發佈在 IBM 投資者網站上,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》,本演示文稿中的一些評論可能被視為具有前瞻性。
These 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.
有關這些因素的其他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為投資者提供額外信息的非公認會計原則措施。
For example, consistent with last quarter's format, we present revenue growth at constant currency throughout the presentation.
例如,與上一季度的格式一致,我們在整個演示文稿中以不變貨幣呈現收入增長。
In addition, to provide a view consistent with our go-forward business, we'll focus on constant currency growth, adjusting for the divested businesses for the impacted lines of total revenue, cloud and our geographic performance.
此外,為了提供與我們未來業務一致的觀點,我們將專注於持續的貨幣增長,針對受影響的總收入、雲計算和我們的地理表現等線對剝離的業務進行調整。
We have provided reconciliation charts for these and other non-GAAP measures at the end of the presentation and in the 8-K submitted to the SEC.
我們在演示文稿結束時和提交給 SEC 的 8-K 中提供了這些和其他非 GAAP 措施的調節圖表。
I also want to remind you that IBM's revenue, profit and earnings per share reflect the impact of purchase accounting and other transaction-related adjustments associated with the acquisition of Red Hat.
我還想提醒您,IBM 的收入、利潤和每股收益反映了與收購 Red Hat 相關的採購會計和其他交易相關調整的影響。
These adjustments and charges are primarily noncash.
這些調整和費用主要是非現金的。
So with that, I'll turn the call over to Jim.
因此,我將把電話轉給吉姆。
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,帕特里夏,感謝大家加入我們。
We had a solid finish to 2019.
我們在 2019 年取得了圓滿成功。
In the fourth quarter, we grew revenue at actual rates, and it was up 3% at constant currency, excluding divestitures.
在第四季度,我們以實際利率增長了收入,按固定匯率計算增長了 3%,不包括資產剝離。
Our operating gross margin was up over 2 points, which is the best margin expansion in some time.
我們的營業毛利率上升超過 2 個百分點,這是一段時間以來最好的利潤率增長。
We delivered $4.2 billion of operating net income and $6 billion of free cash flow, and we had $4.71 of operating earnings per share.
我們實現了 42 億美元的營業淨收入和 60 億美元的自由現金流,每股營業收益為 4.71 美元。
We also reduced our debt balance by another $3 billion in the quarter for a total reduction of $10 billion since the end of June.
我們還在本季度將債務餘額再減少了 30 億美元,自 6 月底以來總共減少了 100 億美元。
This caps off the year with $77 billion of revenue, $12.81 of operating earnings per share and about $12 billion of free cash flow, in line with our expectations.
今年的收入為 770 億美元,每股運營收益為 12.81 美元,自由現金流約為 120 億美元,符合我們的預期。
In 2019, we took a number of actions to strengthen our foundation for the next chapter of our clients' digital reinventions.
2019 年,我們採取了一系列行動,為客戶數字化重塑的下一章奠定基礎。
We acquired Red Hat with the #1 Linux operating system, RHEL, and the leading hybrid cloud platform, OpenShift.
我們用排名第一的 Linux 操作系統 RHEL 和領先的混合雲平台 OpenShift 收購了 Red Hat。
We modernized our software portfolio, making it cloud native and optimized for OpenShift.
我們對軟件組合進行了現代化改造,使其成為雲原生並針對 OpenShift 進行了優化。
We announced the industry's first public cloud designed specifically for financial services.
我們宣布推出業界首個專為金融服務設計的公有云。
We expanded our services offerings and skills for the cloud journey, including consulting and technology services for Red Hat and multi-cloud management.
我們為雲之旅擴展了我們的服務產品和技能,包括紅帽和多雲管理的諮詢和技術服務。
We expanded the reach of our Watson AI offerings.
我們擴大了 Watson AI 產品的覆蓋範圍。
And we are leading the industry in our approach to trust and transparency for data and AI.
我們在數據和人工智能的信任和透明度方面處於行業領先地位。
We continue to deliver innovation in areas like our new z15 mainframe and Quantum, and we divested select software and services businesses as we continue to prioritize our investments and optimize our portfolio.
我們繼續在新的 z15 大型機和 Quantum 等領域提供創新,我們剝離了精選的軟件和服務業務,因為我們繼續優先考慮我們的投資並優化我們的產品組合。
With 3% revenue growth, we started to see the benefits in our fourth quarter results.
隨著 3% 的收入增長,我們開始在第四季度的業績中看到收益。
Cloud & Cognitive Software revenue was up 9%.
雲和認知軟件收入增長 9%。
We had growth in all 3 lines of business, reflecting demand across our software portfolio.
我們在所有 3 個業務領域都有增長,反映了我們軟件組合的需求。
We had good adoption of our Cloud Paks, continued growth of Security, and Red Hat again posted strong performance.
我們很好地採用了 Cloud Paks,安全性持續增長,紅帽再次表現強勁。
In Global Business Services, we had continued growth in Consulting and in application modernization projects as we help our clients on their digital journeys.
在全球商業服務中,我們在諮詢和應用程序現代化項目方面持續增長,因為我們幫助客戶進行數字化之旅。
We're also seeing this in our GBS signings this quarter, including acceleration in new Red Hat engagements.
我們在本季度的 GBS 簽約中也看到了這一點,包括加速新的紅帽合作。
Global Technology Services revenue was down 4%, in line with the expectations we discussed last quarter.
全球技術服務收入下降 4%,與我們上季度討論的預期一致。
We expanded Global Technology Services gross margin, consistent with our focus on managing the business for margin and profit.
我們擴大了全球技術服務的毛利率,這與我們對管理業務的利潤和利潤的關註一致。
And in Systems, we had a good start to our z15 cycle and growth in high-end storage, resulting in double-digit revenue growth and gross margin expansion in this segment.
在系統方面,我們的 z15 週期和高端存儲增長有了良好的開端,導致該領域的收入增長和毛利率實現兩位數增長。
Across our segments, our cloud revenue growth improved to 23% this quarter, and our cloud revenue for the year was $21 billion.
在我們的各個細分市場中,本季度我們的雲收入增長提高到 23%,全年我們的雲收入為 210 億美元。
By leveraging our technology, incumbency and expertise to help our clients with their journeys to cloud, it now represents 27% of our revenue.
通過利用我們的技術、在職和專業知識來幫助我們的客戶進行雲之旅,它現在占我們收入的 27%。
We know there's a lot of interest in our hybrid cloud approach, including Red Hat, so I'll focus on that upfront.
我們知道大家對我們的混合雲方法很感興趣,包括紅帽,所以我將重點介紹這一點。
As we've said, the next chapter of cloud will be driven by mission-critical workloads managed in a hybrid multi-cloud environment.
正如我們所說,雲的下一章將由在混合多雲環境中管理的任務關鍵型工作負載驅動。
This will be based on a foundation of Linux with Containers and Kubernetes.
這將基於帶有容器和 Kubernetes 的 Linux 基礎。
This quarter, we had strong performance in RHEL and OpenShift.
本季度,我們在 RHEL 和 OpenShift 方面表現出色。
Red Hat's normalized revenue was up 24%, eclipsing $1 billion in a quarter for the first time.
紅帽的標準化收入增長了 24%,在一個季度首次超過 10 億美元。
In August, we introduced Cloud Paks, cloud-native software that simplifies deployment, reduces operational costs and allows clients to build once and run anywhere.
8 月,我們推出了 Cloud Paks,這是一種雲原生軟件,可簡化部署、降低運營成本並允許客戶構建一次,隨處運行。
Cloud Paks bring together IBM's middleware, AI, management and security and Red Hat's OpenShift platform.
Cloud Paks 將 IBM 的中間件、人工智能、管理和安全以及 Red Hat 的 OpenShift 平台結合在一起。
Our strong performance in Cloud Paks this quarter is an example of the synergy from the IBM and Red Hat combination.
我們本季度在 Cloud Paks 的強勁表現是 IBM 和 Red Hat 組合協同作用的一個例子。
As we look forward, the largest hybrid cloud opportunity is in services, advising clients on architectural choices, moving workloads, building new applications and, of course, managing them.
正如我們所期待的那樣,最大的混合雲機會在於服務、就架構選擇向客戶提供建議、移動工作負載、構建新應用程序,當然還有管理它們。
With IBM's services expertise in digital reinventions and managing mission-critical workloads, we are well positioned to help our clients on this journey.
憑藉 IBM 在數字化再造和管理關鍵任務工作負載方面的服務專業知識,我們可以很好地幫助我們的客戶完成這一旅程。
And now in the fourth quarter, demand for our cloud capabilities continue to ramp, and we're starting to realize the synergies across IBM and Red Hat.
現在在第四季度,對我們雲功能的需求繼續增加,我們開始意識到 IBM 和 Red Hat 之間的協同作用。
We see it in our total cloud revenue which, as I said, was up 23%, and we see it in our combined software revenue growth of 9%.
我們在云總收入中看到了這一點,正如我所說,增長了 23%,我們在綜合軟件收入增長 9% 中看到了這一點。
Across GBS and GTS, we nearly doubled the number of new services engagements, leveraging Red Hat versus last quarter.
在 GBS 和 GTS 中,我們利用紅帽的新服務參與數量與上一季度相比幾乎翻了一番。
We're continuing to expand our client base and now have over 2,000 clients using Red Hat and IBM container solutions, and we doubled the number of Red Hat large deals versus the previous quarter with 21 customers with deals greater than $10 million.
我們正在繼續擴大我們的客戶群,現在有超過 2,000 家客戶使用紅帽和 IBM 容器解決方案,與上一季度相比,我們的紅帽大宗交易數量翻了一番,有 21 家客戶的交易金額超過 1000 萬美元。
And as I said, Red Hat's normalized revenue is up 24%.
正如我所說,紅帽的標準化收入增長了 24%。
Within that, infrastructure revenue, which is predominantly RHEL, was again up double digits and a point higher than last quarter's rate.
其中,主要是 RHEL 的基礎設施收入再次增長兩位數,比上一季度的增長率高出一個點。
We're continuing to take share with RHEL as clients put more of their enterprise workloads on Linux.
隨著客戶將更多的企業工作負載放在 Linux 上,我們將繼續與 RHEL 分享。
Revenue in Application Development and emerging technologies was up over 50% this quarter driven by OpenShift and Ansible.
在 OpenShift 和 Ansible 的推動下,本季度應用程序開發和新興技術的收入增長了 50% 以上。
As I mentioned, IBM's Cloud Paks include the OpenShift platform.
正如我所提到的,IBM 的 Cloud Paks 包括 OpenShift 平台。
And so as we sell Cloud Paks, this drives additional Red Hat OpenShift revenue.
因此,當我們銷售 Cloud Paks 時,這會帶來額外的紅帽 OpenShift 收入。
The transactional nature of Cloud Paks sales accelerated the revenue growth of OpenShift and total Red Hat, reflecting IBM's seasonally strongest quarter.
Cloud Paks 銷售的交易性質加速了 OpenShift 和整個 Red Hat 的收入增長,反映了 IBM 季節性最強的季度。
Our partners also see the value of IBM and Red Hat.
我們的合作夥伴也看到了 IBM 和紅帽的價值。
For example, we're expanding IBM's partnership with Workday, one of our most important enterprise-wide business platform providers.
例如,我們正在擴大 IBM 與 Workday 的合作關係,Workday 是我們最重要的企業級業務平台提供商之一。
As Workday grows, it is committed to using the Red Hat portfolio as a key component of a service delivery infrastructure.
隨著 Workday 的發展,它致力於將紅帽產品組合用作服務交付基礎架構的關鍵組件。
Workday is also expanding its use of the IBM cloud.
Workday 還在擴展其對 IBM 雲的使用。
We're also extending our partnership with Box.
我們還擴大了與 Box 的合作夥伴關係。
Box has chosen Red Hat to help power its IT infrastructure and Watson as its preferred AI provider for intelligent business processes.
Box 選擇紅帽為其 IT 基礎架構提供支持,並選擇 Watson 作為其首選的智能業務流程 AI 提供商。
IBM and Box are also working together to deliver joint solutions focused on governance, security and AI.
IBM 和 Box 還合作提供專注於治理、安全和人工智能的聯合解決方案。
And so we're off to a great start with Red Hat with solid revenue trajectory and expanding client base, both good indicators of our clients' confidence in the value of IBM and Red Hat together.
因此,我們在紅帽方面有了一個良好的開端,收入軌跡穩固,客戶群不斷擴大,這兩個指標都很好地表明了我們的客戶對 IBM 和紅帽共同價值的信心。
So let me turn to IBM's key financial metrics.
因此,讓我談談 IBM 的關鍵財務指標。
Similar to last quarter, IBM's revenue, profit and operating earnings per share reflect the impact of Red Hat's noncash transaction-related activity and adjustments.
與上一季度類似,IBM 的收入、利潤和每股運營收益反映了紅帽非現金交易相關活動和調整的影響。
Our revenue of $21.8 billion was up more than $3.7 billion sequentially.
我們的收入為 218 億美元,環比增長超過 37 億美元。
That's above the high end of the range we discussed in October.
這高於我們在 10 月討論的範圍的高端。
Strong transactional performance drove our 3% year-to-year revenue growth.
強勁的交易業績推動我們的收入同比增長 3%。
With the contribution from our high-value software and systems, our operating gross margin was up 230 basis points, and our gross profit dollars were up 5%.
在我們的高價值軟件和系統的貢獻下,我們的營業毛利率上升了 230 個基點,我們的毛利潤增長了 5%。
Our operating expense was up 15%, reflecting the impact of Red Hat and significant investments we're making to strengthen our foundation for chapter 2 and deliver sustainable revenue growth.
我們的運營費用增長了 15%,這反映了紅帽的影響以及我們為加強第 2 章的基礎和實現可持續收入增長而進行的重大投資。
The majority of the increase, 10 of the 15 points, is driven by acquisitions and divestitures.
15 個點中的 10 個增加的大部分是由收購和剝離驅動的。
This includes Red Hat's operational spending and higher interest expense associated with the incremental debt we took on.
這包括紅帽的運營支出和與我們承擔的增量債務相關的更高利息支出。
The 10-point increase also reflects a year-to-year benefit from divested businesses, including a gain of about $135 million associated with a divestiture completed in the fourth quarter.
10 個百分點的增長也反映了剝離業務帶來的同比收益,包括與第四季度完成的剝離相關的約 1.35 億美元收益。
But to be clear, the benefit from the divestiture gain is more than offset by the investments we're making in innovation and in go-to-market capabilities.
但需要明確的是,剝離收益的收益被我們在創新和上市能力方面的投資所抵消。
Over the last couple of quarters, we've had higher spending for our z15 launch, for the containerization of our software and for research in areas like Quantum.
在過去的幾個季度中,我們為 z15 的發布、軟件的容器化以及 Quantum 等領域的研究投入了更高的支出。
And you see that in higher base expense across SG&A, research and development, which, together with lower IP income, drove 4 points of our expense increase.
您會看到,SG&A、研發的基本費用較高,再加上知識產權收入的下降,推動了我們費用增長的 4 個百分點。
Our operating tax rate in the quarter reflects a full year rate of about 9% versus the all-in operating tax rate of 9% to 10% we previously discussed.
我們本季度的營業稅率反映了全年約 9% 的稅率,而我們之前討論的全部營業稅率為 9% 至 10%。
Looking at our free cash flow, as I said earlier, we generated $6 billion in the quarter and nearly $12 billion for the year.
正如我之前所說,看看我們的自由現金流,我們在本季度創造了 60 億美元,全年創造了近 120 億美元。
That's 126% of GAAP net income.
這是 GAAP 淨收入的 126%。
Our strong cash generation and focus on capital allocation leaves us with a stronger balance sheet, ending the year with a cash balance of about $9 billion and improved debt profile with $10 billion of debt reduction in the second half.
我們強勁的現金產生和對資本配置的關注使我們的資產負債表更加強勁,年底現金餘額約為 90 億美元,債務狀況得到改善,下半年債務減少 100 億美元。
So now I'll turn to the segment results, starting with Cloud & Cognitive Software, which was up 9% this quarter.
因此,現在我將轉向細分市場的結果,從本季度增長 9% 的雲和認知軟件開始。
We had growth across all 3 lines of business of Cloud & Data Platforms, Cognitive Applications and Transaction Processing Platforms.
我們在雲和數據平台、認知應用程序和事務處理平台這 3 個業務領域都有增長。
And cloud revenue in this segment was up over 75%, demonstrating good adoption of our hybrid cloud solutions, including Red Hat and Cloud Paks.
這一領域的雲收入增長了 75% 以上,表明我們的混合雲解決方案得到了很好的採用,包括 Red Hat 和 Cloud Paks。
Looking at the business areas, Cloud & Data Platforms revenue was up 20% this quarter.
從業務領域來看,本季度雲和數據平台收入增長了 20%。
This is one area we're starting to see the synergies of bringing IBM and Red Hat together.
這是我們開始看到將 IBM 和 Red Hat 結合在一起的協同效應的一個領域。
We had broad-based traction across a suite of Cloud Paks that addresses workloads from automation to data to integration.
我們在解決從自動化到數據再到集成的工作負載的一套 Cloud Paks 中獲得了廣泛的牽引力。
Clients are realizing the benefits of hybrid cloud with this containerized middleware and data platform software portfolio, including faster deployment and improved automation.
客戶正在通過這種容器化中間件和數據平台軟件組合實現混合雲的優勢,包括更快的部署和更高的自動化。
Cognitive Applications grew this quarter, reflecting the strength of our AI-led software solutions, including areas like security and IoT.
認知應用程序本季度增長,反映了我們以人工智能為主導的軟件解決方案的實力,包括安全和物聯網等領域。
We are continuing to drive new innovation in these areas.
我們將繼續在這些領域推動新的創新。
In November, we launched a Cloud Pak for Security, and early client reaction has been positive.
11 月,我們推出了 Cloud Pak for Security,早期的客戶反應是積極的。
This offering allows clients to integrate their security tools and connect to existing data sources, enabling them to resolve security incidents more quickly using open standards.
該產品允許客戶集成他們的安全工具並連接到現有數據源,使他們能夠使用開放標準更快地解決安全事件。
This is the way we believe companies will effectively handle security in the hybrid cloud era and get more value for what they've already invested in cybersecurity.
這就是我們相信公司將在混合雲時代有效處理安全並從他們已經投資於網絡安全方面獲得更多價值的方式。
In IoT, we announced Maximo Asset Monitor.
在物聯網中,我們發布了 Maximo Asset Monitor。
This is a new AI-powered monitoring solution designed to help maintenance and operations leaders better understand and improve the performance of their high-value physical assets.
這是一種新的人工智能監控解決方案,旨在幫助維護和運營領導者更好地了解和提高其高價值物理資產的性能。
This new offering extends the Maximo suite deployed in nearly 100 countries and recognized by IDC as a leader for enterprise asset management applications.
這一新產品擴展了在近 100 個國家/地區部署的 Maximo 套件,並被 IDC 公認為企業資產管理應用程序的領導者。
And then in Transaction Processing Platforms, revenue also grew this quarter.
然後在交易處理平台中,本季度的收入也有所增長。
This performance reflects the value we provide clients managing critical workloads and their preference for predictability in IT spend.
這一性能反映了我們為管理關鍵工作負載的客戶提供的價值以及他們對 IT 支出可預測性的偏好。
While not directly correlated, new innovation like the z15 mainframe bolsters clients' confidence and drives commitment to our platform for the longer term.
雖然沒有直接關聯,但像 z15 大型機這樣的新創新可以增強客戶的信心,並推動對我們平台的長期承諾。
Looking at profit for this segment, the decline in pretax margin was driven by the purchase accounting impacts from the Red Hat acquisition.
從這部分的利潤來看,稅前利潤率的下降是由收購 Red Hat 帶來的採購會計影響所致。
We are pleased with the momentum in Cloud & Cognitive Software in 2019.
我們對 2019 年雲和認知軟件的發展勢頭感到滿意。
Revenue was up 6% for the year driven by the hybrid cloud strategy, modernization of our software portfolio and the strength of IBM and Red Hat together.
在混合雲戰略、我們軟件組合的現代化以及 IBM 和紅帽共同實力的推動下,該年度的收入增長了 6%。
Moving to Global Business Services.
轉向全球商業服務。
Our revenue was flat in the quarter and up for the year.
我們的收入在本季度持平,全年增長。
In GBS, we bring together industry and technical expertise to help clients with their digital reinventions.
在 GBS,我們匯集了行業和技術專長,幫助客戶進行數字化改造。
As we enter chapter 2, clients are making architectural choices and embarking on application-led transformations.
當我們進入第 2 章時,客戶正在做出架構選擇並著手進行以應用程序為主導的轉型。
We've been investing in offerings and capabilities to help advise clients and move their applications to a hybrid multi-cloud.
我們一直在投資產品和功能,以幫助為客戶提供建議並將他們的應用程序遷移到混合多雲。
Against this backdrop, our Consulting revenue grew 4% driven by services that enable each phase of our clients' digital journey.
在此背景下,我們的諮詢收入增長了 4%,這得益於支持客戶數字旅程各個階段的服務。
We again had growth in application modernization and development, next-generation enterprise applications, like S/4HANA and Salesforce, and in offerings that use AI to unlock new opportunities and realize productivity improvements.
我們再次在應用程序現代化和開發、下一代企業應用程序(如 S/4HANA 和 Salesforce)以及使用人工智能解鎖新機遇和實現生產力提高的產品方面取得了增長。
We see this at ExxonMobil where GBS iX partnered with a client to create its recently announced Exxon Mobil Rewards+, the all-in-one loyalty and payment application, which is hosted on the IBM Cloud.
我們在 ExxonMobil 看到了這一點,GBS iX 與客戶合作創建了其最近宣布的 Exxon Mobil Rewards+,這是一款託管在 IBM Cloud 上的一體化忠誠度和支付應用程序。
Our Application Management performance reflects continued revenue growth across the offerings that build and manage cloud applications.
我們的應用程序管理業績反映了構建和管理雲應用程序的產品的持續收入增長。
The year-to-year decline in AMS reflects strong prior year performance driven by the achievement of significant milestones across a few accounts.
AMS 的逐年下降反映了上一年的強勁表現,這是由於幾個賬戶實現了重要里程碑。
In Global Process Services, revenue declined as demand is shifting from traditional BPO offerings to new business platforms around intelligent workflows.
在全球流程服務中,隨著需求從傳統的 BPO 產品轉向圍繞智能工作流的新業務平台,收入下降。
Overall, we had good signings performance across all 3 lines of business in GBS with strong demand in Digital Strategy and iX, cloud application development and modernization and offerings around intelligent workflows.
總體而言,我們在 GBS 的所有 3 個業務領域都有良好的簽約表現,在數字戰略和 iX、雲應用程序開發和現代化以及圍繞智能工作流的產品方面有著強勁的需求。
We more than doubled our Red Hat signings sequentially and had 50 new client engagements in the quarter with companies such as Honda, Toyota and Vodafone.
我們的紅帽簽約數量連續翻了一番多,並且在本季度與本田、豐田和沃達丰等公司簽訂了 50 個新客戶。
Turning to profit, GBS gross margin was 27%.
轉向利潤,GBS毛利率為27%。
While this is flat year-to-year, we had margin contribution from yield on our contract delivery improvements, mix shift to higher-value content and currency benefit from leveraging our global delivery resource footprint.
雖然這與去年同期持平,但我們的合同交付改進、向更高價值內容的混合轉變以及利用我們的全球交付資源足跡帶來的貨幣收益帶來了利潤率貢獻。
This was offset by investments we're making in capacity and offerings to capture the market opportunity.
這被我們為抓住市場機會而在產能和產品方面進行的投資所抵消。
Overall, GBS had another solid year with full year revenue growth of 2% and gross margins expanding by almost 1 point.
總體而言,GBS 又是穩健的一年,全年收入增長 2%,毛利率增長近 1 個百分點。
In Global Technology Services, revenue declined 4%, consistent with our expectations as we came into the quarter.
在全球技術服務方面,收入下降了 4%,與我們進入本季度時的預期一致。
We again had year-to-year declines due to lower client business volumes, impacting some of the more traditional labor-based managed services.
由於客戶業務量下降,我們再次出現同比下降,影響了一些更傳統的基於勞動力的託管服務。
We are taking actions to accelerate the shift to higher-value segments of the market opportunity.
我們正在採取行動加速向高價值市場機會的轉變。
We are introducing new managed services offerings for public and private cloud in areas like cybersecurity, data management and hybrid orchestration.
我們正在為網絡安全、數據管理和混合編排等領域的公共雲和私有云推出新的託管服務產品。
We are investing in joint services offerings across GBS and GTS and deploying joint go-to-market capability as clients look for solutions across applications and infrastructure.
我們正在投資跨 GBS 和 GTS 的聯合服務產品,並在客戶尋求跨應用程序和基礎設施的解決方案時部署聯合上市能力。
We are expanding our cloud data center footprint, and we are taking structural actions to improve our cost competitiveness while deploying a more asset-based delivery model.
我們正在擴大我們的雲數據中心足跡,我們正在採取結構性行動來提高我們的成本競爭力,同時部署更加基於資產的交付模式。
Our incumbency is a huge differentiator as the shift of mission-critical workloads to the cloud accelerates given our intimate knowledge of our clients' industry, business and regulatory requirements.
鑑於我們對客戶的行業、業務和監管要求的深入了解,我們的在職工作是一個巨大的差異化因素,因為任務關鍵型工作負載向雲的轉移加速。
An example is the first financial services-ready public cloud that I mentioned earlier.
一個例子是我之前提到的第一個金融服務就緒的公共雲。
We developed this in collaboration with Bank of America, leveraging our knowledge of the financial services industry environment to address the requirements for regulatory compliance, security and resiliency.
我們與美國銀行合作開發了這一點,利用我們對金融服務行業環境的了解來滿足監管合規性、安全性和彈性的要求。
We continue to have solid growth in our cloud offerings in GTS with 13% growth in cloud revenue and double-digit growth in cloud signings.
我們在 GTS 中的雲產品繼續穩健增長,雲收入增長 13%,雲簽約量實現兩位數增長。
This quarter, clients such as Banco Sabadell and Broadridge are turning to IBM to enable their transition to cloud.
本季度,Banco Sabadell 和 Broadridge 等客戶轉向 IBM 以實現向雲的過渡。
At Banco Sabadell, IBM will modernize the bank's IT environment.
在 Banco Sabadell,IBM 將對銀行的 IT 環境進行現代化改造。
We're bringing together IBM services and Red Hat OpenShift to deploy new cloud-native applications and modernize existing ones while meeting the bank's security and regulatory requirements.
我們將 IBM 服務和 Red Hat OpenShift 結合在一起,以部署新的雲原生應用程序並對現有應用程序進行現代化改造,同時滿足銀行的安全和監管要求。
And at Broadridge, we are moving their mission-critical workloads to the cloud.
在 Broadridge,我們正在將他們的關鍵任務工作負載遷移到雲端。
This solution will leverage our deep financial services industry expertise and open source capabilities to allow Broadridge to provide industry-leading solutions.
該解決方案將利用我們深厚的金融服務行業專業知識和開源能力,使 Broadridge 能夠提供行業領先的解決方案。
Turning to profit.
轉向盈利。
We had good gross margin performance in GTS.
我們在 GTS 的毛利率表現良好。
Our year-to-year gross margin expansion of 20 basis points was driven by continued scale-out of our public cloud, the mix of our portfolio and our productivity actions.
我們的毛利率同比增長 20 個基點,這是由於我們的公共雲的持續橫向擴展、我們的產品組合和我們的生產力行動。
We had the largest sequential improvement in pretax margin in some time.
一段時間以來,我們的稅前利潤率環比改善幅度最大。
In Systems, revenue was up 16% this quarter.
在系統方面,本季度的收入增長了 16%。
Growth in IBM Z and Storage was mitigated by a decline in Power.
IBM Z 和 Storage 的增長因 Power 的下降而減弱。
IBM Z was up a strong 63%.
IBM Z 上漲了 63%。
The performance reflects our first full quarter of z15 and demonstrates the client demand for technology that addresses data privacy and resiliency across hybrid cloud.
該性能反映了我們第一個完整季度的 z15,並展示了客戶對解決混合雲數據隱私和彈性的技術的需求。
We shipped the highest MIPS in history this quarter driven by growth in new workloads, and we've already seen broad adoption of the new mainframe across a number of industries and countries.
在新工作負載增長的推動下,我們本季度發布了歷史上最高的 MIPS,並且我們已經看到新大型機在許多行業和國家得到廣泛採用。
For example, we see large financial institutions migrating their global mainframe footprint to z15 as a critical backbone of their environment and cloud-native strategy.
例如,我們看到大型金融機構將其全球大型機足跡遷移到 z15,作為其環境和雲原生戰略的關鍵支柱。
Cloud-native development simplifies building new applications and modernizing existing ones.
雲原生開發簡化了新應用程序的構建和現有應用程序的現代化改造。
This gives developers a consistent way to deploy their applications across public and private clouds while taking advantage of the underlying performance, resiliency and security of IBM Z.
這為開發人員提供了一種跨公有云和私有云部署應用程序的一致方式,同時利用 IBM Z 的底層性能、彈性和安全性。
And in October, we announced Red Hat OpenShift for IBM Z, bringing together the industry's most comprehensive enterprise container and Kubernetes platform with the enterprise server platforms of IBM Z and LinuxONE.
10 月,我們發布了 Red Hat OpenShift for IBM Z,將業界最全面的企業容器和 Kubernetes 平台與 IBM Z 和 LinuxONE 的企業服務器平台結合在一起。
With these unique innovations, IBM Z continues to deliver a high-value, secure and scalable platform for our clients.
通過這些獨特的創新,IBM Z 繼續為我們的客戶提供高價值、安全和可擴展的平台。
In the fourth quarter, Power declined.
第四季度,Power有所下降。
I'll remind you that last year, we launched our next-generation POWER9 processors in the high end as well as completed the rollout of our supercomputers for the U.S. Department of Energy.
我要提醒您,去年,我們在高端推出了下一代 POWER9 處理器,並為美國能源部完成了超級計算機的推出。
Storage revenue was up 3% led by growth in the high end.
在高端增長的帶動下,存儲收入增長了 3%。
In November, we launched the next-generation high-end storage system, DS8900.
11月,我們推出了下一代高端存儲系統DS8900。
This new system, tightly integrated with the z15 mainframe, offers industry-leading response times, availability and pervasive end-to-end encryption.
這個新系統與 z15 大型機緊密集成,提供業界領先的響應時間、可用性和普遍的端到端加密。
Looking at profit, our Systems pretax margin was up more than 5 points, reflecting the benefit from new hardware launches.
從利潤來看,我們的系統稅前利潤率上升了 5 個多點,反映了新硬件發布帶來的好處。
New innovation is fundamental to this segment, and we've accomplished a lot this year with the release of both the new z15 mainframe and DS8900 high-end storage.
新的創新是這一細分市場的基礎,今年我們通過發布新的 z15 大型機和 DS8900 高端存儲取得了很多成就。
Now turning to cash.
現在轉向現金。
We generated $6.7 billion of cash from operations, excluding our financing receivables, and $6 billion of free cash flow.
我們從運營中產生了 67 億美元的現金(不包括我們的融資應收賬款)和 60 億美元的自由現金流。
This capped off a year with $14.3 billion of cash from operations, also excluding financing receivables.
這以 143 億美元的運營現金結束了這一年,其中不包括應收融資款。
Our net capital expenditures were $2.4 billion.
我們的淨資本支出為 24 億美元。
The year-to-year decline reflects our strategy to deemphasize lower-value content across our services and financing portfolios.
同比下降反映了我們在服務和融資組合中不再強調低價值內容的戰略。
It also includes a benefit from real estate sales, which reduced our net CapEx.
它還包括房地產銷售帶來的好處,這減少了我們的淨資本支出。
We generated free cash flow of $11.9 billion in 2019, in line with our view from the beginning of the year, and our free cash flow realization was 126%.
我們在 2019 年產生了 119 億美元的自由現金流,這與我們年初的看法一致,我們的自由現金流實現率為 126%。
I'll remind you, our free cash flow reflects a few headwinds we've discussed, including the headwind in cash taxes predominantly in the second half; the impact from Red Hat, including pre-closing financing costs; and the impacts of actions we've taken on our portfolio.
我會提醒您,我們的自由現金流反映了我們討論過的一些不利因素,包括主要在下半年的現金稅不利因素;紅帽的影響,包括交割前的融資成本;以及我們採取的行動對我們的投資組合的影響。
Looking at uses of cash.
看看現金的用途。
Of course, our largest was the acquisition of Red Hat.
當然,我們最大的一筆是對紅帽的收購。
We also returned over $7 billion to shareholders this year.
今年我們還向股東返還了超過 70 億美元。
This includes $5.7 billion in dividends.
這包括57億美元的股息。
We've now increased our dividend per share for 24 consecutive years, and we remain committed to growing our dividend.
我們現在已經連續 24 年增加每股股息,我們仍然致力於增加股息。
We also spent $1.4 billion on share repurchases prior to the closing of Red Hat.
在 Red Hat 關閉之前,我們還在股票回購上花費了 14 億美元。
Looking at the balance sheet.
看著資產負債表。
We ended the year with a cash balance of $9 billion.
我們年底的現金餘額為 90 億美元。
That's down $3 billion from a year ago when we were increasing our cash balance in advance of the Red Hat acquisition.
這比一年前我們在收購紅帽之前增加現金餘額時減少了 30 億美元。
Now let me spend a minute on our debt profile.
現在讓我花一分鐘時間了解一下我們的債務狀況。
With the additional debt we took on to fund the Red Hat transaction, we had $73 billion in debt at the end of June: a combination of Global Financing debt and nonfinancing or, what I'll call, core debt.
加上我們為紅帽交易提供的額外債務,截至 6 月底,我們有 730 億美元的債務:全球融資債務和非融資債務的組合,或者我稱之為核心債務。
We suspended our share repurchases at the time of the Red Hat acquisition, allowing us to focus our strong cash generation on debt repayment.
我們在收購紅帽時暫停了股票回購,使我們能夠將強勁的現金產生集中在償還債務上。
In the fourth quarter, we reduced our debt by $3 billion, contributing to a $10 billion reduction in IBM's core debt since June.
在第四季度,我們減少了 30 億美元的債務,使 IBM 自 6 月以來的核心債務減少了 100 億美元。
Our total debt now stands at $63 billion, of which core debt is $38 billion.
我們現在的總債務為 630 億美元,其中核心債務為 380 億美元。
This puts us on track to achieve a leverage ratio consistent with the mid- to high-single A rating within a couple of years.
這使我們有望在幾年內實現與中高單 A 評級一致的槓桿率。
I also want to comment on our Global Financing debt, which is fully supported by financing assets with a leverage ratio of 9:1.
我還想評論一下我們的全球融資債務,它完全由槓桿率為 9:1 的融資資產支持。
While there is no meaningful change to debt levels in the second half, we reduced our Global Financing debt by $6.5 billion since the beginning of the year.
雖然下半年債務水平沒有有意義的變化,但自年初以來,我們將全球融資債務減少了 65 億美元。
In February, we announced the wind-down of our OEM commercial financing operations, which we essentially completed by the end of the year.
2 月,我們宣布結束 OEM 商業融資業務,我們在年底前基本完成。
In addition to reducing our debt levels, this improved the overall credit quality of our receivables, which ended the year at a 62% investment grade.
除了降低我們的債務水平外,這還提高了我們應收賬款的整體信用質量,截至年底,應收賬款的投資級別為 62%。
And as we typically do in January, I want to provide an update on the performance of our retirement-related plans.
正如我們通常在一月份所做的那樣,我想提供有關我們與退休相關計劃的表現的最新信息。
Our U.S. plan has been frozen since 2008.
我們的美國計劃自 2008 年起就被凍結了。
And over the last several years, we moved our asset base to a lower-risk, lower-return profile.
在過去的幾年裡,我們將我們的資產基礎轉移到了低風險、低迴報的環境中。
We had strong returns this year with just under 15% return on assets, well ahead of our expected returns.
今年我們取得了強勁的回報,資產回報率略低於 15%,遠高於我們的預期回報。
At the end of 2019, in aggregate, our worldwide-qualified plans are funded at 102%, with the U.S. at 107%.
到 2019 年底,我們全球合格計劃的資金總額為 102%,美國為 107%。
That's up 3 and 2 points, respectively, from a year ago.
這比一年前分別增加了 3 和 2 個百分點。
You can see our retirement-related plans continue to be well funded.
您可以看到我們與退休相關的計劃繼續得到充足的資金。
Now let me wrap up with a few comments on 2019 and how this positions us for 2020.
現在讓我總結一下關於 2019 年的一些評論,以及這對 2020 年的定位。
We've been focused on the next chapter of our clients' digital reinventions.
我們一直專注於客戶數字化改造的下一章。
Upfront, I talked about what we've done in 2019 to strengthen our foundation for chapter 2. We acquired Red Hat, modernized our software portfolio and brought these together to create the leading hybrid cloud platform.
在前面,我談到了我們在 2019 年為鞏固第 2 章的基礎所做的工作。我們收購了 Red Hat,對我們的軟件組合進行了現代化改造,並將這些組合在一起以創建領先的混合雲平台。
We are introducing joint GBS and GTS offerings to help clients on their cloud journeys.
我們正在推出聯合 GBS 和 GTS 產品,以幫助客戶進行雲之旅。
We brought new innovations to market.
我們為市場帶來了新的創新。
I mentioned the Cloud Paks, the financial services public cloud, z15 and high-end storage.
我提到了 Cloud Paks、金融服務公共雲、z15 和高端存儲。
We also have a leadership position in Quantum.
我們在 Quantum 也處於領先地位。
And again, we're the leader in U.S. patents.
再一次,我們是美國專利的領導者。
At the same time, we divested some businesses that weren't important to our success in chapter 2.
同時,我們在第 2 章中剝離了一些對我們的成功並不重要的業務。
And now in the fourth quarter, we had good transactional performance across our high-value software and systems.
現在在第四季度,我們的高價值軟件和系統的交易表現良好。
We're starting to realize the synergies from the combination of IBM and Red Hat in Cloud Paks, in services engagements and in Red Hat itself.
我們開始意識到 IBM 和 Red Hat 在 Cloud Paks、服務合作和 Red Hat 本身的結合所產生的協同效應。
And in services, we're seeing good growth across GBS and GTS in the services to advise, migrate, build and manage hybrid cloud environments, along with some pressure in the traditional labor-based services.
在服務方面,我們看到 GBS 和 GTS 在建議、遷移、構建和管理混合雲環境的服務方面實現了良好的增長,同時傳統的基於勞動力的服務也面臨一些壓力。
All together, we delivered revenue growth of 3% this quarter.
總之,我們本季度實現了 3% 的收入增長。
With our high-value mix and focus on productivity, we expanded our gross margin, and we had strong free cash flow generation.
憑藉我們的高價值組合和對生產力的關注,我們擴大了毛利率,並產生了強勁的自由現金流。
With this trajectory, in 2020, we expect to grow revenue, operating earnings per share and free cash flow and expand operating gross margin.
憑藉這一軌跡,我們預計 2020 年的收入、每股營業收益和自由現金流將增加,並擴大營業毛利率。
Within that, we'll maintain a high level of investment focused on hybrid cloud and data and AI capabilities.
在此範圍內,我們將保持高水平的投資,專注於混合雲、數據和人工智能功能。
We'll drive productivity and take structural actions, especially in our GTS business.
我們將提高生產力並採取結構性行動,尤其是在我們的 GTS 業務中。
And remember, we'll continue to face year-to-year headwinds from the divested businesses, especially in the first half.
請記住,我們將繼續面臨來自剝離業務的逐年逆風,尤其是在上半年。
And our P&L will also still have an impact from the Red Hat noncash purchase accounting adjustments, though less than 2019.
我們的損益表也仍會受到紅帽非現金采購會計調整的影響,儘管小於 2019 年。
Looking at tax.
看著稅。
We expect an operating tax rate in the range of 7% to 9%.
我們預計營業稅率在 7% 至 9% 之間。
Like 2019, that's an all-in rate, including an estimate of discrete items.
與 2019 年一樣,這是一個綜合率,包括對離散項目的估計。
Putting all this together, we expect to deliver at least $13.35 of operating earnings per share for the year.
綜上所述,我們預計今年每股運營收益至少為 13.35 美元。
Turning to free cash flow.
轉向自由現金流。
We expect about $12.5 billion in 2020.
我們預計 2020 年將達到 125 億美元。
Within that, we're expecting growth in CapEx as we continue to build out cloud capacity.
在此範圍內,隨著我們繼續構建雲容量,我們預計資本支出會增長。
And as we said back in August, we expect Red Hat to be accretive to free cash flow, and that's net of the incremental interest expense.
正如我們在 8 月份所說的那樣,我們預計紅帽將增加自由現金流,這是扣除增量利息費用的淨額。
With that, let me turn it back over to Patricia for the Q&A.
有了這個,讓我把它交給帕特里夏進行問答。
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 few items.
在我們開始問答之前,我想提幾點。
First, I'll remind you that the year-to-year growth rates we're providing today for Red Hat are normalized to provide comparability to Red Hat's historical performance.
首先,我要提醒您,我們今天為紅帽提供的年增長率是標準化的,以提供與紅帽歷史業績的可比性。
Second, we have supplemental charts at the end of the slide deck that provide additional information on the quarter and the full year.
其次,我們在幻燈片末尾有補充圖表,提供有關季度和全年的更多信息。
(Operator Instructions)
(操作員說明)
So Sheila, let's open it up for questions.
所以希拉,讓我們打開它來提問。
Operator
Operator
(Operator Instructions) Our first question comes from Wamsi Mohan with Bank of America.
(操作員說明)我們的第一個問題來自美國銀行的 Wamsi Mohan。
Wamsi Mohan - Director
Wamsi Mohan - Director
Jim, nice to see the strong overall revenue performance and Red Hat performance as well.
Jim,很高興看到強勁的整體收入表現和紅帽表現。
I know you don't explicitly guide revenues, but can you help, at a high level, bridge the big items that we should be thinking about in 2020 relative to 2019 for revenues and then do the same for free cash flow?
我知道你沒有明確地指導收入,但你能否在高層次上幫助我們將 2020 年相對於 2019 年應該考慮的大項目與收入聯繫起來,然後為自由現金流做同樣的事情?
I know you touched a little bit on CapEx.
我知道您對資本支出有所了解。
But if you could maybe break it down between core business, Red Hat, tax, pension, what are some of the larger puts and takes that we should think about embedded in that $500 million increase year-to-year, that would be great.
但是,如果您可以將其分解為核心業務、紅帽、稅收、養老金,以及我們應該考慮在每年增加的 5 億美元中嵌入哪些更大的看跌期權,那就太好了。
James J. Kavanaugh - Senior VP & CFO
James J. Kavanaugh - Senior VP & CFO
Okay.
好的。
Thank you, Wamsi, and I appreciate the compliment to all the IBM-ers around that are -- who have been working hard.
謝謝你,Wamsi,我感謝周圍所有 IBM 員工的讚美——他們一直在努力工作。
Let me start out, as we always talk about our guidance, it's the first time we're coming out with 2020 guidance overall.
讓我開始吧,因為我們總是談論我們的指導,這是我們第一次提出 2020 年的總體指導。
And as we always do, we take into account multiple scenarios, trajectory of our business, operational indices, business plans, et cetera, and all that gives us confidence in the expectation we went out with, with regards to $13.35 at least on EPS and approximately $12.5 billion.
和往常一樣,我們考慮了多種情況、我們的業務軌跡、運營指數、業務計劃等,所有這些都讓我們對我們的預期充滿信心,至少每股收益為 13.35 美元,約 125 億美元。
But there are a couple of things underneath that and some of them which you talked about, let me just share some of the color.
但在這之下有幾件事,其中一些是你談到的,讓我分享一些顏色。
So first, around currency.
首先,圍繞貨幣。
Currency, we expect on a full year to be pretty de minimis between 0 and 1 point of headwind, a little bit different with what we've been challenged with the last few years.
貨幣,我們預計全年將在 0 到 1 點逆風之間相當微弱,這與我們過去幾年所面臨的挑戰略有不同。
But most of that's going to be here in the first half and in the first quarter at current spot rates.
但其中大部分將在上半年和第一季度以當前的即期匯率計算。
Second, we've done a lot of work around our portfolio optimization, divested noncore assets, that is going to be about a 1-point impact on the year and a 2-point impact in the first half, very similar to what we just finished in second half of the year.
其次,我們圍繞我們的投資組合優化做了很多工作,剝離了非核心資產,這將對今年產生大約 1 個百分點的影響,在上半年產生 2 個百分點的影響,與我們剛才所做的非常相似下半年完成。
Three, we're continuing to deal with the deferred revenue impairment, and we were very transparent on Investor Day, we gave you the fourth quarter rollout, and that's predominantly a first half statement.
第三,我們將繼續處理遞延收入減值問題,我們在投資者日非常透明,我們為您提供了第四季度的推出,這主要是上半年的聲明。
Second half, it's lessened.
下半場,有所減弱。
And four, embedded in our results, as we talked about in prepared remarks, we'll go through -- in GTS, we are going to take aggressive structural actions to reposition the business overall.
第四,嵌入我們的結果中,正如我們在準備好的評論中談到的那樣,我們將經歷 - 在 GTS 中,我們將採取積極的結構性行動來重新定位整個業務。
I would tell you, if you look at the last few years, that we'll probably be on the high end of that.
我會告訴你,如果你看看過去幾年,我們可能會處於高端。
And when you take a look at our guidance on tax, which, again, to be fully transparent, 7% to 9%, that is all-in, including discretes, we expect a tax discrete benefit in the first quarter that will pretty much offset the charge and, on a full year basis, be immaterial.
當您查看我們的稅收指導時,再次完全透明,7% 到 9%,即包括離散在內的全部稅收,我們預計第一季度的稅收離散收益將幾乎抵消費用,並且在全年的基礎上無關緊要。
So that's some of the color behind the overall.
所以這就是整體背後的一些顏色。
Now when you talk about the full year.
現在,當您談論全年時。
I mean you look at our guidance in the full year, we will grow revenue, we will grow operating earnings per share, we will grow free cash flow and we will continue to expand margins nicely.
我的意思是你看看我們全年的指導,我們將增加收入,我們將增加每股營業收益,我們將增加自由現金流,我們將繼續很好地擴大利潤率。
And embedded in that will be continued acceleration of our cloud business and continued good growth out of the IBM plus Red Hat together.
嵌入其中的將是我們雲業務的持續加速,以及 IBM 和 Red Hat 的持續良好增長。
Operator
Operator
Our next question comes from Tien-Tsin Huang with JPMorgan.
我們的下一個問題來自摩根大通的 Tien-Tsin Huang。
Tien-Tsin Huang - Senior Analyst
Tien-Tsin Huang - Senior Analyst
Just, I guess, I'm also intrigued by the revenue growth outlook for '20.
只是,我想,我也對 20 年的收入增長前景很感興趣。
And again, I know you can't give too much on segment thoughts, but with GTS, signing's down, the short-cycle stuff was an issue last quarter.
再說一次,我知道你不能在細分市場上給出太多的想法,但是隨著 GTS 的簽約,上個季度的短週期問題是一個問題。
I'm curious just to your visibility, your confidence in delivering the revenue growth against that what you see with GTS, again, recognizing that you also have some structural actions to do.
我很好奇您的知名度,您對實現收入增長的信心與您在 GTS 中看到的情況相比,再次認識到您還有一些結構性行動要做。
James J. Kavanaugh - Senior VP & CFO
James J. Kavanaugh - Senior VP & CFO
Yes.
是的。
Well, let's talk about it since we were asked twice.
好吧,既然我們被問了兩次,讓我們談談它。
And again, Tien-Tsin, thank you for the question.
再次,Tien-Tsin,謝謝你的提問。
Overall, as I said, at the IBM level, we expect to grow revenue, operating earnings per share, free cash flow and continue to expand margins.
總體而言,正如我所說,在 IBM 層面,我們預計收入、每股營業收益、自由現金流和利潤率將繼續增長。
Within that, when you look at it by segment, let me give you some of the colors from a segment.
其中,當您按段查看時,讓我給您一些段中的顏色。
Number one, we continue to have a very strong portfolio and offering lineup in our software base of business.
第一,我們的軟件業務基礎繼續擁有非常強大的產品組合和產品陣容。
Complemented now with the Red Hat acquisition, you're seeing in our results the synergistic value we're bringing to our clients of bringing IBM and Red Hat together, and we see consistent performance in that segment.
現在,隨著對 Red Hat 的收購,您在我們的結果中看到了我們為客戶帶來的將 IBM 和 Red Hat 合併在一起的協同價值,並且我們看到了該領域的一致表現。
GBS overall, we actually finished pretty strong in GBS, very strong signings in the quarter.
GBS 總體而言,我們實際上在 GBS 上的表現非常強勁,本季度的簽約非常強勁。
We returned that business for the first time in years back to backlog growth, and we're pretty optimistic about accelerated growth in 2020.
我們多年來首次將該業務恢復為積壓增長,我們對 2020 年的加速增長非常樂觀。
GTS, to your question, we talked about it 90 days ago.
GTS,對於您的問題,我們在 90 天前討論過它。
Fourth quarter played out pretty consistent with the guidance we gave 90 days ago.
第四季度的表現與我們 90 天前給出的指導非常一致。
And when you look at our backlog position and where we ended and you look into 2020, we are going to take actions around high-value portfolio optimization around offerings, around go-to-market models, around incentives and changing our operating model in light of what we're seeing in the marketplace.
當您查看我們的積壓情況以及我們結束的位置以及您展望 2020 年時,我們將圍繞產品、上市模式、激勵措施和改變我們的運營模式,圍繞高價值投資組合優化採取行動我們在市場上看到的。
And I would see an improving trend in GTS as we move through the year, predominantly in the second half.
隨著我們全年的發展,我會看到 GTS 的改善趨勢,主要是在下半年。
And then if you look at Systems, we're off to a very good start.
然後如果你看一下系統,我們就有了一個很好的開端。
That segment has always been predicated based on bringing new innovation and value to market.
該細分市場始終基於為市場帶來新的創新和價值。
Our z15 and new high-end storage, which we brought to market, both grew nicely, value proposition resonating.
我們推向市場的 z15 和新的高端存儲都發展良好,價值主張引起了共鳴。
We expect a very strong first half in both of those.
我們預計這兩個方面的上半年都非常強勁。
And we'll see, as we get into the second half, how this cycle plays out.
我們將看到,當我們進入下半場時,這個週期將如何發揮作用。
Operator
Operator
Our next question comes from Matt Cabral with Crédit Suisse.
我們的下一個問題來自瑞士信貸的 Matt Cabral。
Matthew Normand Cabral - Research Analyst
Matthew Normand Cabral - Research Analyst
Wondering if you could talk a little bit more about the performance in GBS and, in particular, dig into what's driving the divergence between Consulting and Apps Management.
想知道您是否可以多談談 GBS 的性能,特別是深入探討導致諮詢和應用程序管理之間差異的原因。
And then related to that, just if you can walk through what drove the pressure on PTI margins for the segment in the fourth quarter and how we should think about profitability there going forward.
然後與此相關,如果您可以了解第四季度該部門 PTI 利潤率面臨壓力的原因,以及我們應該如何考慮未來的盈利能力。
James J. Kavanaugh - Senior VP & CFO
James J. Kavanaugh - Senior VP & CFO
Sure.
當然。
Thanks, Matt.
謝謝,馬特。
I appreciate the question.
我很欣賞這個問題。
GBS overall, first of all, we talked about 90 days ago, we were facing a very difficult compare.
GBS 總體而言,首先,我們談到 90 天前,我們面臨著非常困難的比較。
When you look at fourth quarter last year, I think I'm going off from memory, we grew high single-digit overall.
當您查看去年第四季度時,我想我已經失憶了,我們整體增長了個位數。
We were double-digit Consulting growth.
我們的諮詢業務實現了兩位數的增長。
We returned apps -- Application Management to mid-single-digit growth.
我們將應用程序——應用程序管理恢復到中個位數的增長。
And we talked at that time that we had done a lot of work about improving the quality of our delivery and we had achieved significant milestones that were contributing to fourth quarter last year.
我們當時談到,我們在提高交付質量方面做了很多工作,我們已經實現了對去年第四季度做出貢獻的重要里程碑。
And oh, by the way, if I remember correctly, our pretax income was up 30% to 40% fourth quarter last year.
哦,順便說一句,如果我沒記錯的話,去年第四季度我們的稅前收入增長了 30% 到 40%。
So we knew what we were entering here in the fourth quarter.
所以我們知道我們在第四季度在這裡輸入了什麼。
But I'll tell you, overall, I couldn't be more pleased with the GBS base of business for the full year, second year in a row, consistent revenue growth.
但我會告訴你,總的來說,我對 GBS 全年業務基礎感到非常滿意,連續第二年,收入持續增長。
We grew operating gross profit margins by 90 basis points.
我們將營業毛利率提高了 90 個基點。
We continue to reposition this business to capture the growth in our clients' digital reinventions and journey to cloud.
我們將繼續重新定位這項業務,以捕捉客戶數字化改造和雲之旅的增長。
We're seeing nice acceleration in both.
我們看到兩者都有很好的加速。
And as I just said on the prior question, we finished the year pretty strong in GBS with regards to signings growth, returning overall backlog back to growth, and we see an accelerated GBS positioning going into 2020.
正如我剛才在上一個問題上所說的那樣,在簽約增長方面,我們在 GBS 的這一年結束時表現相當強勁,使整體積壓恢復增長,我們看到 GBS 的定位將加速到 2020 年。
And to your question, that's really led by -- we've talked about the rationale of chapter 2 around hybrid cloud, around a large portion of mission-critical workloads that are going to move to the cloud as we move forward, and hybrid is going to be that destination.
對於你的問題,這真的是由——我們已經討論了第 2 章圍繞混合雲的基本原理,圍繞著隨著我們的前進將遷移到雲的大部分關鍵任務工作負載,而混合是將成為那個目的地。
I think what you're seeing is the natural early innings of that playing out.
我認為你所看到的是這場比賽的自然早期。
And that is represented more so in project-based businesses around cloud advisory, cloud application migration and advisory services.
這在圍繞雲諮詢、雲應用遷移和諮詢服務的基於項目的業務中表現得更為明顯。
So Consulting is leading the way.
因此,諮詢處於領先地位。
But to me, that's the tip of the arrow that's going to lead then AMS.
但對我來說,那是指向 AMS 的箭頭的尖端。
And then eventually, as that matures, our GTS managed services going forward.
最終,隨著它的成熟,我們的 GTS 託管服務將向前發展。
Operator
Operator
Our next question comes from Toni Sacconaghi with Bernstein.
我們的下一個問題來自托尼·薩科納吉和伯恩斯坦。
A.M. Sacconaghi - Senior Analyst
A.M. Sacconaghi - Senior Analyst
You talked a lot about the very strong transactional performance in the quarter, I think, better than your expectations.
你談了很多關於本季度非常強勁的交易表現,我認為,比你的預期要好。
Is there a risk that that pulled forward any revenue from 2020?
是否存在導致 2020 年收入提前的風險?
And I think you talked about 4% to 5% revenue growth on your August call for 2020, is that something we should still be thinking about?
我認為您在 2020 年 8 月的電話會議上談到了 4% 到 5% 的收入增長,這是否是我們仍然應該考慮的事情?
And then on cash flow, I know a number of people have asked, but maybe you can just draw a bridge between this year and next year.
然後關於現金流,我知道很多人問過,但也許你可以在今年和明年之間架起一座橋樑。
You're up about $0.5 billion.
你增加了大約 5 億美元。
I think you've said Red Hat alone will contribute $0.5 billion.
我想你已經說過僅 Red Hat 將貢獻 5 億美元。
That implies that everything ex Red Hat is flat despite the fact that margins appear to be going up, and you seem quite confident in some of the businesses, so maybe you can also just help with that bridge as well.
這意味著儘管利潤率似乎在上升,但前 Red Hat 的一切都是平的,而且你似乎對某些業務很有信心,所以也許你也可以幫助這座橋。
James J. Kavanaugh - Senior VP & CFO
James J. Kavanaugh - Senior VP & CFO
Thanks, Toni, appreciate the questions overall.
謝謝,托尼,感謝整個問題。
Let me try to take each of these in piece parts.
讓我試著把它們中的每一個都分成幾部分。
First of all, fourth quarter, yes, if you dial back 90 days ago, we talked about our seasonality in our business, and we were looking for a transactional quarter that would take our sequential growth up about $3.5 billion to $3.7 billion, and we achieved above that high end.
首先,第四季度,是的,如果您在 90 天前回撥,我們談到了我們業務的季節性,我們正在尋找一個交易季度,這將使我們的環比增長增加約 35 億美元至 37 億美元,我們達到了高端以上。
Now truth be told, all transparency, currency got a little bit better in the quarter.
現在說實話,所有透明度,貨幣在本季度都得到了一點改善。
But even with that, we still beat the high end of our guidance overall and, most importantly, returned IBM back to revenue growth.
但即便如此,我們仍然總體上超過了我們指導的高端,最重要的是,IBM 恢復了收入增長。
Now when you look underneath the transactional performance, I would tell you, one, our mainframe, we're off to a normal cycle here in the quarter.
現在,當您查看交易性能時,我會告訴您,我們的大型機,我們將在本季度進入正常週期。
We had a very good start, our first full quarter, growing 63%, our highest MIPS shipped in history.
我們有一個非常好的開始,我們的第一個完整季度增長了 63%,這是我們歷史上最高的 MIPS 出貨量。
So I would tell you that's less about a pull-forward from 2020, that's kind of a normal cycle.
所以我會告訴你,這不是從 2020 年開始向前推進,而是一種正常的周期。
And when you get underneath software, we've got good momentum.
當您深入了解軟件時,我們就有了良好的勢頭。
We spent a lot to invest and modernize our software portfolio, containerize our offerings, make them cloud native and optimize on OpenShift with Red Hat to play out the synergistic value of IBM plus Red Hat.
我們花費了大量資金來投資和現代化我們的軟件組合、容器化我們的產品、使它們成為雲原生並在 OpenShift 和 Red Hat 上進行優化,以發揮 IBM 和 Red Hat 的協同價值。
And I think we're seeing very good momentum and adoption in our Cloud Paks here in the fourth quarter.
而且我認為我們在第四季度的 Cloud Paks 中看到了非常好的勢頭和採用率。
The only area I would call out, and we've talked about this many times, and that is our Transaction Processing Platforms.
我要提到的唯一一個領域,我們已經多次討論過這個問題,那就是我們的事務處理平台。
We run mission-critical workloads on our systems for our clients.
我們為客戶在我們的系統上運行關鍵任務工作負載。
It's high value for our clients.
這對我們的客戶來說價值很高。
It's high value for IBM.
這對 IBM 來說價值很高。
And there's always volatility in that portfolio on when clients choose to commit to our platform for the long term.
當客戶選擇長期使用我們的平台時,該投資組合總是存在波動。
And you saw in the fourth quarter, we actually did better than our internal expectation.
你在第四季度看到,我們實際上做得比我們的內部預期要好。
So we're taking a prudent view of that in 2020.
因此,我們在 2020 年對此持謹慎態度。
But I think that's another instantiation of the innovative value we bring to the marketplace with our systems offerings overall.
但我認為這是我們通過整體系統產品為市場帶來的創新價值的另一個實例。
So that's what I would say with regards to your first question.
這就是關於你的第一個問題我要說的。
I'm trying to remember all of them.
我試圖記住所有這些。
Let me go to free cash flow.
讓我去自由現金流。
Very important, we said approximately $12.5 billion.
非常重要,我們說大約 125 億美元。
And when you look underneath that, yes, during the Investor Day, we said, over the next 2 years, Red Hat and IBM will deliver $1.5 billion of free cash flow.
當你深入了解這一點時,是的,在投資者日期間,我們說過,在未來 2 年內,紅帽和 IBM 將提供 15 億美元的自由現金流。
And oh, by the way, that Red Hat will be free cash flow accretive in year 1, and we are well on our path for that.
哦,順便說一句,Red Hat 將在第一年實現自由現金流的增長,我們正朝著這個目標邁進。
So when you look at the dynamics of our free cash flow, it's really in a couple of different buckets, a couple of headwinds, a couple of tailwinds.
因此,當您查看我們自由現金流的動態時,它實際上存在於幾個不同的桶中,有幾個逆風,有幾個順風。
On the tailwinds side, we're going to have operational profit, and we're going to have Red Hat contribution, all-in, net of incremental interest expense, retention, et cetera, will be accretive in year 1. On the tailwind -- or excuse me, the headwinds side, we are going to invest.
在順風方面,我們將獲得運營利潤,我們將在第一年獲得紅帽貢獻,全押,扣除增量利息費用,保留等,將增加。 - 或者對不起,逆風方面,我們將進行投資。
In 2019, our capital, we were driving a balanced capital allocation process, driving efficiencies out of that.
2019 年,我們的資本,我們正在推動平衡的資本分配過程,從而提高效率。
That will wrap in 2019, and we will have a headwind in CapEx in the investing in our business, and we will also have a headwind in cash tax overall.
這將在 2019 年結束,我們的資本支出將在投資我們的業務時遇到逆風,我們也將在整體現金稅方面遇到逆風。
And when you take a look to your last question around revenue, I would tell you right now, we said in August that Red Hat -- IBM plus Red Hat together would deliver 4 to 5 points.
當你看一下關於收入的最後一個問題時,我現在會告訴你,我們在 8 月份說過 Red Hat - IBM 和 Red Hat 一起將提供 4 到 5 分。
When I look at where the current estimate is and consensus in The Street, I think The Street's pretty reasonable.
當我查看當前的估計和華爾街的共識時,我認為華爾街非常合理。
It's 3% overall.
總體是3%。
You add at constant currency, with the headwind on the currency at a stronger dollar and you look at our divestitures, we're at mid-single-digit growth.
您以固定貨幣添加,在美元走強的貨幣逆風中,您查看我們的資產剝離,我們處於中個位數的增長。
So I think the current estimates out there are reasonable.
所以我認為目前的估計是合理的。
Operator
Operator
Our next question comes from Amit Daryanani with Evercore ISI.
我們的下一個問題來自 Evercore ISI 的 Amit Daryanani。
Amit Jawaharlaz Daryanani - Senior MD & Fundamental Research Analyst
Amit Jawaharlaz Daryanani - Senior MD & Fundamental Research Analyst
I guess, Jim, when I look at this calendar '20 EPS guide, in the past, you've kind of talked about how does the contribution fall out for Q1 and the first half broadly on an EPS run rate basis.
我想,吉姆,當我看這個日曆 '20 EPS 指南時,過去,你已經談到了第一季度和上半年的貢獻如何在 EPS 運行率的基礎上廣泛下降。
I was wondering if you could just touch on, this Q1, a time for 17%, 18% of full year's EPS again?
我想知道您是否可以在第一季度再次談到全年每股收益的 17%、18% 的時間?
Or does that math change a little bit with Red Hat?
或者 Red Hat 會稍微改變這個數學?
And then secondly, on the tax rate, just so I get this clear, the delta between the 8% tax rate that you're guiding for versus the 11%, 12% that I think people have in their models, that's essentially all the discrete benefit we get in Q1.
其次,關於稅率,我想清楚一點,你指導的 8% 稅率與我認為人們在他們的模型中使用的 11%、12% 之間的差值,這基本上就是所有我們在第一季度獲得的離散收益。
Is that fair?
這公平嗎?
James J. Kavanaugh - Senior VP & CFO
James J. Kavanaugh - Senior VP & CFO
Yes, thanks, Amit.
是的,謝謝,阿米特。
I appreciate the question.
我很欣賞這個問題。
And let me take each of them.
讓我把他們每個人都拿走。
Just quickly, net, you're right, on color on first quarter, it is a little different just given the Red Hat.
很快,網,你是對的,第一季度的顏色,它與紅帽有點不同。
And if you go back to how we were transparent, and hopefully everyone appreciates this as I go out and talk to investors, we've given you the deferred revenue impairment charge for the first 4 quarters after the closure of the Red Hat transaction.
如果你回到我們是如何透明的,希望大家在我出去與投資者交談時欣賞這一點,我們已經為你提供了 Red Hat 交易結束後前 4 個季度的遞延收入減值費用。
But really, when you look at our first quarter, first, on EPS, we expect EPS from a SKU perspective to be between 14% and 15% of the full year.
但實際上,當您首先查看我們的第一季度每股收益時,我們預計從 SKU 的角度來看,每股收益將在全年的 14% 到 15% 之間。
Underneath that, that is basically, on a historical trajectory, less the Red Hat deferred revenue impairment, which, as we told you, is about $400 million.
在這之下,基本上,在歷史軌跡上,減去紅帽遞延收入減值,正如我們告訴你的那樣,約為 4 億美元。
So a pretty normal SKU, taking into account the Red Hat deferred element.
因此,考慮到 Red Hat 的延遲元素,這是一個非常正常的 SKU。
In terms of revenue, we look at revenue and we see -- again, can't predict currency, we're calling currency between a small impact to about a point impact right now.
在收入方面,我們查看收入,我們看到 - 再次,無法預測貨幣,我們現在將貨幣稱為小影響到大約一點影響。
All that varies depending on our geographic and product mix.
所有這些都取決於我們的地理和產品組合。
But we're seeing right now, at a constant currency level, accelerated growth of about 0.5 point here from fourth quarter to first quarter at constant currency.
但我們現在看到,在固定貨幣水平上,從第四季度到第一季度,在固定貨幣水平上加速增長約 0.5 個百分點。
And when you take a look at tax rate, very good question.
當您查看稅率時,這是一個非常好的問題。
We printed in 2019 8.5% all-in.
我們在 2019 年打印了 8.5% 的全押。
We guided pretty much right between that, 7% to 9% overall.
我們在這之間的指導幾乎正確,總體上是 7% 到 9%。
That does include discretes as we're trying to give you increased transparency in what's in our expectation.
這確實包括離散因素,因為我們正試圖讓您在我們的期望中提高透明度。
But very important to note, as I talked about, we will be taking structural actions to reposition our GTS business from a cost-competitiveness perspective in light of what we're seeing in the marketplace.
但非常重要的是要注意,正如我所說,我們將根據我們在市場上看到的情況,從成本競爭力的角度採取結構性行動來重新定位我們的 GTS 業務。
And unlike last year where we had a funding event with regards to a gain that offset a charge, this year, we're taking a charge and we're going to absorb that through the return of that, so we really don't see a benefit overall as we go forward.
與去年不同的是,我們有一個關於抵消費用的收益的資助活動,今年,我們正在承擔費用,我們將通過它的回報來吸收它,所以我們真的看不到在我們前進的過程中總體受益。
Operator
Operator
Next, we will hear from Katy Huberty with Morgan Stanley.
接下來,我們將聽取摩根士丹利的 Katy Huberty 的來信。
Kathryn Lynn Huberty - MD and Research Analyst
Kathryn Lynn Huberty - MD and Research Analyst
Two quick questions.
兩個快速的問題。
First, Jim, you mentioned the possibility of taking structural actions in GTS this year.
首先,Jim,你提到了今年在 GTS 中採取結構性行動的可能性。
What might that entail?
這可能意味著什麼?
And then back in August, you had outlined about $1.65 billion of potential revenue synergies post Red Hat.
然後在 8 月份,您概述了 Red Hat 之後約 16.5 億美元的潛在收入協同效應。
Any context around how much of that you have captured?
關於您捕獲了多少的任何背景信息?
Should we think about the 4-point acceleration in Red Hat pro forma growth as signaling the type of revenue synergies that you've been able to capture?
我們是否應該將紅帽備考增長的 4 點加速視為您已經能夠獲得的收入協同效應類型的信號?
James J. Kavanaugh - Senior VP & CFO
James J. Kavanaugh - Senior VP & CFO
Yes, so let me take the second one first, and we'll talk about synergies.
是的,所以讓我先拿第二個,然後我們將討論協同作用。
So obviously, as I stated upfront, we're very pleased with the first 6 months here of bringing IBM and Red Hat together.
所以很明顯,正如我前面所說的,我們對將 IBM 和 Red Hat 結合在一起的前 6 個月感到非常高興。
And I think you could see, based on the performance and the acceleration, that we are truly better together.
而且我認為你可以看到,基於性能和加速,我們在一起確實更好。
We're delivering the synergistic value to our clients overall.
我們正在為我們的客戶整體提供協同價值。
The best way when I look at it -- first of all, the accelerated revenue in Red Hat, up 24% year-over-year is one instantiation.
在我看來,最好的方法是——首先,Red Hat 的加速收入同比增長 24% 是一個實例。
The second -- and I know many of you out there have been writing and have different models of trying to figure out what's IBM's organic revenue number and so forth, and I've been spending a lot of time with our investors.
第二個——我知道你們中的許多人一直在寫作,並且有不同的模型來試圖弄清楚 IBM 的有機收入數字是多少等等,而且我一直在與我們的投資者一起花費大量時間。
And let me give you the way we look at it and how we're managing to ensure that we drive the synergistic value of the technology architecture decisions we're making and the go-to-market leverage of our scale and large enterprise presence, which gets at your $1.6-plus billion of synergistic effect.
讓我告訴你我們看待它的方式以及我們如何管理以確保我們推動我們正在製定的技術架構決策的協同價值以及我們規模和大型企業存在的進入市場的槓桿作用,這將為您帶來超過 1.6 億美元的協同效應。
When we look at our business overall, we're looking for the lift and the growth and the acceleration of our overall software business.
當我們從整體上看我們的業務時,我們正在尋找我們整體軟件業務的提升、增長和加速。
And when we look at the operational performance of this segment, we look at it on an all-in, historical, normalized basis.
當我們查看該細分市場的運營業績時,我們會以全面、歷史、標準化的方式來看待它。
And at that level, our software growth accelerated all-in to 3%.
在那個水平上,我們的軟件增長加速到了 3%。
Now what does this reflect, to your question, it reflects, in my opinion, the true demand of our software demand from our clients, including Red Hat, then adjusting out the deferred revenue impairment impact and Red Hat's stand-alone revenue last year.
現在,對於您的問題,這反映了什麼,在我看來,它反映了我們的客戶(包括紅帽)對我們軟件需求的真實需求,然後調整了遞延收入減值影響和紅帽去年的獨立收入。
So when you look at what we talked about in Investor Day, we talked about sell more blue, IBM; and we talked about sell more red.
因此,當您查看我們在投資者日討論的內容時,我們談到了賣出更多藍色,IBM;我們談到賣更多的紅色。
The sell more red was our global presence and our scale to accelerate Red Hat overall.
賣得更多的是我們的全球影響力和我們整體加速紅帽的規模。
And as I said in the prepared remarks, we're seeing great progress.
正如我在準備好的評論中所說,我們看到了巨大的進展。
We had 21 deals above $10 million, up 2x year-over-year, and half -- over half of those deals were large IBM enterprise clients.
我們有 21 筆超過 1000 萬美元的交易,同比增長 2 倍,其中一半以上的交易是 IBM 的大型企業客戶。
So we are seeing the instantiation of the leverage of the IBM side.
因此,我們看到了 IBM 方面的槓桿作用的實例化。
And around sell more IBM, I just told you about accelerating software revenue, we have now over 2,000 clients on OpenShift and Cloud Paks.
關於銷售更多 IBM,我剛剛告訴過你關於加速軟件收入的問題,我們現在在 OpenShift 和 Cloud Paks 上有超過 2,000 個客戶。
And around services, we've signed hundreds of services, Red Hat engagement deals overall, including several design wins in network cloud providers around 5G that will play out as we go through 2020.
在服務方面,我們已經簽署了數百項服務,Red Hat 參與交易,其中包括在 5G 網絡雲提供商中的幾項設計勝利,這些勝利將在我們度過 2020 年時發揮作用。
Operator
Operator
And our next question comes from David Grossman with Stifel, Nicolaus.
我們的下一個問題來自 David Grossman 和 Stifel,Nicolaus。
David Michael Grossman - MD
David Michael Grossman - MD
Jim, can you give us a little better insight into the specific issues that are impacting GTS, including the bookings performance?
Jim,您能否讓我們更深入地了解影響 GTS 的具體問題,包括預訂績效?
And what underlies your confidence that growth should improve as the year progresses given that the GTS turnaround, really truth be told, is probably 8 or 9 quarters in already and taking longer than you anticipated?
鑑於 GTS 的轉變,說實話,可能已經過去了 8 或 9 個季度,而且比您預期的要長,您認為隨著時間的推移增長應該會改善的基礎是什麼?
James J. Kavanaugh - Senior VP & CFO
James J. Kavanaugh - Senior VP & CFO
Okay, David, thank you very much for the question.
好的,大衛,非常感謝你的提問。
And let me start with providing some overall context because I think it's important to share what are we seeing in the market and then how that informs our actions.
讓我從提供一些整體背景開始,因為我認為分享我們在市場上看到的情況以及這如何影響我們的行動非常重要。
As you heard in the prepared remarks, we printed down 4%, consistent with our expectations and what we talked about 90 days ago as we experienced lower client base business volumes.
正如您在準備好的評論中聽到的那樣,我們打印了 4%,這與我們的預期和我們在 90 天前所說的一致,因為我們經歷了較低的客戶群業務量。
But it's important to note, GTS, one, has the industry-leading market share position; two, has a global footprint in scale; and three, most importantly, has a very integral role into the integrated value proposition of IBM overall as we run the mission-critical workloads for many of our clients overall.
但需要注意的是,GTS一,擁有行業領先的市場份額地位;二、在規模上具有全球足跡;第三,最重要的是,在我們為許多客戶運行任務關鍵型工作負載時,它在 IBM 的整體價值主張中扮演著不可或缺的角色。
And by the way, you see that playing out in our cloud-based performance in GTS where over on the trailing 12 months, we got over $8.5 billion book of business that's growing double digits.
順便說一句,您可以看到我們在 GTS 中基於雲的性能表現,在過去的 12 個月中,我們獲得了超過 85 億美元的業務賬簿,並且以兩位數的速度增長。
And you heard the significant wins we had in the quarter: Broadridge, Banco Sabadell, Bank of America public cloud, in addition to several Red Hat wins, including what I just said about some design wins with network providers.
您聽說了我們在本季度取得的重大勝利:Broadridge、Banco Sabadell、美國銀行公共雲,此外還有幾項紅帽的勝利,包括我剛才所說的與網絡提供商合作的一些設計勝利。
But I'll tell you what we're seeing in the marketplace, David, to your point, is clients are making architectural choices.
但我會告訴你我們在市場上看到的情況,大衛,就你的觀點而言,客戶正在做出架構選擇。
They're embarking on application-led transformation.
他們正在著手進行以應用程序為主導的轉型。
And we see this opportunity really playing out, as I said earlier, in project-based services: the advice, the build, the migrate, which is very aligned to our GBS business.
正如我之前所說,我們看到這個機會真的在基於項目的服務中發揮作用:建議、構建、遷移,這與我們的 GBS 業務非常一致。
And by the way, that's why we feel pretty confident in where we ended 2019 and our opportunity in 2020 around GTS.
順便說一句,這就是為什麼我們對我們在 2019 年結束的地方以及我們在 2020 年圍繞 GTS 的機會充滿信心的原因。
Now if you look at as client adoption matures and it moves through the advisory phase and the application modernization phase, this will naturally extend to our GTS-aligned managed services space, which should scale up over time.
現在,如果您看到隨著客戶採用的成熟以及它進入諮詢階段和應用程序現代化階段,這將自然地擴展到我們與 GTS 一致的託管服務空間,隨著時間的推移,它應該會擴大。
And that's why I said more of a second half play as we go forward.
這就是為什麼我在我們前進的過程中更多地談到了下半場的比賽。
So in light of that, what we're seeing in the marketplace, we are going to take aggressive actions around our GTS business model.
因此,鑑於我們在市場上看到的情況,我們將圍繞我們的 GTS 商業模式採取積極行動。
We are going to reposition this business for hybrid cloud, investing jointly, integrating GTS and GBS offerings around advice, build, move and manage.
我們將為混合雲重新定位這項業務,共同投資,圍繞建議、構建、遷移和管理集成 GTS 和 GBS 產品。
We are creating and building skills and investing.
我們正在創造和培養技能並進行投資。
And where we see the growth right in front of us, that's starting to scale around cybersecurity management, trust and compliance services, multi-cloud management and, of course, managed services around OpenShift.
在我們看到眼前的增長的地方,它開始圍繞網絡安全管理、信任和合規服務、多雲管理,當然還有圍繞 OpenShift 的託管服務進行擴展。
And second, we are going to integrate our go to market with GBS and our global account teams at the large enterprise level.
其次,我們將在大型企業層面與 GBS 和我們的全球客戶團隊整合我們的上市。
We're going to take these integrated offerings, leverage now the integrated value and breadth of IBM that can play across the continuum as clients move their journey to the cloud, and we're going to go drive that hard.
我們將採用這些集成產品,利用 IBM 的集成價值和廣度,隨著客戶將他們的旅程遷移到雲,我們將繼續努力。
And in addition, I would tell you, we're going to prove the cost-competitive structure of this business with the actions we're going to take here early in 2020.
此外,我會告訴你,我們將通過我們將在 2020 年初在這裡採取的行動來證明這項業務的成本競爭結構。
Operator
Operator
Next, we will hear from Jim Suva with Citigroup.
接下來,我們將聽取花旗集團的 Jim Suva 的來信。
Jim Suva - Director
Jim Suva - Director
Everything you talked about totally makes sense and jives.
你所說的一切都是有道理的,而且很有趣。
Now I have one question, and it's probably because I'm just definitely not the smartest one out there, and that's on the signings numbers.
現在我有一個問題,可能是因為我絕對不是最聰明的人,那就是引援人數。
That number appears, if my number looks right in the calculation, that it was down year-over-year.
如果我的數字在計算中看起來正確,那麼這個數字就會出現同比下降。
Are there some features going on, like maybe larger contracts rolling off or something with timing we should be aware of?
是否有一些功能正在進行,比如可能會推出更大的合同或我們應該注意的時間安排?
Or at some point, shouldn't that revert to be positive?
或者在某個時候,這不應該恢復為積極的嗎?
Or if not, why?
或者如果不是,為什麼?
Kind of what's going on about why everything else is going so well, but the signings number just looks like it just didn't materialize to be up?
是怎麼回事,為什麼其他一切都進展得這麼順利,但引援人數看起來只是沒有兌現?
James J. Kavanaugh - Senior VP & CFO
James J. Kavanaugh - Senior VP & CFO
Sure, Jim.
當然,吉姆。
Thanks for your question, appreciate it.
謝謝你的提問,不勝感激。
And no, you got the numbers right.
不,你的數字是對的。
So let me talk a little bit about signings overall.
所以讓我談談整體的簽約。
And more importantly, as I've always said before, signings vary.
更重要的是,正如我之前一直所說的那樣,引援會有所不同。
They're not all equal how they impact backlog, how they impact realization.
它們在影響積壓工作和實現方面的方式並不完全相同。
But if you look at our signings overall, we delivered $14.4 billion.
但如果你看一下我們的整體簽約,我們交付了 144 億美元。
I would tell you internally, that was actually above our expectations.
我會在內部告訴你,這實際上超出了我們的預期。
Why?
為什麼?
To your point, we were coming off of a very difficult compare last year.
就您而言,我們去年的比較非常困難。
Signings are down 9% overall.
簽約人數總體下降了 9%。
And when you look underneath it, to my point about all signings are not equal, and you break out large deals from smaller deals, and let me just use $100 million as I've been for the last few quarters here, our large deal signings greater than $100 million were down 34%.
當你往下看時,在我看來,所有的簽約都是不平等的,你將大筆交易與小筆交易分開,讓我像過去幾個季度一樣使用 1 億美元,我們的大筆交易簽約超過 1 億美元的銷售額下降了 34%。
That was coming off of last year where we had 19 deals above $100 million predominantly in our GTS base of business, of which many of those were natural extensions and not new logos.
這與去年相比,我們有 19 筆超過 1 億美元的交易,主要是在我們的 GTS 業務基礎上,其中許多是自然擴展,而不是新徽標。
That's the point about signings not being equal.
這就是簽約不平等的意義所在。
But our smaller deals, less than $100 million, by the way, which is still big, were up double digits both for the quarter and for the half and across both businesses, GTS and GBS.
但是,順便說一下,我們的小額交易(不到 1 億美元)仍然很大,在本季度和半年以及 GTS 和 GBS 這兩項業務中都實現了兩位數的增長。
Back to David Grossman's question, I think you're seeing the natural evolution of the early innings of this journey to cloud as we move forward.
回到 David Grossman 的問題,我認為隨著我們的前進,您會看到雲之旅早期階段的自然演變。
Now the interesting thing is underneath, we posted over $112 billion worth of backlog, and that backlog was actually up $5 billion quarter-to-quarter.
現在有趣的事情在下面,我們發布了價值超過 1120 億美元的積壓訂單,而該積壓訂單實際上每季度增加了 50 億美元。
That's one of our largest sequential 3Q-to-4Q backlog increase, by the way, with and without currency, that we've had in quite some time.
順便說一句,無論有沒有貨幣,這是我們在相當長一段時間內經歷的最大的 3Q 到 4Q 連續積壓增長之一。
So I would tell you in that answer, tough compare, large deal focus, but the health of the underlying portfolio growing substantially double digits, both GTS, GBS in less than $100 million.
所以我會在這個答案中告訴你,艱難的比較,大筆交易的重點,但基礎投資組合的健康狀況大幅增長兩位數,GTS、GBS 均不到 1 億美元。
Operator
Operator
Our last question comes from Jeffrey Kvaal with Nomura Instinet.
我們的最後一個問題來自野村 Instinet 的 Jeffrey Kvaal。
Jeffrey Thomas Kvaal - MD of Communications
Jeffrey Thomas Kvaal - MD of Communications
I would like to clarify a prior point and then throw out a broader one.
我想澄清一個先前的觀點,然後拋出一個更廣泛的觀點。
And the clarification is, if you could go once again through the delta on EPS given the tax rate, it does seem as though many of us had expected 3-or-so points higher on the tax, and that works out to be $0.40.
需要澄清的是,如果考慮到稅率,你可以再次通過每股收益的增量,看起來我們中的許多人似乎預計稅收會高出 3 個左右點,結果是 0.40 美元。
So that's a big increase in OpEx.
所以這是 OpEx 的大幅增長。
I just want to make sure I've tied that correctly.
我只是想確保我已正確綁定。
And then bigger picture, to what extent do you think any of the -- or how much of the changes in the macroeconomic picture affected your outlook for 2020?
然後是更大的圖景,您認為宏觀經濟形勢的變化在多大程度上影響了您對 2020 年的展望?
And that could include trade or what have you.
這可能包括貿易或你有什麼。
James J. Kavanaugh - Senior VP & CFO
James J. Kavanaugh - Senior VP & CFO
Thank you, Jeffrey, appreciate the question.
謝謝你,杰弗裡,感謝這個問題。
On the 2020 guidance, we'll reiterate it just to make sure there's absolute clarity here for everyone.
在 2020 年指南中,我們將重申這一點,以確保每個人都絕對清楚。
When you look at our tax rate, our tax rate in 2019, 8.5%.
當您查看我們的稅率時,我們在 2019 年的稅率為 8.5%。
Our tax rate in 2020, we said 7% to 9%, pretty much right in the middle.
我們在 2020 年的稅率,我們說 7% 到 9%,幾乎在中間。
So tax year-to-year is not a benefit.
因此,逐年徵稅並不是一種好處。
We're growing operating EPS year-over-year.
我們的經營每股收益逐年增長。
When you look at that tax rate, and I'm not going to talk to what each of you have in your own model, but underneath that, we, as we said, are going to take structural actions to reposition our GTS business for the hybrid cloud world.
當您查看該稅率時,我不會談論你們每個人在自己的模型中擁有什麼,但在此之下,正如我們所說,我們將採取結構性行動來重新定位我們的 GTS 業務混合雲世界。
Those structural actions are going to flow through to profit.
這些結構性行動將流向利潤。
And when I said those structural actions upfront, I said, if you look at the last few years, we are going to be at the high end of that range of that total charge.
當我預先說這些結構性行動時,我說,如果你看看過去幾年,我們將處於總收費範圍的高端。
There is no coverage for that charge.
該費用不予承保。
We are going to absorb the return in our fiscal 2020 and still grow operating earnings per share to at least $13.35, coming off of what we just finished at $12.81.
我們將在 2020 財年吸收回報,並將每股營業收益從我們剛剛完成的 12.81 美元增長到至少 13.35 美元。
So that's the first question.
所以這是第一個問題。
Was there a part two?
有第二部嗎?
Macro environment.
宏觀環境。
I would tell you, Jeffrey, if you ask me from 90 days ago to today, we've obviously had some clarity around some of the uncertainty that was out there with regards to at least Phase 1 on trade, around Brexit and a few other areas.
我會告訴你,杰弗裡,如果你從 90 天前到今天問我,我們顯然已經對至少在貿易第一階段、英國退歐和其他一些方面存在的一些不確定性有了一些清晰的認識領域。
I have always said, when you have high-value, innovative technology that you can bring to market that creates differentiated competitive advantage for your clients, spending will occur.
我一直說,當你有高價值、創新的技術可以推向市場,為你的客戶創造差異化的競爭優勢時,支出就會發生。
If anything -- and by the way, I don't think this is a change we've seen throughout '19.
如果有的話——順便說一句,我不認為這是我們在整個 19 年看到的變化。
CFOs that I talk to, everyone's focused on more so productivity, ROI and predictability of spend.
與我交談過的首席財務官,每個人都更關註生產力、投資回報率和支出的可預測性。
Everyone's trying to lock in what their spend rates are as they move forward.
每個人都試圖在他們前進的過程中鎖定他們的消費率。
But when you have strong technology like the mainframe that brings differentiated value, people are buying that to actually deliver differentiation for them in a marketplace to win.
但是,當您擁有像大型機這樣能夠帶來差異化價值的強大技術時,人們購買它是為了在市場上真正為他們提供差異化以贏得勝利。
So as always, let me make a few comments to wrap up the call.
和往常一樣,讓我發表一些評論來結束這次電話會議。
2019 was an important year for IBM.
2019 年對 IBM 來說是重要的一年。
We had a good end to the year, and we're pleased with the strength and the positioning exiting the year.
我們在今年有一個很好的結束,我們對今年的實力和定位感到滿意。
The acceleration in Red Hat, strong adoption of our Cloud Paks, growth in our cloud-based services, all validate the actions we've taken to position us for growth in 2020.
Red Hat 的加速發展、我們 Cloud Paks 的大力採用、我們基於雲的服務的增長,都驗證了我們為在 2020 年實現增長而採取的行動。
So I want to thank all of you for joining us today, and we look forward to continuing the dialogue.
所以我要感謝大家今天加入我們,我們期待繼續對話。
Patricia Murphy - VP of IR
Patricia Murphy - VP of IR
Sheila, let me turn it back to you to close out the call.
希拉,讓我把它轉回給你以結束通話。
Operator
Operator
Thank you, and thank you for participating on today's call.
謝謝你,也感謝你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。