International Business Machines Corp (IBM) 2021 Q2 法說會逐字稿

Welcome, and thank you for standing by. (Operator Instructions) Today's conference is being recorded. (Operator Instructions)

歡迎，感謝您的支持。 （操作員說明）正在錄製今天的會議。 （操作員說明）

Now I will turn the meeting over to Ms. Patricia Murphy with IBM. Ma'am, you may begin.

現在我將會議轉交給 IBM 的 Patricia Murphy 女士。女士，您可以開始了。

Thank you. This is Patricia Murphy, and I'd like to welcome you to IBM's Second Quarter 2021 Earnings Presentation. I'm here with Arvind Krishna, IBM's Chairman and Chief Executive Officer; and Jim Kavanaugh, IBM's Senior Vice President and Chief Financial Officer. 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.

謝謝。我是 Patricia Murphy，歡迎您參加 IBM 2021 年第二季度的收益演示。我和 IBM 董事長兼首席執行官 Arvind Krishna 一起來到這裡； IBM 高級副總裁兼首席財務官 Jim Kavanaugh。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. These statements involve factors that could cause our actual results to differ materially. Additional information about these factors is included in the company's SEC filings.

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前瞻性。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。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. For example, we present revenue and signings growth at constant currency. 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. 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.

我們的演示文稿還包括非 GAAP 措施，以向投資者提供額外信息。例如，我們以固定匯率顯示收入和簽約增長。此外，為了提供與我們未來業務一致的觀點，我們將專注於針對受影響的總收入、雲計算和我們的地理績效線對剝離業務進行持續的貨幣增長調整。我們在演示文稿末尾和提交給 SEC 的 8-K 中提供了這些和其他非 GAAP 措施的調節表。

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

因此，我將把電話轉給 Arvind。

Hello, everyone. Thank you for joining us today. It's my pleasure to be speaking with all of you again. We continue to make progress this quarter. Our revenue growth improved to 3% as reported, led by Global Business Services and our Software business, and we grew adjusted free cash flow for the first half.

大家好。感謝您今天加入我們。很高興再次與大家交談。本季度我們繼續取得進展。據報導，在全球商業服務和我們的軟件業務的帶動下，我們的收入增長提高到 3%，我們上半年調整後的自由現金流有所增長。

Across every industry, enterprises are using technology to redesign business processes, whether it's automation in manufacturing, telemedicine in health care or omnichannel in retail. These digital transformations are enabled by a hybrid cloud environment. The technology and services we provide to our clients enable their business growth and productivity increases and improved customer experiences. This is why our strategy is focused on hybrid cloud and AI.

在每個行業，企業都在使用技術來重新設計業務流程，無論是製造業的自動化、醫療保健領域的遠程醫療還是零售業的全渠道。這些數字化轉型是由混合雲環境實現的。我們為客戶提供的技術和服務使他們的業務增長和生產力提高，並改善了客戶體驗。這就是為什麼我們的戰略專注於混合雲和人工智能。

At the same time, the overall spend environment continues to improve. With the economy reopening in many parts of the world, many markets and industries are getting back on track. We see this in North America and in select industries.

與此同時，整體消費環境持續改善。隨著世界許多地區的經濟重新開放，許多市場和行業正在重回正軌。我們在北美和特定行業看到了這一點。

Jim will delve deeper into our performance across the different parts of our business. But I want to be clear upfront that with our results over the last 2 quarters, we remain on track to achieve our financial expectations for the year, revenue growth at actual rates and $11 billion to $12 billion of adjusted free cash flow.

Jim 將更深入地研究我們在不同業務領域的表現。但我想預先明確一點，根據過去兩個季度的業績，我們仍有望實現今年的財務預期、實際收入增長以及 110 億至 120 億美元的調整後自由現金流。

We continue to take decisive steps and make the investments required to execute on our strategy. This includes making acquisitions that strengthen our portfolio, offering new innovations and digital capabilities to our clients, expanding our partner ecosystem, accelerating changes to our go-to-market model while also instilling more of a growth mindset among our teams and building a more client-centric culture. We are executing the separation of Kyndryl, which is still on track to be completed by the end of the year.

我們將繼續採取果斷步驟並進行必要的投資以執行我們的戰略。這包括進行收購以加強我們的產品組合，為我們的客戶提供新的創新和數字功能，擴展我們的合作夥伴生態系統，加速改變我們的上市模式，同時在我們的團隊中灌輸更多的成長心態並建立更多的客戶- 中心文化。我們正在執行 Kyndryl 的分離，該分離仍有望在年底前完成。

The recent announcements within our senior team also support and reinforce our strategic priorities. While there have been a number of changes, I'll comment on Jim Whitehurst will step down as President but remains as a senior adviser to me and the rest of the leadership team. Jim worked on many parts of our strategy, including the integration of Red Hat. Nearly 3 years since we announced the acquisition, there is no doubt this integration has been successful. Jim remained a strong believer in IBM and our strategy. Given his background, I understand his desire to become an investor.

我們高級團隊最近的公告也支持並加強了我們的戰略重點。雖然發生了一些變化，但我要評論吉姆·懷特赫斯特將卸任總裁一職，但仍將擔任我和領導團隊其他成員的高級顧問。 Jim 參與了我們戰略的許多部分，包括 Red Hat 的整合。自我們宣布收購以來將近 3 年，這次整合無疑是成功的。 Jim 仍然堅信 IBM 和我們的戰略。鑑於他的背景，我理解他想成為一名投資者的願望。

Going back to the execution of our strategy, we are pleased with the early signs of progress on the significant changes we are making. But as you would expect, it will take time before we realize the full benefit of these changes. Our strategy around hybrid cloud and AI is resonating among our clients and bears repeating.

回到我們戰略的執行，我們很高興看到我們正在進行的重大變革取得進展的早期跡象。但正如您所預料的那樣，我們需要時間才能充分意識到這些變化帶來的好處。我們圍繞混合雲和人工智能的戰略在我們的客戶中引起共鳴，值得重複。

Hybrid cloud is more than a strategy. It's the reality for our clients today. They have multiple public clouds, private clouds, on-premise workloads and are dealing with stringent regulatory and security requirements. Our hybrid cloud platform gives clients the ability to flexibly deploy and manage data and applications across any environment. With hybrid cloud, clients can derive 2.5x more value in comparison to other approaches.

混合云不僅僅是一種戰略。這就是我們今天客戶的現實。他們擁有多個公共雲、私有云、本地工作負載，並且正在應對嚴格的監管和安全要求。我們的混合雲平台使客戶能夠跨任何環境靈活部署和管理數據和應用程序。與其他方法相比，使用混合雲，客戶可以獲得 2.5 倍以上的價值。

Our strategy is platform-centric. Linux Containers and Kubernetes are at the heart of our hybrid cloud platform, allowing clients to write once, run anywhere. Our software portfolio, including Cloud Paks built on Red Hat OpenShift, runs cloud native. Our GBS experts work with clients across every industry to accelerate their digital transformation journeys through hybrid cloud and AI. Our systems and industry-specific public clouds provide differentiated infrastructure. This platform approach drives compelling economics to IBM and our ecosystem partners.

我們的戰略是以平台為中心。 Linux 容器和 Kubernetes 是我們混合雲平台的核心，允許客戶編寫一次，隨處運行。我們的軟件組合，包括基於 Red Hat OpenShift 構建的 Cloud Paks，運行雲原生。我們的 GBS 專家與各行各業的客戶合作，通過混合雲和人工智能加速他們的數字化轉型之旅。我們的系統和行業特定的公共雲提供差異化的基礎設施。這種平台方法為 IBM 和我們的生態系統合作夥伴帶來了引人注目的經濟效益。

This quarter, we continued to make progress in the execution of our strategy. More and more clients have chosen our technology and services as a lever for business growth. We now have over 3,200 clients using our hybrid cloud platform. That's almost 4x the number of clients just prior to our announcement of the Red Hat acquisition. GBS is helping to drive this platform adoption as we modernize and manage our clients' applications in a hybrid cloud environment. This work is accelerating, and we have now grown to 700 GBS, Red Hat-based client engagements since the acquisition.

本季度，我們在戰略執行方面繼續取得進展。越來越多的客戶選擇我們的技術和服務作為業務增長的槓桿。我們現在有超過 3,200 家客戶在使用我們的混合雲平台。這幾乎是我們宣布收購 Red Hat 之前客戶數量的 4 倍。隨著我們在混合雲環境中對客戶的應用程序進行現代化和管理，GBS 正在幫助推動該平台的採用。這項工作正在加速，自收購以來，我們已經發展到 700 GBS，基於 Red Hat 的客戶參與。

Our hybrid cloud platform is proving to be of immense value across industries. One example is telecommunication companies, which are amongst the largest technology spenders each year. We recently announced that major telco clients, including Verizon and Telefonica, have chosen IBM's hybrid cloud platform to transform their core networks and bring to life the era of 5G and edge computing.

事實證明，我們的混合雲平台具有跨行業的巨大價值。一個例子是電信公司，它們每年都是技術支出最大的公司之一。我們最近宣布，包括 Verizon 和 Telefonica 在內的主要電信客戶已選擇 IBM 的混合雲平台來改造其核心網絡，並使 5G 和邊緣計算時代栩栩如生。

Moving on to AI. We fundamentally believe that core to the competitiveness of every company going forward will be their ability to use AI to unlock real-time value from their data wherever the data resides. Our efforts are focused on bringing our AI technologies to horizontal processes. GBS helps our clients build intelligent workflows and transform their core business process, whether that be a supply chain, talent management or customer service. This allows them to boost productivity and improve the customer experience.

轉向人工智能。我們從根本上認為，每家公司未來競爭力的核心將是他們使用人工智能從數據中釋放實時價值的能力，無論數據位於何處。我們的工作重點是將我們的 AI 技術引入橫向流程。 GBS 幫助我們的客戶構建智能工作流程並轉變他們的核心業務流程，無論是供應鏈、人才管理還是客戶服務。這使他們能夠提高生產力並改善客戶體驗。

An example of this is the work we are doing with CVS Health. As COVID vaccines began rolling out in the United States, IBM built in just a few weeks an AI-powered assistant to help CVS Health deal with the massive influx of calls. Watson Health handled more than 10 million calls in 3 months, improving the customer experience and reducing costs. Keep in mind, this is for one vaccine and one use case. As use cases expand, the benefits will grow. This is a compelling value proposition, and we've recently deployed Watson Assistant to other clients, ranging from York University to DFW Airport to PayPal.

這方面的一個例子是我們在 CVS Health 所做的工作。隨著 COVID 疫苗開始在美國推出，IBM 在短短幾週內就構建了一個人工智能助手來幫助 CVS Health 處理大量湧入的電話。 Watson Health 在 3 個月內處理了超過 1000 萬個呼叫，改善了客戶體驗並降低了成本。請記住，這是針對一種疫苗和一種用例。隨著用例的擴展，收益將會增加。這是一個引人注目的價值主張，我們最近已將 Watson Assistant 部署到其他客戶，從約克大學到 DFW 機場再到 PayPal。

These examples and others reflect our ability to build powerful AI capabilities for business, for which we are also externally recognized. IBM was again ranked #1 in IDC's artificial intelligence market for 2020 market share. And IBM has been named a Leader in Gartner's 2021 Magic Quadrant for Data Science and Machine Learning Platforms.

這些示例和其他示例反映了我們為業務構建強大 AI 功能的能力，我們也因此獲得了外部認可。 IBM 再次在 IDC 人工智能市場的 2020 年市場份額中排名第一。 IBM 在 Gartner 的 2021 年數據科學和機器學習平台魔力像限中被評為領導者。

Since we announced our new go-to-market model in January, we have made significant changes to our sales model and are providing clients with a more technical and experiential approach. Every client I have spoken to sees the value of this approach. They are pleased to co-innovate with IBM, leverage our Garage methodology and derive value more quickly from our solutions. Of course, we expect the return on these investments such as improved renewal rates and client expansion to take time, but time measured in months, not years.

自從我們在 1 月份宣布新的上市模式以來，我們對銷售模式進行了重大改變，並為客戶提供更具技術性和體驗性的方法。與我交談過的每個客戶都看到了這種方法的價值。他們很高興與 IBM 共同創新，利用我們的 Garage 方法論並更快地從我們的解決方案中獲取價值。當然，我們預計這些投資的回報（例如提高續訂率和客戶擴展）需要時間，但時間以月而不是年來衡量。

We've also been building and expanding a powerful ecosystem of partners who are playing a larger role in helping our clients move along their transformation journey. We're expanding the scope of our partnership with EY. To help financial institutions accelerate digital transformation, IBM and EY recently created the Financial Services Center of Excellence and launched the IBM TechHub@EY to strengthen EY's capabilities in hybrid cloud. We also built EY Diligence Edge, an AI platform hosted on the IBM Cloud using Watson to drastically decrease the time it takes to do due diligence during mergers and acquisitions.

我們還一直在建立和擴展強大的合作夥伴生態系統，這些合作夥伴在幫助我們的客戶進行轉型之旅方面發揮著更大的作用。我們正在擴大與安永的合作範圍。為了幫助金融機構加速數字化轉型，IBM 和 EY 最近創建了金融服務卓越中心，並啟動了 IBM TechHub@EY 以加強 EY 在混合雲方面的能力。我們還構建了 EY Diligence Edge，這是一個託管在 IBM Cloud 上的 AI 平台，使用 Watson 大大減少了在併購期間進行盡職調查所需的時間。

Another partnership that has grown stronger is with Schlumberger. Building on the partnership we announced last year, we've recently launched a new data management platform that clients can leverage to unlock value from the massive amount of data produced by the energy industry.

另一個變得更強大的伙伴關係是與 Schlumberger 的合作。基於我們去年宣布的合作夥伴關係，我們最近推出了一個新的數據管理平台，客戶可以利用該平台從能源行業產生的海量數據中釋放價值。

We are seeing growing momentum in our IBM Cloud for financial services. Banks have stringent needs driven by compliance, security and resiliency. Launched last year, the IBM Cloud for financial services includes key control and security features built right into its very core. It makes it easier for banks to collaborate with ecosystem partners and vendors. In the second quarter, we reached a milestone of more than 100 ecosystem partners in support of clients like Bank of America and BNP Paribas.

我們看到 IBM 金融服務雲的發展勢頭越來越大。銀行對合規性、安全性和彈性有嚴格的需求。去年推出的 IBM 金融服務雲包括內置於其核心的關鍵控制和安全功能。它使銀行更容易與生態系統合作夥伴和供應商協作。在第二季度，我們達到了 100 多個生態系統合作夥伴的里程碑，以支持美國銀行和法國巴黎銀行等客戶。

While we invest to expand our ecosystem, we are also investing to enhance our portfolio. In the second quarter, we announced a series of products to further differentiate our hybrid cloud and AI capabilities. This includes AutoSQL that automates the management of data without having to move it, CodeNet that teaches AI systems on how to translate code, Watson Orchestrate that augments the personal productivity of professionals, Cloud Engine to simplify how developers build cloud-native apps and Mono2Micro to help companies decide which apps should move to the cloud and to transform monolithic apps into microservices. Red Hat launched new managed services on OpenShift, including API management, Apache, Kafka and data science services that make it easier than ever to build next-generation applications on OpenShift.

在我們投資擴大我們的生態系統的同時，我們也在投資以增強我們的產品組合。第二季度，我們發布了一系列產品，以進一步區分我們的混合雲和人工智能能力。這包括無需移動數據即可自動管理數據的 AutoSQL、教授 AI 系統如何翻譯代碼的 CodeNet、提高專業人士個人生產力的 Watson Orchestrate、簡化開發人員構建雲原生應用程序的 Cloud Engine 以及 Mono2Micro幫助公司決定哪些應用程序應該遷移到雲端，並將單體應用程序轉變為微服務。紅帽在 OpenShift 上推出了新的託管服務，包括 API 管理、Apache、Kafka 和數據科學服務，使在 OpenShift 上構建下一代應用程序變得前所未有的容易。

Meanwhile, we continue to complement our organic investments with acquisitions. Turbonomic is an ARM provider that helps optimize the performance of any application or resources. It builds on the recent acquisition of Instana for APM and observability and the launch of IBM Cloud Pak for Watson AIOps to automate IT operations with AI. We are reinforcing our ecosystem play in GBS with the acquisition of Waeg, a leading Salesforce consulting partner in Europe. These are near-term opportunities.

與此同時，我們繼續通過收購來補充我們的有機投資。 Turbonomic 是一個 ARM 提供程序，可幫助優化任何應用程序或資源的性能。它建立在最近為 APM 和可觀察性收購 Instana 以及推出 IBM Cloud Pak for Watson AIOps 以使用 AI 自動化 IT 操作的基礎上。通過收購歐洲領先的 Salesforce 諮詢合作夥伴 Waeg，我們正在加強我們在 GBS 中的生態系統作用。這些都是近期的機會。

At the same time, we are focused on emerging and longer-term opportunities such as quantum computing. Quantum is an area of incredible promise slated to unlock hundreds of billions of dollars of value for our clients by the end of the decade. To help business and society reap the benefits of quantum computing, we have put a road map in place to build 1,000-plus qubit computer by 2023. We are forging a series of major partnerships to advance the business and science of quantum computing and post quantum encryption. This quarter, we have announced we'll join forces with the University of Tokyo in Japan, the STFC Hartree Centre in the United Kingdom and the Fraunhofer Institute in Germany. This builds on the partnership we announced last quarter with the Cleveland Clinic.

與此同時，我們專注於新興的和長期的機會，例如量子計算。量子是一個令人難以置信的領域，預計到本十年末將為我們的客戶釋放數千億美元的價值。為了幫助企業和社會從量子計算中獲益，我們制定了到 2023 年建造 1,000 多台量子比特計算機的路線圖。我們正在建立一系列重要的合作夥伴關係，以推動量子計算和後量子的商業和科學發展加密。本季度，我們宣布將與日本東京大學、英國 STFC 哈特里中心和德國弗勞恩霍夫研究所合作。這建立在我們上個季度宣布與克利夫蘭診所的合作夥伴關係的基礎上。

Before I close, I'd like to quickly comment on some of our initiatives around societal issues. This month, we released our 2020 CSR Report. In it, you will see our efforts to apply the power of our technologies to advance societal progress such as applying supercomputing resources in support of COVID-19 research. We have made the important commitment to reach 0 greenhouse gas emissions by 2030 without the use of carbon offsets. We are taking a series of actions to increase our diversity representation, and we are being transparent in our diversity and inclusion scores, as you can see in our report.

在結束之前，我想快速評論一下我們圍繞社會問題採取的一些舉措。本月，我們發布了 2020 年企業社會責任報告。在其中，您將看到我們努力運用我們的技術力量來推動社會進步，例如應用超級計算資源來支持 COVID-19 研究。我們做出了重要承諾，即到 2030 年在不使用碳抵消的情況下實現溫室氣體零排放。我們正在採取一系列行動來增加我們的多樣性代表性，並且我們在多樣性和包容性得分方面保持透明，正如您在我們的報告中看到的那樣。

To close, let me reiterate my confidence in our strategy. Our second quarter results demonstrate the progress we are making towards achieving our 2 financial objectives: sustainable mid-single-digit revenue growth post separation and strong cash generation.

最後，讓我重申我對我們戰略的信心。我們的第二季度業績表明我們在實現我們的 2 個財務目標方面取得了進展：分離後可持續的中個位數收入增長和強勁的現金產生。

Jim, over to you.

吉姆，交給你了。

Thanks, Arvind. As always, I'll start with the financial highlights and then comment on our revenue performance, business model dynamics and cash and liquidity position before getting into the segments.

謝謝，阿文德。與往常一樣，我將從財務亮點開始，然後在進入細分市場之前評論我們的收入表現、商業模式動態以及現金和流動性狀況。

In the second quarter, we grew revenue over 3% as reported to $18.7 billion. We expanded our operating gross profit margin and grew gross profit dollars 4%. We reported operating earnings per share of $2.33. Our adjusted free cash flow was $3.8 billion through the first half, and we generated $11 billion over the last year. And our balance sheet and liquidity position remains strong.

在第二季度，我們的收入增長了 3% 以上，達到 187 億美元。我們擴大了營業毛利率，毛利潤增長了 4%。我們報告的每股營業收益為 2.33 美元。上半年我們調整後的自由現金流為 38 億美元，去年我們產生了 110 億美元。我們的資產負債表和流動性狀況依然強勁。

We continue to make progress in our revenue performance, led by 7% growth in Global Business Services and 2% growth in Software, both at constant currency. As Arvind mentioned, the spending environment is improving. We see this in markets where reopening is progressing like the United States and Canada and in several countries in Western Europe. From an industry standpoint, we saw a meaningful improvement in some of the areas that have been more impacted by the pandemic like travel and transportation, automotive and industrial products.

我們的收入業績繼續取得進展，全球商業服務增長 7%，軟件增長 2%，均按固定匯率計算。正如 Arvind 提到的，消費環境正在改善。我們在美國和加拿大等正在重新開放的市場以及西歐的幾個國家看到了這一點。從行業的角度來看，我們看到一些受疫情影響較大的領域出現了有意義的改善，例如旅遊和交通、汽車和工業產品。

Globally, we're helping enterprise digitally transform, leveraging our platform approach. IBM's cloud revenue over the last year across software, services and infrastructure is now $27 billion, which is up at a double-digit rate. This continues to be led by Global Business Services and Cloud & Cognitive Software, whose cloud revenue this quarter was up 30% and 25%, respectively.

在全球範圍內，我們正在利用我們的平台方法幫助企業進行數字化轉型。 IBM 去年在軟件、服務和基礎設施方面的雲收入現在達到 270 億美元，以兩位數的速度增長。這繼續由 Global Business Services 和 Cloud & Cognitive Software 領頭，它們本季度的雲收入分別增長了 30% 和 25%。

As our revenue performance improves, the fundamentals of our business model remains solid. We expanded operating margins with gross margin up 30 basis points and pretax margin up 70 basis points.

隨著我們收入表現的改善，我們商業模式的基礎仍然穩固。我們擴大了營業利潤率，毛利率上升了 30 個基點，稅前利潤率上升了 70 個基點。

We've taken actions to streamline and simplify our operating model. As I've said in the past, roughly 1/3 of the structural actions are to improve Global Technology Services profit profile ahead of the separation of Kyndryl. We're realizing these savings, and our GTS gross and pretax margins are up this quarter. The other roughly 2/3 of the targeted actions address stranded costs from the separation and create financial flexibility, which we are investing for future growth.

我們已採取措施精簡和簡化我們的運營模式。正如我過去所說，大約 1/3 的結構性行動是為了在分離 Kyndryl 之前改善全球技術服務的利潤狀況。我們正在實現這些節省，本季度我們的 GTS 毛利率和稅前利潤率都有所上升。其他大約 2/3 的目標行動解決了分離帶來的擱淺成本並創造了財務靈活性，我們正在為未來的增長而投資。

We're ramping investments in skills, innovation and in our ecosystem. Over the last couple of quarters, we've been aggressively hiring, adding delivery resources in GBS, technical skills in Red Hat and go-to-market capabilities across the board. We're scaling our garage footprint and skills to provide a more experiential approach to selling and consulting services. We're increasing research spend in areas like quantum, hybrid cloud and AI. We're accelerating our ecosystem investment. We also completed several acquisitions in the first half of the year to add hybrid cloud and AI software capabilities and skills in strategic GBS ecosystem partners.

我們正在加大對技能、創新和生態系統的投資。在過去的幾個季度裡，我們一直在積極招聘，增加 GBS 的交付資源、Red Hat 的技術技能以及全面的上市能力。我們正在擴大我們的車庫足跡和技能，以提供更具體驗性的銷售和諮詢服務方法。我們正在增加量子、混合雲和人工智能等領域的研究支出。我們正在加速我們的生態系統投資。我們還在今年上半年完成了幾項收購，以增加戰略性 GBS 生態系統合作夥伴的混合雲和人工智能軟件能力和技能。

Now turning to our free cash flow and balance sheet and liquidity position. We generated $3.8 billion of adjusted free cash flow in the first half. This adjusted view excludes $1.2 billion cash impact for the structural actions initiated late last year and transaction charges associated with the separation of Kyndryl. These first half charges are consistent with our expectations from the beginning of the year. This $3.8 billion of adjusted free cash flow was up slightly year-to-year with growth in our underlying business performance offset by about $700 million of the $1 billion full year cash tax headwind we discussed last quarter.

現在轉向我們的自由現金流和資產負債表以及流動性狀況。上半年，我們產生了 38 億美元的調整後自由現金流。這一調整後的觀點不包括去年底啟動的結構性行動帶來的 12 億美元現金影響以及與 Kyndryl 分離相關的交易費用。這些上半年費用與我們年初的預期一致。這 38 億美元的調整後自由現金流量同比略有增加，我們的基本業務業績增長被我們上個季度討論的 10 億美元全年現金稅逆風中的約 7 億美元所抵消。

With solid cash generation and disciplined financial management, we continue to delever while investing in the business and paying a secure and modestly growing dividend. Our cash balance at the end of June was $8.2 billion. This is down about $6 billion from year-end, while debt was down about $6.5 billion. We've now reduced our debt by about $18 billion from the peak in mid-2019.

憑藉穩健的現金生成和紀律嚴明的財務管理，我們在投資業務和支付穩定且適度增長的股息的同時繼續去槓桿化。截至 6 月底，我們的現金餘額為 82 億美元。這比年底減少了約 60 億美元，而債務減少了約 65 億美元。我們現在已經從 2019 年年中的峰值減少了約 180 億美元的債務。

In the first half, we also used cash to acquire businesses and return capital to shareholders, roughly $3 billion each. In the second quarter, we also increased our dividend per share for the 26th consecutive year.

上半年，我們還用現金收購企業並向股東返還資本，每筆約 30 億美元。在第二季度，我們還連續第 26 年提高了每股股息。

So now I'll turn to the segment results, starting with Cloud & Cognitive Software, where revenue growth improved to 2% this quarter. This performance was led by growth across both cloud and data platforms and cognitive applications, which are our software growth vectors. These were offset by declines in transaction processing platforms, our value vector.

所以現在我將轉向細分結果，從雲和認知軟件開始，本季度收入增長提高到 2%。這一業績是由雲和數據平台以及認知應用程序的增長帶動的，它們是我們的軟件增長載體。這些被交易處理平台的下降所抵消，這是我們的價值載體。

Stepping back, growth factors reflect key areas of importance and investment for our hybrid cloud and AI strategy, including Red Hat, automation, data and analytics and security. Our success is reflected in our software cloud revenue, which was up 25% this quarter. Transaction processing platforms as our value vector drives profit and cash while supporting mission-critical solutions for our enterprise clients. In cloud and cognitive software overall, we again had strong subscription and support renewal rates, and our software deferred income was up over $1 billion year-to-year.

退一步說，增長因素反映了我們的混合雲和人工智能戰略的重要性和投資的關鍵領域，包括紅帽、自動化、數據和分析以及安全。我們的成功體現在我們的軟件雲收入上，該收入本季度增長了 25%。交易處理平台作為我們的價值載體推動利潤和現金，同時為我們的企業客戶提供關鍵任務解決方案。總體而言，在雲和認知軟件方面，我們再次獲得了強勁的訂閱和支持續訂率，我們的軟件遞延收入同比增長超過 10 億美元。

Moving into the business areas. Cloud and data platforms grew 8%, led by strength in our hybrid cloud platform and Cloud Paks. Red Hat had good performance with normalized revenue growth of 17%. With consistently strong performance in Red Hat and the value of bringing IBM and Red Hat together, we've now achieved our objective of operating earnings per share accretion in 2 years, so an important acquisition milestone.

進入商業領域。在我們的混合雲平台和 Cloud Paks 的帶動下，雲和數據平台增長了 8%。紅帽表現良好，收入正常增長 17%。憑藉 Red Hat 始終如一的強勁表現以及將 IBM 和 Red Hat 結合在一起的價值，我們現在已經實現了在 2 年內增加每股運營收益的目標，這是一個重要的收購里程碑。

In the quarter, both RHEL and OpenShift continued to deliver strong growth and take share in their respective markets. Cloud Paks, which are built on OpenShift, continued their momentum with our enterprise clients. This quarter, we had strength in Cloud Pak for Integration, which delivers rapid and cost-saving solutions for integration development. Cloud Pak for Business Automation also had strong growth as clients leverage AI-powered automation to solve operational challenges. The acquisition of Turbonomic further extends our automation offerings.

在本季度，RHEL 和 OpenShift 繼續實現強勁增長並在各自的市場中佔據份額。基於 OpenShift 構建的 Cloud Paks 在我們的企業客戶中繼續保持強勁勢頭。本季度，我們在 Cloud Pak for Integration 方面表現出色，它為集成開發提供快速且節省成本的解決方案。 Cloud Pak for Business Automation 也有強勁的增長，因為客戶利用人工智能驅動的自動化來解決運營挑戰。收購 Turbonomic 進一步擴展了我們的自動化產品。

In Cognitive Applications, revenue was up 8%. The growth was fueled by horizontal solutions, including security, software and services, Maximo asset management, weather and Sterling Supply Chain. With the acceleration of cybersecurity attacks, clients are increasingly looking for modernized security platforms to detect and respond to ransomware and other attacks. This quarter, we had strength in our integrated software and services offerings, including Cloud Pak for Security, data security and X-Force security services. IBM security offerings are employed in over 2/3 of the world's 500 largest companies.

在認知應用方面，收入增長了 8%。橫向解決方案推動了增長，包括安全、軟件和服務、Maximo 資產管理、天氣和 Sterling 供應鏈。隨著網絡安全攻擊的加速，客戶越來越多地尋求現代化的安全平台來檢測和響應勒索軟件和其他攻擊。本季度，我們在集成軟件和服務產品方面表現強勁，包括 Cloud Pak for Security、數據安全和 X-Force 安全服務。超過 2/3 的全球 500 強公司都採用了 IBM 安全產品。

In the area of supply chain, we are working with several new clients this quarter as demand for omnichannel solutions have accelerated requirements for Sterling Order Management in industries like retail. Our transaction processing platforms revenue declined. We provide flexibility to our clients in how they purchase this mission-critical software. Since early last year, we've seen a preference for OpEx over CapEx, putting pressure on perpetual licenses in favor of more consumption-like models. This continues, though clients remain committed to our products as we again had strong renewals in our transaction processing platform software.

在供應鏈領域，本季度我們正在與幾個新客戶合作，因為對全渠道解決方案的需求加速了零售等行業對 Sterling Order Management 的需求。我們的交易處理平台收入下降。我們為客戶提供購買此關鍵任務軟件的方式的靈活性。自去年初以來，我們看到了對運營支出而非資本支出的偏好，對永久許可施加壓力，轉而支持更多類似消費的模式。這種情況仍在繼續，儘管客戶仍然致力於我們的產品，因為我們再次對我們的交易處理平台軟件進行了強有力的更新。

Looking at Cloud & Cognitive Software profit. We grew profit dollars with operating leverage from revenue growth, while we continue to invest in new innovations and our ecosystem.

查看雲和認知軟件的利潤。我們通過收入增長的運營槓桿增加了利潤，同時我們繼續投資於新的創新和我們的生態系統。

Turning to GBS. Revenue of $4.3 billion returned to pre-pandemic levels, and revenue growth improved to 7%. Clients are accelerating the rate and pace of digital transformations using cloud and AI to gain operational insights, increase productivity and create new growth opportunities. We are capturing this market growth through our differentiated offerings in hybrid cloud, including Red Hat and intelligent workflows. We have seen signings and revenue momentum in both business transformation services, which leverage our combined consulting, BPO and core ERP capabilities as well as the application modernization and management services we provide around the hybrid cloud platforms of our clients. This is reflected in our performance this quarter.

轉向 GBS。 43 億美元的收入恢復到大流行前的水平，收入增長提高到 7%。客戶正在使用雲和人工智能加快數字化轉型的速度和步伐，以獲取運營洞察力、提高生產力並創造新的增長機會。我們通過我們在混合雲中的差異化產品（包括 Red Hat 和智能工作流）抓住了這一市場增長。我們已經看到業務轉型服務的簽約和收入勢頭，這些服務利用了我們的綜合諮詢、BPO 和核心 ERP 功能，以及我們圍繞客戶的混合雲平台提供的應用程序現代化和管理服務。這反映在我們本季度的業績中。

For example, our book-to-bill in this strong revenue quarter was greater than 1, driven by growth in digital transformations across key practice areas such as Salesforce, SAP, Workday as well as in application modernization and hybrid multicloud management. And we continue to see momentum in our small deals, which historically convert to revenue in a shorter time frame. Small deal signings grew at a high-teens rate.

例如，在 Salesforce、SAP、Workday 等關鍵實踐領域的數字化轉型以及應用程序現代化和混合多雲管理方面，我們在這個強勁收入季度的訂單出貨比大於 1。我們繼續看到小額交易的勢頭，這些小額交易歷來會在較短的時間內轉化為收入。小額交易簽約以十幾歲的速度增長。

Moving to revenue. We had continued momentum in GBS cloud revenue, which was up 30% in the quarter with growth across consulting, application management and GPS. Our Red Hat practice, which now contributes over 1/3 of our cloud revenue growth, again, had strong results. This quarter, we added over 170 Red Hat client engagements. The 700 engagements since the acquisition have generated over $2.5 billion of signings.

轉向收入。我們的 GBS 雲收入保持增長勢頭，隨著諮詢、應用程序管理和 GPS 的增長，本季度增長了 30%。我們的 Red Hat 實踐現在貢獻了超過 1/3 的雲收入增長，再次取得了強勁的成果。本季度，我們增加了 170 多個紅帽客戶參與。自收購以來的 700 次簽約產生了超過 25 億美元的簽約金額。

In Consulting, revenue was up 11%, driven by the investments we are making in building skills in third-party cloud providers like Microsoft and AWS and in expanding our practices with ecosystem partners such as SAP, Salesforce and Adobe. Clients are also finding value in our differentiated Garage methodology as we work with them to co-create solutions. This unique and scalable approach to innovation and execution is now embedded in the majority of our value propositions across ERP implementation, BPO and application modernization.

在諮詢方面，收入增長了 11%，這得益於我們在 Microsoft 和 AWS 等第三方雲提供商中培養技能的投資，以及擴大我們與 SAP、Salesforce 和 Adobe 等生態系統合作夥伴的實踐。當我們與客戶合作共同創建解決方案時，客戶也在我們差異化的 Garage 方法論中發現了價值。這種獨特且可擴展的創新和執行方法現已融入我們跨 ERP 實施、BPO 和應用程序現代化的大多數價值主張中。

We also had strong growth in our intelligent workflow offerings. These are end-to-end offerings, which leverage hybrid cloud and AI to transform client processes. They connect consulting and BPO in areas such as finance, supply chain, customer service and talent transformation and contributed to our Global Process Services revenue growth of 25%.

我們的智能工作流程產品也有強勁增長。這些是端到端的產品，利用混合雲和人工智能來轉變客戶流程。他們將財務、供應鏈、客戶服務和人才轉型等領域的諮詢和 BPO 聯繫起來，並為我們的全球流程服務收入增長 25% 做出了貢獻。

Lastly, within Application Management, revenue was up 1% as we continue to transition from managing applications on-premise to those that run in hybrid multicloud environments.

最後，在應用程序管理方面，隨著我們繼續從管理本地應用程序過渡到在混合多雲環境中運行的應用程序，收入增長了 1%。

Turning to GBS profit. Our gross profit margin declined 60 basis points this quarter. We are investing to expand on the skills and practices to continue to capture the market opportunity. We are making significant investments in both delivery and go-to-market resources, where we increased our capacity by 10%. We are adding skilled practitioners in high demand areas such as Salesforce, SAP, Adobe, Microsoft, AWS and Red Hat. And we are investing to integrate and scale our recently announced acquisitions.

轉向 GBS 利潤。本季度我們的毛利率下降了 60 個基點。我們正在投資擴大技能和實踐，以繼續抓住市場機會。我們在交付和上市資源方面進行了大量投資，我們將產能提高了 10%。我們正在 Salesforce、SAP、Adobe、Microsoft、AWS 和 Red Hat 等高需求領域增加熟練的從業者。我們正在投資整合和擴大我們最近宣布的收購。

Turning to systems. Revenue was down 10%, reflecting product cycle dynamics across IBM Z, power and storage. IBM Z revenue was down 13%. And I'll remind you, that compares to a very strong performance last year when we were up 68%.

轉向系統。收入下降了 10%，反映了 IBM Z、電源和存儲的產品週期動態。 IBM Z 收入下降了 13%。我會提醒你，這與去年我們上漲 68% 時非常強勁的表現相比。

Throughout the last 8 quarters, the z15 client value has been apparent. And the program continues to outpace the strong z14 program, another proof point of IBM Z as an enduring platform. This quarter, financial services continue to drive IBM Z, given capacity requirements to address robust market volatility. With security top of mind, purchases were also driven by clients looking for capabilities such as pervasive encryption and hyper protect to secure mission-critical applications and data, both on-premises and in the cloud. The value proposition is clear, z15 is secure, scalable and reliable.

在過去的 8 個季度中，z15 客戶端的價值顯而易見。該程序繼續超越強大的 z14 程序，這是 IBM Z 作為持久平台的另一個證明。本季度，金融服務繼續推動 IBM Z 發展，滿足應對劇烈市場波動的容量需求。考慮到安全性，購買也受到客戶的推動，這些客戶尋求普遍加密和超級保護等功能，以保護本地和雲端的關鍵任務應用程序和數據。價值主張很明確，z15 安全、可擴展且可靠。

Product cycle dynamics also played out across power and storage. Power revenue was down 5%, an 8-point improvement over last quarter's rate. Storage revenue also declined, driven by high-end storage tied to the IBM Z cycle.

產品週期動態也在電力和存儲領域發揮作用。電力收入下降了 5%，比上一季度下降了 8 個百分點。在與 IBM Z 週期相關的高端存儲的推動下，存儲收入也有所下降。

Looking at Systems profit. Pretax profit margin was down, reflecting a mix headwind given where we are in the z15 product cycle.

查看系統利潤。稅前利潤率下降，反映了我們在 z15 產品週期中所處的混合逆風。

Moving to Global Technology Services. We remain focused on improving the financial profile as we position Kyndryl to be a stand-alone company by the end of the year. You will recall last year, we initiated actions for an improved margin, profit and cash generation profile upon separation. We are seeing the results of these actions in the GTS profit performance this quarter with profit dollar growth and margin expansion. Gross margin expanded 110 basis points and pretax margin 190 basis points. GTS revenue declined 4%, a modest improvement from first quarter performance driven by improving trends in client-based business volumes and project activity.

轉向全球技術服務。我們仍然專注於改善財務狀況，因為我們將 Kyndryl 定位為到今年年底成為一家獨立的公司。你會記得去年，我們在分離時啟動了改善利潤率、利潤和現金生成情況的行動。我們在本季度的 GTS 利潤表現中看到了這些行動的結果，利潤增長和利潤率擴張。毛利率擴大 110 個基點，稅前利潤擴大 190 個基點。 GTS 收入下降 4%，與第一季度業績相比有所改善，這是由於基於客戶的業務量和項目活動的趨勢有所改善。

Our current clients continue to value partnering with Kyndryl to modernize and manage their mission-critical workloads and services, as evidenced by our strong and improving renewal rate of 95%, which is up 2 points quarter-to-quarter. These renewals include 6 deals with a contract value greater than $100 million. One of these is an extension of our relationship with AT&T to provide support for data center migration and consolidation and IBM Z infrastructure management.

我們當前的客戶繼續重視與 Kyndryl 的合作，以實現他們的關鍵任務工作負載和服務的現代化和管理，我們強大且不斷提高的續約率 95% 證明了這一點，這比上一季度上升了 2 個百分點。這些續約包括 6 筆合同價值超過 1 億美元的交易。其中之一是擴展我們與 AT&T 的關係，為數據中心遷移和整合以及 IBM Z 基礎架構管理提供支持。

I'll mention we also extended our software relationship with AT&T. As an IBM strategic global networking provider, AT&T business is playing an important role in the separation of Kyndryl, using their expertise for network separation. While our performance with existing clients remain strong, as we would expect, the sales cycles for new logo clients is elongating as they await further information related to Kyndryl.

我會提到我們還擴展了與 AT&T 的軟件關係。作為 IBM 的戰略性全球網絡提供商，AT&T 業務在 Kyndryl 的分離中發揮著重要作用，利用他們在網絡分離方面的專業知識。正如我們預期的那樣，儘管我們與現有客戶的業績仍然強勁，但新標識客戶的銷售週期正在延長，因為他們正在等待與 Kyndryl 相關的更多信息。

With that, let me give you a quick update on where we are in the separation process. We are continuing to build out the management system and support structure. At the same time, we are making solid progress executing on the necessary financial, legal and regulatory milestones to enable the transaction. We still expect the Form 10 to be available in the fall and remain on track to close by the end of the year.

有了這個，讓我給你一個關於我們在分離過程中的進展的快速更新。我們正在繼續構建管理系統和支持結構。與此同時，我們在執行必要的財務、法律和監管里程碑方面取得了堅實的進展，以實現交易。我們仍然預計 Form 10 將在秋季上市，並有望在年底前完成。

To wrap up, let me bring it back to the IBM level. In January, we said we expected an improving financial profile throughout 2021. As I look back on our first half results, our revenue performance improved in the first quarter and then again in the second. And our adjusted free cash flow grew in the first half. Our business model fundamentals are solid. Operating margins are improving, and we're driving profit dollar growth.

最後，讓我把它帶回 IBM 層面。一月份，我們表示預計整個 2021 年的財務狀況都會有所改善。回顧上半年的業績，我們的收入表現在第一季度和第二季度都有所改善。我們調整後的自由現金流在上半年有所增長。我們的商業模式基礎紮實。營業利潤率正在提高，我們正在推動利潤增長。

Importantly, as you've heard today, we've been taking a number of actions to execute our hybrid cloud and AI strategy. This includes strengthening our portfolio, expanding our ecosystem and implementing go-to-market changes. And we continue to have a strong balance sheet and liquidity position.

重要的是，正如您今天所聽到的那樣，我們一直在採取一系列行動來執行我們的混合雲和人工智能戰略。這包括加強我們的產品組合、擴展我們的生態系統和實施上市變革。我們繼續擁有強大的資產負債表和流動性頭寸。

We've been clear on the metrics we're focused on: revenue growth and cash flow. For the full year, we continue to expect revenue growth at current spot rates. We've maintained this view since January, though I'll remind you, since then, we've lost about 1 point of revenue growth from the dollar strengthening. We also continue to expect $11 billion to $12 billion of adjusted free cash flow. This adjusted free cash flow excludes about $3 billion of cash impacts for structural actions and the transaction charges for the spin-off. As we look to the third quarter, we expect second and third quarter revenue dynamics to be in line with the average of the last 3 years.

我們已經明確了我們關注的指標：收入增長和現金流。對於全年，我們繼續預計收入將以當前即期匯率增長。自 1 月以來，我們一直保持這種觀點，但我會提醒您，從那時起，我們因美元走強而損失了大約 1 個百分點的收入增長。我們還繼續預計調整後的自由現金流為 110 億美元至 120 億美元。這一調整後的自由現金流不包括約 30 億美元的結構性行動現金影響和分拆交易費用。展望第三季度，我們預計第二和第三季度的收入動態將與過去 3 年的平均水平保持一致。

Looking at the revenue profile. More year-to-year growth should come from the underlying business performance mitigated by moderating currency benefits. We're continuing to ramp our investments. As I mentioned, we're reinvesting much of the savings from our structural actions. And as a result, this will keep expense levels higher. Our operating tax rate will also be up year-to-year, though I expect the third quarter rate to be fairly consistent with the second.

查看收入狀況。更多的同比增長應該來自於通過貨幣收益下降而減弱的基本業務績效。我們正在繼續增加投資。正如我所提到的，我們正在將結構性行動節省下來的大部分資金進行再投資。結果，這將使費用水平保持較高水平。我們的營業稅率也將逐年上升，但我預計第三季度的稅率將與第二季度相當一致。

To sum it up, we made progress in the first half. While there's more to do, we are well positioned to deliver on our 2021 expectations and our financial model post separation.

總而言之，我們在上半年取得了進步。儘管還有更多工作要做，但我們已準備好實現我們 2021 年的預期和分離後的財務模型。

So with that, let's go to Q&A. I'll turn it back over to Patricia.

因此，讓我們進入問答環節。我會把它轉回給帕特里夏。

Thank you, Jim. Before we begin the Q&A, I'd like to mention a couple of items. First, we've included supplemental information at the end of the presentation. (Operator Instructions)

謝謝你，吉姆。在我們開始問答之前，我想提幾個問題。首先，我們在演示文稿的末尾包含了補充信息。 （操作員說明）

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 Instructions) Our first question comes from Katy Huberty with Morgan Stanley.

（操作員說明）我們的第一個問題來自摩根士丹利的 Katy Huberty。

Question, I guess, for Jim. Cloud & Cognitive Software as well as GBS PTI margins are down year-on-year. I imagine a lot of that is coming from the investments that you walked through. But can you talk about any other factors like mix that are playing into the margin performance in those groups? And also, are you seeing any impact from labor shortages and wage increases, particularly in the services business?

問題，我猜是給吉姆的。雲與認知軟件以及 GBS PTI 利潤率同比下降。我想其中很大一部分來自您經歷的投資。但是你能談談影響這些群體利潤率表現的任何其他因素嗎？此外，您是否看到勞動力短缺和工資上漲的影響，特別是在服務行業？

Sure, Katy. Thank you very much for the question. Obviously, those 2 very important segments that you chose, GBS and Software, are 2 of our growth vectors within our business model. As we've said, entering the year, we guided both on revenue and on cash flow. And we said that we were going to continue to invest significantly within those growth vectors as we move forward.

當然，凱蒂。非常感謝你的提問。顯然，您選擇的這兩個非常重要的部分，GBS 和軟件，是我們業務模型中的兩個增長向量。正如我們所說，進入這一年，我們對收入和現金流量進行了指導。我們說過，隨著我們的前進，我們將繼續在這些增長載體中進行大量投資。

And I see -- and I think what you see playing out here in the second quarter is that investment starting to ramp up from the first quarter into the second quarter going forward. We are investing in front of demand because of what we said in the remarks, is that we see an encouraging macro and demand profile playing out. And you see that with the strong acceleration in our software base of business quarter-to-quarter and in our GBS base of business. GBS, by the way, exceeded our expectations and actually got back to pre-pandemic revenue levels overall.

我看到了 - 我認為你在第二季度看到的是投資從第一季度開始增加到第二季度。我們在需求前進行投資，因為我們在評論中說過，我們看到令人鼓舞的宏觀和需求狀況正在發揮作用。您會看到，隨著我們的軟件業務基礎逐季度和我們的 GBS 業務基礎的強勁加速。順便說一句，GBS 超出了我們的預期，實際上總體上回到了大流行前的收入水平。

But just to really bring it home: one, we're investing; two, we have high margins in our software base of business already. And the dynamics between Red Hat and the deferred revenue dissipating as we move through the year is really what you see play out in the second quarter overall.

但只是為了真正把它帶回家：第一，我們正在投資；第二，我們已經在我們的軟件業務基礎上獲得了高利潤。 Red Hat 和遞延收入之間的動態隨著我們一年的推移而消散，這確實是你在第二季度看到的整體情況。

We feel very comfortable at the margin level in Software. We're going to continue to invest in innovation, ecosystem and skills, and we feel very good about our GBS business overall. Labor pressures, yes. There is a war for talent going on. We are investing significantly. We're bringing thousands and thousands of GBS practitioners in through the first half, and we feel pretty good about what the profile of that business is going forward.

我們對軟件的利潤水平感到非常滿意。我們將繼續投資於創新、生態系統和技能，我們對 GBS 業務的整體感覺非常好。勞動壓力，是的。一場人才爭奪戰正在進行。我們正在大量投資。上半年，我們吸引了成千上萬的 GBS 從業者，我們對該業務的發展前景感到非常滿意。

Our next question will come from Wamsi Mohan with Bank of America.

我們的下一個問題將來自美國銀行的 Wamsi Mohan。

It's nice to see the growth in gross profit dollars 2 quarters in a row. You had very strong Consulting growth and GBS growth, as Jim just alluded. But gross margins compressed 60 basis points year-on-year in GBS. It would be nice to see the full leverage in the model come through with both revenue growth and margin expansion to amplify that gross profit dollar growth. So my question is really, how much longer would you need to be in investment mode in GBS? And is it possible that we see in the coming quarters or years? When do we actually see both revenue growth and margin expansion come into the model in GBS?

很高興看到毛利潤連續兩個季度增長。正如吉姆剛才提到的那樣，您的諮詢業務增長和 GBS 增長非常強勁。但 GBS 的毛利率同比壓縮 60 個基點。很高興看到模型中的全部槓桿作用通過收入增長和利潤率擴張來放大毛利潤美元增長。所以我的問題是，您需要在 GBS 中處於投資模式多長時間？我們有可能在未來幾個季度或幾年看到嗎？我們什麼時候才能真正看到收入增長和利潤率擴張同時進入 GBS 模型？

Wamsi, thanks for the question. So just building on Katy's question upfront, we are and we'll continue to invest in this business as GBS is an essential part of our hybrid cloud platform-centric strategy. It is both the tip of the spear, if you want to call it, in driving the demand from an architectural point of view to our platform that then creates that flywheel effect that we talked about for every dollar that we land on the platform, we get $3 to $5 of software and $6 to $8 of services revenue. So we're going to invest significantly.

瓦姆西，謝謝你的提問。因此，基於 Katy 的問題，我們現在並將繼續投資這項業務，因為 GBS 是我們以混合雲平台為中心的戰略的重要組成部分。它既是長矛的尖端，如果你想稱之為它，從架構的角度推動需求到我們的平台，然後創造我們談到的飛輪效應，我們在平台上投入的每一美元，我們獲得 3 到 5 美元的軟件收入和 6 到 8 美元的服務收入。因此，我們將進行大量投資。

Now with that said, we rebounded off of second quarter. Second quarter last year, when the pandemic hit, we dropped 7 points quarter-to-quarter. We posted down 6% last year in GBS. We returned back to pre-pandemic revenue levels and exceeded growth expectations. But we're going to continue to invest in this part because of the importance GBS plays in that hybrid cloud platform, and we'll get that profit dollar contribution.

話雖如此，我們從第二季度開始反彈。去年第二季度，當大流行來襲時，我們每季度下降了 7 個百分點。我們去年在 GBS 中下跌了 6%。我們的收入回到了大流行前的水平，並超出了增長預期。但由於 GBS 在該混合雲平台中的重要性，我們將繼續投資這部分，我們將獲得利潤貢獻。

And more importantly, you see it play out in our second key metric that we give guidance on, and that's our adjusted free cash flow. And we feel very good about where our adjusted free cash flow is through the first half, it's up year-to-year, really taking into account most of the cash tax headwind we talked about 90 days ago is pretty much behind us going forward. So our [attainment-wise] on adjusted free cash flow, which is really going to be a reflection of both top line revenue acceleration and operating leverage and margin as we move forward.

更重要的是，你看到它在我們提供指導的第二個關鍵指標中發揮作用，那就是我們調整後的自由現金流。我們對上半年調整後的自由現金流的情況感到非常滿意，它逐年上升，真的考慮到我們 90 天前談到的大部分現金稅逆風幾乎落後於我們前進。因此，我們[在實現方面]調整後的自由現金流量，這實際上將反映我們前進時收入加速、經營槓桿和利潤率。

Our next question comes from Toni Sacconaghi with Bernstein.

我們的下一個問題來自 Toni Sacconaghi 和 Bernstein。

I was wondering if I could ask you a little bit about acquisitions. I think over the last year, you spent $3.2 billion on acquisitions. And Arvind, you said that you expect the acquisitions on a sustained basis to contribute about 100 to 150 basis points of inorganic growth per year. So is that what we should be thinking about, about $3 billion in acquisition spend, generating $600 million to $900 million that's 100 to 150 basis points of RemainCo? Is that sort of the mental model framework we should think about? And then could you comment specifically on how much acquisitions impacted GBS' reported growth rate and Cognitive Apps' reported growth rate in the quarter? Or just give us a dollar figure for the inorganic acquisition contribution to each of those businesses, please.

我想知道我是否可以問你一些關於收購的問題。我想在過去的一年裡，你們在收購上花費了 32 億美元。 Arvind，你說你預計持續的收購每年將貢獻約 100 到 150 個基點的無機增長。那麼我們應該考慮的是，大約 30 億美元的收購支出，產生 6 億至 9 億美元，即 RemainCo 的 100 至 150 個基點？我們應該考慮那種心智模型框架嗎？然後，您能否具體評論一下收購對 GBS 報告的增長率和認知應用程序報告的本季度增長率的影響有多大？或者請給我們一個數字，說明無機收購對這些業務的貢獻。

Thanks, Toni. Great question. So let's just start with the first part. So we are generating last year, if I remember correctly, $10.8 billion of free cash flow for the year 2020. We have said $11 billion to $12 billion this year. So if you do the math between dividends, acquisitions and capital expenditures, you get to the $3 billion to $3.5 billion. If you now say that we are going to increase our free cash flow by $0.5 billion to $1 billion in a given year, then you can expect that number on inorganic activities to go up year-over-year. So the $3 billion to $3.5 billion is a fair number for this year. It would -- it could go up as we begin to increase our cash flow. We've already said next year, we expect to generate $12 billion to $13 billion, not $11 billion to $12 billion. So that gives you one sense, Toni, just on the absolute number.

謝謝，托尼。很好的問題。因此，讓我們從第一部分開始。因此，如果我沒記錯的話，我們去年在 2020 年產生了 108 億美元的自由現金流。我們說今年是 110 億美元到 120 億美元。因此，如果你計算股息、收購和資本支出之間的關係，你會得到 30 億至 35 億美元。如果您現在說我們將在給定年份將自由現金流量增加 5 億美元至 10 億美元，那麼您可以預期無機活動的數字會逐年上升。所以 30 億到 35 億美元對今年來說是一個合理的數字。它會 - 隨著我們開始增加現金流量，它可能會上升。我們已經說過，明年我們預計將產生 120 億至 130 億美元，而不是 110 億至 120 億美元。所以這給了你一種感覺，托尼，就絕對數字而言。

The second question you had in there on the GBS. So as we have said and I've said before, 100 to 150 basis points of growth from acquisitions. I would say that GBS is right in the top end of that number if you look at the second quarter. And if you look at Cognitive Applications, actually more cognitive software all in because I think Cognitive Applications, there was a knit, if any, from acquisitions, the number would be at the very, very low number. I mean maybe a few tens of basis points, nothing significant yet.

你在 GBS 上提出的第二個問題。因此，正如我們和我之前所說的那樣，收購帶來 100 到 150 個基點的增長。如果您查看第二季度，我會說 GBS 恰好位於該數字的頂端。如果你看看認知應用程序，實際上更多的認知軟件都是因為我認為認知應用程序，如果有的話，來自收購的編織，這個數字將是非常非常低的數字。我的意思是可能是幾十個基點，目前還沒有什麼大不了的。

Now the GBS acquisitions give you an immediate return and then grow at a nice number but obviously contributing a lot less there. Think of it in the software side, the model is they come in, they do because of deferred revenue, begin to give you some acquisition but over -- revenue over 12 months. But those acquisitions grow very fast. So the contribution actually goes on for multiple years, not just for a single year from those acquisitions to the overall growth rate. And so that's quite different. GBS immediately, about 150; software, much smaller, a few tens. But imagine that all of those build up over time, and it provides a pretty nice tailwind then over 2 to 3 years.

現在，GBS 的收購可以讓你立即獲得回報，然後以一個不錯的數字增長，但顯然貢獻要少得多。在軟件方面想想，模型是他們進來，他們這樣做是因為遞延收入，開始給你一些收購，但超過 12 個月的收入。但這些收購增長非常快。因此，這種貢獻實際上持續了多年，而不僅僅是從這些收購到整體增長率的一年。所以這是完全不同的。立即GBS，約150；軟件，小得多，幾十個。但想像一下，所有這些都隨著時間的推移而積累，並且在 2 到 3 年的時間裡提供了相當不錯的順風。

Our next question will come from Amit Daryanani with Evercore.

我們的下一個問題將來自 Evercore 的 Amit Daryanani。

I guess, Arvind, I have a question on the hybrid cloud potential because you've talked a fair bit about it today and in the past. And I think most investors would really agree that hybrid cloud is a reality. But maybe if you could touch on, a, why do you think IBM is better positioned to enable your customers to get there versus some of your peers? And then secondly, what does hybrid cloud mean for your profitability and free cash flow? Because I think to some extent, there's a perception, perhaps misperception that the shift from on-prem to hybrid is negative for IBM's margins.

我想，Arvind，我有一個關於混合雲潛力的問題，因為你今天和過去都談過很多。而且我認為大多數投資者會真正同意混合雲是現實。但也許如果你能談談，a，為什麼你認為 IBM 比你的一些同行更有能力讓你的客戶到達那裡？其次，混合雲對您的盈利能力和自由現金流意味著什麼？因為我認為在某種程度上，有一種看法，也許是誤解，認為從本地到混合的轉變對 IBM 的利潤率是不利的。

Amit, thanks. And look, so as you correctly have pointed out, I mean, I want to repeat you, but I obviously believe it. Hybrid cloud is the reality for our clients. Now to get into the more meaty parts of your question. If you look at why would people prefer us for hybrid cloud, if I look at a given large hyperscaler, they'll do hybrid as in their own public cloud and maybe some on-premise means. But the goal is to drive workload onto the public cloud. Who has the credibility to go across multiple public clouds? And that's why you hear me always say both Microsoft and Amazon are our partners, not only our competitors. And that is an important play that IBM has done for many, many decades, where we integrate across the environment that our clients operate in. So that's one part.

阿米特，謝謝。看，正如你正確指出的那樣，我的意思是，我想重複你的話，但我顯然相信。混合雲是我們客戶的現實。現在進入問題的更多部分。如果你看看為什麼人們更喜歡我們的混合雲，如果我看一個給定的大型超大規模，他們會像在他們自己的公共雲中一樣進行混合，也許還有一些內部部署方式。但目標是將工作負載轉移到公共雲上。誰有跨多個公共雲的可信度？這就是為什麼你聽到我總是說微軟和亞馬遜都是我們的合作夥伴，而不僅僅是我們的競爭對手。這是 IBM 幾十年來所做的一項重要工作，我們在其中集成了客戶運營的環境。所以這是一部分。

On a bit more of a technical level, that was the primary reason for the Red Hat acquisition. Red Hat gave us both the platform and the assets to be able to bring a hybrid cloud platform to bear because we would all agree, I think all of your listeners and all of your audience would agree that Linux is a de facto operating system. Red Hat Linux is a de facto for on-premise and private environments. Containers is the standard, which people are going to move on to. So if you say you begin really strong on-premise and private, you can take that same exact environment to multiple public. That gives us, we believe, an advantage.

在技術層面上，這是收購 Red Hat 的主要原因。 Red Hat 為我們提供了平台和資產，使我們能夠承載混合雲平台，因為我們都同意，我想你們所有的聽眾和所有聽眾都會同意 Linux 是一個事實上的操作系統。 Red Hat Linux 事實上適用於內部部署和私有環境。容器是標準，人們將繼續使用它。因此，如果你說你開始非常強大的內部部署和私有，你可以將同樣的環境帶到多個公共環境。我們相信，這給了我們一個優勢。

Now let me acknowledge to the point you're making. If hybrid cloud is the reality that everyone is going to start having a play in hybrid. But we believe that our play is advantaged for the industries that we serve. That doesn't mean they'll use us exclusively, but they will use us to a large extent. And that is where we are headed there.

現在讓我承認你的觀點。如果混合云成為現實，那麼每個人都將開始嘗試混合雲。但我們相信，我們的業務對我們所服務的行業來說是有利的。這並不意味著他們會專門使用我們，但他們會在很大程度上使用我們。這就是我們要去的地方。

The second part now for your question, which I think actually plays right in on profitability and cash flow. The way we look at it, over 2/3 of where we get our revenue is going to lie in software. If that is the case and software comes at software margins, I'm not going to debate whether you get a difference in model from on-premise licensing to as a service licensing to term license model. All of those even out and pretty much on awash over 2 to 3 years. They are different in any given 6 months. But if I take a 2- to 3-year view, and that is what we're really fixed on driving, then all of that evens out. And you begin to get gross margins back up in the 70s and 80s, and you begin to get the profitability and cash flow associated with that. And so that is the answer to that question.

現在第二部分是你的問題，我認為這實際上對盈利能力和現金流有影響。從我們的角度來看，我們獲得收入的 2/3 以上將來自軟件。如果是這種情況，並且軟件是以軟件利潤為基礎的，那麼我不會爭論從內部部署許可到作為服務許可再到期限許可模型的模型是否有所不同。在 2 到 3 年的時間裡，所有這些都幾乎被淹沒了。它們在任何給定的 6 個月內都是不同的。但如果我從 2 到 3 年的角度來看，這就是我們真正專注於駕駛的東西，那麼所有這些都會變得平淡無奇。在 70 年代和 80 年代，您開始獲得毛利率回升，並且您開始獲得與之相關的盈利能力和現金流。這就是這個問題的答案。

By the way, the services based on helping our clients go there, you can begin to see that. And I know that there were a couple of questions earlier on the GBS margin. Look, we are very fixed on driving investments. So we drive investment a little bit ahead. I'm not going to tell you years ahead, but maybe 1 or 2 quarters ahead of the revenue or the revenue growth comes. We'll keep doing that, and that will impact maybe percentages, but by tens of basis points. But it shows up in absolute profit and absolute cash flow even in that part of the business.

順便說一句，基於幫助我們的客戶去那裡的服務，你可以開始看到這一點。我知道之前有幾個關於 GBS 保證金的問題。看，我們非常專注於推動投資。因此，我們將投資提前一點。我不會提前幾年告訴你，但可能會提前 1 或 2 個季度的收入或收入增長。我們會繼續這樣做，這可能會影響百分比，但會影響數十個基點。但即使在業務的那部分，它也會出現在絕對利潤和絕對現金流中。

Yes. I would just add one thing to that, Arvind, to build on your point. When you look at the IBM company post separation of Kyndryl, the IBM company is going to be roughly around 45% to 50% software as far as composition and mix. That carries with it a high EBITDA profile already today.

是的。我只想添加一件事，Arvind，以建立你的觀點。當你看一下 IBM 公司分離 Kyndryl 後，就組成和混合而言，IBM 公司將大約有 45% 到 50% 的軟件。如今，這已經帶來了很高的 EBITDA 概況。

And just as one example, when you look at our Red Hat base of business today, as CFO, I love that. That subscription model that has growth in ARR built into it overall, it's already running well north of the Rule of 40 today. So as we shift more and more to software-based contribution, that mix effect will help us bottom line in cash also.

舉個例子，當你看看我們今天的紅帽業務基礎時，作為首席財務官，我喜歡這一點。這種訂閱模式在整體上內置了 ARR 的增長，它已經在今天的 40 規則以北運行良好。因此，隨著我們越來越多地轉向基於軟件的貢獻，這種混合效應也將幫助我們實現現金底線。

Next, we will hear from Matt Cabral with Credit Suisse.

接下來，我們將聽取瑞士信貸的 Matt Cabral 的講話。

Yes. Within Cloud & Cognitive, I was hoping to dig a little bit more into Cloud Pak. And wondering if you can talk about, just more broadly, the maturity of the Cloud Paks portfolio and where you are in the integration with OpenShift. And can you just talk about where you're seeing the impact in terms of customer adoption so far? And going forward, just the contribution from Cloud Paks on the financial performance of the Software segment from here.

是的。在 Cloud & Cognitive 中，我希望能更深入地了解 Cloud Pak。想知道您是否可以更廣泛地談談 Cloud Paks 產品組合的成熟度以及您在與 OpenShift 集成方面的進展。你能談談到目前為止你在客戶採用方面看到的影響嗎？展望未來，這裡只是 Cloud Paks 對軟件部門財務業績的貢獻。

Yes. So Matt, thanks for the question. Let me answer the first part of your question on the, I'll call it, the architectural elements and the use cases. And then I'll give it to Jim to answer it on the financials, this thing. So if you look at the maturity of Cloud Paks, I would tell you that every Cloud Pak we have been selling this year and deploying this year is on OpenShift. We made the move from other Kubernetes platforms onto OpenShift starting in October of '19.

是的。所以馬特，謝謝你的提問。讓我回答你問題的第一部分，我稱之為架構元素和用例。然後我會把它交給吉姆來回答財務問題，這件事。因此，如果您查看 Cloud Paks 的成熟度，我會告訴您，我們今年銷售和部署的每個 Cloud Pak 都在 OpenShift 上。我們從 19 年 10 月開始從其他 Kubernetes 平台遷移到 OpenShift。

And so yes, of course, let's acknowledge that people who might have purchased prior to '19 would have bought other Kubernetes platforms. And so by last year, 2020, it was all going on to OpenShift. So I think that maturity is complete. Now if some people have prior versions of software deployed, we observed typically within 3 years from day 1, they do move to the new versions. So I would expect by the end of this year, even the prior deployed would have fully moved, and that's done.

所以是的，當然，讓我們承認，在 19 年之前購買的人可能會購買其他 Kubernetes 平台。所以到去年，也就是 2020 年，一切都在 OpenShift 上進行。所以我認為成熟已經完成。現在，如果有些人部署了以前版本的軟件，我們通常會在從第一天起的 3 年內觀察到他們確實會遷移到新版本。所以我希望到今年年底，即使是之前部署的也會完全移動，而且已經完成了。

If you look at customer adoption, CapEx are a very strong contributor to the 3,200 clients that we mentioned. Well over half of them come through Cloud Paks. And so what are the use cases? Look, the work we're doing with Palantir is a great example. Palantir runs on top of the Cloud Pak for data, and that's a great example of what we're doing. When you hear us talk about Watson Assistant as in the CVS use case, which handled over 10 million calls in a quarter for COVID-19 vaccines, that was an assistant runs on top of another Cloud Pak.

如果您查看客戶採用情況，資本支出是我們提到的 3,200 個客戶的一個非常強大的貢獻者。其中超過一半來自 Cloud Paks。那麼用例是什麼？看，我們正在與 Palantir 一起做的工作就是一個很好的例子。 Palantir 在 Cloud Pak 之上運行以獲取數據，這是我們正在做的事情的一個很好的例子。當您聽到我們在 CVS 用例中談論 Watson Assistant 時，它在一個季度內處理了超過 1000 萬個 COVID-19 疫苗呼叫，這是一個運行在另一個 Cloud Pak 之上的助手。

So these are great examples of how mature the technology is. I will tell you the OpenShift maturity is complete, and it really helps reinforce both the adoption of OpenShift as well as then clients get very comfortable with deploying OpenShift for other use cases. It's a workload at the end of the day for OpenShift, and as clients get comfortable, they might deploy it for other purposes as well.

因此，這些都是該技術成熟程度的很好的例子。我會告訴你 OpenShift 成熟度已經完成，它確實有助於加強 OpenShift 的採用，然後客戶會非常適應為其他用例部署 OpenShift。對於 OpenShift 來說，這是一天結束時的工作負載，隨著客戶感到滿意，他們也可能將其部署用於其他目的。

In terms of the financials, I'll pass it to Jim.

在財務方面，我會把它傳遞給吉姆。

Yes. Just quickly, Matt, thank you very much for the question. Taking a step back, first of all, we're very pleased with our overall progression within our software portfolio. More work to do, but we're making progress. And C&DP, which I'll remind everyone on the call and our investors, is about 50% of our overall software portfolio, and that's where the lion's share of our Cloud Paks sit.

是的。很快，馬特，非常感謝你提出這個問題。退後一步，首先，我們對我們在軟件產品組合中的整體進展感到非常滿意。還有更多工作要做，但我們正在取得進展。我會在電話會議上提醒大家和我們的投資者的 C&DP 大約占我們整個軟件組合的 50%，這也是我們 Cloud Paks 的最大份額所在。

Now when you look at our C&DP performance, when we look at it on the way we manage the business on a historical normalized basis, we see acceleration. We returned back to growth. In first quarter, we accelerated that growth of 4% here in the second quarter. And that is really attributed to the nice momentum we're seeing in Cloud Paks. We announced Cloud Paks 18 months ago, 2 years ago. Given our ELA historical client base, that takes time to churn through that client base. And as you know, last year was the trough of our ELA renewal cycle. We started to improve on that later in the second half. And really, that ELA cycle plays out in 2022.

現在，當您查看我們的 C&DP 性能時，當我們以歷史規範化的方式管理業務時，我們會看到加速。我們恢復了增長。在第一季度，我們在第二季度加速了 4% 的增長。這真的歸功於我們在 Cloud Paks 中看到的良好勢頭。我們在 18 個月前，也就是 2 年前發布了 Cloud Paks。鑑於我們的 ELA 歷史客戶群，這需要時間來改變該客戶群。如您所知，去年是我們 ELA 更新周期的低谷期。我們在下半場晚些時候開始改進。實際上，ELA 週期將在 2022 年結束。

But we actually had a very nice inflection here in the second quarter. Our Cloud Paks on an NRR, net revenue renewal, we're north of 100%. So we've said all along, Arvind and myself, that there's going to be a shift with Cloud Paks and there's going to be lift with Cloud Paks. And now we're starting to see a higher mix contribution of Cloud Paks, and we're starting to see where we do have shift, we're getting north of 100% on an NRR perspective. And that's an encouraging trend.

但實際上我們在第二季度在這裡出現了非常好的變化。我們的 Cloud Paks 在 NRR 上，淨收入更新，我們超過 100%。所以我們一直說，Arvind 和我自己，Cloud Paks 將會發生轉變，Cloud Paks 將會有所提升。現在我們開始看到 Cloud Paks 的混合貢獻更高，我們開始看到我們確實發生了變化，從 NRR 的角度來看，我們正在向北 100%。這是一個令人鼓舞的趨勢。

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。

Just on the services side, Consulting, obviously great, double digit. You had -- signings were pretty strong here. Do you feel like from a backlog and pipeline perspective that you're starting to reach a little bit of inflection to get some better growth overall out of the services unit given what you see plus some of the investments that you're making? And then separately, forgive the follow-on question, Patricia. But just on the TPP front, Transaction Processing Platforms. Is it just the comp issue that we should look for that -- the performance there to get better? Or are there other areas that we could be potentially monitoring to see some better performance there? Or is it just waiting for that transition?

就服務方面而言，諮詢顯然很棒，兩位數。你有——這裡的簽約非常強勁。從積壓和管道的角度來看，你是否覺得你開始達到一點點拐點，以根據你所看到的以及你正在進行的一些投資，從服務部門獲得更好的整體增長？然後分別原諒後續問題，Patricia。但只是在 TPP 方面，交易處理平台。我們應該尋找的只是補償問題——那裡的表現會變得更好嗎？或者我們是否可以監控其他領域以查看更好的性能？或者它只是在等待這種轉變？

I'll take that, Arvind. Tien-Tsin, thank you very much for the question. When you look at our services base of business, we delivered $9.2 billion of signings in the quarter. It's up double digit at actual rate. We did see improvement in our backlog overall. It's really very different dynamics playing out here, as we tried to say in the prepared remarks. We see very strong momentum in our GBS base of business.

我會接受的，阿文德。 Tien-Tsin，非常感謝你提出這個問題。當您查看我們的服務業務基礎時，我們在本季度交付了 92 億美元的簽約。它以實際速度增長了兩位數。我們確實看到整體積壓情況有所改善。正如我們在準備好的評論中試圖說的那樣，這裡的動態確實非常不同。我們在 GBS 業務基礎上看到了非常強勁的勢頭。

When you look at our signings in the quarter, we had strong performance. Our trailing 12 months book-to-bill is 1.2. Through the first half, we have roughly double-digit growth in signings across all 3 subsegments, very good growth this quarter in large deals, and we have continued momentum in small deals. And we saw improvement in our revenue, in our backlog and our revenue realization moving forward. And that gives us comfort. As we said in the prepared remarks, we expect about a normal quarter-to-quarter seasonality overall. We actually see GBS accelerating growth probably about another point from the second quarter overall.

當您查看我們本季度的簽約時，我們表現強勁。我們過去 12 個月的訂單出貨比為 1.2。整個上半年，我們在所有 3 個子細分市場的簽約量都實現了大約兩位數的增長，本季度大宗交易的增長非常好，而且我們在小宗交易方面保持了持續的勢頭。我們看到我們的收入、積壓訂單和收入實現都有所改善。這給了我們安慰。正如我們在準備好的評論中所說，我們預計總體上季度季節性會出現正常情況。我們實際上看到 GBS 加速增長可能與第二季度整體相比又增加了一點。

In GTS, really what we're seeing is a good performance overall, leveraging our incumbency position and driving strong renewals. We're seeing with that incumbency position, finally, a turnaround with an encouraging trend on client-based business volumes and project-based services, that they're engaging in project-based services. And our incumbency accounts were up 20% here in the second quarter. But as expected, the new logos, while we have a very healthy pipeline and new logos out there, the sales cycles are elongated, as we said in the prepared remarks.

在 GTS 中，我們真正看到的是整體表現良好，利用我們在職職位並推動強勁的續約。最後，我們看到在職職位上出現了轉機，基於客戶的業務量和基於項目的服務出現了令人鼓舞的趨勢，他們正在從事基於項目的服務。第二季度，我們的在職賬戶增長了 20%。但正如預期的那樣，新標識雖然我們有非常健康的管道和新標識，但正如我們在準備好的評論中所說的那樣，銷售週期被拉長了。

So we see some nice acceleration continuing in GBS overall. But again, with GTS, it's a focus on the fundamentals of the business profile of that. That means margin, profit and cash. And what I think you've seen in the second quarter, we made some very good progress overall with margins up 110 basis points, pretax margins up 190 basis points and profit dollar growth both in gross profit dollars and in pretax profit dollars.

因此，我們看到 GBS 總體上繼續出現一些不錯的加速。但同樣，對於 GTS，它關注的是業務概況的基礎。這意味著保證金、利潤和現金。我認為你在第二季度看到的是，我們總體上取得了一些非常好的進展，利潤率提高了 110 個基點，稅前利潤率提高了 190 個基點，毛利潤和稅前利潤均有所增長。

Lastly, on TPP, yes, as we talked about many times over the last year or so, we do see the transition happening in this portfolio with regards to a shift back more and more to consumption-based, annuity-based purchasing versus in 2018 and 2019, we had a much healthier macroeconomic environment, a very cash-rich environment. Clients then shifted to more perpetual licenses. We're seeing that come back. And that's going to play as it played out where we saw the revenue upside in '18 and '19. In '20 and '21, you're going to continue to see the headwind as we've been saying. We expect that to come back in 2022, back to normal market trend growth rates overall.

最後，在 TPP 上，是的，正如我們在過去一年左右多次談到的那樣，我們確實看到這個投資組合正在發生轉變，與 2018 年相比，越來越多地轉向基於消費、基於年金的採購2019 年，我們的宏觀經濟環境更加健康，現金充裕。然後客戶轉向更永久的許可證。我們看到它回來了。這將在我們看到 18 年和 19 年收入增長的地方發揮作用。在 20 年和 21 年，你將繼續看到我們一直在說的逆風。我們預計這種情況將在 2022 年恢復，總體上恢復到正常的市場趨勢增長率。

Our next question will come from David Grossman with Stifel.

我們的下一個問題將來自 Stifel 的 David Grossman。

Actually, most of my questions have been answered. I just have one follow-up question. I think, Jim, you mentioned revenue retention of greater than 100%. And I wasn't quite sure what the reference point was in software and whether you have any incremental data points you can share about revenue retention by business within cognitive segment.

事實上，我的大部分問題都得到了解答。我只有一個後續問題。我想，吉姆，你提到的收入保留率超過 100%。而且我不太確定軟件中的參考點是什麼，以及您是否有任何增量數據點可以分享關於認知領域內業務收入保留的信息。

Sure, David. Thank you very much. Cloud Paks are definitely an essential part as we've invested significantly to containerize our software and optimize it on top of OpenShift, our hybrid cloud platform overall. When we take a look at our Cloud Paks, we measure and manage.

當然，大衛。非常感謝。 Cloud Paks 絕對是必不可少的部分，因為我們投入了大量資金來容器化我們的軟件，並在我們的整體混合雲平台 OpenShift 之上對其進行優化。當我們查看我們的 Cloud Paks 時，我們就是在衡量和管理。

Arvind and I have a dashboard that we look at all of our large enterprise top clients overall, our deployment penetration within each of those clients. And we're able to see as we transition a client from a traditional middleware to a cloud-based containerized solution, not only can we track the deployment and how that progresses over time. We could see the dollar of yesterday versus the dollar of today as they transition to Cloud Pak. And we measure the net revenue retention, not only how much come in, whether we're able to upsell, cross-sell with multiple Cloud Paks as we move forward.

Arvind 和我有一個儀表板，我們可以整體查看所有大型企業頂級客戶，以及我們在每個客戶中的部署滲透率。我們能夠看到，當我們將客戶端從傳統中間件過渡到基於雲的容器化解決方案時，我們不僅可以跟踪部署以及隨著時間的推移進展情況。當他們過渡到 Cloud Pak 時，我們可以看到昨天的美元對今天的美元。我們衡量的是淨收入保留率，而不僅僅是收入的多少，我們是否能夠在我們前進的過程中與多個 Cloud Paks 進行追加銷售、交叉銷售。

And like I said in the second quarter, we're making progress, much more to do, but we're making progress on the mix composition of moving more and more to Cloud Paks. And we're also making progress on capturing more of our clients' wallet share dollar for that same dollar of traditional middleware overall. Hopefully, that helps, David.

就像我在第二季度所說的那樣，我們正在取得進展，還有更多工作要做，但我們在越來越多地轉向 Cloud Paks 的組合方面取得了進展。而且我們還在以相同的傳統中間件整體價格獲取更多客戶的錢包份額美元方面取得了進展。希望這對您有所幫助，大衛。

Jim, to make it into business terms or a use case, what that tells you is that when they renew, they are actually buying more volume, which means it's the beginning to become a larger part of the real estate -- technology real estate at a client.

吉姆，把它變成商業術語或用例，這告訴你的是，當他們續約時，他們實際上購買了更多的數量，這意味著它開始成為房地產的更大一部分——技術房地產在一個客戶。

Very good. Thank you, David. We're at the top of the hour, but let's take one more question, Sheila.

非常好。謝謝你，大衛。我們正處於最重要的時刻，但讓我們再問一個問題，希拉。

Our last question will come from Keith Bachman with Bank of Montreal.

我們的最後一個問題將來自蒙特利爾銀行的 Keith Bachman。

I wanted to ask, Arvind, you a question on revisiting on what your growth assumptions or targets are around cognitive. And the particular reference point to my question is this quarter, you generated roughly 2% revenue growth. And it was -- you had the benefit of compare, particularly on some of the line items within cognitive. And so not particularly -- it's good growth but still a ways to go to reach your longer-term targets. So what happens to change that improves cognitive. And Part B of the backdrop is if I think about Red Hat, and we remain pretty positive on Red Hat even over the next couple of years, but you still face the uphill battle of the longer-term trends within cognitive. Db2 is probably a declining market. And as you've talked about in the past, Transaction Processing Platforms is also a declining, I think, revenue stream over the arc of time. So if you could just revisit on how do you reach your longer-term growth rates within cognitive.

Arvind，我想問你一個關於重新審視你關於認知的增長假設或目標的問題。我的問題的具體參考點是本季度，您產生了大約 2% 的收入增長。它是——你有比較的好處，特別是在認知中的一些行項目上。所以不是特別 - 這是良好的增長，但仍然是實現長期目標的一種方式。那麼會發生什麼變化來提高認知。 B 部分的背景是，如果我考慮 Red Hat，即使在接下來的幾年裡，我們對 Red Hat 仍然非常樂觀，但你仍然面臨著認知領域長期趨勢的艱苦戰鬥。 Db2 可能是一個衰退的市場。正如你過去談到的那樣，交易處理平台也在下降，我認為，收入流隨著時間的推移而下降。因此，如果您可以重新審視如何在認知領域達到長期增長率。

All right. Thanks, Keith. Important question and an important element of our thesis going forward. So we've been clear that our Cloud & Cognitive Software will grow mid-single digit going forward. And you're questioning, Keith, how is that going to be possible? So first and most important element, Red Hat today is sitting at about, in rough numbers, 25% of the business, growing at about 17% this quarter, let's call it, 15% in the medium term. But as opposed to being 25%, it's going to go up and up to become 35% of the total and over a longer term, even more. So 15% for 1/3 of the business, you kind of get the contribution from that, which is quite significant.

好的。謝謝，基思。重要的問題和我們論文的重要組成部分。所以我們很清楚，我們的雲和認知軟件未來將以中個位數增長。你在質疑，基思，這怎麼可能？因此，第一個也是最重要的因素是，今天的 Red Hat 大約佔業務的 25%，本季度增長約 17%，我們稱之為中期增長 15%。但與 25% 不同，它會上升並上升到總數的 35%，從長遠來看，甚至更多。所以 1/3 的業務的 15%，你可以從中得到貢獻，這是非常重要的。

Also, as we are both innovating organically, example in Cloud Paks, and we are acquiring businesses that are going to turbocharge [a bit of -- upon] Turbonomic, our business there on both management as well as on cybersecurity, we expect to see very high growth rates there, high single digit, that is well above the mid, maybe into the low double digits.

此外，由於我們都在有機地創新，例如 Cloud Paks，我們正在收購將渦輪增壓的企業 [有點——在] Turbonomic，我們在管理和網絡安全方面的業務，我們希望看到那裡的增長率非常高，高個位數，遠高於中位數，可能達到低兩位數。

Will we see declines in some parts of the portfolio? We've been very transparent. We expect TPP to be between mid- and high single-digit decline in the mid to long term. But it becomes a smaller and smaller portion of the total. So it has a drag from there. Cognitive Applications, we expect to be right in there, but it's the smallest part of the portfolio. It's not the biggest part of the portfolio.

我們會看到投資組合的某些部分出現下跌嗎？我們一直非常透明。我們預計 TPP 在中長期內將處於中高個位數跌幅之間。但它在總數中所佔的比例越來越小。所以它有一個拖累。認知應用程序，我們希望就在那裡，但它是產品組合中最小的部分。它不是投資組合中最大的部分。

And so to just recap on that, number one, Red Hat, growing in the mid-teens. As it becomes bigger, a bigger absolute contributor to the total. The rest of the cloud and data platform with a mixture of both organic innovation and inorganic acquisitions is going to then contribute to growth at or above the mid-single digits in the medium term. TPP, mid-single-digit decliner. Cog Apps, probably right in line with the model. So hopefully, Keith, that gives you a breakdown into a lot of pieces. By the way, the Db2 that you mentioned declining is very much inside the TPP. So those are not really different questions. Db2 mainframe and TPP are one and the same.

因此，回顧一下，排名第一的 Red Hat 在十幾歲的時候就成長起來了。隨著它變得更大，對總數的絕對貢獻更大。其餘的雲和數據平台結合了有機創新和無機收購，將在中期為中等個位數或以上的增長做出貢獻。 TPP，中個位數下降。 Cog Apps，可能與模型一致。基思，希望這能讓你分解成很多部分。順便說一句，你提到的 Db2 下降在 TPP 中非常重要。所以這些並不是真正不同的問題。 Db2 大型機和 TPP 是一回事。

So let me just make a couple of comments to wrap up the call. We again made progress in this quarter, but we acknowledge we still have more to do. As we move into the second half, we are continuing to invest and execute on our actions, which include the separation of Kyndryl. All of this positions IBM to exit the year in a strong position on a path of sustainable growth, and I look forward to continuing this dialogue with you.

因此，讓我發表一些評論來結束電話會議。我們在本季度再次取得進展，但我們承認我們還有更多工作要做。隨著我們進入下半年，我們將繼續投資和執行我們的行動，包括分離 Kyndryl。所有這些都使 IBM 在今年結束時在可持續增長的道路上處於有利地位，我期待著繼續與您對話。

Great. Sheila, can I turn it back to you to close out the call?

偉大的。希拉，我可以把它轉回給你以結束通話嗎？

Absolutely. Thank you. Thank you for participating on today's call. The conference has now ended. You may disconnect at this time.

絕對地。謝謝。感謝您參加今天的電話會議。會議現已結束。此時您可以斷開連接。