International Business Machines Corp (IBM) 2020 Q2 法說會逐字稿

完整原文

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

  • Operator

    Operator

  • Welcome, and thank you for standing by.

    歡迎,感謝您的支持。

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

    (操作員說明)正在錄製今天的會議。

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

    如果您有異議,此時您可以斷開連接。

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

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

  • Ma'am, you may begin.

    女士,您可以開始了。

  • Patricia Murphy - VP of IR

    Patricia Murphy - VP of IR

  • Thank you.

    謝謝。

  • This is Patricia Murphy, and I want to welcome you to IBM's Second Quarter 2020 Earnings Presentation.

    我是 Patricia Murphy,歡迎大家參加 IBM 2020 年第二季度的收益演示。

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

    我和 IBM 的首席執行官 Arvind Krishna 一起來的; IBM 高級副總裁兼首席財務官 Jim Kavanaugh。

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

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

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

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

  • 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.

    有關這些因素的更多信息包含在公司提交給美國證券交易委員會的文件中。

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

    我們的演示文稿還包括非 GAAP 措施,以向投資者提供額外信息。

  • For example, we present revenue and signings growth at constant currency throughout the presentation.

    例如,我們在整個演示過程中以固定匯率顯示收入和簽約增長。

  • 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,針對總收入、雲計算和我們的地理績效受影響的業務線調整剝離業務。

  • We've 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。

  • Finally, consistent with our last few quarters, 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.

    最後,與我們過去幾個季度一致,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 Arvind.

    因此,我將把電話轉給 Arvind。

  • Arvind Krishna - CEO & Director

    Arvind Krishna - CEO & Director

  • Hello, everyone.

    大家好。

  • I'm pleased to be speaking with you again.

    很高興再次與您交談。

  • In April's call, I talked about the impact of the global public health crisis, and I told you about the important work we are carrying out to help the shifting needs of our clients.

    在 4 月份的電話會議上,我談到了全球公共衛生危機的影響,並向大家介紹了我們正在開展的重要工作,以幫助滿足客戶不斷變化的需求。

  • I also told you about the confidence I have in our strategy and our portfolio, which is focused on hybrid cloud as well as data and AI.

    我還告訴過你我對我們的戰略和我們的投資組合充滿信心,這些戰略和投資組合專注於混合雲以及數據和人工智能。

  • All of this continues.

    這一切仍在繼續。

  • Today, there are 2 topics I'd like to cover.

    今天,我想談兩個話題。

  • First, I want to tell you about what we're seeing in the market, and then I want to discuss our priorities and actions we have taken to move them forward.

    首先,我想告訴你我們在市場上看到的情況,然後我想討論我們的優先事項和我們為推動它們前進而採取的行動。

  • From a market perspective, while the current environment poses certain short-term challenges, it also presents long-term opportunities that IBM will seize as our clients accelerate their shift to hybrid cloud and AI.

    從市場角度來看,雖然當前環境帶來了一定的短期挑戰,但隨著我們的客戶加速向混合雲和人工智能的轉變,它也帶來了 IBM 將抓住的長期機遇。

  • The essential work that we do in terms of running our clients' mission-critical processes continues.

    我們在運行客戶的關鍵任務流程方面所做的重要工作仍在繼續。

  • More profoundly, we see that the digital transformation of businesses is accelerating.

    更深刻的是,我們看到企業的數字化轉型正在加速。

  • Our second quarter results demonstrate this with an increase of over 10 points in our cloud revenue growth over last quarter.

    我們第二季度的業績證明了這一點,我們的雲收入增長比上一季度增長了 10 個百分點以上。

  • The trend we see in the market is clear.

    我們在市場上看到的趨勢很明顯。

  • Clients want to modernize apps, move more workloads to the cloud and automate IT tasks.

    客戶希望實現應用程序現代化,將更多工作負載轉移到雲端並自動化 IT 任務。

  • They want to infuse AI into their workflows and secure their IT infrastructure to fend off growing cybersecurity threats.

    他們希望將 AI 融入他們的工作流程並保護他們的 IT 基礎設施以抵禦日益增長的網絡安全威脅。

  • As a result, we are seeing an increased opportunity of large transformational projects.

    因此,我們看到大型轉型項目的機會越來越多。

  • These are projects where IBM has a unique value proposition, but they are also projects that take time to shape and therefore to close.

    這些是 IBM 具有獨特價值主張的項目,但它們也是需要時間來塑造並因此而關閉的項目。

  • At the same time, we are feeling the impact of austerity measures that businesses have put in place to preserve cash and capital.

    與此同時,我們感受到了企業為保護現金和資本而採取的緊縮措施的影響。

  • Our software and services results reflect this reality.

    我們的軟件和服務結果反映了這一現實。

  • Jim will take you through this in more detail.

    吉姆將帶您更詳細地了解這一點。

  • Taken all together, this is the backdrop of our results for this quarter.

    總而言之,這就是我們本季度業績的背景。

  • They reflect the immediate challenges and long-term opportunities of this environment.

    它們反映了這種環境的直接挑戰和長期機遇。

  • Now let me move on and discuss my priorities moving forward.

    現在讓我繼續討論我的優先事項。

  • As I touched upon in our last call, IBM is focused on helping our clients in the 2 major transformational journeys they're on, hybrid cloud as well as data and AI.

    正如我在上次電話會議中提到的那樣,IBM 專注於幫助我們的客戶完成他們正在進行的兩個主要轉型之旅,即混合雲以及數據和人工智能。

  • Hybrid cloud is a dominant force driving change in our industry, but it's far from universal adoption.

    混合雲是推動我們行業變革的主導力量,但它遠未得到普遍採用。

  • Only 20% of the workloads have moved to the cloud.

    只有 20% 的工作負載轉移到了雲端。

  • The other 80% are mission-critical workloads that are far more difficult to move.

    其他 80% 是更難移動的任務關鍵型工作負載。

  • There's a massive opportunity in front of us to capture these workloads.

    我們面前有一個巨大的機會來捕獲這些工作負載。

  • When I say hybrid cloud, I am talking about an interoperable IT environment across on-premise, private and publicly operated cloud environments, in most cases, from multiple vendors.

    當我說混合雲時,我指的是跨本地、私有和公共運營雲環境的可互操作 IT 環境,在大多數情況下,來自多個供應商。

  • Why do we believe this is the future rather than a pit stop along the way?

    為什麼我們相信這是未來而不是沿途的進站?

  • Clients find that choosing a hybrid cloud approach is 2.5x more valuable than relying on public cloud alone.

    客戶發現,選擇混合雲方法的價值是單獨依賴公有云的 2.5 倍。

  • This considers factors such as innovation, development time and portfolio optimization.

    這考慮了創新、開發時間和產品組合優化等因素。

  • Let me spend a minute to describe our hybrid cloud platform.

    讓我花點時間描述一下我們的混合雲平台。

  • It starts with Linux, which is the de facto operating system standard.

    它從 Linux 開始,這是事實上的操作系統標準。

  • We have a tremendous advantage with Red Hat Linux, which is the market share leader.

    我們在 Red Hat Linux 方面擁有巨大優勢,它是市場份額的領導者。

  • Linux, along with Containers and Kubernetes, provides the architectural foundation of our platform, and OpenShift is our core product that captures all this and more.

    Linux 與容器和 Kubernetes 一起提供了我們平台的架構基礎,而 OpenShift 是我們的核心產品,它涵蓋了所有這些以及更多。

  • IBM has a vast software and middleware portfolio, which has now been containerized and runs on OpenShift and Red Hat Linux.

    IBM 擁有龐大的軟件和中間件產品組合,現在已經容器化並在 OpenShift 和 Red Hat Linux 上運行。

  • The family of Cloud Paks we introduced in the second half of last year allows our middleware to run in a cloud-native environment and bridge our clients from the past to the future.

    我們在去年下半年推出的 Cloud Paks 系列允許我們的中間件在雲原生環境中運行,並將我們的客戶從過去連接到未來。

  • This means clients can now deploy our software anywhere OpenShift runs.

    這意味著客戶現在可以在 OpenShift 運行的任何地方部署我們的軟件。

  • It is infrastructure-agnostic across not just public and private clouds but also our mainframes and power system platforms.

    它不僅跨公共雲和私有云而且跨我們的大型機和電源系統平台與基礎設施無關。

  • OpenShift is also what makes it possible to develop and consume software in a new way.

    OpenShift 還使得以新的方式開發和使用軟件成為可能。

  • It's what enables DevSecOps and all the subsequent boosts in productivity, security and speed of deployment.

    它使 DevSecOps 以及所有後續的生產力、安全性和部署速度的提升成為可能。

  • Our hybrid cloud platform also includes a set of advanced technologies, such as Watson, analytics, encryption, IoT and many others.

    我們的混合雲平台還包括一系列先進技術,例如 Watson、分析、加密、物聯網等。

  • What gives our hybrid cloud platform the fuel it needs to accelerate adoption and become pervasive is the large ecosystem of partners we are building.

    為我們的混合雲平台提供加速採用和普及所需燃料的是我們正在構建的大型合作夥伴生態系統。

  • We have gone to great lengths to forge a global correlation of best-of-breed ISVs.

    我們竭盡全力打造最佳 ISV 的全球關聯。

  • This includes recent additions like Adobe, Salesforce, SAP, Box and Slack.

    這包括最近添加的 Adobe、Salesforce、SAP、Box 和 Slack。

  • All are using our hybrid cloud platform to help clients modernize mission-critical workloads.

    所有人都在使用我們的混合雲平台來幫助客戶實現關鍵任務工作負載的現代化。

  • We have done the same with major system integrators, Ernst & Young, Infosys, Wipro, Tata Consultancy Services, Tech Mahindra, Persistent Systems.

    我們對主要係統集成商 Ernst & Young、Infosys、Wipro、Tata Consultancy Services、Tech Mahindra、Persistent Systems 也做了同樣的事情。

  • All are examples that are helping expand the reach of IBM's hybrid cloud platform.

    所有這些都是有助於擴大 IBM 混合雲平台範圍的示例。

  • Finally, you'll recall that nearly half the hybrid cloud opportunity lies in services.

    最後,您會記得近一半的混合雲機會來自服務。

  • An important part of our platform's value lies in the expertise we provide to help clients on their journey.

    我們平台價值的一個重要部分在於我們提供的專業知識來幫助客戶完成他們的旅程。

  • Whether that's modernizing apps, building cloud-native apps, migrating to the cloud or managing these applications on the public and private cloud infrastructures, we are currently helping hundreds of major clients on these journeys.

    無論是現代化應用程序、構建雲原生應用程序、遷移到雲還是在公共和私有云基礎架構上管理這些應用程序,我們目前都在幫助數百個主要客戶踏上這些旅程。

  • I believe that our strategic vision is taking hold in the marketplace.

    我相信我們的戰略願景正在市場上站穩腳跟。

  • I mentioned the acceleration in our cloud growth this quarter to over 30%.

    我提到本季度我們的雲增長加速到 30% 以上。

  • This hybrid cloud platform generated over $23 billion of revenue over the last 12 months.

    這個混合雲平台在過去 12 個月創造了超過 230 億美元的收入。

  • I just described the importance of Red Hat Linux and OpenShift to our platform, and Red Hat continued its momentum in the quarter, with the combination of IBM and Red Hat, driving strong revenue and bookings growth.

    我剛剛描述了 Red Hat Linux 和 OpenShift 對我們平台的重要性,Red Hat 在本季度繼續保持勢頭,IBM 和 Red Hat 的結合推動了強勁的收入和預訂增長。

  • Across the board, we are seeing greater demand for Red Hat products.

    總體而言,我們看到對 Red Hat 產品的需求越來越大。

  • Clients are eager to tap into open source innovation.

    客戶渴望利用開源創新。

  • They want the freedom to securely deploy, run and manage their data and applications on the cloud of their choice, and retaining that choice is critical.

    他們希望在他們選擇的雲上自由安全地部署、運行和管理他們的數據和應用程序,並且保留該選擇是至關重要的。

  • Clients such as Bharti Airtel, American Express, Vodafone, Broadridge Financial Solutions, Banco Sabadell and CaixaBank all see the value in a hybrid cloud architecture built by IBM and Red Hat.

    Bharti Airtel、美國運通、沃達丰、Broadridge Financial Solutions、Banco Sabadell 和 CaixaBank 等客戶都看到了 IBM 和 Red Hat 構建的混合雲架構的價值。

  • As part of our hybrid cloud strategy, a key focus is to help clients tackle complex and highly regulated workloads.

    作為我們混合雲戰略的一部分,一個關鍵重點是幫助客戶應對複雜且高度監管的工作負載。

  • Last year, we launched the financial services-ready public cloud with Bank of America, and we recently created a new program for ISVs and SaaS, Software as a Service, providers.

    去年,我們與美國銀行一起推出了金融服務就緒公共雲,最近我們為 ISV 和 SaaS、軟件即服務提供商創建了一個新計劃。

  • I'm happy to share that we now have 30 ISVs signed up.

    我很高興地告訴大家,我們現在有 30 家 ISV 註冊了。

  • This happened with great speed, and I am confident that more will join soon.

    這發生得很快,我相信很快會有更多人加入。

  • So let me pause for a moment and remind you of the 3 priorities I shared with IBMers on my first day as CEO: one, help our clients on their journey to cloud and AI; two, win the architectural battle in cloud with Red Hat; three, continually delight our clients.

    因此,讓我暫停一下,提醒您我在擔任 CEO 的第一天與 IBM 員工分享的 3 個優先事項:第一,幫助我們的客戶踏上雲和 AI 之旅;二、與紅帽一起贏得云架構之戰;三、不斷取悅我們的客戶。

  • These priorities remain the same, and you can see how we have made progress in all of them.

    這些優先事項保持不變,您可以看到我們如何在所有這些方面取得進展。

  • At the same time, we have continued to deliver a series of new innovations in the last quarter.

    與此同時,我們在上個季度繼續交付了一系列新的創新。

  • We launched our new edge and telco network cloud solutions built on Red Hat OpenStack and Red Hat OpenShift that enables clients to run workloads anywhere from a data center to multiple clouds to the edge.

    我們推出了基於紅帽 OpenStack 和紅帽 OpenShift 的新邊緣和電信網絡雲解決方案,使客戶能夠在從數據中心到多個雲再到邊緣的任何地方運行工作負載。

  • We also launched our AI for IT offering to give every CIO the ability to automate their IT infrastructure that immediately reduces cost and becomes more resilient.

    我們還推出了面向 IT 的 AI 產品,讓每個 CIO 都能夠自動化他們的 IT 基礎設施,從而立即降低成本並變得更有彈性。

  • AI for IT runs across any cloud and works in collaboration with an ecosystem of partners that include Slack and Box.

    面向 IT 的 AI 可跨任何云運行,並與包括 Slack 和 Box 在內的合作夥伴生態系統協作。

  • On quantum computing, we added an additional 4 systems which expands our fleet to 22 quantum computing systems.

    在量子計算方面,我們增加了 4 個系統,將我們的系統擴展到 22 個量子計算系統。

  • That includes 8 systems that have demonstrated a quantum volume of 32, a yardstick IBM has proposed to measure the relative power and usefulness of quantum computers.

    其中包括 8 個系統,其量子體積為 32,這是 IBM 提出的衡量量子計算機相對能力和實用性的標準。

  • I've talked previously about the importance of both organic and inorganic investment to drive innovation.

    我之前談到過有機和無機投資對推動創新的重要性。

  • We recently announced 2 acquisitions that will enhance our hybrid cloud and AI capabilities.

    我們最近宣布了 2 項收購,以增強我們的混合雲和 AI 能力。

  • In June, we acquired Spanugo to boost our compliance and cybersecurity capabilities for the hybrid cloud.

    6 月,我們收購了 Spanugo,以提升我們在混合雲方面的合規性和網絡安全能力。

  • And in early July, we agreed to acquire WDG Automation that advances AI-infused automation capabilities into our Cloud Paks.

    7 月初,我們同意收購 WDG Automation,它將 AI 注入的自動化功能提升到我們的 Cloud Paks 中。

  • Needless to say, this is a unique and challenging time for our clients.

    毋庸置疑,這對我們的客戶來說是一個獨特且充滿挑戰的時期。

  • To continue to be their most trusted partner, we are spending a lot of time and energy to drastically simplify how our teams go to market.

    為了繼續成為他們最值得信賴的合作夥伴,我們花費了大量時間和精力來大幅簡化我們的團隊進入市場的方式。

  • We're doing a lot of work on the back end to bring our portfolio together in a more cohesive fashion so our teams can come with simpler and more relevant proposals.

    我們在後端做了很多工作,以更緊密的方式將我們的投資組合整合在一起,這樣我們的團隊就可以提出更簡單、更相關的建議。

  • We are also focused on changing our culture and operating model so we can make decisions more quickly and make our interaction with clients a lot more experiential.

    我們還專注於改變我們的文化和運營模式,以便我們可以更快地做出決策,並使我們與客戶的互動更具體驗感。

  • Jim will take you through a few of our more recent actions.

    吉姆將帶您了解我們最近採取的一些行動。

  • Moving forward, we will continue to take actions that improve our operating model and accelerate our strategic priorities so that we can emerge stronger.

    展望未來,我們將繼續採取行動改善我們的運營模式並加快我們的戰略重點,以便我們能夠變得更強大。

  • Before turning to Jim, let me end by saying a few words on our commitment to corporate social responsibility.

    在轉向 Jim 之前,讓我最後就我們對企業社會責任的承諾說幾句話。

  • This has always been important to IBM.

    這對 IBM 一直很重要。

  • But as you know, with the current events in the United States, there has been a renewed focus to do more.

    但正如你所知,隨著美國當前的事件,人們重新關注做更多事情。

  • As IBM's CEO, I'm fully committed to ensuring that IBM will continue to lead in this area.

    作為 IBM 的首席執行官,我完全致力於確保 IBM 將繼續在這一領域處於領先地位。

  • But this is also about skills and creating opportunity.

    但這也與技能和創造機會有關。

  • Since 2011, IBM has helped to develop and expand a new public education model called P-TECH.

    自 2011 年以來,IBM 幫助開發和擴展了一種名為 P-TECH 的新型公共教育模式。

  • P-TECH provides high school students from underserved backgrounds with the skills and credentials they need for competitive jobs in STEM.

    P-TECH 為來自服務欠缺背景的高中生提供他們在 STEM 領域從事有競爭力的工作所需的技能和證書。

  • To that end, we recently made a commitment to hire 1,000 interns who come from P-TECH.

    為此,我們最近承諾聘請 1,000 名來自 P-TECH 的實習生。

  • To put this in context, we hire between 5,000 and 10,000 interns at IBM each year, so this represents more than 10% of our intern base.

    為了說明這一點,我們每年在 IBM 招聘 5,000 到 10,000 名實習生,所以這占我們實習生人數的 10% 以上。

  • I'm always happy to expand later on this and other topics relating to our ESG efforts.

    我總是很樂意稍後擴展這個主題以及與我們的 ESG 工作相關的其他主題。

  • Now back to the quarter and the business.

    現在回到季度和業務。

  • Jim is going to take you through our results.

    吉姆將帶您了解我們的結果。

  • Jim, over to you.

    吉姆,交給你了。

  • James J. Kavanaugh - Senior VP and CFO of Finance & Operations

    James J. Kavanaugh - Senior VP and CFO of Finance & Operations

  • Thanks, Arvind.

    謝謝,阿文德。

  • During our first quarter earnings call, I talked about how we're prepared for a wide range of outcomes given the economic uncertainty.

    在我們第一季度的財報電話會議上,我談到了在經濟不確定的情況下我們如何為各種結果做好準備。

  • Our second quarter results were within that range.

    我們第二季度的業績在這個範圍內。

  • We delivered $18.1 billion of revenue, expanded gross margin, reported operating earnings per share of $2.18 and continued to generate solid free cash flow.

    我們實現了 181 億美元的收入,擴大了毛利率,報告的每股營業收入為 2.18 美元,並繼續產生穩定的自由現金流。

  • Our balance sheet remains strong and we continue to have ample liquidity.

    我們的資產負債表依然強勁,我們繼續擁有充足的流動性。

  • The external dynamics we saw in March continued into the second quarter with varied impacts by region and industry.

    我們在 3 月份看到的外部動態持續到第二季度,對不同地區和行業的影響各不相同。

  • As we discussed in April, we are not immune to the macroeconomic environment.

    正如我們在 4 月份所討論的那樣,我們無法免受宏觀經濟環境的影響。

  • But our client and our portfolio mix provide some stability in our revenue, profit and free cash flow.

    但我們的客戶和我們的投資組合為我們的收入、利潤和自由現金流提供了一定的穩定性。

  • We saw that again this quarter.

    我們在本季度再次看到了這一點。

  • Let me remind you of how our business mix provides this stability.

    讓我提醒您我們的業務組合如何提供這種穩定性。

  • From a client perspective, our business is more concentrated in large enterprises, which in total have been relatively more stable throughout the pandemic.

    從客戶的角度來看,我們的業務更多集中在大型企業,在整個大流行期間總體上相對更穩定。

  • Though as you would expect, we saw more weakness from smaller enterprises this quarter.

    正如您所預料的那樣,本季度我們看到小型企業的表現更加疲軟。

  • About 70% of our revenue comes from industries that run the world's most critical processes, and those industries have been less impacted by the current economic and health crisis.

    我們大約 70% 的收入來自運行世界上最關鍵流程的行業,這些行業受當前經濟和健康危機的影響較小。

  • We saw that in our results again this quarter and, in fact, grew revenue in financial markets, government and education.

    我們在本季度的業績中再次看到了這一點,事實上,金融市場、政府和教育領域的收入有所增長。

  • From a geographic perspective, we have a global footprint of more than 170 countries.

    從地理角度來看,我們的足跡遍布全球 170 多個國家/地區。

  • This provides a bit of a natural hedge as we continue to see markets experience different impacts from the pandemic over time.

    這提供了一種自然的對沖,因為我們繼續看到隨著時間的推移,市場會受到大流行的不同影響。

  • And then finally, when you look at our portfolio, about 60% of our revenue comes from recurring revenue streams.

    最後,當您查看我們的投資組合時,我們大約 60% 的收入來自經常性收入流。

  • While we've adapted quickly to conduct business virtually around the world, as expected, we did have disruptions in transactional performance and volume reductions.

    正如預期的那樣,我們已經迅速適應在全球範圍內開展虛擬業務,但我們確實在交易性能和交易量減少方面遇到了中斷。

  • Many clients continued to delay projects, defer purchases and favor OpEx over CapEx spending in this environment.

    在這種環境下,許多客戶繼續推遲項目、推遲採購併支持運營支出而不是資本支出。

  • This pause in large purchases and discretionary spending was most evident in our perpetual software licenses and project-oriented services.

    這種大筆採購和可自由支配支出的停頓在我們的永久軟件許可和麵向項目的服務中最為明顯。

  • While clients remain focused on near-term priorities, running mission-critical processes, operational stability and cash preservation, as Arvind mentioned, the last few months also highlighted the need for clients to accelerate their digital transformations, leveraging hybrid cloud and AI.

    正如 Arvind 提到的,雖然客戶仍然關注近期優先事項、運行關鍵任務流程、運營穩定性和現金保存,但過去幾個月也強調了客戶利用混合雲和人工智能加速數字化轉型的需求。

  • Across IBM, our cloud revenue grew 34%, which is up from the 23% growth in the first quarter.

    在整個 IBM,我們的雲收入增長了 34%,高於第一季度 23% 的增幅。

  • IBM's hybrid cloud platform generated more than $23 billion of revenue over the last 12 months.

    IBM 的混合雲平台在過去 12 個月創造了超過 230 億美元的收入。

  • With Red Hat, we are positioned to win the hybrid cloud architectural battle and have deployed the most secure, open hybrid cloud platform underpinned by OpenShift.

    借助紅帽,我們有能力贏得混合雲架構之戰,並部署了以 OpenShift 為基礎的最安全、開放的混合雲平台。

  • We've brought Red Hat and IBM technology together in our modernized Cloud Pak software solutions, providing the leading hybrid cloud platform.

    我們在現代化的 Cloud Pak 軟件解決方案中將 Red Hat 和 IBM 技術結合在一起,提供了領先的混合雲平台。

  • We now have over 2,400 clients using our container solutions and nearly 600 IBM services clients utilizing Red Hat technology.

    我們現在有超過 2,400 家客戶使用我們的容器解決方案,還有近 600 家 IBM 服務客戶使用 Red Hat 技術。

  • Red Hat delivered strong results in the period, with normalized revenue growth of 18%, driven by the synergistic effect of IBM and Red Hat.

    紅帽在此期間取得了強勁的業績,在 IBM 和紅帽的協同效應的推動下,收入正常增長了 18%。

  • Last August, we talked about how Red Hat would benefit from IBM's incumbency in large accounts and leverage our global reach to expand into new markets.

    去年 8 月,我們討論了 Red Hat 如何從 IBM 在大客戶中的優勢中獲益,並利用我們的全球影響力擴展到新市場。

  • We're seeing that where IBM and Red Hat come together, clients are making larger-scale architectural commitments and longer-term and more strategic purchases.

    我們看到,在 IBM 和 Red Hat 走到一起的地方,客戶正在做出更大規模的架構承諾以及更長期和更具戰略性的採購。

  • This quarter, we had a significant increase in the number of Red Hat large deals and expanded Red Hat's presence in underpenetrated focus markets.

    本季度,我們的紅帽大宗交易數量顯著增加,並擴大了紅帽在未充分滲透的重點市場的影響力。

  • In the second quarter, we took additional steps to better position IBM in this environment and emerge stronger.

    在第二季度,我們採取了額外的措施來更好地定位 IBM 在這種環境中並變得更強大。

  • We announced new offerings, including AI for IT and 5G edge, and we recently added key capabilities in RPA and cloud security through 2 acquisitions.

    我們發布了新產品,包括用於 IT 的 AI 和 5G 邊緣,並且我們最近通過 2 次收購增加了 RPA 和雲安全方面的關鍵功能。

  • We are also working to fundamentally shift our operating model.

    我們還致力於從根本上改變我們的運營模式。

  • We're simplifying the geographic dimension of our go-to-market by consolidating our operations and moving to a streamlined structure for sales teams to be more flexible and responsive to our clients.

    我們通過整合我們的運營並轉向簡化的銷售團隊結構來簡化我們進入市場的地理維度,以便更靈活地響應我們的客戶。

  • We've enhanced our virtual selling capabilities, including co-creation with clients on virtual platforms, addressing client needs and solutions with real-time data and shifting to contactless delivery even for the most complex transformation projects.

    我們已經增強了我們的虛擬銷售能力,包括在虛擬平台上與客戶共同創造,利用實時數據滿足客戶需求和解決方案,以及即使對於最複雜的轉型項目也轉向非接觸式交付。

  • We've created a virtual dynamic delivery model to effectively reimagine services delivery, including improved access to expertise and enhanced business resiliency and security.

    我們創建了一個虛擬動態交付模型,以有效地重新構想服務交付,包括改進對專業知識的訪問以及增強的業務彈性和安全性。

  • We're transforming key business support functions to simplify our organizational structure and infuse AI into our workflows to deliver faster, better insights.

    我們正在轉變關鍵的業務支持職能,以簡化我們的組織結構,並將 AI 注入我們的工作流程中,以提供更快、更好的洞察力。

  • And we're expanding our developer and ISV-centric ecosystem to drive workloads to our hybrid cloud platform.

    我們正在擴展我們的開發人員和以 ISV 為中心的生態系統,以將工作負載驅動到我們的混合雲平台。

  • The last dimension of our business model I want to spend a minute on is our liquidity and balance sheet profile.

    我想花一點時間討論我們商業模式的最後一個維度是我們的流動性和資產負債表概況。

  • We further strengthened our cash and our balance sheet in the second quarter, fueled by solid free cash flow, and we took additional measures to improve our liquidity position.

    在穩健的自由現金流的推動下,我們在第二季度進一步加強了現金和資產負債表,我們還採取了額外措施來改善我們的流動性狀況。

  • We ended June with a cash balance of over $14 billion, up over $5 billion from the end of last year.

    截至 6 月,我們的現金餘額超過 140 億美元,比去年年底增加了 50 億美元。

  • We remain opportunistic in the capital markets, issuing $4 billion of debt across multiple tenors with very favorable economics.

    我們在資本市場上保持機會主義,發行了 40 億美元的多期限債券,經濟效益非常好。

  • This provides us with additional liquidity in the short term while we remain committed to our longer-term deleveraging plans.

    這在短期內為我們提供了額外的流動性,同時我們仍致力於我們的長期去槓桿化計劃。

  • Our debt of just under $65 billion was consistent with March as our bond issuance was offset by $4 billion in term debt and commercial paper reductions.

    我們略低於 650 億美元的債務與 3 月份持平,因為我們的債券發行被 40 億美元的定期債務和商業票據減少所抵消。

  • Our debt includes $22 billion of global financing debt, which is primarily in support of IBM products and services and has a stable credit portfolio.

    我們的債務包括 220 億美元的全球融資債務,主要用於支持 IBM 產品和服務,並擁有穩定的信貸組合。

  • Recently, we also successfully completed our annual renewal of IBM's global credit facilities.

    最近,我們還成功完成了 IBM 全球信貸額度的年度更新。

  • We're maintaining over $15 billion in undrawn credit, one of the largest corporate facilities in the S&P.

    我們維持著超過 150 億美元的未動用信貸,這是標準普爾指數中最大的企業貸款之一。

  • Our high-value business model and strong balance sheet and cash flows gave us the confidence to increase our dividend in this environment, the 25th consecutive year with an increase.

    我們的高價值業務模式以及強勁的資產負債表和現金流使我們有信心在這種環境下連續第 25 年增加股息。

  • Looking at the key highlights in the quarter.

    查看本季度的主要亮點。

  • I mentioned our strong growth in cloud and our continued momentum in Red Hat.

    我提到了我們在雲計算方面的強勁增長以及我們在 Red Hat 方面的持續發展勢頭。

  • The combination of Red Hat, our focus on productivity and operational efficiencies and our cloud scale-out drove significant operating gross margin expansion, up 160 basis points.

    Red Hat 的組合、我們對生產力和運營效率的關注以及我們的雲橫向擴展推動了運營毛利率的顯著增長,增長了 160 個基點。

  • Our balance sheet strength was enhanced by $2.3 billion of free cash flow this quarter.

    本季度 23 億美元的自由現金流增強了我們的資產負債表實力。

  • We had strong working capital performance, driven by stable collections and good financing attach rates primarily on IBM Z. This was offset by higher net capital expenditures and workforce rebalancing payments.

    我們的營運資本表現強勁,這主要得益於 IBM Z 的穩定收款和良好的融資附加率。這被更高的淨資本支出和勞動力再平衡支付所抵消。

  • The CapEx increase was driven by the build-out of our cloud infrastructure and lower proceeds from real estate sales while deemphasizing lower-value services content.

    資本支出的增加是由於我們的雲基礎設施建設和房地產銷售收益減少,同時不再強調低價值服務內容。

  • In the quarter, we also continued to have free cash flow contribution from Red Hat, net of interest expense.

    在本季度,我們還繼續從 Red Hat 獲得扣除利息費用後的自由現金流貢獻。

  • Overall, we generated $11.5 billion in free cash flow over the last year, which is about 145% of GAAP net income.

    總體而言,我們去年產生了 115 億美元的自由現金流,約佔 GAAP 淨收入的 145%。

  • These results show solid free cash flow performance and a strong financial profile.

    這些結果顯示了穩健的自由現金流表現和強勁的財務狀況。

  • Now I'll turn to the segment performance, beginning with cloud and cognitive software, where revenue was up 5%, driven by growth in cloud and data platforms.

    現在我將轉向細分市場的表現,從雲和認知軟件開始,在雲和數據平台增長的推動下,收入增長了 5%。

  • 90 days ago, we highlighted how software transactions stalled in March as clients quickly shifted their focus to resiliency efforts.

    90 天前,我們強調了軟件交易在 3 月份是如何停滯的,因為客戶迅速將注意力轉移到彈性工作上。

  • That focus on resiliency continued into the second quarter and impacted software performance, especially in the first part of the quarter.

    對彈性的關註一直持續到第二季度並影響了軟件性能,尤其是在本季度的第一部分。

  • Later in the quarter, demand improved for critical priority areas such as hybrid cloud solutions and some AI applications.

    本季度晚些時候,對混合雲解決方案和一些人工智能應用程序等關鍵優先領域的需求有所改善。

  • We had a sequential improvement in software renewal rates as clients favored subscription models.

    由於客戶青睞訂閱模式,我們的軟件續訂率連續提高。

  • Perpetual software licenses continue to be impacted, particularly in some of the more troubled industries.

    永久軟件許可證繼續受到影響,特別是在一些問題更嚴重的行業。

  • In cloud and data platforms, revenue was up 30%.

    在雲和數據平台,收入增長了 30%。

  • This reflects the synergy of bringing IBM and Red Hat together as we standardize on Red Hat OpenShift as our hybrid cloud platform and modernize our software portfolio to run on it.

    這反映了將 IBM 和 Red Hat 結合在一起的協同作用,因為我們將 Red Hat OpenShift 標準化為我們的混合雲平台,並對我們的軟件組合進行現代化改造以在其上運行。

  • This quarter, we had good performance across Red Hat, including amplified bookings growth in the 30 underpenetrated countries where IBM has helped Red Hat expand go-to-market efforts over the last year.

    本季度,我們在 Red Hat 取得了良好的業績,包括 IBM 在過去一年中幫助 Red Hat 擴大上市工作的 30 個滲透率低的國家/地區的預訂量增長。

  • And with further Cloud Pak traction this quarter, clients are embracing a hybrid cloud strategy and increasingly leveraging the OpenShift container platform.

    隨著本季度 Cloud Pak 的進一步發展,客戶正在採用混合雲戰略並越來越多地利用 OpenShift 容器平台。

  • These actions all contributed to growth in the number of clients using our container platform to over 2,400.

    這些行動都促使使用我們容器平台的客戶數量增加到 2,400 多個。

  • Cognitive applications revenue declined as clients in some of the more impacted industries deferred transformational or discretionary spending.

    由於一些受影響較大的行業的客戶推遲了轉型或可自由支配的支出,認知應用程序收入下降。

  • We saw this play out in IoT engineering life cycle management, where demand from automotive, electronics and aerospace clients softened this quarter.

    我們在物聯網工程生命週期管理中看到了這一點,本季度來自汽車、電子和航空航天客戶的需求有所減弱。

  • These industries remain focused on core operations rather than transformational purchases.

    這些行業仍然專注於核心業務,而不是轉型採購。

  • And our weather consumer business was impacted by general weakness in the advertising market.

    我們的天氣消費者業務受到廣告市場普遍疲軟的影響。

  • In transaction processing platforms, client focus on OpEx versus CapEx continued to impact transactions this quarter.

    在交易處理平台中,客戶對運營支出和資本支出的關注繼續影響本季度的交易。

  • Looking at the profit for this segment, the decline in pretax margin was primarily driven by the purchase accounting impacts from the Red Hat acquisition.

    從該部門的利潤來看,稅前利潤率的下降主要是由於紅帽收購對採購會計的影響。

  • Now turning to our services segments.

    現在轉向我們的服務部門。

  • Global Business Services revenue declined 6%.

    全球商業服務收入下降了 6%。

  • As we entered the year, GBS had good momentum, and we expected revenue to accelerate throughout the year.

    隨著我們進入這一年,GBS 勢頭良好,我們預計全年收入將加速增長。

  • But as the pandemic intensified and the macroeconomic climate worsened, clients quickly shifted their focus to operational stability and cash preservation.

    但隨著大流行病的加劇和宏觀經濟環境的惡化,客戶迅速將重點轉移到運營穩定性和現金保值上。

  • This resulted in a delay in both the existing projects and new commitments, especially in projects that are more discretionary or with longer time to value, such as next-generation enterprise applications.

    這導致現有項目和新承諾的延遲,特別是在更具自主性或價值實現時間更長的項目中,例如下一代企業應用程序。

  • The delays impacted the revenue coming out of backlog, which is about 80% of the quarterly revenue as well as the smaller in-period signings, which yield revenue more quickly.

    延誤影響了來自積壓的收入,這約佔季度收入的 80%,以及較小的期間內簽約,後者產生收入的速度更快。

  • While declines continued in these smaller signings from March through May, the trajectory improved, and we returned to modest growth in June.

    雖然從 3 月到 5 月,這些較小的簽約數量繼續下降,但軌蹟有所改善,我們在 6 月恢復了適度增長。

  • For the quarter, GBS cloud signings grew at a double-digit rate as clients are prioritizing their digital transformations.

    本季度,GBS 雲簽約以兩位數的速度增長,因為客戶正在優先考慮他們的數字化轉型。

  • Offerings such as cloud strategy consulting, application development and modernization continued to grow revenue in the second quarter.

    雲戰略諮詢、應用程序開發和現代化等產品在第二季度的收入繼續增長。

  • These offerings, standardized on Red Hat's OpenShift platform, enable clients in their cloud journeys.

    這些產品在 Red Hat 的 OpenShift 平台上標準化,使客戶能夠踏上雲之旅。

  • We are working with an additional 60 clients such as Bank of America, Medtronic, Loblaws, Bank of England, Credit Mutuel and Deutsche Telekom to utilize Red Hat technologies to transform their businesses.

    我們正在與另外 60 家客戶合作,例如美國銀行、美敦力、Loblaws、英格蘭銀行、Credit Mutuel 和德國電信,以利用紅帽技術實現業務轉型。

  • Looking at profit, we expanded gross margin in GBS by 240 basis points.

    從利潤來看,我們將 GBS 的毛利率提高了 240 個基點。

  • We managed the business well in this environment by leveraging our variable and global delivery resource model, improving price/margin realization and optimizing utilization.

    通過利用我們可變的全球交付資源模型、提高價格/利潤實現和優化利用率,我們在這種環境下很好地管理了業務。

  • We also had a currency benefit, which is fairly consistent with the last couple of quarters.

    我們也有貨幣收益,這與過去幾個季度相當一致。

  • At the same time, we're continuing to invest, building skills and practices through education and hiring.

    與此同時,我們將繼續投資,通過教育和招聘來培養技能和實踐。

  • Overall, while we're dealing with some near-term macro challenges, GBS' deep industry expertise, combined with IBM's and now Red Hat's innovative technology play a critical role in the acceleration of clients' digital transformation.

    總體而言,雖然我們正在應對一些近期的宏觀挑戰,但 GBS 深厚的行業專業知識與 IBM 和現在的 Red Hat 的創新技術相結合,在加速客戶數字化轉型方面發揮了關鍵作用。

  • In Global Technology Services, revenue declined 5%, fairly consistent with the first quarter's performance.

    在全球技術服務方面,收入下降了 5%,與第一季度的表現相當一致。

  • We had signings growth in the quarter and strong growth in cloud revenue, but this was offset by continued declines in client business volumes.

    我們在本季度的簽約增長和雲收入的強勁增長,但這被客戶業務量的持續下降所抵消。

  • As we talked about in the past, about 90% of GTS' quarterly revenue comes from contracts in our backlog.

    正如我們過去談到的那樣,GTS 大約 90% 的季度收入來自我們積壓的合同。

  • While this business has a high mix of recurring revenues, there is some variability in that revenue stream.

    雖然這項業務經常性收入的組合很高,但該收入流存在一些可變性。

  • We provide clients with flexibility in their capacity to deal with volume changes due to their business needs and macroeconomic environment.

    我們為客戶提供靈活性,使其能夠應對因業務需求和宏觀經濟環境而導致的交易量變化。

  • As the pandemic intensified through the end of March and into the second quarter, we experienced lower client-based business volumes, reflecting challenges across industries.

    隨著疫情在 3 月底和第二季度加劇,我們的客戶業務量有所下降,反映出各行業面臨的挑戰。

  • While performance in some of these industries, like financial services, was consistent quarter-to-quarter, other industries had a more significant decline.

    雖然其中一些行業(如金融服務)的業績季度環比保持一致,但其他行業的業績下滑幅度更大。

  • We saw this especially in retail, automotive, consumer goods and travel and transportation.

    我們在零售、汽車、消費品以及旅遊和運輸領域尤其看到了這一點。

  • This impacted the revenue coming out of our backlog in the second quarter.

    這影響了我們第二季度積壓的收入。

  • At the same time, clients are continuing their infrastructure transformations to hybrid multi-cloud environments.

    與此同時,客戶正在繼續將基礎架構轉型為混合多雲環境。

  • For example, at Daimler, we have expanded our relationship to migrate their global aftersales platform to the IBM cloud.

    例如,在戴姆勒,我們擴大了我們的關係,將他們的全球售後平台遷移到 IBM 雲。

  • And this quarter, we announced Sabadell Mexico, the first 100% mobile bank in Mexico, will host its infrastructure on the IBM cloud and use Red Hat Enterprise Linux to modernize its application.

    本季度,我們宣布墨西哥首家 100% 移動銀行 Sabadell Mexico 將在 IBM 雲上託管其基礎架構,並使用紅帽企業 Linux 對其應用程序進行現代化改造。

  • They join other financial institutions like Bank of America, BNP Paribas, Banco Santander, Lotte Card and CaixaBank, among others, as they move forward on their cloud journey.

    他們加入其他金融機構,如美國銀行、法國巴黎銀行、桑坦德銀行、樂天卡和 CaixaBank 等,以推進他們的雲之旅。

  • These commitments contributed to the signings growth for GTS.

    這些承諾促進了 GTS 的簽約增長。

  • And in fact, in the first half, signings grew at a double-digit rate.

    事實上,在上半年,簽約人數以兩位數的速度增長。

  • This results in improved backlog trajectory from where we entered the year.

    這導致我們進入這一年的積壓軌蹟有所改善。

  • Given the overall duration of the backlog, this will convert to revenue over a longer-term horizon.

    鑑於積壓的總持續時間,這將在長期內轉化為收入。

  • Looking at gross profit, GTS margin declined 30 basis points.

    從毛利潤來看,GTS 利潤率下降了 30 個基點。

  • This was driven by mix as the high-value TSS business is impacted by the current product cycle.

    這是由混合驅動的,因為高價值 TSS 業務受到當前產品週期的影響。

  • I'll remind you, we have not yet realized the benefits from our first quarter structural actions.

    我會提醒你,我們還沒有意識到我們第一季度結構性行動的好處。

  • Turning to systems.

    轉向系統。

  • Revenue was up 6% this quarter, and gross margin expanded over 400 basis points.

    本季度收入增長 6%,毛利率增長超過 400 個基點。

  • We again had good growth in both IBM Z and Storage.

    我們在 IBM Z 和存儲方面再次取得了良好的增長。

  • Clients value the new innovation of the z15 mainframe and high-end storage.

    客戶重視 z15 大型機和高端存儲的新創新。

  • Similar to the first quarter, the z15 offered enterprises valuable capabilities, including remote management, security and importantly, scalability.

    與第一季度類似,z15 為企業提供了寶貴的功能,包括遠程管理、安全性以及重要的可擴展性。

  • This quarter, clients also increasingly look to IBM Z for resiliency and business continuity to keep mission-critical workloads running smoothly.

    本季度,客戶也越來越多地向 IBM Z 尋求彈性和業務連續性,以保持關鍵任務工作負載平穩運行。

  • We continue to offer additional hybrid cloud capabilities on z15.

    我們繼續在 z15 上提供額外的混合雲功能。

  • We released Red Hat Ansible certified content for IBM Z and launched a new cloud-native development offering, Wazi Workspaces, which allows developers to use industry-standard tools from IBM Z to multi-cloud platforms, optimized on OpenShift.

    我們為 IBM Z 發布了 Red Hat Ansible 認證內容,並推出了新的雲原生開發產品 Wazi Workspaces,它允許開發人員使用從 IBM Z 到多雲平台的行業標準工具,並在 OpenShift 上進行了優化。

  • The growth in Z and Storage was partially offset by weaker performance in power, reflective of where we are at in our product cycle and power's client base of smaller enterprises, which are impacted more during this pandemic.

    Z 和 Storage 的增長部分被電源性能較弱所抵消,這反映了我們在產品週期和電源的小型企業客戶群中所處的位置,這些企業在此次大流行期間受到的影響更大。

  • Now let me bring it back up to the IBM level.

    現在讓我把它帶回 IBM 層面。

  • I think Arvind summed it up well.

    我認為 Arvind 總結得很好。

  • The current environment presents some near-term challenges for our clients, but it also provides some longer-term opportunities for us.

    當前環境為我們的客戶帶來了一些近期挑戰,但也為我們提供了一些長期機會。

  • We have a business profile and business model that provides some stability in the current environment.

    我們的業務概況和業務模型可以在當前環境中提供一定的穩定性。

  • We have also recently taken a number of actions that strengthen our operating model for today and for the future.

    我們最近還採取了一些行動來加強我們今天和未來的運營模式。

  • We built a robust hybrid cloud platform based on what we firmly believe is the winning architecture.

    我們基於我們堅信的成功架構構建了一個強大的混合雲平台。

  • This technology-centric platform, together with our deep industry expertise and ecosystem partners, will enable us to accelerate clients' digital transformations and move more of our clients' mission-critical workloads to the cloud.

    這個以技術為中心的平台,加上我們深厚的行業專業知識和生態系統合作夥伴,將使我們能夠加速客戶的數字化轉型,並將更多客戶的關鍵任務工作負載轉移到雲端。

  • As we enter the second half, we have a compelling set of offerings and a strong pipeline across software, services and systems.

    當我們進入下半年時,我們擁有一系列引人注目的產品和強大的軟件、服務和系統渠道。

  • How that pipeline yields to revenue will ultimately be tied to the rate and pace of the economic recovery and the resulting client spending confidence.

    該渠道的收入收益最終將取決於經濟復甦的速度和步伐以及由此產生的客戶支出信心。

  • Given the uncertainty in the environment and consistent with our direction from last quarter, we're not going to provide guidance for 2020.

    鑑於環境的不確定性並且與我們上個季度的方向一致,我們不會提供 2020 年的指導。

  • But I do want to remind you of a few specific dynamics.

    但我確實想提醒你一些具體的動態。

  • Systems performance reflects where we are in a product cycle, and we wrap on the IBM Z launch in September.

    系統性能反映了我們在產品週期中所處的位置,我們將在 9 月推出 IBM Z。

  • In software, our transaction versus annuity mix varies by quarter.

    在軟件方面,我們的交易與年金組合因季度而異。

  • Historically, we have a lower mix of transactions in the third quarter, and our largest transactional base is in the fourth quarter.

    從歷史上看,我們第三季度的交易組合較低,我們最大的交易基礎是第四季度。

  • And then for Red Hat, we anniversaried the acquisition in early July.

    然後對於 Red Hat,我們在 7 月初慶祝了收購。

  • We're wrapping on a large part but not all of the impact of the deferred revenue adjustment and transaction charges.

    我們正在總結遞延收入調整和交易費用的大部分但不是全部影響。

  • We also wrap on the divestitures completed in the second quarter of last year.

    我們還總結了去年第二季度完成的資產剝離。

  • And the savings from our structural actions will start to yield in the second half, providing better cost competitiveness and margin performance, especially in GTS.

    我們的結構性行動所節省的資金將在下半年開始產生效果,從而提供更好的成本競爭力和利潤率表現,尤其是在 GTS 方面。

  • Finally, we remain confident that we have ample free cash flow and liquidity to invest in our business and return value to shareholders through dividends.

    最後,我們仍然相信我們有充足的自由現金流和流動性來投資我們的業務,並通過股息向股東回報價值。

  • Arvind, any final comments?

    Arvind,最後有什麼意見嗎?

  • Arvind Krishna - CEO & Director

    Arvind Krishna - CEO & Director

  • Jim, what's most important to me and to IBM is that we emerge stronger from this environment with a business positioned for growth, and I am confident we can do that.

    Jim,對我和 IBM 而言,最重要的是我們在這種環境中變得更加強大,業務定位於增長,我相信我們可以做到這一點。

  • My focus will be on investing and maintaining flexibility to take actions, not just to strengthen our operating model but also to advance our strategic priorities.

    我的重點將放在投資和保持採取行動的靈活性上,不僅要加強我們的運營模式,還要推進我們的戰略重點。

  • Now over to Patricia for the Q&A.

    現在請帕特里夏進行問答。

  • Patricia Murphy - VP of IR

    Patricia Murphy - VP of IR

  • Thank you, Arvind.

    謝謝你,阿文德。

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

    在我們開始問答之前,我想提幾個問題。

  • First, we've included supplemental information at the end of the presentation.

    首先,我們在演示文稿的末尾包含了補充信息。

  • (Operator Instructions) Sheila, let's please open it up for questions.

    (操作員說明)希拉,讓我們打開它提問。

  • Operator

    Operator

  • (Operator Instructions)

    (操作員說明)

  • Our first question will come from Matt Cabral with Credit Suisse.

    我們的第一個問題將來自瑞士信貸的 Matt Cabral。

  • Matthew Normand Cabral - Research Analyst

    Matthew Normand Cabral - Research Analyst

  • Understanding you guys aren't looking to give formal full year guidance at this point.

    明白你們現在不打算提供正式的全年指導。

  • But just wondering if you'd spend a little bit more time about how we should think about moving into the third quarter versus seasonality, where I think, typically, you're down a little bit over $1 billion sequentially, and maybe just dig a little bit deeper into some of the biggest swing factors we should be thinking about by segment going from 2Q into 3Q.

    但只是想知道你是否會花更多時間思考我們應該如何考慮進入第三季度而不是季節性,我認為,通常情況下,你連續下降超過 10 億美元,也許只是挖一個從第二季度到第三季度,我們應該按細分市場更深入地考慮一些最大的波動因素。

  • Arvind Krishna - CEO & Director

    Arvind Krishna - CEO & Director

  • Thanks, Matt, for the question.

    謝謝馬特提出這個問題。

  • Let me start and then I will give it to Jim for adding a bit more color and a bit more detail.

    讓我開始,然後我會把它交給吉姆,讓他添加更多顏色和更多細節。

  • So as both of us said on the call, we're seeing that there is -- it's 2-sided.

    因此,正如我們倆在電話中所說的那樣,我們看到有 - 它是雙面的。

  • We see opportunity in hybrid cloud.

    我們在混合雲中看到了機會。

  • We see opportunity in digital transformation.

    我們看到了數字化轉型的機遇。

  • We see opportunity in people as they're doing a return to the workplace and projects that all advance those things.

    我們在人們重返工作場所和推進這些事情的項目中看到了機會。

  • Some of those give them long-term benefits, some give them a short-term benefit.

    其中一些給他們帶來長期利益,一些給他們帶來短期利益。

  • That said, we are seeing that there is a negative on things that require CapEx, things that have very long-term payoffs and project-based businesses.

    也就是說,我們看到需要資本支出的事物、具有非常長期回報的事物和基於項目的業務存在負面影響。

  • If we think about the difference between third and fourth quarter, third is a bit lighter on transactions, fourth is very heavy on transactions.

    如果我們考慮第三季度和第四季度之間的差異,第三季度的交易量較少,第四季度的交易量非常大。

  • If we also look at some of those project-based businesses, we'll likely -- and this is where it's tough to give guidance, but it's likely that we see that the economic recovery is looking to be longer and more protracted than we might have hoped for back in March.

    如果我們也看看其中一些基於項目的業務,我們可能會——這是很難給出指導的地方,但我們很可能會看到經濟復甦看起來比我們可能的時間更長、更持久希望在三月份回來。

  • And as we see that bouncing ball on the economic recovery, whether it's in the United States, in Brazil, in India, that has an impact on all of these elements.

    正如我們所看到的經濟復甦的彈跳球,無論是在美國、巴西還是印度,都會對所有這些因素產生影響。

  • But the other thing that is important in some of the remarks that Jim made, we kind of have a 2/3, 1/3 mix, maybe a bit more than that in industries which are less impacted versus industries that are more impacted.

    但在吉姆發表的一些言論中,另一件重要的事情是,我們有 2/3、1/3 的混合,可能比受影響較小的行業與受影響較大的行業的混合要多一些。

  • And that, of course, will play out in our results as well.

    當然,這也會在我們的結果中發揮作用。

  • But let me give it to Jim to make some of those things more precise.

    但是讓我把它交給吉姆,讓其中的一些事情變得更加精確。

  • James J. Kavanaugh - Senior VP and CFO of Finance & Operations

    James J. Kavanaugh - Senior VP and CFO of Finance & Operations

  • Yes.

    是的。

  • Thanks, Arvind, and Matt, thank you very much for the question overall.

    謝謝 Arvind 和 Matt,非常感謝您提出的總體問題。

  • As we stated, wrapping up the prepared remarks, we do have a very strong pipeline across our offering portfolio around systems, around software, around services.

    正如我們所說,總結準備好的評論,我們確實在我們圍繞系統、軟件和服務的產品組合中擁有非常強大的管道。

  • But as Arvind just indicated, the yield will be tied directly to the rate and pace of the recovery of the pandemic curves, which, by the way, vary based on market around the world and industry, which tie directly to client spending confidence overall.

    但正如 Arvind 剛剛指出的那樣,收益率將直接與大流行曲線恢復的速度和速度相關聯,順便說一句,大流行曲線的恢復速度和速度因全球市場和行業而異,這直接關係到客戶的總體支出信心。

  • If you look at just macro level dynamics of our business profile, there's a couple of things that I think will play out as we look forward.

    如果你只看我們業務概況的宏觀動態,我認為有幾件事會在我們期待的時候發揮作用。

  • One is we're going to wrap on divestitures.

    一是我們將結束資產剝離。

  • That's been a 2-point headwind to the IBM company for the last 4 quarters.

    在過去的 4 個季度中,這對 IBM 公司造成了 2 點的不利影響。

  • We wrap as we enter second half.

    我們在進入下半場時結束。

  • Number two, we're dealing with actually a weaker dollar.

    第二,我們實際上是在處理美元走軟的問題。

  • And you'll see in the currency back up, that is now flat to about 1 point of a headwind, where we were dealing with about a 2- to 2.5-point headwind over the last few quarters.

    你會看到貨幣回升,現在持平到大約 1 點的逆風,我們在過去幾個季度處理了大約 2 到 2.5 點的逆風。

  • Three, the dynamics of client buying behavior is really shifting, that acceleration of digital transformation and to cloud, you see it play out in our results.

    第三,客戶購買行為的動態正在發生真正的變化,數字化轉型和雲計算的加速,你會在我們的結果中看到它。

  • And we actually have a strong pipeline.

    我們實際上有一個強大的管道。

  • Red Hat had another very good quarter, good pipeline setup, our hybrid cloud solution offerings around Cloud Paks with good momentum.

    紅帽有另一個非常好的季度,良好的管道設置,我們圍繞 Cloud Paks 的混合雲解決方案產品勢頭良好。

  • We got a good annuity base of business that we're going to continue to build on with renewal rates.

    我們有一個良好的年金業務基礎,我們將繼續以續訂率為基礎。

  • And we've got a systems business that we refreshed with new innovation.

    我們有一個系統業務,我們用新的創新來更新它。

  • When you look at services, to your point, we've got structural actions that are going to start yielding as we exit -- or excuse me, as we enter second half.

    當您查看服務時,就您的觀點而言,我們已經採取了結構性行動,這些行動將在我們退出時開始產生效果 - 或者對不起,當我們進入下半場時。

  • And we got a strong pipeline, as Arvind stated on the call, of large transformational deals.

    正如 Arvind 在電話會議上所說,我們有一個強大的管道,用於大型轉型交易。

  • Now those are always binary as to when they close, but they will reposition the emerging stronger theme of our backlog in services overall.

    現在,它們何時關閉始終是二元的,但它們將重新定位我們在整體服務中積壓的新興更強主題。

  • In the meantime, we're going to continue to deal with the economic impact around discretionary projects, in particular around GBS.

    與此同時,我們將繼續處理可自由支配項目的經濟影響,尤其是 GBS。

  • Operator

    Operator

  • Next, we will hear from Amit Daryanani with Evercore ISI.

    接下來,我們將聽取 Evercore ISI 的 Amit Daryanani 的意見。

  • Amit Jawaharlaz Daryanani - Senior MD & Fundamental Research Analyst

    Amit Jawaharlaz Daryanani - Senior MD & Fundamental Research Analyst

  • I guess my question is really around the cloud revenue growth, which I think was about 34% this quarter, was a really impressive acceleration from, I think, given what you guys said in the March quarter.

    我想我的問題實際上是關於雲收入的增長,我認為本季度約為 34%,這是一個非常令人印象深刻的加速,我認為,考慮到你們在三月季度所說的話。

  • Is there a way to think about just how sustainable do you think this growth is as we go forward?

    在我們前進的過程中,您認為這種增長的可持續性有多大?

  • And then when I think of this number, 34%, is there a way to see how much of this growth is from new logos and new wins on the customer side versus perhaps taking existing customers from an on-premise to a hybrid off-premise journey?

    然後,當我想到這個數字(34%)時,有沒有一種方法可以看出這種增長有多少來自客戶方面的新徽標和新勝利,而不是將現有客戶從內部部署轉移到混合外部部署旅行?

  • Arvind Krishna - CEO & Director

    Arvind Krishna - CEO & Director

  • Okay.

    好的。

  • Amit, let me start.

    阿米特,讓我開始吧。

  • This is Arvind.

    這是阿爾溫德。

  • And then we'll ask Jim to add a lot more color.

    然後我們會要求吉姆添加更多顏色。

  • So Amit, so clearly, since this is the last quarter where Red Hat was, I'll call it, inorganic, that clearly had an impact on this.

    所以阿米特,很明顯,因為這是 Red Hat 的最後一個季度,我稱之為無機的,這顯然對此產生了影響。

  • That said, we are still actually quite happy with the results despite that, that had accelerated quite a bit from earlier and from both the first quarter and last year.

    也就是說,儘管如此,我們仍然對結果感到非常滿意,與早些時候以及第一季度和去年相比已經加速了很多。

  • So I'll just say it like that and leave it at that.

    所以我就這樣說,然後就這樣了。

  • The second part you asked was, are we just moving our people from one side to the other, or are we getting new wins?

    你問的第二部分是,我們只是將我們的員工從一邊轉移到另一邊,還是我們正在獲得新的勝利?

  • Amit, the vast majority of this, it is a big core of Red Hat as I described our hybrid cloud platform.

    Amit,其中絕大部分是 Red Hat 的一個大核心,正如我描述的我們的混合雲平台。

  • That's not a left-to-right shift.

    這不是從左到右的轉變。

  • That is actually net new.

    這實際上是全新的。

  • When we think about our wins in telecom, actually, those are places we were never present, actually, either of us, not just one of us.

    當我們考慮我們在電信領域的勝利時,實際上,那些是我們從未出現過的地方,實際上,我們中的任何一個,而不僅僅是我們中的一個。

  • If you think about modernizing people's applications, that's not a shift.

    如果您考慮使人們的應用程序現代化,那不是轉變。

  • That's actually net new work for us.

    這對我們來說實際上是全新的工作。

  • You asked about new logos.

    您詢問了有關新徽標的問題。

  • That may apply to a little bit of services.

    這可能適用於一些服務。

  • But for the company at large, look, we have a lot of clients.

    但是對於整個公司來說,看,我們有很多客戶。

  • I mean like almost any enterprise of any size is already our client, especially on the product side of the house.

    我的意思是幾乎任何規模的企業都已經是我們的客戶,尤其是在產品方面。

  • So talking about them being new logos would be unfair.

    因此,談論它們是新徽標是不公平的。

  • But are we getting into areas within them that we previously did not have access to?

    但是我們是否正在進入我們以前無法進入的區域?

  • I would say we are absolutely doing that, and that's a big part why you see that 34% growth.

    我會說我們絕對在這樣做,這就是為什麼你看到 34% 的增長的重要原因。

  • So with that, let me give it to Jim for adding to that.

    因此,讓我把它交給吉姆,讓他補充一下。

  • James J. Kavanaugh - Senior VP and CFO of Finance & Operations

    James J. Kavanaugh - Senior VP and CFO of Finance & Operations

  • Yes.

    是的。

  • Just some color around how that 34% was actually delivered overall.

    關於這 34% 的整體實際交付方式的一些顏色。

  • Arvind talked about it from a client perspective and the value we bring around our hybrid cloud differentiated value proposition.

    Arvind 從客戶的角度談到了它,以及我們為混合雲差異化價值主張帶來的價值。

  • But the 34%, Amit, as you indicated, is up about 11 points sequentially quarter-to-quarter with regards to the growth profile.

    但是,正如您所指出的,Amit 的 34% 在增長方面環比增長了約 11 個百分點。

  • That was driven pervasively across all 4 segments of our business.

    這在我們業務的所有 4 個部門中得到了普遍推動。

  • And in fact, that 11-point sequential year-to-year improvement -- or quarter-to-quarter improvement was entirely organic.

    事實上,這 11 個百分點的連續年度改進——或季度到季度的改進完全是有機的。

  • Red Hat contributes significantly to the 34% overall.

    Red Hat 貢獻了 34% 的整體份額。

  • But even on a pro forma organic perspective, we are growing right around 20%.

    但即使從備考的有機角度來看,我們的增長率也在 20% 左右。

  • We got a GTS business that has over a $9 billion book of business, in our cloud portfolio, that grew 20% this quarter and accelerated from first quarter.

    我們的 GTS 業務在我們的雲產品組合中擁有超過 90 億美元的業務,本季度增長 20%,比第一季度增長更快。

  • Our GBS business, which is about $5.5 billion on a trailing 12 months grew in the mid-teens.

    我們的 GBS 業務在過去的 12 個月中增長了約 55 億美元。

  • And our software business, which is about a $5.5 billion book of business grew well in excess of 100% but grew around 20-plus percent pro forma organically.

    而我們的軟件業務,其營業額約為 55 億美元,增長超過 100%,但預計有機增長約 20% 以上。

  • So I think we're seeing broad-based acceleration, really driven by the client buying behavior shifts that are happening in the marketplace.

    因此,我認為我們正在看到廣泛的加速發展,這實際上是由市場上正在發生的客戶購買行為轉變所推動的。

  • And to Arvind's prepared remarks, overall, we feel pretty confident about the offering portfolio and the differentiated architecture around our hybrid cloud platform that positions us to continue to capitalize on that going forward.

    對於 Arvind 準備好的評論,總的來說,我們對圍繞我們的混合雲平台的產品組合和差異化架構非常有信心,這使我們能夠繼續利用這一點。

  • Operator

    Operator

  • Our next question will come from Toni Sacconaghi with Bernstein.

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

  • A.M. Sacconaghi - Senior Analyst

    A.M. Sacconaghi - Senior Analyst

  • I was wondering if you could comment on linearity in the quarter relative to sort of normal linear patterns.

    我想知道您是否可以評論本季度相對於某種正常線性模式的線性度。

  • It sounded like software was a little worse in the first half of the quarter and then got a little bit better.

    聽起來軟件在本季度的前半段有點差,然後好轉了一點。

  • I think there was one other business where you referenced things may be looking a little better as the quarter progressed.

    我認為還有另一項業務,你提到隨著季度的進展,情況可能會好一些。

  • So could you comment on whether that's a fair observation?

    那麼你能否評論一下這是否是一個公平的觀察?

  • And if it is, why shouldn't we be thinking about modeling normal or better-than-normal seasonality from Q2 to Q3?

    如果是,為什麼我們不應該考慮對從第二季度到第三季度的正常或好於正常的季節性進行建模?

  • And then separately, could you just comment on GBS signings?

    然後,你能單獨評論一下 GBS 簽約嗎?

  • It sounds like they were down perhaps 20% year-over-year.

    聽起來它們同比下降了 20%。

  • And what that might suggest for the GBS business trajectory over the next couple of quarters.

    這對未來幾個季度的 GBS 業務軌跡可能意味著什麼。

  • Arvind Krishna - CEO & Director

    Arvind Krishna - CEO & Director

  • Toni, so you're very astute in your observations about linearity in second quarter.

    托尼,所以你對第二季度線性的觀察非常敏銳。

  • So let me just add a little bit of color to that.

    因此,讓我為此添加一點顏色。

  • When we finished the first quarter, we were quite transparent in saying that March was a lot worse than we expected compared to what we see.

    當我們完成第一季度時,我們非常透明地說,與我們所看到的相比,3 月份的情況比我們預期的要糟糕得多。

  • I wouldn't use the word linear because on the transactional side, the last month of the quarter is a lot more.

    我不會使用線性這個詞,因為在交易方面,本季度的最後一個月要多得多。

  • So I'll just compare to normal maybe as opposed to linear.

    所以我只是比較正常的,而不是線性的。

  • When we entered second quarter, the annuity side of the business yields pretty evenly other than the slight, I'll call it, maybe 4% to 5% in volume that goes up and down.

    當我們進入第二季度時,業務的年金方面的收益率非常均勻,除了輕微的,我稱之為,可能是 4% 到 5% 的上下波動。

  • So that side is linear, approximately, and that didn't change.

    所以那一邊是線性的,大約,並且沒有改變。

  • If you look at the transactional side of the business, I would tell you that the month of May was significantly worse than we would normally expect.

    如果你看一下業務的交易方面,我會告訴你,5 月份的情況比我們通常預期的要糟糕得多。

  • And we saw that begin to come back in June but not really recover to normal levels.

    我們看到這種情況在 6 月開始回升,但並未真正恢復到正常水平。

  • That's why I pause on saying will 3Q be better because -- since May was worse than June but June was still worse than we might have expected last year, so that tells us something about that.

    這就是為什麼我暫停說第三季度會更好,因為 - 因為 5 月比 6 月差,但 6 月仍然比我們去年預期的要差,所以這告訴了我們一些事情。

  • And then let me give it to Jim to also comment on the impact of the signings as well as more on the important linearity question.

    然後讓我把它交給吉姆,讓他也對簽約的影響以及重要的線性問題發表評論。

  • James J. Kavanaugh - Senior VP and CFO of Finance & Operations

    James J. Kavanaugh - Senior VP and CFO of Finance & Operations

  • Yes.

    是的。

  • So thanks, Arvind, and thanks, Toni, for the question.

    謝謝 Arvind,也謝謝 Toni 提出的問題。

  • But as you indicated with the heart of your question overall, the dynamics in March that we saw generally played out as we entered the first part of second quarter.

    但正如您從整體問題的核心所指出的那樣,我們看到的 3 月份動態在我們進入第二季度的第一部分時通常會發揮作用。

  • Clients have really continued focused on mission-critical operational stability, cash preservation as any company as we were in the midst of the worst pandemic we've seen in quite a period of time.

    客戶確實繼續關注關鍵任務的運營穩定性、現金保存,就像我們在相當長一段時間內看到的最嚴重的流行病中一樣。

  • And then I could even tell you as CFO of the IBM company, we were maniacally focused on liquidity.

    然後我什至可以告訴你,作為 IBM 公司的首席財務官,我們非常關注流動性。

  • So that was not unexpected.

    所以這並不意外。

  • But what we see play out as we moved through the quarter is really the demand profile is really correlating to the curves of the pandemic.

    但我們在整個季度中看到的結果是,需求狀況確實與大流行的曲線相關。

  • And that plays out differently around markets around the world, around industries around the world.

    這在世界各地的市場、世界各地的行業中發揮著不同的作用。

  • And that's why we tried to give some color about our geographic diversification, which we believe provides a natural hedge in this environment as many markets are going through different curves and our industry concentration being 70% in industries that are minimally or moderately impacted by the pandemic overall per Gartner and IDC.

    這就是為什麼我們試圖給我們的地域多元化一些色彩,我們認為這在這種環境下提供了一種自然的對沖,因為許多市場正在經歷不同的曲線,而且我們的行業集中度為 70%,這些行業受到大流行的影響很小或中等總體而言,根據 Gartner 和 IDC。

  • But when you look at it, the rate and pace of that economic recovery, as we said when we conclude the prepared remarks, is really going to follow that pandemic.

    但是當你觀察它時,正如我們在結束準備好的發言時所說的那樣,經濟復甦的速度和步伐確實會跟隨那場大流行病。

  • But when you look at our performance in the second quarter, and not to repeat Arvind but just give a little color by unit, our GBS business really stalled in the month of March after starting very strong through 2 months.

    但是當你看我們第二季度的表現時,而不是重複 Arvind,只是按單位給出一點顏色,我們的 GBS 業務在 2 個月開始非常強勁之後確實在 3 月份停滯不前。

  • That continued through the first 2 months of this quarter.

    這種情況一直持續到本季度的前兩個月。

  • And actually, June, we saw our small transaction volume, which has high-yielding revenue content going forward, actually come back to growth.

    實際上,在 6 月,我們看到我們的小交易量,其中具有高收益的收入內容,實際上又恢復了增長。

  • And it was led by Europe, which stabilized with their pandemic curves, and it was led by Asia Pacific.

    它由歐洲引領,其大流行曲線趨於穩定,由亞太地區引領。

  • Actually, the Americas was the exact opposite, both Latin America and U.S.

    實際上,美洲恰恰相反,無論是拉丁美洲還是美國。

  • We started out pretty strong as the U.S. was getting the pandemic and curve underway.

    隨著美國的大流行和曲線的發展,我們的開局非常強勁。

  • And then when it started bouncing in June, we took a big step back.

    然後當它在 6 月開始反彈時,我們後退了一大步。

  • So that's what happened in GBS.

    這就是 GBS 中發生的事情。

  • C&C software, very strong conclusion where value and hybrid cloud solutions, certain AI-specific, Red Hat, very strong closure of the quarter.

    C&C 軟件,非常有力的結論,其中價值和混合雲解決方案,某些特定於 AI 的解決方案,Red Hat,非常強大的季度結束。

  • But I'll tell you, one, we came off a very strong second quarter large deal closure last year, so we had a very tough compare.

    但我會告訴你,第一,去年第二季度我們完成了非常強勁的大宗交易,所以我們進行了非常艱難的比較。

  • But we didn't grow in the month of June.

    但是我們在六月份沒有增長。

  • We were just much better than March in April and May.

    我們只是比四月和五月的三月好得多。

  • Systems finished pretty strong, which is a testament to our value prop.

    系統完成得非常好,這證明了我們的價值主張。

  • And GTS -- I'll tell you, GTS was kind of a mixed here.

    GTS——我會告訴你,GTS 在這裡有點混合。

  • 90-plus percent of that business is annuitized.

    該業務的 90% 以上已年金化。

  • We are dependent on client-based business volumes.

    我們依賴於基於客戶的業務量。

  • That's 70% of industry.

    那是工業的70%。

  • We actually saw stability and, for the first time in a while, some growth in like financial markets, government, et cetera, but we are getting impacted in GTS by client-based business volumes, in particular, around airline, travel, transportation and retail.

    我們實際上看到了穩定性,並且一段時間以來第一次看到金融市場、政府等方面的一些增長,但我們在 GTS 中受到基於客戶的業務量的影響,特別是圍繞航空、旅遊、運輸和零售。

  • Operator

    Operator

  • Our next question comes from Wamsi Mohan with Bank of America.

    我們的下一個問題來自美國銀行的 Wamsi Mohan。

  • Wamsi Mohan - Director

    Wamsi Mohan - Director

  • Arvind, you noted that the hybrid cloud opportunity is half in services.

    Arvind,你注意到混合雲機會有一半在服務中。

  • Do you see for IBM a larger opportunity at GBS or GTS?

    您是否認為 IBM 在 GBS 或 GTS 有更大的機會?

  • And any additional color on the GTS/GBS mix of those large transformational deals you alluded to in your prepared remarks will be helpful.

    您在準備好的評論中提到的那些大型轉型交易的 GTS/GBS 組合的任何其他顏色都會有所幫助。

  • And if I could, Jim, could you maybe also talk about the seasonality relative to cash flows in second half versus first half this year given the Red Hat contribution in the first half?

    吉姆,如果可以的話,考慮到紅帽在上半年的貢獻,你能否也談談今年下半年與上半年現金流相關的季節性?

  • Arvind Krishna - CEO & Director

    Arvind Krishna - CEO & Director

  • All right.

    好的。

  • Thanks, Wamsi.

    謝謝,瓦姆西。

  • So look, so I mentioned explicitly that half the opportunity is services.

    所以看,所以我明確提到一半的機會是服務。

  • When we look at the market, that's a $1.2 trillion market for hybrid cloud, and about $550 billion, you could say maybe a touch more, is the services opportunity.

    當我們審視這個市場時,混合雲市場規模為 1.2 萬億美元,而服務機會大約有 5500 億美元,你可以說多一點。

  • So that's the almost half.

    所以這幾乎是一半。

  • Within that, the bulk of the opportunity is in application modernization and improving the end-to-end workflows of our clients' processes.

    其中,大部分機會在於應用程序現代化和改進客戶流程的端到端工作流程。

  • So when you look at those elements and then you look at both private and public cloud, the nature of those operations is much more automated and much more captured in code than traditional infrastructure.

    因此,當您查看這些元素,然後再查看私有云和公共雲時,這些操作的性質比傳統基礎設施更加自動化,並且在代碼中捕獲得更多。

  • That's my -- I guess my technologist's way of saying that the opportunity will be larger in GBS than GTS for those opportunities.

    這就是我的 - 我猜我的技術專家的說法是 GBS 的機會比 GTS 的機會更大。

  • However, I'll just put a caution that, that said, the run component does remain important.

    但是,我只是警告說,運行組件確實仍然很重要。

  • It's not that it goes away.

    並不是說它消失了。

  • But in terms of pure dollar opportunities, it's shifting more towards the GBS side on that side of the market as opposed to the traditional infrastructure.

    但就純美元機會而言,與傳統基礎設施相比,它正在更多地轉向市場那一側的 GBS 一側。

  • And we're seeing that play out in the mix of the opportunities because people need to get the work done first in terms of transforming their applications.

    我們看到機會的混合發揮了作用,因為人們需要首先完成應用程序轉換方面的工作。

  • And that innovation is what is driving their interest.

    而正是這種創新激發了他們的興趣。

  • And that's why you see us keep using the word transformational because that is where people see the huge opportunity of these projects.

    這就是為什麼你看到我們一直使用轉型這個詞,因為人們看到了這些項目的巨大機會。

  • And so with that, Jim?

    那麼,吉姆?

  • James J. Kavanaugh - Senior VP and CFO of Finance & Operations

    James J. Kavanaugh - Senior VP and CFO of Finance & Operations

  • Wamsi, thank you for the question overall around free cash flow and seasonality.

    Wamsi,感謝您提出有關自由現金流和季節性的總體問題。

  • Through the first half, we delivered $3.6 billion of free cash flow and $5.1 billion of cash from ops.

    上半年,我們交付了 36 億美元的自由現金流和 51 億美元的運營現金。

  • Cash from ops is about flat year-over-year.

    來自運營的現金同比持平。

  • Our free cash flow is down about $400 million.

    我們的自由現金流減少了大約 4 億美元。

  • That positions us, on a trailing 12-month, $11.5 billion, I think, and a very strong free cash flow realization.

    我認為,這使我們在過去的 12 個月中處於 ​​115 億美元的位置,並且實現了非常強勁的自由現金流。

  • Let me give you some of the underlying dynamics and then I'll give you some color, given we're not giving forward-looking guidance, we're not going to give a free cash flow guidance here on the call.

    讓我給你一些潛在的動態,然後我會給你一些顏色,鑑於我們沒有提供前瞻性指導,我們不會在電話會議上提供自由現金流指導。

  • But to your question, I'll give you some color about seasonality and what were some of the headwinds, tailwinds.

    但是對於你的問題,我會給你一些關於季節性的顏色以及一些逆風和順風。

  • As we stated when we entered January, very similar, we talked about capital.

    正如我們在進入一月份時所說的那樣,非常相似,我們談到了資本。

  • We're going to continue to invest in this business.

    我們將繼續投資這項業務。

  • Capital through the first 6 months was a headwind of almost $0.5 billion.

    前 6 個月的資本是近 5 億美元的逆風。

  • Our workforce rebalancing payments were a headwind predominantly in the first half.

    上半年,我們的勞動力再平衡支付主要是逆風。

  • That will diminish as we get into second half.

    隨著我們進入下半場,這種情況將會減少。

  • And cash tax was a headwind through the first half already, and that would -- should be pretty consistent as we move forward.

    現金稅已經成為上半年的不利因素,而且隨著我們的前進,這應該是相當一致的。

  • Offsetting some of that here in the first half is we've had very strong working capital efficiency.

    上半年抵消了其中一些是我們的營運資本效率非常高。

  • Very strong collection rates even in this environment, talking to the testament, I think, of the value and how essential we are to our clients, delivering mission-critical value.

    即使在這種環境下,收集率也非常高,我認為這證明了價值以及我們對客戶的重要性,提供關鍵任務價值。

  • And also, we're in a mainframe cycle.

    而且,我們正處於大型機週期中。

  • So our IGF attach rates are doing quite well, and that is helping our free cash flow overall.

    所以我們的 IGF 附加率表現很好,這有助於我們整體的自由現金流。

  • So I assume as we move into the second half, we'll have similar dynamics around the headwinds.

    所以我假設當我們進入下半場時,我們將有類似的逆風動態。

  • We start now in the second half.

    我們現在從下半場開始。

  • As we anniversaried Red Hat, the profitability of Red Hat will start accelerating as we get into the second half.

    在我們慶祝 Red Hat 週年之際,隨著我們進入下半年,Red Hat 的盈利能力將開始加速。

  • That should help us.

    那應該對我們有幫助。

  • We'll start reducing the amount of tailwind on working capital efficiency as we get through our Z cycle overall.

    當我們整體完成 Z 週期時,我們將開始減少對營運資本效率的不利影響。

  • And I think with regards to cash tax, as I stated, pretty similar.

    正如我所說,我認為關於現金稅非常相似。

  • 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 的意見。

  • Kathryn Lynn Huberty - MD and Research Analyst

    Kathryn Lynn Huberty - MD and Research Analyst

  • A number of your peers, Accenture, SAP, Oracle, have recently provided guidance.

    您的許多同行,埃森哲、SAP、甲骨文,最近提供了指導。

  • Is there something different about your business exposure or what you see in the market that is holding you back from providing guidance?

    您的業務風險或您在市場上看到的情況是否有什麼不同之處阻礙您提供指導?

  • And what is it that you're looking for in order to return to the prior framework of giving an annual outlook?

    為了回到之前給出年度展望的框架,你正在尋找什麼?

  • Arvind Krishna - CEO & Director

    Arvind Krishna - CEO & Director

  • Katy, thanks for the question.

    凱蒂,謝謝你的提問。

  • I think as to deal -- I can't comment on is the business different or do we see it differently.

    我認為至於交易——我不能評論業務是否不同,或者我們的看法是否不同。

  • I can comment on what we see.

    我可以評論我們所看到的。

  • We have a lot of uncertainty in the economic environment around the globe.

    我們在全球經濟環境中有很多不確定性。

  • And when we look at it by geography, by continent or by industry, there's just so much variability that we can't answer it.

    當我們按地域、大洲或行業來看待它時,變化太大,我們無法回答。

  • In April, when we said that we'll have reevaluated 90 days, maybe we were a little bit optimistic that we would get more stability on the health, which in turn leads to the economic conditions.

    在 4 月份,當我們說我們將重新評估 90 天時,也許我們有點樂觀,認為我們會在健康方面獲得更多穩定性,這反過來會導致經濟狀況。

  • And that curve will begin to flatten in 3 to 4 months, which was, at that time, a reasonable but turned out to be a misplaced expectation.

    這條曲線將在 3 到 4 個月內開始變平,這在當時是合理的,但後來證明是錯誤的預期。

  • And so we just can't tell where those go.

    所以我們無法判斷它們去了哪裡。

  • And because those have an impact, not in a month or 2 but over 6 to 9 months, even on portions of the annuity business, as Jim has been very clear, there is -- clients do get the ability to dial volumes up and down in some range.

    因為這些會產生影響,不是在一個月或兩個月內,而是在 6 到 9 個月內,甚至對年金業務的某些部分產生影響,正如吉姆非常清楚的那樣,客戶確實有能力上下調整交易量在某個範圍內。

  • So that creates, for us, the inability to really want to give guidance that we are confident about.

    因此,對我們來說,這導致無法真正想要提供我們有信心的指導。

  • And so it's that mixture of confidence and uncertainty in the economics that makes us unwilling to provide guidance.

    因此,正是對經濟學的信心和不確定性的混合使我們不願意提供指導。

  • James J. Kavanaugh - Senior VP and CFO of Finance & Operations

    James J. Kavanaugh - Senior VP and CFO of Finance & Operations

  • Yes.

    是的。

  • The only thing I would add, Katy, is that it's not a statement of the confidence we have in our portfolio, our offerings, our strategy and our platform of what Arvind is trying to drive as the new CEO of the IBM Company overall.

    凱蒂,我唯一要補充的是,這並不是我們對我們的產品組合、我們的產品、我們的戰略和我們的平台的信心的聲明,而 Arvind 作為 IBM 公司的新任首席執行官正在努力推動。

  • We feel pretty confident in that, and Arvind articulated that in his prepared remarks, around our hybrid cloud strategy, our platform, our architecture and components of our business.

    我們對此非常有信心,Arvind 在他準備好的發言中圍繞我們的混合雲戰略、我們的平台、我們的架構和我們的業務組件闡明了這一點。

  • As we see play out in the second quarter, this demand profile and the resulting client spending confidence is going to follow the pandemic curves around markets and around industries.

    正如我們在第二季度看到的那樣,這種需求狀況和由此產生的客戶支出信心將遵循圍繞市場和行業的大流行曲線。

  • And we saw that play out in the second quarter, and we'll see how the world deals with the overall pandemic, the crisis and how we enable our clients and our employees and our communities to move forward.

    我們在第二季度看到了這種情況,我們將看到世界如何應對整體流行病、危機,以及我們如何使我們的客戶、我們的員工和我們的社區向前邁進。

  • So it is not prudent right now in this environment as we're still dealing with it to tie down our flexibility to move forward.

    因此,現在在這種環境下並不謹慎,因為我們仍在處理它以限制我們前進的靈活性。

  • We're going to continue to invest in our business.

    我們將繼續投資於我們的業務。

  • And we have the right liquidity, strength of our balance sheet and investment in fin flex profile to take the right actions in this environment to advance our strategic priorities going forward.

    我們擁有合適的流動性、資產負債表的實力和對 fin flex profile 的投資,可以在這種環境下採取正確的行動來推進我們未來的戰略重點。

  • Operator

    Operator

  • Our next question will come from Tien-Tsin Huang with JPMorgan.

    我們的下一個問題將來自摩根大通的 Tien-Tsin Huang。

  • Tien-Tsin Huang - Senior Analyst

    Tien-Tsin Huang - Senior Analyst

  • Arvind, you mentioned you're seeing large transformational projects in the pipeline.

    Arvind,你提到你看到管道中的大型轉型項目。

  • I think, Jim, you underlined that a couple of times.

    我想,吉姆,你強調了幾次。

  • I'm just curious how meaningful could this be.

    我只是好奇這會有多有意義。

  • I don't know if you can compare it to past cycles.

    我不知道你是否可以將它與過去的周期進行比較。

  • I recognize it's going to hinge a little bit on the world healing, but just trying to get a perspective on the sizing here.

    我知道這會在一定程度上取決於世界的癒合,但只是想了解一下這裡的規模。

  • And then also, just as a second clarification, you've talked about trading off -- the trade-off of OpEx versus CapEx.

    然後,作為第二個澄清,你談到了權衡——OpEx 與 CapEx 的權衡。

  • Do you have pretty good line of sight at this point on your annuity business?

    您此時對您的年金業務有很好的視線嗎?

  • It looks like transaction processing, for example, is pretty stable quarter-to-quarter in terms of the on-year trend.

    例如,就同比趨勢而言,交易處理似乎每個季度都非常穩定。

  • So I just wanted to make sure I didn't miss anything there.

    所以我只是想確保我沒有錯過那裡的任何東西。

  • Arvind Krishna - CEO & Director

    Arvind Krishna - CEO & Director

  • Thanks, Tien-Tsin, for the question.

    謝謝 Tien-Tsin 的提問。

  • How meaningful can the large transformational projects be?

    大型轉型項目的意義有多大?

  • So when we say large, these are typically projects that measure in the multiple hundreds of millions of dollars in contract value.

    因此,當我們說大時,這些項目通常是合同價值數億美元的項目。

  • So Tien-Tsin, you do the P times Q and you say, pick a number, is it $300 million, $400 million, $500 million in total contract value, and you do that, and you say those typically will give their full yield over 5 to 7 years.

    所以 Tien-Tsin,你做 P 乘以 Q,你說,選擇一個數字,合同總價值是 3 億美元、4 億美元、5 億美元,然後你這樣做,你說那些通常會給出他們的全部收益5 到 7 年。

  • That's the kind of nature they take.

    這就是他們的本性。

  • And then you say, how many of those are we going to get done?

    然後你說,我們要完成多少?

  • We have a fairly large number of them in the pipeline.

    我們有相當多的人在籌備中。

  • What we are hesitant to say is, will it take 3, 6, 9 or 12 months to get closed fully?

    我們猶豫要說的是,完全關閉需要 3、6、9 或 12 個月嗎?

  • Though we've been at it for a few months already.

    儘管我們已經這樣做了幾個月了。

  • And so I think it is quite meaningful if we begin to close them.

    所以我認為如果我們開始關閉它們是非常有意義的。

  • We will absolutely see the needle move on our services business as those begin to close and yield.

    當我們的服務業務開始關閉並產生收益時,我們絕對會看到針頭移動。

  • Relative to past cycles, I think as we came out of past recessions or as we came out of different crises, I'm not sure I can call the dot-com bust, it wasn't quite.

    相對於過去的周期,我認為當我們走出過去的衰退或走出不同的危機時,我不確定我是否可以稱之為互聯網泡沫破滅,它不完全是。

  • Maybe it was a minor recession, but it had definitely impacted the tech industry for sure.

    也許這是一場輕微的衰退,但它確實對科技行業產生了影響。

  • And we saw the impact of those kinds of projects, different nature.

    我們看到了這些項目的不同性質的影響。

  • Now they're about movement to the cloud, journey to cloud, hybrid cloud transformation.

    現在他們正在向雲遷移、雲之旅、混合雲轉型。

  • Then they were more about perhaps of a nature of outsourcing and beginning to create a lot of efficiency in infrastructure management.

    然後他們更多地是關於外包的性質,並開始在基礎設施管理方面創造很多效率。

  • So the nature of these projects has changed.

    因此,這些項目的性質發生了變化。

  • And so let me let Jim add color to it and also talk about the annuity business.

    因此,讓我讓吉姆為其增添色彩,並談談年金業務。

  • James J. Kavanaugh - Senior VP and CFO of Finance & Operations

    James J. Kavanaugh - Senior VP and CFO of Finance & Operations

  • Yes.

    是的。

  • I would just -- thanks, Tien-Tsin, for the question.

    我只想——謝謝 Tien-Tsin 提出的問題。

  • I would just add to your last point.

    我只想補充你的最後一點。

  • I think the nature and the rate and pace of those large transformational deals right now be much quicker than when we were sitting back in 2008, moving through this.

    我認為現在這些大型轉型交易的性質、速度和步伐比我們在 2008 年坐下來進行時要快得多。

  • It was a very different recessionary time that impacted industries differently and markets differently.

    這是一個非常不同的衰退時期,對行業和市場的影響不同。

  • This is more so of a consumer-based, small/medium market-based, industry-specific-based that is getting impacted at least immediately right now.

    這更像是基於消費者、基於中小型市場、基於行業的特定行業,至少現在立即受到影響。

  • But that time to value will shift over time as we move forward.

    但隨著我們前進,實現價值的時間會隨著時間的推移而改變。

  • So I think, Tien-Tsin, when we went back and we've done many different stress tests of our business model to ensure our balance sheet, our liquidity position scenarios, we looked at prior recessions, we don't see anything different.

    所以我認為,Tien-Tsin,當我們回去時,我們對我們的商業模式進行了許多不同的壓力測試,以確保我們的資產負債表、我們的流動性頭寸情景,我們研究了之前的經濟衰退,我們沒有看到任何不同。

  • The only difference is where that client behavior and now shifting from a managed services years ago to more of a hybrid cloud asset-based differentiation.

    唯一的區別是客戶行為和現在從多年前的託管服務轉變為更多基於混合雲資產的差異化。

  • The last thing on your annuity, we feel pretty confident about our annuity base.

    關於您年金的最後一件事,我們對我們的年金基礎非常有信心。

  • It's over 60% of our revenue today.

    它占我們今天收入的 60% 以上。

  • It's pretty stable.

    它非常穩定。

  • TPP is a mixture of some annuity -- or most annuity, I should say, some transactional.

    TPP 是一些年金的混合物——或者說大多數年金,我應該說,一些交易。

  • I think from an annuity perspective, we're performing pretty consistent with the market overall, and we see that continuing to play out here in the second half.

    我認為從年金的角度來看,我們的表現與整體市場非常一致,我們看到下半年繼續在這裡發揮作用。

  • Operator

    Operator

  • Our next question will come from David Grossman with Stifel, Nicolaus.

    我們的下一個問題將來自 David Grossman 和 Stifel,Nicolaus。

  • David Michael Grossman - MD

    David Michael Grossman - MD

  • The GTS business just appears to be all these different moving pieces.

    GTS 業務似乎就是所有這些不同的移動部分。

  • You're significantly impacted by volumes, but it looks like you had pretty good signings, in the first half of the year, your duration's up in the backlog, et cetera.

    你受到數量的顯著影響,但看起來你有很好的簽約,在今年上半年,你的持續時間在積壓中,等等。

  • So is there any way you could kind of sift through this for us, the cyclical impact so that we can get a better sense of how the transformation of that business is trending, particularly given the ongoing revenue challenges we've had over the last several quarters?

    那麼,有沒有什麼方法可以為我們篩選出週期性影響,以便我們更好地了解該業務轉型的趨勢,特別是考慮到我們在過去幾年中面臨的持續收入挑戰宿舍?

  • And perhaps you could reconcile this because, Arvind, you made a comment, seeing a shift to the applications where from GTS to GBS, and maybe it's more informative to look at it on a combined basis.

    或許你可以調和這一點,因為 Arvind,你發表了評論,看到從 GTS 到 GBS 的應用程序轉變,也許在綜合的基礎上看它更能提供信息。

  • I mean you're managing it under 1 person now and you're trying to meld the 2 together.

    我的意思是您現在管理它的人數不足 1 人,並且您正試圖將 2 人融合在一起。

  • So maybe you see more acceleration in GBS coming out of this and GTS maybe flattens out.

    因此,您可能會看到 GBS 的更多加速​​由此而來,而 GTS 可能會趨於平緩。

  • So just trying to get a better sense of how to think about the health of that business now and how it's trending.

    所以只是想更好地了解如何考慮該業務現在的健康狀況以及它的趨勢。

  • Arvind Krishna - CEO & Director

    Arvind Krishna - CEO & Director

  • Okay.

    好的。

  • David, let me maybe start, and then I'll ask Jim to add color.

    大衛,讓我開始吧,然後我會請吉姆添加顏色。

  • Look, we should acknowledge that we are never happy when a business is declining even at mid-single digits.

    看,我們應該承認,當一家企業以中個位數的速度下滑時,我們永遠不會高興。

  • So let's just -- we acknowledge that and then say, but then what are the elements under it, which is what you're asking about, what are all the moving parts.

    所以讓我們——我們承認這一點,然後說,但是它下面的元素是什麼,這就是你要問的,所有移動部分是什麼。

  • And given the large annuity nature of that business, that does reflect signings and commitments from the past, not just within the quarter.

    考慮到該業務的高額年金性質,這確實反映了過去的簽約和承諾,而不僅僅是在本季度內。

  • So that is there.

    所以就在那裡。

  • And that means that you're looking at the revenue impact, that even if you have good signings, the revenue impact takes a long time to sort of make its way through the -- through that business and also in terms of the backlogs that are in that business.

    這意味著你正在研究收入影響,即使你有很好的簽約,收入影響也需要很長時間才能通過 - 通過該業務以及積壓的訂單在那個行業。

  • So when I look through the cyclical impacts there, I think that we want to be careful about trying to say that the trends change dramatically quarter-to-quarter.

    因此,當我審視那裡的周期性影響時,我認為我們要謹慎嘗試說趨勢每季度都會發生巨大變化。

  • I think that those are places where it is going to take a while for the revenue trajectory in that business to change.

    我認為這些地方需要一段時間才能改變該業務的收入軌跡。

  • And I'm not sure that looking at it combined, it is important to be able to leverage the parts of the business with each other, and there are some elements that can be leveraged.

    而且我不確定將其結合起來看,能夠相互利用業務的各個部分很重要,並且有一些元素可以利用。

  • And that is why you refer to Mark Foster's role where he has both the services teams.

    這就是為什麼你提到 Mark Foster 的角色,他同時擁有兩個服務團隊。

  • However, they are very different businesses, and they are different business models.

    然而,它們是非常不同的業務,它們是不同的商業模式。

  • So I'm not sure that I would say that looking at them combined is a better indicator of how they're trending.

    所以我不確定我會說將它們結合起來看是否可以更好地指示它們的趨勢。

  • Jim?

    吉姆?

  • James J. Kavanaugh - Senior VP and CFO of Finance & Operations

    James J. Kavanaugh - Senior VP and CFO of Finance & Operations

  • Yes.

    是的。

  • David, I would just add to the last point you just made.

    大衛,我想補充一下你剛才提出的最後一點。

  • They are fundamentally different business models.

    它們是根本不同的商業模式。

  • While they're both human capital-based, one is a data center managed services-based business model that is highly capital intensive.

    雖然它們都是基於人力資本的,但其中一個是高度資本密集型的​​基於數據中心託管服務的業務模型。

  • The other is a strategic capability, industry lens, project-based business that is fundamentally human capital, not physical capital-dependent.

    另一個是戰略能力、行業視角、基於項目的業務,從根本上講是人力資本,而不是依賴物質資本。

  • So they have different economic equations, different growth profiles.

    所以他們有不同的經濟方程式,不同的增長模式。

  • One is a growth engine, GBS; the other is a value-based platform in GTS overall.

    一個是增長引擎,GBS;另一個是GTS整體上基於價值的平台。

  • Now with all that said, we've said all along that we've got to leverage at least from an offering capability and, to some extent, at a client lens some leverage between those 2 because clients are making architectural decisions at our application first and infrastructure second.

    話雖如此,我們一直都在說,我們必須至少利用提供能力,並且在某種程度上,從客戶角度考慮,在這兩者之間發揮一些作用,因為客戶首先在我們的應用程序中做出架構決策其次是基礎設施。

  • But the GTS business model overall, and I'll echo Arvind's point, we've been doing a ton of work around the portfolio.

    但總體而言,GTS 業務模型,我會回應 Arvind 的觀點,我們一直在圍繞投資組合做大量工作。

  • Looking at this backlog, which, by the way, any year, David, as you know quite well, about 80-plus percent of a year's out of that business is under contract.

    看看這個積壓的訂單,順便說一下,大衛,正如你所知道的那樣,每年大約 80% 以上的業務都在合同範圍內。

  • Now we do have variability collars within that, of about 30% of our clients today have that.

    現在我們確實有可變項圈,今天我們大約 30% 的客戶有。

  • But this is long annuitized-based contracts that has a duration of probably 5-plus years.

    但這是基於年金的長期合同,期限可能超過 5 年。

  • So you don't turn that overnight.

    所以你不會在一夜之間改變它。

  • So when you take a look at that business, we've been looking at it by offering, by client, by industry, by contract type, and we've been trying to determine how do we, one, reposition and leverage the value of incumbency and then also two, invest in new transformational services, which is where the growth is coming in managed services, building off of the back of the application side of GTS -- or GBS, I should say.

    因此,當您查看該業務時,我們一直在按客戶、按行業、按合同類型來查看它,並且我們一直在嘗試確定我們如何重新定位和利用價值在職,然後還有兩個,投資於新的轉型服務,這是託管服務增長的地方,建立在 GTS 應用程序方面的支持 - 或者 GBS,我應該說。

  • And that is things like cybersecurity managed services, data managed services, compliance services and the like.

    這就是網絡安全託管服務、數據託管服務、合規服務等。

  • So we've got our arms around this, but it's going to take time to turn this business overall, especially in the pandemic.

    所以我們已經解決了這個問題,但要全面扭轉這項業務需要時間,尤其是在大流行期間。

  • Patricia Murphy - VP of IR

    Patricia Murphy - VP of IR

  • Thank you, David.

    謝謝你,大衛。

  • Operator

    Operator

  • 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。

  • Keith Frances Bachman - MD & Senior Research Analyst

    Keith Frances Bachman - MD & Senior Research Analyst

  • Jim, I'll direct this to you.

    吉姆,我會直接給你。

  • I wanted to see if you could talk about cloud and cognitive a little bit.

    我想看看你是否可以談談雲和認知。

  • And my question is, how should we be thinking about it?

    我的問題是,我們應該如何考慮它?

  • What I really want to dig into is you're going to anniversary Red Hat for the first time, albeit you had some DR write-offs, so it's not a complete anniversary.

    我真正想深入了解的是,您將第一次參加 Red Hat 週年紀念日,儘管您註銷了一些 DR,所以這不是一個完整的周年紀念日。

  • You're going to go ex mainframe cycle, too.

    您也將進入大型機週期。

  • So is there some impact on the transactions processing side or any other part of it?

    那麼對交易處理端或它的任何其他部分是否有一些影響?

  • But all else equal, I would think the growth rate over the next couple of quarters is going to drop pretty meaningfully, just given the anniversary of Red Hat, but perhaps combined with the mainframe cycle as well.

    但在其他條件相同的情況下,我認為未來幾個季度的增長率將大幅下降,只是考慮到 Red Hat 的周年紀念日,但也可能與大型機週期相結合。

  • But what are the puts and takes you want us to think about over the next couple of quarters in cloud and cognitive?

    但是,在接下來的幾個季度中,您希望我們在雲和認知方面考慮哪些問題?

  • James J. Kavanaugh - Senior VP and CFO of Finance & Operations

    James J. Kavanaugh - Senior VP and CFO of Finance & Operations

  • Yes.

    是的。

  • Thank you very much for the question as we wrap up right now.

    非常感謝您在我們現在結束時提出的問題。

  • So let's take the cloud and cognitive business overall, right?

    那麼讓我們全面了解雲和認知業務,對嗎?

  • I think, first, from a cloud and data platform perspective, we're seeing very good growth overall.

    我認為,首先,從雲和數據平台的角度來看,我們看到整體增長非常好。

  • Yes, albeit very strong momentum on Red Hat, and we couldn't be more pleased with the synergistic value we're bringing to our clients with regards to IBM and Red Hat better together.

    是的,儘管 Red Hat 的勢頭非常強勁,我們對我們為客戶帶來的 IBM 和 Red Hat 更好的協同價值感到非常高興。

  • To your question, we -- Keith, we actually anniversaried that on July 9. So we will now wrap around on the operational performance of Red Hat going forward, still growing nicely at an 18% historically normalized basis here in the second quarter so we'll still get growth off of that.

    對於你的問題,我們 - Keith,我們實際上是在 7 月 9 日舉行的。所以我們現在將總結 Red Hat 未來的運營表現,在第二季度仍然以 18% 的歷史正常基礎增長,所以我們仍然會從中獲得增長。

  • But second, to your other point, we've been dealing with this deferred revenue, noncash purchase accounting adjustment for the last 4 quarters.

    但其次,對於你的另一點,我們一直在處理過去 4 個季度的遞延收入、非現金采購會計調整。

  • That now starts lessening over time.

    隨著時間的推移,這種情況現在開始減少。

  • So when you look at cloud and cognitive software with regards to Red Hat contribution in the first half of what we've seen to the second half of where we're going forward, it's about a point, or give or take, of a headwind compared, but still a positive contribution to cloud and cognitive software overall.

    因此,當你在我們所看到的上半部分到我們前進的下半部分看關於 Red Hat 貢獻的雲和認知軟件時,它是關於一個點,或者給予或接受,逆風相比之下,但總體上仍對雲計算和認知軟件做出了積極貢獻。

  • The other dynamic I'd bring up, and I think Arvind talked about this earlier, you got to make sure that this business, while 75% annuity, 25%, give or take, in a year, transactional, that transactional SKU varies very differently between the third quarter and the fourth quarter.

    我要提出的另一個動態,我想 Arvind 早些時候談到過這個,你必須確保這個業務,雖然 75% 的年金,25%,在一年內,交易,交易 SKU 變化很大第三季度和第四季度的區別。

  • Second quarter and fourth quarter are more like 25% to 35% of a transactional SKU.

    第二季度和第四季度更像是交易 SKU 的 25% 到 35%。

  • First and third quarter are more like a 15%.

    第一和第三季度更像是 15%。

  • So just based on that dynamic, when you look at 2Q to 3Q, we'll get more of a tailwind.

    因此,僅基於這種動態,當您查看 2Q 至 3Q 時,我們將獲得更多順風。

  • And then as we get into fourth quarter, if the pandemic curves do not lessen over time, then we're still going to have to deal with this large perpetual license, OpEx versus CapEx phenomenon overall.

    然後,當我們進入第四季度時,如果大流行病曲線沒有隨著時間的推移而減弱,那麼我們仍將不得不處理這個巨大的永久許可證,即 OpEx 與 CapEx 的整體現象。

  • So with that, I'll turn it back over to Arvind.

    因此,我將把它轉回給 Arvind。

  • Arvind Krishna - CEO & Director

    Arvind Krishna - CEO & Director

  • Thanks, Jim.

    謝謝,吉姆。

  • So let me make a couple of comments to wrap up this discussion.

    因此,讓我發表一些評論來結束本次討論。

  • I hope that what you've taken away from this call is that while these are challenging times, we are excited about the opportunity that we have moving forward.

    我希望您從這次電話會議中了解到,雖然現在是充滿挑戰的時代,但我們對向前邁進的機會感到興奮。

  • I hope you got that from the remarks that both Jim and I made in the Q&A and in the prepared remarks.

    我希望你能從吉姆和我在問答環節和準備好的發言中的發言中了解到這一點。

  • We have aligned our offerings to the opportunity, the opportunity being that of hybrid cloud as well as AI.

    我們已將我們的產品與機會保持一致,機會是混合雲和 AI 的機會。

  • And I am certain we will continue to take the right steps to emerge stronger as a company, and I look forward to continuing this dialogue in the third quarter.

    我確信我們將繼續採取正確的步驟,使公司變得更強大,我期待著在第三季度繼續這種對話。

  • In the meantime, I hope all of you stay safe and productive.

    與此同時,我希望你們所有人都能保持安全和高效。

  • Thank you.

    謝謝。

  • Patricia Murphy - VP of IR

    Patricia Murphy - VP of IR

  • Okay, Sheila, I'm going to turn it back to you to close out the call.

    好的,希拉,我會把它轉回給你以結束通話。

  • Operator

    Operator

  • Thank you.

    謝謝。

  • Thank you for participating on today's call.

    感謝您參加今天的電話會議。

  • The conference has now ended.

    會議現已結束。

  • You may disconnect at this time.

    此時您可以斷開連接。