International Business Machines Corp (IBM) 2024 Q1 法說會逐字稿

內容摘要

IBM 2024 年第一季財報強調了營收和現金流的穩健表現,以及軟體和基礎設施的強勁業績。他們宣布收購 HashiCorp,以增強其混合雲和人工智慧策略。此次收購預計將增加自由現金流並提供顯著的協同價值。

IBM對其今年的成長前景持樂觀態度,維持中個位數成長的指引,並專注於人工智慧和混合雲平台。他們對收購的財務回報充滿信心,並致力於尋找互補的併購機會。

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. (Operator Instructions) Today's conference is being recorded. If you have any objections, you may disconnect at this time.

    歡迎,感謝您的支持。 (操作員指示)今天的會議正在錄音。如果您有任何異議,您可以此時斷開連接。

  • Now I will turn the meeting over to Olympia McNerney, IBM's Global Head of Investor Relations. Olympia, you may begin.

    現在我將會議交給 IBM 全球投資者關係主管 Olympia McNerney。奧林匹亞,你可以開始了。

  • Olympia McNerney

    Olympia McNerney

  • Thank you. I'd like to welcome you to IBM's First Quarter 2024 Earnings Presentation.

    謝謝。歡迎您參加 IBM 2024 年第一季財報發表會。

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

    我是 Olympia McNerney,今天和 IBM 董事長兼執行長 Arvind Krishna 一起來到這裡。吉姆‧卡瓦諾 (Jim Kavanaugh),IBM 資深副總裁兼財務長。

  • 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將今天準備好的評論發佈在 IBM 投資者網站上,明天此時將提供重播。

  • To provide additional information to our investors, our presentation includes certain non-GAAP measures. For example, all of our references to revenue and signings growth are at constant currency. We provided reconciliation charts for these and other non-GAAP financial measures at the end of the presentation, which is posted to our investor website.

    為了向我們的投資者提供更多信息,我們的簡報包括某些非公認會計原則措施。例如,我們所有提到的收入和簽約成長都是以固定匯率計算的。我們在演示結束時提供了這些和其他非公認會計準則財務指標的調節圖表,該圖表已發佈到我們的投資者網站上。

  • Finally, 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.

    最後,根據 1995 年《私人證券訴訟改革法案》,本簡報中的一些評論可能被視為前瞻性的。有關這些因素的更多資​​訊包含在該公司向 SEC 提交的文件中。

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

    因此,我會將電話轉給 Arvind。

  • Arvind Krishna - CEO & Chairman of the Board

    Arvind Krishna - CEO & Chairman of the Board

  • Thank you for joining us. In the first quarter, we had solid performance across revenue and cash flow. These results are further proof of the quality of our portfolio and our hybrid cloud and AI strategy. We had good performance in Software, at the high end of our model; continued strength in Infrastructure, above our model; while Consulting was below model. On a relative basis, Consulting outperformed the market.

    感謝您加入我們。第一季度,我們在收入和現金流方面都有穩健的表現。這些結果進一步證明了我們的產品組合以及我們的混合雲和人工智慧策略的品質。我們在軟體方面表現出色,處於我們模型的高端;基礎建設方面的持續實力,高於我們的模式;而諮詢則低於模型。相對而言,諮詢業的表現優於市場。

  • Our cash flow generation is the strongest first quarter level we have reported in many years. This performance speaks to the strength of our diversified business model.

    我們的現金流量產生是我們多年來報告的最強勁的第一季水準。這項業績證明了我們多元化業務模式的實力。

  • Before we get into more detail on the quarter, let me address the announcement of our agreement to acquire HashiCorp, a company we have partnered with for a long time and believe is a tremendous strategic fit with IBM. Enterprise clients are wrestling with an unprecedented expansion in infrastructure applications across public and private cloud as well as on-prem environments, making this the ideal time to pursue this acquisition.

    在我們詳細介紹本季之前,讓我先介紹一下我們宣布的收購 HashiCorp 的協議,HashiCorp 是我們長期合作的一家公司,我們相信它與 IBM 具有巨大的策略契合度。企業客戶正在努力應對跨公有雲、私有雲以及本地環境的基礎設施應用程式的前所未有的擴展,這使得現在成為進行此次收購的理想時機。

  • As generative AI deployment accelerates alongside traditional workloads, developers are working with increasingly heterogeneous, dynamic and complex infrastructure strategies. HashiCorp has a proven track record of helping clients manage the complexity of today's infrastructure by automating, orchestrating and securing hybrid and multi-cloud environments. HashiCorp is a great strategic addition to our portfolio, extending Red Hat's hybrid cloud capabilities to provide end-to-end automated infrastructure and security life cycle management.

    隨著生成式人工智慧部署與傳統工作負載一起加速,開發人員正在採用日益異質、動態和複雜的基礎架構策略。 HashiCorp 在透過自動化、編排和保護混合和多雲環境來幫助客戶管理當今基礎設施的複雜性方面擁有良好的記錄。 HashiCorp 是我們產品組合的重要策略補充,它擴展了紅帽的混合雲功能,以提供端到端自動化基礎設施和安全生命週期管理。

  • HashiCorp's technology is foundational to enabling the transition to hybrid and multi-cloud, and Terraform is the industry standard for infrastructure automation for these environments. With security top of mind for every enterprise, Vault is a powerful secrets management offering to automate identity security across applications. The combination will also bolster our leading IT automation platform to address the sprawling complexity of AI-driven application and infrastructure growth.

    HashiCorp 的技術是實現向混合雲和多雲過渡的基礎,而 Terraform 是這些環境的基礎設施自動化的行業標準。每個企業都將安全性放在首位,Vault 是一款功能強大的機密管理產品,可實現跨應用程式的身份安全自動化。此次合併也將增強我們領先的 IT 自動化平台,以解決人工智慧驅動的應用程式和基礎設施成長的龐大複雜性。

  • HashiCorp's products have wide-scale adoption in the developer community, highlighting the pervasive nature of their technology used by over 85% of the Fortune 500 and downloaded over 0.5 billion times. The acquisition of HashiCorp builds on IBM's commitment to industry collaboration, the developer community and open source hybrid cloud and AI innovation.

    HashiCorp 的產品在開發者社群中得到了廣泛採用,凸顯了其技術的普遍性,超過 85% 的財富 500 強企業都在使用其技術,下載量超過 5 億次。對 HashiCorp 的收購建立在 IBM 對產業協作、開發者社群以及開源混合雲和人工智慧創新的承諾之上。

  • Today's acquisition is consistent with our M&A strategy. We have taken a disciplined approach to M&A, and HashiCorp aligns well across all our key criteria to continue to focus and strengthen our portfolio, on hybrid cloud and AI, deliver synergies with the rest of IBM and be near-term accretive to free cash flow.

    今天的收購符合我們的併購策略。我們對併購採取了嚴格的方法,HashiCorp 完全符合我們的所有關鍵標準,繼續關注和加強我們在混合雲和人工智慧方面的產品組合,與IBM 的其他部門產生協同效應,並在短期內增加自由現金流。

  • I will now turn it to Jim to discuss the financial implications.

    我現在將請吉姆討論財務影響。

  • James J. Kavanaugh - Senior VP & CFO

    James J. Kavanaugh - Senior VP & CFO

  • Thank you, Arvind. Let me start with the details of the transaction. We have agreed to acquire HashiCorp for $6.4 billion in enterprise value to be funded by cash on hand. The transaction was approved by HashiCorp's Board of Directors. Closing is anticipated by the end of 2024, subject to approval by HashiCorp's shareholders, regulatory approvals and other customary closing conditions.

    謝謝你,阿爾溫德。讓我從交易的細節開始。我們已同意以 64 億美元的企業價值收購 HashiCorp,並由現有現金提供資金。該交易已獲得 HashiCorp 董事會的批准。預計將於 2024 年底完成交割,但須獲得 HashiCorp 股東的批准、監管機構的批准以及其他慣例成交條件。

  • We have been executing a disciplined capital allocation strategy, and the acquisition of HashiCorp meets all of our criteria, including strategic fit, as Arvind just walked through, synergies across IBM and financial accretion.

    我們一直在執行嚴格的資本配置策略,對 HashiCorp 的收購符合我們的所有標準,包括策略契合度(正如 Arvind 剛剛談到的那樣)、IBM 之間的協同效應以及財務增值。

  • Let me start by addressing synergies. We see multiple drivers of product synergies within IBM and accelerating growth for HashiCorp. Product synergies span across multiple strategic growth areas for IBM, including Red Hat, watsonx, data security, IT automation and consulting. For example, the powerful combination of Red Hat's Ansible automation platforms configuration management and Terraform's automation will simplify provisioning and configuration of applications across hybrid cloud environments.

    讓我先談談協同效應。我們看到 IBM 內部產品協同效應的多重驅動因素以及 HashiCorp 的加速成長。產品綜效跨越 IBM 的多個策略成長領域,包括 Red Hat、watsonx、資料安全、IT 自動化和諮詢。例如,紅帽 Ansible 自動化平台配置管理和 Terraform 自動化的強大組合將簡化跨混合雲環境的應用程式配置和配置。

  • We are well positioned to drive growth for HashiCorp by leveraging IBM's enterprise incumbency and global reach. With 70% of the revenue today coming from the U.S., the opportunity to scale HashiCorp across IBM's operations in 175 countries is significant.

    我們已做好充分準備,利用 IBM 的企業實力和全球影響力來推動 HashiCorp 的成長。目前 70% 的收入來自美國,因此在 IBM 175 個國家的業務中擴展 HashiCorp 的機會非常重大。

  • We also believe we can accelerate HashiCorp's adoption with IBM clients. To put this in perspective, only about 20% of the Forbes Global 2000 are HashiCorp customers and just 25% of HashiCorp customers result in more than $100,000 annual recurring revenue, underscoring the opportunity to better monetize and upsell their products.

    我們也相信我們可以加速 HashiCorp 在 IBM 客戶中的採用。從長遠來看,福布斯全球 2000 強中只有約 20% 是 HashiCorp 客戶,而只有 25% 的 HashiCorp 客戶每年經常性收入超過 100,000 美元,這凸顯了更好地貨幣化和追加銷售其產品的機會。

  • Bringing it all together, the acquisition allows us to deliver a more comprehensive hybrid cloud offering to enterprise clients, enhancing IBM's ability to capture global cloud opportunity. This will drive a higher growth profile over time.

    總而言之,此次收購使我們能夠為企業客戶提供更全面的混合雲產品,從而增強 IBM 抓住全球雲端機會的能力。隨著時間的推移,這將推動更高的成長。

  • Finally, we expect to realize operating efficiencies and expect the transaction to be accretive to adjusted EBITDA within the first full year post close and to free cash flow in year 2. Significant near-term cost synergies underpin the financial profile of the transaction, while product synergies represent further upside. We are very comfortable with our strong balance sheet, liquidity profile and solid investment-grade rating and remain committed to our dividend policy.

    最後,我們預計將實現營運效率,並預計該交易將在交易結束後的第一個全年內增加調整後的EBITDA,並在第二年實現自由現金流。交易的財務狀況,而產品綜效代表進一步的上升空間。我們對強勁的資產負債表、流動性狀況和穩健的投資等級感到非常滿意,並將繼續致力於我們的股利政策。

  • I'll now turn it back to Arvind.

    現在我將把它轉回給阿爾溫德。

  • Arvind Krishna - CEO & Chairman of the Board

    Arvind Krishna - CEO & Chairman of the Board

  • Now turning back to the quarter. Let me start with a few comments on the macroeconomic environment.

    現在回到本季。首先我對宏觀經濟環境談幾點看法。

  • We expect the global economy to behave similarly to last year, albeit with some uncertainty due to persistently high interest rates. There are reasons to believe technology will be even more important in 2024 as clients focus on productivity improvements and customer experience. AI-driven productivity, in particular, continues to be a top priority for businesses for both cost reductions and new revenue opportunities.

    我們預計全球經濟表現將與去年類似,儘管由於持續高利率而存在一些不確定性。有理由相信,隨著客戶專注於生產力提高和客戶體驗,科技在 2024 年將變得更加重要。尤其是人工智慧驅動的生產力仍然是企業降低成本和新收入機會的首要任務。

  • I will now provide some details on the execution of our strategy around hybrid cloud and AI.

    我現在將提供有關混合雲和人工智慧策略執行情況的一些細節。

  • Enterprise AI continues to gain traction. This year, we anticipate more clients moving from experimenting to deploying AI at scale to unlock productivity. We are pleased with the solid progress of our AI offerings. Each quarter, we are winning more clients, expanding partnerships and introducing new innovations.

    企業人工智慧持續受到關注。今年,我們預計會有更多客戶從試驗轉向大規模部署人工智慧,以釋放生產力。我們對人工智慧產品的紮實進展感到高興。每個季度,我們都贏得了更多客戶、擴大了合作夥伴關係並推出了新的創新。

  • Inception to date, our book of business related to watsonx and generative AI is greater than $1 billion with sequential quarter-over-quarter growth. Similar to last quarter, this remains weighted towards Consulting.

    自成立以來,我們與 watsonx 和生成式 AI 相關的業務規模超過 10 億美元,並且較上季成長。與上季類似,這仍然偏重於顧問業。

  • We believe our comprehensive AI strategy is well positioned to help clients scale AI. We developed our watsonx platform for clients to build their AI solutions, spanning from foundation model training to data preparation and governance. This includes both IBM/Red Hat models and third-party models, giving our clients variety as well as efficiency and focus on enterprise domains that IBM brings.

    我們相信,我們全面的人工智慧策略能夠很好地幫助客戶擴展人工智慧。我們開發了 watsonx 平台,供客戶建立人工智慧解決方案,從基礎模型訓練到資料準備和治理。這包括 IBM/Red Hat 模型和第三方模型,為我們的客戶提供多樣性和效率,並專注於 IBM 帶來的企業領域。

  • We have leveraged watsonx to build AI assistance through our software portfolio. Our consultants are helping clients navigate the AI landscape. And finally, we are seeing our infrastructure segment play a larger role as clients leverage their hardware investments in their AI strategies. Let me touch on these infrastructure dynamics briefly.

    我們利用 watsonx 透過我們的軟體組合來建立人工智慧輔助。我們的顧問正在幫助客戶駕馭人工智慧領域。最後,隨著客戶在人工智慧策略中利用硬體投資,我們看到我們的基礎設施部門發揮更大的作用。讓我簡要談談這些基礎設施動態。

  • As AI becomes widely adopted, IBM Z is uniquely advantaged. We believe a lot of AI inferencing will happen where the data is for security, efficiency and latency reasons. Our full-stack focus, from on-chip AI processing to AI accelerator cards, to watsonx platform support, allows models to be built and trained on any platform and easily deployed on IBM Z.

    隨著人工智慧的廣泛採用,IBM Z 具有獨特的優勢。我們相信,出於安全、效率和延遲原因,大量人工智慧推理將在資料存在的情況下進行。我們的全端重點,從片上 AI 處理到 AI 加速卡,再到 watsonx 平台支持,允許在任何平台上構建和訓練模型,並輕鬆部署在 IBM Z 上。

  • The Telum chip is a unique differentiator, enabling real-time AI inferencing. Generative AI is also driving lift for our storage offerings where industry-leading performance and scalability is utilized for data curation, model building and fine-tuning.

    Telum 晶片是一個獨特的差異化因素,可實現即時人工智慧推理。生成式人工智慧也推動了我們的儲存產品的提升,其中業界領先的效能和可擴展性用於資料管理、模型建置和微調。

  • For enterprises to deploy AI at scale, AI is not a one-size-fits-all proposition. It requires tuned, domain-specific models trained with quality data to maximize its impact. Clients value the flexibility of our approach. They appreciate having the ability to leverage a combination of AI models, whether they're IBMs; their own models; open source models, such as Llama from Meta and Mixtral from Mistral. And they can deploy these AI models across multiple environments. The flexibility we offer is resonating as our use cases are both large and more efficient models.

    對於大規模部署人工智慧的企業來說,人工智慧並不是一個放諸四海皆準的命題。它需要使用高品質資料訓練的經過調整的特定領域模型,以最大限度地發揮其影響力。客戶重視我們方法的靈活性。他們欣賞能夠利用人工智慧模型組合的能力,無論它們是 IBM;還是 IBM 模型?他們自己的模型;開源模型,例如 Meta 的 Llama 和 Mistral 的 Mixtral。他們可以在多個環境中部署這些人工智慧模型。我們提供的靈活性引起了共鳴,因為我們的用例都是大型且更有效率的模型。

  • We are committed to an open innovation ecosystem around AI to help our clients maximize flexibility and leverage skills. Let me spend a minute on our progress in this area.

    我們致力於圍繞人工智慧建立開放的創新生態系統,幫助我們的客戶最大限度地提高靈活性和利用技能。讓我花一點時間介紹我們在這領域的進展。

  • We see early parallels to Linux in making open source AI models performant for enterprise use. We believe that IBM with Red Hat can be a key driver of open source AI. As you know, we have done a lot of work with AI models and recently released a family of state-of-the-art open source code models from our Granite series. Red Hat and IBM also recently launched Instruct Lab to evolve and improve AI models through incremental community contributions, much like open source software. This open strategy is resonating around the world. We recently announced a collaboration with the Spanish government to leverage IBM's investments across their entire AI stack and open source to build the world's leading suite of foundation models proficient in the Spanish language.

    我們看到早期與 Linux 在使開源 AI 模型適合企業使用方面的相似之處。我們相信 IBM 和 Red Hat 可以成為開源 AI 的關鍵驅動力。如您所知,我們在人工智慧模型方面做了很多工作,最近發布了 Granite 系列的一系列最先進的開源程式碼模型。紅帽和 IBM 最近也推出了 Instruct Lab,透過增量社群貢獻來發展和改進人工智慧模型,就像開源軟體一樣。這項開放戰略正在世界各地引起共鳴。我們最近宣布與西班牙政府合作,利用 IBM 在整個 AI 堆疊和開源領域的投資來建立世界領先的精通西班牙語的基礎模型套件。

  • Enterprise use cases addressing code modernization, customer service and digital labor remain top of mind for our clients. This quarter, we signed a multiyear contract with Providence Health to reimagine talent and HR workflows with AI from IBM and partners. We're also providing data-driven insights and enabling Spanish language narration for this year's Masters golf tournament.

    解決程式碼現代化、客戶服務和數位勞動力的企業用例仍然是我們客戶最關心的問題。本季度,我們與 Providence Health 簽署了一份多年期合同,利用 IBM 及其合作夥伴的 AI 重新構想人才和人力資源工作流程。我們也為今年的高爾夫大師賽提供數據驅動的見解並啟用西班牙語旁白。

  • Our partner ecosystem remains essential to both AI and hybrid cloud growth. This quarter, we progressed strategic partnerships with a number of industry leaders. Consulting joined forces with NVIDIA to accelerate clients' AI journeys. ServiceNow will embed watsonx AI capabilities into the ServiceNow platform to accelerate enterprise digital transformation. We also expanded our relationship with Adobe around OpenShift and watsonx as it relates to the Adobe Experience Platform.

    我們的合作夥伴生態系統對於人工智慧和混合雲的成長仍然至關重要。本季度,我們與多家產業領導者建立了策略合作夥伴關係。諮詢與 NVIDIA 聯手加速客戶的 AI 之旅。 ServiceNow將把watsonx AI能力嵌入ServiceNow平台中,加速企業數位轉型。我們還圍繞著 OpenShift 和 watsonx 擴大了與 Adob​​e 的關係,因為它與 Adob​​e Experience Platform 相關。

  • We continue to invest in emerging technology as well, bringing new innovations to the market. Since we put the world's first Quantum system on the cloud in 2016, we have deployed over 80 Quantum systems, and our users have run over 3 trillion programs to date. We just installed a Quantum System One at Rensselaer Polytechnic Institute. This is the first IBM Quantum system on a college campus anywhere in the world. This installation will advance research in critical areas such as energy storage, material science and financial modeling.

    我們也持續投資新興技術,為市場帶來新的創新。自 2016 年我們將全球首個 Quantum 系統放在雲端以來,我們已經部署了 80 多個 Quantum 系統,迄今為止,我們的用戶已經運行了超過 3 兆個程式。我們剛在倫斯勒理工學院安裝了一台量子系統一號。這是世界上第一個大學校園內的 IBM Quantum 系統。該裝置將推進能源儲存、材料科學和金融建模等關鍵領域的研究。

  • As always, focusing on our portfolio remains a key priority. We closed the sale of The Weather Company in the first quarter and expect to close the announced acquisition of StreamSets and webMethods from Software AG by midyear.

    一如既往,專注於我們的投資組合仍然是首要任務。我們在第一季完成了 The Weather Company 的出售,並預計在年中之前完成已宣布的從 Software AG 收購 StreamSets 和 webMethods 的交易。

  • Overall, we had a positive start to the year, which gives us confidence in our next quarter and full year expectations.

    總體而言,我們今年取得了積極的開局,這讓我們對下一季和全年的預期充滿信心。

  • Jim will now take you through the details of the quarter. Jim, over to you.

    吉姆現在將帶您了解本季的詳細資訊。吉姆,交給你了。

  • James J. Kavanaugh - Senior VP & CFO

    James J. Kavanaugh - Senior VP & CFO

  • Thanks, Arvind. In the first quarter, we delivered $14.5 billion in revenue; $3 billion of adjusted EBITDA; $1.7 billion of operating pretax income; $1.68 operating earnings per share; and we generated free cash flow of $1.9 billion, up approximately $600 million year-over-year.

    謝謝,阿爾溫德。第一季度,我們實現了 145 億美元的營收;調整後 EBITDA 30 億美元;稅前營業收入17億美元;每股營業收益 1.68 美元;我們產生了 19 億美元的自由現金流,年增約 6 億美元。

  • Our revenue for the quarter was up 3% at constant currency. We saw an impact to our top line performance from the closing of The Weather Company earlier than expected in the quarter.

    以固定匯率計算,我們本季的營收成長了 3%。我們看到 The Weather Company 在本季提前關閉對我們的營收業績產生了影響。

  • Software grew by 6% with growth across Hybrid Platform & Solutions and Transaction Processing and continued strength in our recurring revenue base.

    隨著混合平台和解決方案以及交易處理的成長以及我們經常性收入基礎的持續增強,軟體成長了 6%。

  • Consulting was up 2%, reflecting organic growth. We continue to have solid signings performance and a trailing 12-month book-to-bill of over 1.15.

    諮詢業成長 2%,反映了有機成長。我們持續保持穩健的簽約表現,過去 12 個月的訂單出貨比超過 1.15。

  • Infrastructure had strong performance, delivering growth across all of our hardware offerings.

    基礎設施表現強勁,為我們所有硬體產品帶來了成長。

  • Looking at our profit metrics, we expanded operating gross margin by 100 basis points and operating pretax margin by 130 basis points over last year, inclusive of about 100 basis point currency headwind to pretax margin.

    從我們的利潤指標來看,我們的營業毛利率比去年提高了 100 個基點,營業稅前利潤率提高了 130 個基點,其中包括稅前利潤率約 100 個基點的貨幣逆風。

  • At the end of January, we closed on the divestiture of The Weather Company, generating a pretax gain of $241 million in the quarter. Mitigating that benefit, we took charges of $374 million to address workforce rebalancing.

    1 月底,我們完成了 The Weather Company 的剝離,該季度產生了 2.41 億美元的稅前收益。為了減輕這種影響,我們花了 3.74 億美元來解決勞動力再平衡問題。

  • Operating pretax margin was up 50 basis points, excluding the year-over-year impacts of workforce rebalancing and divestiture dynamics. We are pleased with this performance, in line with our guidance of roughly 50 basis points of operating pretax margin improvement in 2024.

    排除勞動再平衡和資產剝離動態的年比影響,稅前營業利潤率成長了 50 個基點。我們對此業績感到滿意,這符合我們 2024 年營業稅前利潤率提高約 50 個基點的指導。

  • Margin expansion was driven by our operating leverage, product mix and ongoing productivity initiatives. This allows for continued investments to drive innovation, which you can see in our higher R&D expense. The timing of discrete tax items this quarter resulted in an operating tax rate of about 6%. We are still expecting a full year operating tax rate consistent with last year.

    利潤率的成長是由我們的營運槓桿、產品組合和持續的生產力計劃所推動的。這允許持續投資來推動創新,這可以從我們更高的研發費用中看到。本季離散稅項的時間安排導致營業稅率約為 6%。我們仍預期全年營業稅率與去年一致。

  • Overall, the combination of our revenue and operating margin performance resulted in 7% growth in our adjusted EBITDA. This contributed to our free cash flow performance. For the quarter, we generated $1.9 billion of free cash flow, up $600 million year-over-year. This growth reflects the performance of our underlying business, with adjusted EBITDA up $200 million year-over-year and about $400 million from timing of balance sheet dynamics and CapEx.

    整體而言,我們的營收和營業利潤率表現相結合,導致調整後 EBITDA 成長 7%。這有助於我們的自由現金流表現。本季度,我們產生了 19 億美元的自由現金流,年增 6 億美元。這一增長反映了我們基礎業務的表現,調整後的 EBITDA 同比增長了 2 億美元,資產負債表動態和資本支出的時間表使調整後的 EBITDA 增長了約 4 億美元。

  • Over the last 12 months, we generated free cash flow of $11.8 billion. This puts us on track to deliver about $12 billion of free cash flow for the year, with the growth largely driven by adjusted EBITDA.

    過去 12 個月,我們產生了 118 億美元的自由現金流。這使我們預計在今年實現約 120 億美元的自由現金流,而成長主要由調整後的 EBITDA 推動。

  • Since our acquisition of Red Hat, excluding 2021 when we spun off Kyndryl, our operating net income to free cash flow realization averaged 120%. Two factors drive this. One is stock-based compensation, which today represents 15 points of realization. And two, given the shift in our portfolio to a growing software business, deferred income also contributes to our realization.

    自從我們收購紅帽以來,不包括 2021 年我們分拆 Kyndryl 的情況,我們的營業淨利潤與自由現金流實現的比率平均為 120%。有兩個因素推動了這一點。一是以股票為基礎的薪酬,如今代表著 15 個實現點。第二,鑑於我們的投資組合轉向不斷成長的軟體業務,遞延收入也有助於我們實現目標。

  • In terms of cash uses, we returned $1.5 billion to shareholders in the form of dividends. From a balance sheet perspective, we have a very strong liquidity position with cash of $19.3 billion, up from $13.5 billion at year-end 2023. Our debt balance at the end of the first quarter was $59.5 billion, including $9.9 billion from our financing business.

    在現金使用方面,我們以股利的形式向股東返還了15億美元。從資產負債表的角度來看,我們的流動性狀況非常強勁,現金為193 億美元,高於2023 年底的135 億美元。 99 億美元。

  • Turning to the segments. Software revenue grew 6% with good performance across both Hybrid Platform & Solutions and Transaction Processing. As mentioned in January, the Software revenue growth drivers for the year include Red Hat growth, acquisitions, strong recurring revenue and transaction processing. And this is just how the first quarter played out. Hybrid Platform & Solutions revenue was up 7%. Let me spend a minute on the various elements.

    轉向細分市場。軟體收入成長了 6%,混合平台和解決方案以及事務處理均表現良好。正如一月份提到的,今年軟體收入成長的驅動因素包括紅帽成長、收購、強勁的經常性收入和交易處理。這就是第一季的結果。混合平台和解決方案收入成長 7%。讓我花一點時間來討論各個要素。

  • Red Hat revenue grew 9%, reflecting solid performance across the 3 key solutions: RHEL, OpenShift and Ansible. Annual bookings growth was again in the mid-teens, with OpenShift up over 40% this quarter and RHEL and Ansible each up double digits.

    紅帽營收成長 9%,反映 RHEL、OpenShift 和 Ansible 3 個關鍵解決方案的穩健表現。年度預訂量成長再次達到十幾歲左右,其中 OpenShift 本季成長超過 40%,RHEL 和 Ansible 均成長兩位數。

  • Beyond Red Hat, recent acquisitions contributed to the growth profile of Hybrid Platform & Solutions as did new innovation areas, including watsonx. The combination of Apptio, acquired mid-last year, and our IT automation portfolio has delivered strong results, unlocking the full benefits of a fin op solution for technology investments across hybrid cloud environments. In fact, just this quarter, we partnered with Microsoft to bring Apptio to Azure and we'll co-sell to our joint customers, and Microsoft has agreed to adopt Apptio's capabilities in parts of their organization.

    除了紅帽之外,最近的收購以及包括 watsonx 在內的新創新領域也促進了混合平台和解決方案的成長。去年年中收購的 Apptio 與我們的 IT 自動化產品組合相結合,取得了強勁成果,釋放了跨混合雲環境技術投資的 fin op 解決方案的全部優勢。事實上,就在本季度,我們與 Microsoft 合作將 Apptio 引入 Azure,我們將共同向我們的共同客戶銷售,而 Microsoft 已同意在其組織的部分內​​容中採用 Apptio 的功能。

  • Our revenue performance continues to reflect growth in our high-value recurring revenue base. Our ARR, after removing The Weather Company and security services, is now $13.9 billion, up over 8% since last year.

    我們的收入表現持續反映了我們高價值經常性收入基礎的成長。在除去 The Weather Company 和安全服務後,我們的 ARR 現已達到 139 億美元,比去年增長了 8% 以上。

  • Transaction Processing, with its strong base of recurring revenue, delivered revenue growth of 4%. Clients continue to value this portfolio of mission-critical software, supporting growing workloads on our hardware platforms. And there's an increasing interest in generative AI application modernization capabilities, like watsonx Code Assistant for Z.

    交易處理憑藉其強大的經常性收入基礎,實現了 4% 的收入成長。客戶繼續重視這項關鍵任務軟體組合,支援我們硬體平台上不斷增長的工作負載。人們對生成式 AI 應用程式現代化功能越來越感興趣,例如 watsonx Code Assistant for Z。

  • Software segment profit was up 80 basis points while absorbing both key investments in innovation and about 1 point of currency impact in the quarter. We continue to deliver operating leverage driven by our revenue performance this quarter.

    軟體部門利潤成長了 80 個基點,同時吸收了創新方面的關鍵投資和本季約 1 個基點的貨幣影響。在本季營收表現的推動下,我們繼續提供營運槓桿。

  • Our Consulting revenue was up 2%. We continue to see clients prioritizing large data and technology transformation projects focused on driving productivity with AI and analytics. These results reflect the organic performance of our business.

    我們的諮詢收入成長了 2%。我們不斷看到客戶優先考慮大數據和技術轉型項目,重點是透過人工智慧和分析來提高生產力。這些結果反映了我們業務的有機績效。

  • Solid demand for our offerings led to signings growth of 4%, our highest absolute first quarter signings in recent history, and our trailing 12-month book-to-bill ratio remains over 1.15.

    對我們產品的強勁需求導致簽約量成長 4%,這是我們近來史上最高的第一季簽約量絕對值,而我們過去 12 個月的訂單出貨比仍然超過 1.15。

  • Our overall backlog remains healthy, up 7% year-over-year, and backlog erosion levels remain stable. At the same time, we saw both a lengthening of backlog duration driven by large-scale digital transformations and a reduced level of revenue realization in the quarter as clients tightened discretionary spending.

    我們的總體積壓訂單保持健康,年增 7%,積壓訂單侵蝕水準保持穩定。同時,我們看到大規模數位轉型導致積壓持續時間延長,並且由於客戶收緊可自由支配支出,本季收入實現水準下降。

  • Contributing to growth across the business this quarter, our strategic partnerships continue to make up over 40% of our Consulting revenue, with both AWS and Azure practices growing double digits. Additionally, our Red Hat practice grew revenue double digits. Expanding upon our partnerships, we are leveraging Microsoft Copilot to drive productivity for our clients. Just as we quickly ramped a meaningful book of business around Red Hat to address the hybrid cloud opportunity, we are ahead of pace at this stage with our generative AI book of business.

    我們的策略合作夥伴關係繼續占我們諮詢收入的 40% 以上,AWS 和 Azure 實踐均以兩位數成長,為本季度整個業務的成長做出了貢獻。此外,我們的紅帽業務收入實現了兩位數成長。為了擴大我們的合作關係,我們正在利用 Microsoft Copilot 來提高客戶的生產力。正如我們圍繞紅帽迅速推出了一本有意義的業務手冊來應對混合雲機遇一樣,我們在現階段的生成式人工智慧業務手冊方面也處於領先地位。

  • Turning to our lines of business. Business Transformation revenue grew 3% led by supply chain and finance transformations. Customer experience transformations also contributed to growth.

    轉向我們的業務範圍。在供應鏈和財務轉型的帶動下,業務轉型收入成長了 3%。客戶體驗轉型也促進了成長。

  • Technology Consulting revenue was also up 3% with double-digit growth in cloud modernization projects, and both strategic partnerships and Red Hat engagements delivered double-digit growth.

    技術諮詢收入也成長了 3%,雲端現代化專案實現了兩位數的成長,策略合作夥伴關係和紅帽業務也實現了兩位數的成長。

  • Application Operations revenue declined, reflecting weakness in on-prem custom application management projects, partially offset by strength in cloud-based application management offerings.

    應用程式營運收入下降,反映出本地客製化應用程式管理專案的疲軟,但部分被基於雲端的應用程式管理產品的優勢所抵消。

  • Moving to Consulting profit. We delivered over 8% of segment profit margin, which is flat year-to-year. Our segment profit margin was impacted by about 1 point of currency, offsetting improvements in pricing and productivity actions we have taken.

    轉向諮詢盈利。我們的分部利潤率超過 8%,與去年同期持平。我們的部門利潤率受到約 1 個貨幣點的影響,抵消了我們在定價和生產力方面採取的改善措施。

  • Moving to Infrastructure. Revenue grew, reflecting growth in Hybrid Infrastructure of 6% and declines in Infrastructure Support of 7%. Within Hybrid Infrastructure, growth was broad-based with strong demand from our hardware offerings across IBM Z, Power and Storage.

    轉向基礎設施。收入成長,反映出混合基礎設施成長 6%,而基礎設施支援下降 7%。在混合基礎設施領域,由於 IBM Z、Power 和 Storage 等硬體產品的強勁需求,成長基礎廣泛。

  • In IBM Z, revenue was up 5% in the eighth quarter of z16 product availability. Now 2 years in, this product cycle continues to resonate with clients and surpassed z15 revenue performance. IBM Z is uniquely positioned for AI with the first processor design with on-chip acceleration for real-time AI inferencing. In fact, we're working with over 100 clients on the application of AI on z16. Use cases range from fraud detection to anti-money laundering, to anomaly detection. This remains an enduring platform, driving not just hardware adoption but also related software, storage and services.

    在 IBM Z 中,z16 產品上市的第八季營收成長了 5%。兩年過去了,這個產品週期繼續引起客戶的共鳴,並超越了 z15 的收入表現。 IBM Z 在 AI 領域擁有獨特的定位,其首款處理器設計具有用於即時 AI 推理的片上加速功能。事實上,我們正​​在與超過 100 位客戶合作,將 AI 在 z16 上的應用。用例範圍從詐欺偵測到反洗錢,再到異常檢測。這仍然是一個持久的平台,不僅推動硬體的採用,而且推動相關軟體、儲存和服務。

  • Distributed Infrastructure delivered 7% revenue growth with strength in both Power and Storage. Power performance was fueled by demand for data-intensive workloads. Storage delivered strong double-digit revenue growth, including demand for high-end storage tied to the Z16 cycle. And clients are also looking to our storage offerings for data curation, model building and fine-tuning and support of generative AI.

    分散式基礎設施憑藉電力和儲存方面的實力實現了 7% 的收入成長。對資料密集型工作負載的需求推動了電源效能。儲存實現了兩位數的強勁收入成長,其中包括與 Z16 週期相關的高端儲存需求。客戶還希望我們的儲存產品能夠用於資料管理、模型建置和微調以及生成人工智慧的支援。

  • Looking at Infrastructure profit. We delivered both gross profit and segment profit margin expansion. Segment profit margin expanded 20 basis points in the quarter, reflecting benefits from productivity while absorbing about 1 point of impact from currency.

    看看基礎設施利潤。我們實現了毛利和分部利潤率的擴張。本季的部門利潤率擴大了 20 個基點,反映了生產力帶來的效益,同時吸收了約 1 個基點的匯率影響。

  • Now let me bring it back to the IBM level to wrap up. More than 2 years into our midterm model, we are a more focused business that has delivered sustained revenue and free cash flow growth. Over this time, we've continued to invest organically and inorganically, bring new products and innovation to market, expand our ecosystem and drive productivity across our business.

    現在讓我回到 IBM 層面來總結。我們的中期模式已經過去兩年多了,我們的業務更加專注,實現了持續的收入和自由現金流成長。在此期間,我們繼續進行有機和無機投資,將新產品和創新推向市場,擴大我們的生態系統並提高整個業務的生產力。

  • Our first quarter performance is another proof point of this progress with constant currency revenue growth, operating gross margin and operating pretax margin expansion, and the strongest first quarter free cash flow in many years.

    我們第一季的業績是這項進展的另一個證明,貨幣收入持續成長,營業毛利率和營業稅前利潤率擴張,以及多年來最強勁的第一季自由現金流。

  • Looking to the full year 2024, we are holding our view on our 2 primary metrics: revenue and free cash flow. We see full year constant currency revenue growth in line with our mid-single-digit model, still prudently at the low end. And for free cash flow, we expect to generate about $12 billion driven primarily by growth in adjusted EBITDA.

    展望 2024 年全年,我們對 2 個主要指標持保留態度:收入和自由現金流。我們預計全年貨幣收入恆定成長符合我們的中個位數模型,但仍謹慎地處於低端。對於自由現金流,我們預計將產生約 120 億美元,主要由調整後 EBITDA 的成長推動。

  • On the segments. In Software, we had a solid start to the year and continue to expect growth slightly above the high end of our mid-single-digit model. In Consulting, we continue to see strong demand for digital transformations. Though, as I said, we are seeing some pressure on smaller, more discretionary projects. We now see mid-single-digit revenue growth in Consulting with acceleration throughout the year. Given our ongoing productivity initiatives and investment in innovation, we expect to see about 1 point of segment profit margin expansion in both of these segments. And in Infrastructure, given product cycle dynamics, we expect revenue to decline, driving about a 0.5 point impact to our overall growth.

    在片段上。在軟體方面,我們今年有一個良好的開局,並繼續預計成長略高於我們的中個位數模型的高端。在諮詢領域,我們持續看到對數位轉型的強勁需求。不過,正如我所說,我們看到規模較小、可自由支配的專案面臨一些壓力。我們現在看到諮詢業務的收入在全年中呈現中個位數成長。鑑於我們正在進行的生產力計劃和創新投資,我們預計這兩個細分市場的利潤率將擴大約 1 個百分點。在基礎設施領域,考慮到產品週期動態,我們預期收入將下降,對我們的整體成長產生約 0.5 個百分點的影響。

  • Given IBM Z cycle dynamics, we expect segment profit margin to be lower year-over-year. With these segment dynamics, we continue to expect IBM's operating pretax margin to expand by about 0.5 point year-to-year, consistent with our view 90 days ago, and we are maintaining our view of operating tax for the year to be consistent with last year, in the mid-teens range.

    鑑於 IBM Z 週期動態,我們預計該部門的利潤率將年減。考慮到這些細分市場的動態,我們繼續預期 IBM 的營業稅前利潤率將同比增長約 0.5 個百分點,與我們 90 天前的觀點一致,並且我們維持對今年營業稅的看法與去年一致年,在十幾歲範圍內。

  • We took a workforce rebalancing charge this quarter. And as I mentioned 90 days ago, we continue to see the overall amount this year consistent with last year. We expect this to pay back by the end of the year.

    本季我們承擔了勞動力再平衡費用。正如我在 90 天前提到的,我們繼續看到今年的總量與去年一致。我們預計這將在今年年底得到回報。

  • On currency, given the strengthening of the dollar, we now expect a 150 to 200 basis point impact to revenue growth for the year, which is about 1 point worse than 90 days ago.

    貨幣方面,鑑於美元走強,我們目前預計今年營收成長將受到 150 至 200 個基點的影響,比 90 天前下降約 1 個基點。

  • For the second quarter, I expect our constant currency revenue growth rate to be consistent with the full year. Our tax rate is expected to be in the high teens. And for profit, we expect the first half skew of net income will remain a couple of points ahead of the prior year.

    對於第二季度,我預計我們的恆定貨幣收入成長率將與全年保持一致。我們的稅率預計將達到十幾歲。就利潤而言,我們預計上半年淨利潤的偏差仍將比去年同期高出幾個百分點。

  • In closing, we are pleased with our performance to start the quarter. We are positioned to grow revenue, expand operating profit margin and grow free cash flow for the year.

    最後,我們對本季初的表現感到滿意。我們的目標是增加今年的收入、擴大營業利潤率並增加自由現金流。

  • Arvind and I are now happy to take your questions. Olympia, let's get started.

    阿溫德和我現在很高興回答您的問題。奧林匹亞,讓我們開始吧。

  • Olympia McNerney

    Olympia McNerney

  • Thank you, Jim. Before we begin the Q&A, I'd like to mention a couple of items. First, supplemental information is provided at the end of the presentation. And then second, as always, I'd ask you to refrain from multipart questions.

    謝謝你,吉姆。在開始問答之前,我想提幾件事。首先,在演示結束時提供補充資訊。其次,一如既往,我會要求你不要提出多部分問題。

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

    接線員,請打開它提問。

  • Operator

    Operator

  • (Operator Instructions) Our first question comes from Amit Daryanani with Evercore.

    (操作員說明)我們的第一個問題來自 Evercore 的 Amit Daryanani。

  • Amit Jawaharlaz Daryanani - Senior MD & Fundamental Research Analyst

    Amit Jawaharlaz Daryanani - Senior MD & Fundamental Research Analyst

  • I guess I was hoping you could talk a bit more on the Consulting side of the business because revenues did decelerate rather notably in March quarter, but I think, on the other side, your AI-centric backlog at over $1 billion is doing extremely well. So I'm hoping you'd touch on the near-term side, what are you hearing from your customers? What are they telling you around the duration of this pause? Because I think the expectation of mid-single-digit growth would imply this business will recover rather quickly. So I'd just love to get a sense on what are customers' view on Consulting, in terms of the duration of the pause? And then longer term, what does the opportunity look like given the AI-centric backlog appears a lot more robust versus what I think folks have expected beyond '24?

    我想我希望您能多談談諮詢方面的業務,因為三月季度的收入確實明顯下降,但我認為,另一方面,您以人工智慧為中心的積壓訂單超過 10 億美元,表現非常好。所以我希望您能談談近期的情況,您從客戶那裡聽到了什麼?他們告訴你關於這次暫停的持續時間是什麼?因為我認為中個位數成長的預期意味著這項業務將很快恢復。因此,我只是想了解客戶對諮詢服務的暫停持續時間有何看法?從長遠來看,考慮到以人工智慧為中心的積壓工作似乎比我認為人們對 24 年後的預期要強大得多,機會是什麼樣的?

  • James J. Kavanaugh - Senior VP & CFO

    James J. Kavanaugh - Senior VP & CFO

  • Thanks, Amit. I appreciate the question. Let's take a step back because I think you're seeing some interesting dynamics in the consulting industry overall. And let's bifurcate it between how you asked the question. Let's look at real demand that's being measured in bookings, and then let's talk about what's happening with the revenue realization.

    謝謝,阿米特。我很欣賞這個問題。讓我們退後一步,因為我認為您在整個諮詢行業中看到了一些有趣的動態。讓我們把問題分成兩個部分:你是如何提出這個問題的。讓我們看看在預訂中衡量的實際需求,然後我們來談談收入實現的情況。

  • On demand, we continue to see and capitalize on solid demand in key areas around digital transformation, application modernization and Gen AI. Our signings in the quarter, up 4%, the strongest absolute first quarter signings we've had as far back as I can go. We have a strong book-to-bill, over 1.15 on a trailing 12 months. Our backlog dynamic is in a very strong position, 7% overall with stable erosion, but our duration has been going up the last 2 quarters. It's been up a couple of months.

    在需求方面,我們持續發現並利用數位轉型、應用現代化和人工智慧等關鍵領域的強勁需求。我們本季的簽約量成長了 4%,這是我們迄今為止最強勁的第一季簽約量。我們的訂單出貨比強勁,過去 12 個月超過 1.15。我們的積壓動態處於非常強勁的位置,整體為 7%,並且穩定下降,但我們的持續時間在過去兩個季度一直在增長。已經漲了幾個月了

  • But let's talk about the underpinnings of what's driving demand because I think that's what's most important around the key growth focus areas. You talked about Gen AI. Gen AI for IBM, Arvind indicated, inception to date, over a $1 billion book of business. Consulting in the first quarter, the book of business on Gen AI was 2x all of last year, so I think we're winning in the marketplace. We're taking share. And by the way, we're well above that ramp we saw with regards to Red Hat.

    但讓我們來談談推動需求的基礎,因為我認為這是關鍵成長重點領域最重要的因素。你談到了人工智慧時代。 Arvind 表示,IBM 的 Gen AI 自成立以來,業務規模已超過 10 億美元。從第一季的諮詢來看,Gen AI 的業務量是去年全年的 2 倍,所以我認為我們在市場上獲勝。我們正在分享。順便說一句,我們遠遠高於我們在紅帽方面看到的進步。

  • Our strategic partnerships still have great velocity, book-to-bill well north of 1.2. Our Red Hat book business is now $2.8 billion ARR around hybrid cloud. And we're seeing very nice acceleration in Gen AI and digital transformation around core workflow use case areas of finance, supply chain, HR and talent. So I think in the key focus areas, is our demand profile still continues to be good.

    我們的策略夥伴關係仍保持著很高的速度,訂單出貨比遠高於 1.2。我們的紅帽圖書業務目前圍繞混合雲的年收入為 28 億美元。我們看到圍繞財務、供應鏈、人力資源和人才等核心工作流程用例領域的人工智慧和數位轉型取得了非常好的加速。因此,我認為在關鍵的重點領域,我們的需求狀況仍然良好。

  • Now let's translate that to revenue. Revenue, first of all, in the first quarter, as we indicated, it was all organic. We ramped on our acquisitions. We continue to operate a very disciplined M&A process and we continue to be opportunistic, but that 2% revenue growth was all organic quarter-to-quarter. Second, in this marketplace, you look at competition, we're taking share still.

    現在讓我們將其轉化為收入。首先,正如我們所指出的,第一季的收入都是有機的。我們加大了收購力道。我們繼續實行非常嚴格的併購流程,並且繼續投機取巧,但 2% 的收入成長完全是季度環比的有機成長。其次,在這個市場上,你看看競爭,我們仍在爭取份額。

  • So when you look at it, 90 days ago, we talked about the year. We talked about the year was going to play out accelerating throughout the year. Why? Because, one, we knew we had a strong backlog and that backlog realization showed us that it was going to play out throughout the year with sequential improvement. But second, Easter. Easter, we knew calendar was there, it was at the end of March. That does impact a human capital-based business on a number of billing days.

    所以當你看的時候,90天前,我們談論了這一年。我們談到這一年將會全年加速發展。為什麼?因為,第一,我們知道我們有大量的積壓,而積壓的實現向我們表明,它將在全年中持續改進。但第二,復活節。復活節,我們知道日曆在那裡,是在三月底。這確實會影響基於人力資本的業務的多個計費天數。

  • So when you look then at first quarter, that backlog duration extending out a couple of months. We also saw, though, less revenue backlog yield, and that really played out if you look at our subsegments, in Application Operations. That's centered around custom AMS applications which, by the way, many of that, as you know quite well, is volume-based business. And that volume, like I said, backlog is stable overall. We're not losing the business. That is moving out to the right.

    因此,當您查看第一季時,積壓的持續時間延長了幾個月。不過,我們也看到積壓收入減少,如果你看看我們的應用程式營運子部分,這確實會顯現出來。這以定制 AMS 應用程式為中心,順便說一下,正如您所知,其中許多都是基於數量的業務。正如我所說,積壓數量大致穩定。我們不會失去生意。那就是向右移動。

  • So with all that said, what are we focused on? We're focused on capturing new client demand in areas around our key growth areas. Two, we're continuing to focus and we are gaining share in the marketplace. Three, we're driving that economic multiplier of consulting and technology across our hybrid cloud and AI platform.

    說了這麼多,我們的重點是什麼?我們專注於捕捉關鍵成長領域周圍​​的新客戶需求。第二,我們將繼續專注並贏得市場份額。第三,我們正在透過混合雲和人工智慧平台推動諮詢和技術的經濟倍增。

  • So in light of all that, that's why you see the mid-single-digit growth. I think that's prudent just given what every other consulting competitors come out with. By the way, that still drives 1.5 points of growth to IBM for the full year. And as I stated earlier, we see an accelerated growth profile as we move through the year.

    因此,考慮到所有這些,這就是為什麼你會看到中等個位數的成長。考慮到其他所有諮詢競爭對手的成果,我認為這是謹慎的做法。順便說一句,這仍然為 IBM 全年帶來了 1.5 個百分點的成長。正如我之前所說,隨著這一年的發展,我們看到了加速的成長。

  • Operator

    Operator

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

    下一個問題來自美國銀行的瓦姆西·莫漢 (Wamsi Mohan)。

  • Wamsi Mohan - MD in Americas Equity Research

    Wamsi Mohan - MD in Americas Equity Research

  • Arvind would love to get a little bit more of sort of a macro demand backdrop. I mean I know Jim mentioned the tightened discretionary spending in some areas. How do you think about the risk of that sort of filtering more broadly as you go through the course of the year, especially given your guidance calls for an accelerating trend here?

    阿文德希望能了解更多宏觀需求背景。我的意思是,我知道吉姆提到了某些領域收緊的可自由支配支出。在這一年中,您如何更廣泛地考慮這種過濾的風險,特別是考慮到您的指導意見呼籲這裡出現加速趨勢?

  • And if I could, quickly, Jim, the synergies relative to HashiCorp on the cost side, is there any way you can dimensionalize that given that, when you're defining accretion on EBITDA basis, I get that, but can you also help on the net income basis or from a free cash flow how much it might be dilutive in year 1 and accretive on year 2?

    如果我可以,吉姆,在成本方面相對於 HashiCorp 的協同效應,有沒有什麼方法可以將其維度化,因為當你在 EBITDA 基礎上定義增值時,我明白了,但你也可以幫忙嗎?基本或自由現金流在第一年會稀釋多少,第二年會增值多少?

  • Arvind Krishna - CEO & Chairman of the Board

    Arvind Krishna - CEO & Chairman of the Board

  • Thanks, Wamsi. So let me address your thought about the demand profile globally. So if I look at where we are right now and where we project for the rest of the year, demand is actually quite strong. I would put it as very similar to 2023. This is backed up by IMF GDP estimates, which are now north of 3% for the global business.

    謝謝,瓦姆西。那麼,讓我談談您對全球需求狀況的看法。因此,如果我看看我們現在的情況以及我們今年剩餘時間的計劃,就會發現需求實際上相當強勁。我認為它與 2023 年非常相似。

  • If I look at it by geography, Japan remains very strong. I think that they are taking this opportunity to refresh the technology across their enterprise and government base. If you look at South Asia, extremely strong; even the Middle East, U.A.E., Saudi, very strong; Europe has remained consistent to last year; North and South America. So on a geography basis, we're seeing very, very strong demand.

    如果從地理上看,日本仍然非常強大。我認為他們正在利用這個機會更新整個企業和政府的技術。如果你看看南亞,你會發現它非常強大;甚至中東、阿聯酋、沙特,也很強;歐洲與去年保持一致;北美洲和南美洲。因此,從地理角度來看,我們看到了非常非常強勁的需求。

  • Now interest rates are higher than people were expecting. I think we should acknowledge that. That means you get two effects going on. One, there is even stronger demand for software and infrastructure because people believe technology helps you in those environments and helps in an environment of increased labor costs and increased supply chain costs. Then when you look at the discretionary side, Jim answered this in the previous question, we are seeing a little bit, not across the board, not in all of the offerings in consulting, but where there is a little bit of discretionary labor, that is where we sense that pressure.

    現在利率高於人們的預期。我認為我們應該承認這一點。這意味著你會產生兩種效果。第一,對軟體和基礎設施的需求更加強勁,因為人們相信科技可以在這些環境中為您提供幫助,並在勞動力成本和供應鏈成本增加的環境中提供幫助。然後,當你看可自由裁量的方面時,吉姆在上一個問題中回答了這一點,我們看到了一點,不是全面的,不是所有的諮詢產品,而是有一點可自由裁量的勞動力,是我們感受到壓力的地方。

  • What we are going to do is pivot into the areas around helping people become more productive, take more cost out, digital transformation, work with our partners where there is very strong demand in the market. And as you pivot there, we believe that our growth rate in Consulting will continue to accelerate.

    我們要做的是將重點轉向幫助人們提高生產力、降低成本、數位轉型等領域,並與市場需求非常強勁的合作夥伴合作。當您轉向那裡時,我們相信我們的諮詢業務成長率將繼續加快。

  • So I hope, Wamsi, that, that gave you a flavor on the demand vectors we have, both in Software and Infrastructure and in Consulting and on a geography basis.

    因此,Wamsi,我希望這能讓您了解我們在軟體和基礎設施、諮詢以及地理方面的需求向量。

  • Jim, over to you for part 2.

    吉姆,第二部分交給你了。

  • James J. Kavanaugh - Senior VP & CFO

    James J. Kavanaugh - Senior VP & CFO

  • Okay. Thank you. Thanks, Wamsi, for the question. As Arvind indicated in the prepared remarks, we couldn't be more excited about the powerful combination of HashiCorp with IBM and Red Hat together. We talked about it in the prepared remarks, we've been very disciplined in our set of criteria around M&A. And this fits strategically. It has tremendous synergistic value to our hybrid cloud and AI portfolio and it has an attractive financial return overall.

    好的。謝謝。謝謝瓦姆西的提問。正如 Arvind 在準備好的演講中指出的那樣,我們對 HashiCorp 與 IBM 和 Red Hat 的強大結合感到非常興奮。我們在準備好的演講中談到了這一點,我們在併購方面的標準非常嚴格。這在戰略上是合適的。它對我們的混合雲和人工智慧產品組合具有巨大的協同價值,並且總體上具有有吸引力的財務回報。

  • And Hashi meets all three: One, it's a higher revenue growth profile company, so it accelerates IBM's revenue growth over time; two, to your question, adjusted EBITDA accretive in the first 12 months; and three, levered free cash flow accretive by the end of year 2. We think there are a potential for meaningful synergies overall and, when we look at it, significant near-term operating efficiencies, cost synergies. And to put that in perspective, we see this business profile moving from about a mid-single-digit free cash flow margin business to about a 30% to 40% free cash flow margin business in a handful of years, free cash flow accretive by the end of year 2.

    Hashi 滿足了這三點:第一,它是一家營收成長較高的公司,因此隨著時間的推移,它會加速 IBM 的營收成長;二,對於你的問題,調整後的 EBITDA 在前 12 個月內增加;第三,到第二年年底槓桿自由現金流會增加。從長遠來看,我們看到該業務概況在幾年內從約中個位數的自由現金流利潤率業務轉變為約 30% 至 40% 的自由現金流利潤率業務,自由現金流增長第2 年年底。

  • Now the multiple we paid on that, fully supported by, one, the stand-alone revenue growth and the cost synergies that come out. All of the IBM revenue synergies around Red Hat, around data security, around watsonx, around consulting and IT automation are all upside potential.

    現在,我們為此支付的倍數,完全受到以下因素的支持:一是獨立收入成長和產生的成本綜效。 IBM 圍繞紅帽、資料安全、watsonx、諮詢和 IT 自動化的所有收入協同效應都具有上升潛力。

  • So let's talk and conclude on the cost synergy. Cost synergies are where you would fully expect. IBM runs a global operations in 175 countries. We run a very disciplined G&A-efficient structure. We see significant G&A operating efficiencies that we're going to go capitalize on. Second, running the playbook on how we expand it globally, our go-to-market model that we did with Red Hat, and that has both global incumbency, global scale, global breadth and ecosystem leverage overall. And when you look at that, those significant synergies allow us to invest in product, R&D, innovation and capability that's built into our case and also deliver our financial returns, so we feel pretty good about it.

    那麼我們來討論一下成本協同效應並得出結論。成本協同效應是您完全期望的。 IBM 在 175 個國家/地區開展全球業務。我們運作著非常嚴格的管理和行政管理效率結構。我們看到我們將充分利用一般管理費用營運效率的顯著提高。其次,運行關於我們如何在全球擴展的劇本,以及我們與紅帽合作的進入市場模型,該模型具有全球地位、全球規模、全球廣度和生態系統整體槓桿作用。當你看到這一點時,這些顯著的協同效應使我們能夠投資於我們案例中內建的產品、研發、創新和能力,並帶來我們的財務回報,所以我們對此感覺非常好。

  • Operator

    Operator

  • Our next question comes from Toni Sacconaghi with Bernstein.

    我們的下一個問題來自托尼·薩科納吉和伯恩斯坦。

  • A.M. Sacconaghi - Senior VP & Senior Analyst

    A.M. Sacconaghi - Senior VP & Senior Analyst

  • Jim, just to clarify, you've taken down your consulting outlook for the year from 6% to 8% to 5%. I think that's about 60 basis points to company growth. Is there anything offsetting that? Or is that just kind of a rounding error, in the low single-digit guidance?

    Jim,澄清一下,您已將今年的諮詢前景從 6% 下調至 8% 至 5%。我認為這對公司成長來說大約是 60 個基點。有什麼可以抵消嗎?或者這只是個位數指導中的捨入誤差?

  • And then my question is, maybe you could just elaborate a little bit more on the AI book of business, maybe just help clarify exactly how you define that. I think it's both revenue recognized and your bookings. And maybe partner bookings, maybe you could just help define that? And last quarter, you said it doubled sequentially. This quarter, you just commented that it grew sequentially, maybe you could add a little color. Was that double digits or 20% or 30% or 40%? And at least when I do the math, it sounds like it's less than 5% of your Consulting backlog, AI backlog. Could you help to mention that as well?

    然後我的問題是,也許你可以詳細闡述人工智慧商業書籍,也許只是幫助澄清你如何定義它。我認為這既是確認的收入,也是您的預訂。也許是合作夥伴預訂,也許您可以幫忙定義一下?上個季度,您說它連續翻了一番。這個季度,您剛剛評論說它是順序增長的,也許您可以添加一點顏色。是兩位數還是 20%、30% 或 40%?至少當我計算時,聽起來它還不到您的諮詢積壓、人工智慧積壓的 5%。您也能幫忙提一下嗎?

  • James J. Kavanaugh - Senior VP & CFO

    James J. Kavanaugh - Senior VP & CFO

  • Okay, Toni. Many questions here, let me see if I can get through them quick. You look at full year, full year, as Arvind indicated, we're maintaining our guidance on our model mid-single digit, I think, prudently just coming out of a first quarter. We've got a lot of work to do in the next 3 quarters, but I think prudently, at the low end of that model. By the way, that was very consistent with what we said 90 days ago.

    好吧,托尼。這裡有很多問題,讓我看看我是否可以快速解決它們。你看看全年,正如阿溫德所指出的那樣,我認為,我們將謹慎地維持對模型中個位數的指導,謹慎地剛從第一季得出。在接下來的三個季度我們還有很多工作要做,但我謹慎地認為,在該模型的低端。順便說一句,這與我們90天前所說的非常一致。

  • Now let's unpack that. When you take a look at full year, first of all, we are dealing with a stronger U.S. dollar. So we've given you supplemental chart, now we've lost basically about 1 point more of headwind on currency.

    現在讓我們來解開它。當你回顧全年情況時,首先,我們面臨的是美元走強。所以我們給了你補充圖表,現在我們基本上已經失去了大約 1 個點的貨幣逆風。

  • Well, let's talk about the underlying fundamentals of our business across our segments because I think that's at the heart of your question. When you take a look at our growth at mid-single digit, one, we said software would grow slightly above the high end of our mid-single-digit model. We are very pleased with our Software performance in the first quarter. We've accelerated growth from fourth quarter to 6% overall. We have a very strong recurring revenue base. We accelerated Red Hat to a very strong 9% with our third consecutive quarter of mid-teen booking growth, which positions our business extremely well for double-digit growth for the full year, and we're getting nice scale and leverage on acquisitions.

    好吧,讓我們談談我們各個細分市場業務的基本原理,因為我認為這是您問題的核心。當你看到我們的中個位數成長時,我們說軟體的成長將略高於我們中個位數模型的高端。我們對第一季的軟體表現非常滿意。我們已將第四季的整體成長率加快至 6%。我們擁有非常強大的經常性收入基礎。我們連續第三個季度實現了中位數的預訂成長,使紅帽的成長率達到了非常強勁的9%,這使我們的業務非常有能力實現全年兩位數的成長,而且我們正在收購方面獲得了良好的規模和槓桿作用。

  • Software for the year will deliver over 3 points of that IBM mid-single digit by itself. Based on that Red Hat momentum, acquisitions, solid recurring revenue; TP, by the way, nice start, up 4%; and new innovation like watsonx. Consulting, we said for the full year, appropriately, in light of the market and still gaining share, would be mid-single digits. That will deliver about 1.5 points of growth to IBM. Why did we feel good about that? One, solid book-to-bill, winning in key focus areas, strategic partnerships, Gen AI scale overall. But like first quarter, we're going to continue to monitor that backlog realization to see how that plays out.

    今年的軟體本身將提供 IBM 中個位數的 3 個點以上。基於紅帽的勢頭、收購、穩定的經常性收入;順便說一句,TP 開局不錯,上漲了 4%;以及像 watsonx 這樣的新創新。諮詢方面,我們表示,鑑於市場和仍在增加的份額,全年的業績將適當地達到中個位數。這將為 IBM 帶來約 1.5 個百分點的成長。為什麼我們對此感覺良好?第一,紮實的訂單出貨量,在關鍵重點領域、策略夥伴關係、Gen AI 整體規模方面獲勝。但與第一季一樣,我們將繼續監控積壓的實現情況,看看效果如何。

  • But between Software and Consulting, over 3 points in Software, about 1.5 points, now you get to Infrastructure. We started out well above what we expected here in the first quarter. Mainframe, eighth quarter in, grew 5%. Our Distributed Infrastructure, Power and Storage, both grew double digits as we're capitalizing on Distributed Infrastructure and demand requirements for Gen AI. Full year, that's a little bit better than what we thought 90 days ago off our first start, so we expect about a little bit less than 0.5 point impact to IBM. You throw on top of that, we executed the closure of The Weather Company, that would be about 0.5 point. So that's kind of how we build up our full year overall.

    但在軟體和諮詢方面,軟體方面超過 3 分,大約 1.5 分,現在您進入基礎設施領域。我們第一季的開局遠高於我們的預期。大型主機第八季度成長了 5%。隨著我們利用分散式基礎設施和 Gen AI 的需求,我們的分散式基礎設施、電力和儲存均實現了兩位數成長。全年來看,這比我們 90 天前首次啟動時的預期要好一些,因此我們預計對 IBM 的影響將略小於 0.5 點。除此之外,我們還關閉了 The Weather Company,這大約是 0.5 個百分點。這就是我們全年的整體建設方式。

  • So AI book of business, I think you nailed it in your question. It's, one, on a Consulting perspective, it's our signings book of business overall. And on our Software, it's our subscription, our SaaS and perpetual licenses. Again, as you know, we offer clients flexibility on how they want to purchase that overall.

    所以人工智慧商業書籍,我認為你在你的問題中釘住了它。其一,從諮詢的角度來看,這是我們整體的簽約業務。對於我們的軟體,我們的訂閱、SaaS 和永久授權。同樣,如您所知,我們為客戶提供了整體購買方式的靈活性。

  • And Consulting backlog, yes, 5% overall. I would tell you, let's put it in perspective, it's probably mid- to high single digits. But we've got, give or take, about a $30 billion book of business on backlog with Consulting. So coming from where we started, less than 9 months ago, I think that's a very good ramp. And let's put it in perspective. When we drove the hybrid cloud platform-centric play with Consulting, which has done extremely well, over the first 4 quarters, we did a $1 billion book of business. Right now, through less than 3 quarters, we're very damn close to that $1 billion book of business.

    諮詢積壓,是的,總體佔 5%。我告訴你,讓我們客觀地來看,它可能是中高個位數。但無論是給予或接受,我們已經有大約 300 億美元的諮詢積壓業務帳簿。因此,從不到 9 個月前我們開始的地方來看,我認為這是一個非常好的斜坡。讓我們正確看待它。當我們與顧問公司一起推動以混合雲平台為中心的業務時,我們的業務表現非常出色,在前 4 個季度中,我們的業務收入達到了 10 億美元。現在,在不到 3 個季度的時間裡,我們已經非常接近 10 億美元的業務了。

  • Operator

    Operator

  • Our next question comes from Ben Reitzes with Melius Research.

    我們的下一個問題來自 Melius Research 的 Ben Reitzes。

  • Benjamin Alexander Reitzes - MD & Head of Technology Research

    Benjamin Alexander Reitzes - MD & Head of Technology Research

  • I wanted to ask about Red Hat. You accelerated it to 9% in the quarter from 7%. What is your confidence level you get to the mid-teens, which kind of equals your bookings growth? And then on Red Hat, the follow-up would be, how much can HashiCorp augment that growth rate? And can you clarify the synergies a little bit more between Red Hat and Hashi? And was Hashi needed to help grow Red Hat? Or is it a bonus? How do you see that?

    我想問一下紅帽的情況。本季您將其從 7% 加速到 9%。您對十幾歲左右的人的信心程度是多少,這相當於您的預訂量增長?然後在紅帽上,後續問題是,HashiCorp 可以將成長率提高多少?您能否進一步闡明紅帽和 Hashi 之間的協同作用?紅帽是否需要 Hashi 來幫助發展?或者它是一個獎金?你怎麼看?

  • Arvind Krishna - CEO & Chairman of the Board

    Arvind Krishna - CEO & Chairman of the Board

  • Ben, let me take the first part of those questions. We are very, very pleased with Red Hat. If I look at Red Hat now, we have had mid-teens or better bookings growth for the last 3 quarters, third quarter, fourth quarter and first quarter. That, combined with the growth we are seeing in OpenShift as well as in both Ansible and RHEL, OpenShift growing almost 40%, gives us a lot of confidence. So bookings growth plus OpenShift plus what we're seeing in the revenue now at 9% tells us that we should see that Red Hat growth continue or accelerate through the year.

    本,讓我回答這些問題的第一部分。我們對紅帽非常非常滿意。如果我現在看看紅帽,我們在過去三個季度(第三季、第四季和第一季)的預訂量增加了十幾歲左右或更好。再加上我們在 OpenShift 以及 Ansible 和 RHEL 中看到的成長,OpenShift 成長了近 40%,這給了我們很大的信心。因此,預訂成長加上 OpenShift 加上我們現在看到的 9% 的收入告訴我們,我們應該會看到紅帽在這一年中持續成長或加速成長。

  • Two, let me just address the macro point. Hashi is a nice add for the Red Hat portfolio. But it's not inside Red Hat, let's just be clear. So when we talk about Red Hat growth numbers in line and accelerating, that is Red Hat as is. Hashi will be measured in software, but in IBM software, not in Red Hat. Where the synergy comes is, we believe, there will be added demand because if a combined portfolio is more interesting, we think even more clients will talk to us. That is how Hashi will help Red Hat. It's not that the Hashi revenue counts at all for the numbers we just mentioned. So we kind of want to be clear on that.

    第二,讓我談談宏觀問題。 Hashi 是紅帽產品組合的一個很好的補充。但我們要明確的是,它不在紅帽內部。因此,當我們談論紅帽數量的成長和加速時,這就是紅帽的現狀。 Hashi 將在軟體中進行測量,但在 IBM 軟體中,而不是在 Red Hat 中。我們相信,協同作用的出現將會帶來更多的需求,因為如果組合的投資組合更有趣,我們認為更多的客戶會與我們交談。這就是 Hashi 將如何幫助紅帽。並不是說哈希收入對於我們剛才提到的數字來說根本不算數。所以我們想澄清這一點。

  • Hashi to us is an accelerant for IBM strategy and for software strategy, and Hashi helps in being offensive in terms of giving us an overall better portfolio. So even more clients want to do business with us in the environments they're going to. That's kind of how I'd pitch it. And people know Hashi really well for their infrastructure management, but the security pieces of Hashi are also very, very interesting and really important as people navigate these very complex environments with all the worries about people losing secrets and keys and that resulting ransomware or hacking attacks. And that's kind of how I would paint the picture on that side.

    Hashi 對我們來說是 IBM 策略和軟體策略的促進劑,而 Hashi 有助於在為我們提供整體更好的產品組合方面發揮進攻作用。因此,更多的客戶希望在他們想要的環境中與我們開展業務。這就是我的推銷方式。人們非常了解 Hashi 的基礎設施管理,但 Hashi 的安全部分也非常非常有趣且非常重要,因為人們在這些非常複雜的環境中導航,擔心人們丟失秘密和鑰匙以及由此產生的勒索軟體或駭客攻擊。這就是我在那邊描繪畫面的方式。

  • James J. Kavanaugh - Senior VP & CFO

    James J. Kavanaugh - Senior VP & CFO

  • Yes, I would just add one other point, Ben. As you and I and many of the investors have talked about since first quarter earnings, we've kind of bifurcated this business when we saw the slowdown happen in second half last year between our subscription-based business within Red Hat versus our consumption-based services and offerings, the former being about 80% of our portfolio, the latter being about 20%.

    是的,我只想補充一點,本。正如你和我以及許多投資者自第一季收益以來所討論的那樣,當我們看到去年下半年紅帽內部基於訂閱的業務與基於消費的業務之間出現放緩時,我們已經將這項業務分成了兩部分。

  • If you look at first quarter, as Arvind indicated, we're very pleased. Coming off of a 2-plus point acceleration positions us extremely well, even more confident in that double-digit for the year. But the reason why we're even more confident is that 80% of that portfolio, that subscription business, we accelerated 3 points quarter-to-quarter in revenue and we were above double digits.

    如果你看看第一季度,正如阿溫德所說,我們非常高興。經過 2 個多點的加速,我們處於非常有利的位置,甚至對今年實現兩位數成長更有信心。但我們更有信心的原因是,該投資組合中 80% 的訂閱業務,我們的營收季度環比增長了 3 個百分點,並且超過了兩位數。

  • On the consumption base, we finally saw a stabilization. We didn't see acceleration, we saw stabilization. But remember, we start ramping on that in the second half, so that provides us a tailwind in the second half. But our subscription business today, the 80%, 3 points acceleration, double-digit in the first quarter, all 3 major lines broad-based double-digit bookings; Red Hat OpenShift, over 40% booking strength; $1.3 billion ARR book of business, growing 25-plus percent; Ansible taking share, we feel even more confident as I said.

    在消費基礎上,我們終於看到了穩定。我們沒有看到加速,我們看到的是穩定。但請記住,我們在下半場開始加大力度,這為我們下半場提供了動力。但我們今天的訂閱業務,成長了80%,加速了3個點,第一季達到了兩位數,所有3大線路的預訂量普遍都是兩位數;紅帽 OpenShift,預訂率超過 40%; ARR 業務帳面價值 13 億美元,成長 25% 以上; Ansible 佔據份額,正如我所說,我們感到更有自信。

  • Operator

    Operator

  • Next question comes from Erik Woodring with Morgan Stanley.

    下一個問題來自摩根士丹利的艾瑞克‧伍德林。

  • Erik William Richard Woodring - Executive Director & Equity Analyst

    Erik William Richard Woodring - Executive Director & Equity Analyst

  • Arvind, maybe this one is for you. If we include the Software AG assets and now HashiCorp, I think you spent about $16 billion on acquisitions since your 2021 Analyst Day. Back then, you talked about kind of having $20 billion to $25 billion of M&A firepower you could leverage through 2024. Just curious, as we sit here today, your willingness or desire to go after more M&A for the rest of this year, would you be willing to go kind of above and beyond that total that you had laid out almost 3 years ago? And just as we think about the potential targets in the future, where do you believe you have gaps that you can still fill within your portfolio?

    Arvind,也許這個適合你。如果我們包括 Software AG 資產和現在的 HashiCorp,我認為自 2021 年分析師日以來,您在收購上花費了約 160 億美元。當時,您談到到 2024 年您可以利用 200 億至 250 億美元的併購火力。三年前製定的總數嗎?正如我們思考未來的潛在目標一樣,您認為您的作品集還有哪些空白可以填補?

  • Arvind Krishna - CEO & Chairman of the Board

    Arvind Krishna - CEO & Chairman of the Board

  • Erik, let me just maybe address the macro points on it, and I'll let Jim talk to some of the numbers here. We are going to remain incredibly disciplined on our M&A strategy. We kind of said it, but I just want to repeat, we've got to find things that meet our strategy, we've got to have some synergy opportunities at IBM, and it has to be financially accretive within the second year. So if we find things that meet that and we are committed, I'll say, to both our dividend and our investment-grade ratings, then that is kind of the picture we go in. Now within that, we believe we have some level of flexibility and that is what we will operate in. So that gives you a sense there.

    艾瑞克(Erik),讓我也許談談它的宏觀觀點,我會讓吉姆(Jim)談談這裡的一些數字。我們將在併購策略上保持極為嚴格的紀律。我們已經說過了,但我只是想重複一遍,我們必須找到符合我們策略的東西,我們必須在 IBM 擁有一些協同機會,並且必須在第二年內實現財務增值。因此,如果我們找到符合這項要求的東西,並且我會說,我們致力於我們的股息和投資級評級,那麼這就是我們所面臨的情況。一定程度靈活性,這就是我們的運作方式。

  • By the way, while we've got these 2 yet to come, we've got Software AG that we hope to close midyear and HashiCorp which will come near the end of the year, we also have to look at what is our overall internal dynamics of making sure that we can succeed on these businesses as we proceed down the path. We need to build consulting practices. We need to have synergy plays in other parts of the portfolio. We have to enable our sales teams globally. As we say, a big part of our synergy is getting the amplification from our global footprint that is there with clients all around the world. Jim?

    順便說一句,雖然我們還有這兩個尚未到來,但我們希望在年中關閉 Software AG,而 HashiCorp 將在年底附近關閉,我們還必須看看我們的整體內部情況如何確保我們在前進的道路上能夠在這些業務上取得成功的動力。我們需要建立諮詢實踐。我們需要在投資組合的其他部分發揮協同作用。我們必須在全球範圍內支持我們的銷售團隊。正如我們所說,我們協同效應的很大一部分是擴大我們與世界各地客戶的全球足跡。吉姆?

  • James J. Kavanaugh - Senior VP & CFO

    James J. Kavanaugh - Senior VP & CFO

  • Yes. Arvind, just building on your point, we are very confident in the capital structure of this company. We are committed to maintain a very solid investment-grade balance sheet. We are focused on debt leverage, obviously. But our primary capital allocation is to invest in our business, both organically and inorganically, and to maintain an attractive return to shareholder program with our dividend policy. So with all that said, just to reaffirm what Arvind indicated, we will remain in the market prudently evaluating complementary tuck-in opportunities that fit our M&A strategy, and we got the capability of doing that.

    是的。 Arvind,根據您的觀點,我們對這家公司的資本結構非常有信心。我們致力於維持非常穩健的投資等級資產負債表。顯然,我們關注的是債務槓桿。但我們的主要資本配置是有機和無機地投資於我們的業務,並透過我們的股息政策維持股東計劃的有吸引力的回報。綜上所述,為了重申 Arvind 所表示的,我們將繼續留在市場上,審慎評估適合我們併購策略的補充性機會,而且我們有能力做到這一點。

  • Operator

    Operator

  • Our next question comes from Brent Thill with Jefferies.

    我們的下一個問題來自 Jefferies 的布倫特希爾 (Brent Thill)。

  • Brent John Thill - Equity Analyst

    Brent John Thill - Equity Analyst

  • Arvind, on the Software business, I mean, you've been ranging somewhere between 3% to 8%, 9% growth. Many have asked, it seems like the overall market is growing faster. What's going to take to unlock this incredible portfolio you've built to effectively maybe monetize at the rate the industry is growing out? Is there something that's causing friction to unlock that true potential of the Software business? Or are we just being too focused on the short term? What do you think unlocks that value in getting you to your closer TAM of the growth?

    Arvind,關於軟體業務,我的意思是,您的成長率一直在 3% 到 8%、9% 之間。許多人問,似乎整個市場成長得更快。您需要採取什麼措施來解鎖您所建立的這個令人難以置信的投資組合,才能以行業發展的速度有效地貨幣化?是否有任何因素會阻礙軟體業務釋放真正的潛力?或者我們只是過度關注短期?您認為什麼可以釋放這種價值,讓您更接近成長的 TAM?

  • Arvind Krishna - CEO & Chairman of the Board

    Arvind Krishna - CEO & Chairman of the Board

  • So Brent, as you can imagine, we are very, very focused on that question. If I just want to lay out a 4-year trajectory, if you'll indulge me with just a minute, we began with a software portfolio that was, let's call it, flat, it would be a kind way of putting it, about 5 years ago. We've gone from flat to, as you said, some volatility. But we are now seeing that we can be north of 6% for this year, whether you want to call that 6.5% or 7%, and we are very confident in that. As we do organic innovation and as we do M&A, we will find that, that number will keep improving year-over-year. And I'm pointing to a very consistent 4-year trajectory of having achieved that.

    所以布倫特,正如你可以想像的,我們非常非常關注這個問題。如果我只想列出一個 4 年的發展軌跡,如果您願意花一分鐘時間,我們從一個軟體組合開始,我們可以稱之為扁平化,這將是一種表達方式,關於5年前。正如你所說,我們已經從持平走向了一些波動。但我們現在看到,今年的成長率可能會超過 6%,無論你想稱其為 6.5% 還是 7%,我們對此非常有信心。當我們進行有機創新和併購時,我們會發現,這個數字將逐年持續改善。我指的是實現這一目標的四年來非常穩定的軌跡。

  • By the way, within that, we do find there are a couple of slower growing pieces, but they're incredibly important to our overall profile, both for incumbency with clients and for the cash flow that we produce. We would never expect our mainframe software, the TPS piece, to be growing in the high-single digits or in double digits. So as that mix also changes over time, then we find that we're going to get closer and closer. And we do want to, over time, get software to grow above where we are right now. So right now, we are at the upper end of the mid-single-digit model. I think you can conclude what would be the next step we will go at, and then we'll go from there.

    順便說一句,其中,我們確實發現有一些成長較慢的部分,但它們對我們的整體形象非常重要,無論是對於客戶的任職還是我們產生的現金流。我們絕不會期望我們的大型主機軟體(TPS 部分)能夠以高個位數或兩位數成長。因此,隨著時間的推移,這種混合也會發生變化,然後我們發現我們會越來越接近。我們確實希望隨著時間的推移,讓軟體的發展超越我們現在的水平。所以現在,我們處於中個位數模型的高端。我想你可以得出我們下一步要做什麼的結論,然後我們就從那裡開始。

  • Operator

    Operator

  • Our next question comes from Brian Essex with JPMorgan.

    我們的下一個問題來自摩根大通的布萊恩艾塞克斯。

  • Brian Lee Essex - Research Analyst

    Brian Lee Essex - Research Analyst

  • Another Red Hat one. Maybe, Arvind, if you could maybe give us a little bit of sense of what's going on in the pipeline there and whether or not you're seeing a substantial benefit in the Red Hat pipeline from the VMware acquisition, both on the consulting side as well as the software side. Are you seeing a lot of migration? And how much of an opportunity do you think might be there longer term to capture more share of that market?

    另一种红帽。也許,Arvind,如果您能讓我們稍微了解一下管道中發生的情況,以及您是否看到紅帽管道從 VMware 收購中獲得了實質性好處,無論是在諮詢方面還是在諮詢方面。您看到大量移民嗎?您認為從長遠來看,獲得更多市場份額的機會有多大?

  • Arvind Krishna - CEO & Chairman of the Board

    Arvind Krishna - CEO & Chairman of the Board

  • Brian, great question. So let me talk to some of the Red Hat dynamics. It's not so much directly related to VMware per se, but clients are all beginning to say, they're asking the question, which is the platform they want to bet on for the next 10 to 20 years on which they will write their applications, deploy them both in their own data centers and on public cloud. We find an incredible amount of interest in that question. And as we have built out the Red Hat portfolio not just for containers, because many people know OpenShift as a great container platform, but also for virtualization with both container-native virtualization and with the KVM hypervisor, we are finding a lot of interest around those topics.

    布萊恩,好問題。那麼讓我來談談紅帽的一些動態。這與 VMware 本身沒有太大直接關係,但客戶都開始說,他們在問這個問題,他們希望在未來 10 到 20 年中押注在哪個平台上,並在該平台上編寫應用程序,將它們部署在自己的資料中心和公有雲上。我們發現人們對這個問題非常感興趣。由於我們不僅針對容器建立了紅帽產品組合(因為許多人都知道OpenShift 是一個出色的容器平台),而且還針對容器原生虛擬化和KVM 管理程式的虛擬化建構了紅帽產品組合,因此我們發現人們對以下方面非常感興趣那些主題。

  • Then as we layer in, by the end of the year, the HashiCorp advantages of managing the infrastructure across all these environments, we do believe that, that will be an accelerant to the Red Hat portfolio. So first, RHEL has got its place as the primary place where people want to deploy, OpenShift as a platform for both containers and virtualization, Ansible and HashiCorp helping increase automation and reduce the complexity. We think all of this plays in. And Brian, I think the best number is the mid-teens bookings growth on the subscription side of the business. That speaks to the demand in terms of not only is there demand but we are realizing that demand in the book of business that we are getting clients to commit to on Red Hat.

    然後,到今年年底,當我們逐步了解 HashiCorp 在所有這些環境中管理基礎設施的優勢時,我們確實相信,這將促進紅帽產品組合的發展。首先,RHEL 已經成為人們想要部署的主要場所,OpenShift 作為容器和虛擬化平台,Ansible 和 HashiCorp 幫助提高自動化程度並降低複雜性。我們認為所有這些都發揮了作用。這說明了需求,不僅是存在需求,而且我們正在讓客戶承諾在紅帽上實現業務手冊中的需求。

  • Operator

    Operator

  • Our next question comes from Matt Swanson with RBC Capital Markets.

    我們的下一個問題來自加拿大皇家銀行資本市場的馬特·斯旺森。

  • Matthew John Swanson - Associate VP

    Matthew John Swanson - Associate VP

  • I think I might try a qualitative version of an earlier question around gen AI. And I think just we see so much of the news feed being around kind of the hype cycle, and obviously, growing $1 billion book of business shows you're monetizing it. Can you just talk about maybe the pain points that enterprises are looking to address when they first come to you or when those consulting relationships start? Like, how much of a plan is in place versus how much they're looking to you to kind of hold their hand in terms of this gen AI journey?

    我想我可能會嘗試對人工智慧的早期問題進行定性版本。我認為我們看到很多新聞都圍繞著炒作週期,顯然,不斷增長的 10 億美元的商業賬簿表明你正在將其貨幣化。您能否談談企業第一次來找您或開始諮詢關係時希望解決的痛點?例如,有多少計劃已經到位,以及他們在多大程度上希望你在這一代人工智慧之旅中牽手?

  • Arvind Krishna - CEO & Chairman of the Board

    Arvind Krishna - CEO & Chairman of the Board

  • I think, Matt, that's a great question. So let me maybe take that, and I'll address it from both the consulting side and the software side. If we look 12 months ago, I would say that there was a lot of excitement and there was a lot of experimentation that we're starting, and people were not thinking through what does this mean for my overall ROI, what are the economics of running gen AI, how do I get the people changes done so that the ROI can actually be realized.

    我認為,馬特,這是一個很好的問題。因此,讓我考慮一下,我將從諮詢方面和軟體方面解決這個問題。如果我們回顧 12 個月前,我會說當時有很多令人興奮的事情,我們正在開始進行很多實驗,但人們並沒有思考這對我的整體投資回報率意味著什麼,其經濟意義是什麼運行gen AI,我如何完成人員變更,以便真正實現投資報酬率。

  • What is happening in all of my conversations this year, in the first quarter of 2024, is a lot of people have woken up that those issues need to be addressed as well. So when they talk to our consulting team, they are spending energy on, but can you help my people also do the transformation it takes, what is the change process through which you can recognize those things. They then go to immediately asking, in these models, how expensive is it to run them. And they begin to do the math, wait, if I run this model just for this one business process, the infrastructure costs alone could be $300 million a year. That doesn't close the ROI, can I do it in a much more cost-effective way but an equally good answer, and that is where you begin to see some of the models that IBM has produced. Our Granite series play very strongly into helping them recognize their ROI by reducing the economics.

    在我今年(即 2024 年第一季)的所有對話中,許多人已經意識到這些問題也需要解決。因此,當他們與我們的顧問團隊交談時,他們正在花費精力,但你能否幫助我的員工也進行所需的轉型,透過什麼變革過程你可以認識到這些事情。然後他們立即詢問這些模型的運行成本是多少。他們開始計算,等等,如果我只為這個業務流程運行這個模型,光是基礎設施成本一年就可能達到 3 億美元。這並沒有關閉投資回報率,我能否以一種更具成本效益的方式做到這一點,但也是一個同樣好的答案,這就是您開始看到 IBM 生產的一些模型的地方。我們的花崗岩系列在幫助他們透過降低經濟效益來認識投資回報率方面發揮著非常重要的作用。

  • And then lastly, and this is advice that I gave to the C-suite usually, and it resonates, don't take lots of little experiments, try to pick a few use cases which can scale. And by scale, meaning that they actually do impact a large fraction of their employees or their clients' customers and they begin to have a large impact in how business is done by either improving revenue or by making the enterprise significantly more productive. That's kind of a conversation shift from simply, oh, this is a neat new tool, let me try out to see what I can do, not what I should do, but what I can do. And I think that, that is a big change in terms of helping the organization scale.

    最後,這是我通常向最高管理層提出的建議,它引起了共鳴,不要進行大量的小實驗,嘗試選擇一些可以擴展的用例。從規模來看,這意味著它們實際上確實影響了很大一部分員工或客戶的客戶,並且它們開始透過提高收入或顯著提高企業生產力來對業務開展方式產生重大影響。這是一種對話的轉變,從簡單地說,哦,這是一個簡潔的新工具,讓我試著看看我能做什麼,而不是我應該做什麼,而是我能做什麼。我認為,就幫助組織擴展而言,這是一個巨大的變化。

  • So let me now wrap up the call. In the first quarter of 2024, we have executed on our strategy to deliver revenue growth and cash generation, allowing us to invest organically and through strategic acquisitions like HashiCorp. As always, we need to execute to capture the opportunity in front of us. I look forward to sharing our progress with you as we move through the rest of the year.

    現在讓我結束這通通話。 2024 年第一季度,我們執行了實現收入成長和現金產生的策略,使我們能夠透過 HashiCorp 等策略收購進行有機投資。像往常一樣,我們需要執行以抓住擺在我們面前的機會。我期待著在今年剩餘的時間裡與您分享我們的進展。

  • Olympia McNerney

    Olympia McNerney

  • Thank you, Arvind. Operator, let me turn it back to you to close out the call.

    謝謝你,阿爾溫德。接線員,讓我將其轉回給您以結束通話。

  • Operator

    Operator

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

    謝謝。感謝大家參加今天的電話會議。會議現已結束。此時您可以斷開連線。